强瑞技术 20260126 摘要 东莞吕宝科技的新应用品类及其对未来收入增长预期如何？ 东莞吕宝科技正在开发的新应用品类包括用于 Manifest 上的铜牌等高价值产 品。目前已有一款产品样品于 1 月份出炉并进入验证阶段，另一款样品将在 2 月份出炉并送至奇鋐进行验证。如果顺利，每款产品每年可带来 3-4 亿元增量 收入。然而，这些新应用品类尚未纳入公司对未来收入的预测中，即使不考虑 这些增量因素，仅凭现有产品贡献，也能实现从 5 亿到 8 亿以上的增长目标。 吕宝科技为 AI 服务器提供散热模组精密结构件，预计 2025 年营收超 5 亿元，净利润四五千万元；2026 年营收达 8 亿元，净利润约 1 亿元， 并表后成为纯增量业务。 强瑞技术通过富士康体系进入英伟达液冷检测线市场，预计 2026 年液 冷检测设备营收三四亿元，并与国内头部 AI 服务器厂商合作，预计今年 国内客户订单达数千万元。 强瑞技术与国内龙头半导体设备企业合作进展显著，2025 年订单超 1 亿元，完成产线扩产，预计 2026 年订单超 3 亿元，毛利率可期。 受益于苹果计划 2026 年推出折叠屏手机，强瑞技术作为苹果供应链一 部 ...

敏实集团(00425)现涨超7%，截至发稿，涨6.9%，报33.76港元，成交额1.4亿港元。 消息面上，1月5日，英伟达在CES展会上发布Rubin平台，单机柜功耗将首次突破200KW，使用100%全 液冷方案。华源证券指出，Rubin液冷方案相比GB系列核心增量变化在冷板、CDU、Manifold。该行指 出，Rubin架构的Manifold在设计上有变化，Manifold管径更大，同时集成阀、传感器等，以提升稳定性 和降低漏液风险，整体集成化、智能化程度更高，价值量提升。Manifold关注敏实集团。 公开资料显示，敏实集团液冷产品包括浸没式液冷柜、CDU、液冷板、分水器。东吴证券指出，能耗 要求+机柜功率密度提升驱动服务器液冷快速发展，敏实凭借着电池盒/液冷板技术储备+全球产能布局 +头部服务器厂商长期合作关系等优势快速切入服务器液冷行业，已获得AI服务器厂商订单，2025年年 末开始交付。 ...

消息面上，1月5日，英伟达在CES展会上发布Rubin平台，单机柜功耗将首次突破200KW，使用100%全 液冷方案。华源证券指出，Rubin液冷方案相比GB系列核心增量变化在冷板、CDU、Manifold。该行指 出，Rubin架构的Manifold在设计上有变化，Manifold管径更大，同时集成阀、传感器等，以提升稳定性 和降低漏液风险，整体集成化、智能化程度更高，价值量提升。Manifold关注敏实集团。 公开资料显示，敏实集团液冷产品包括浸没式液冷柜、CDU、液冷板、分水器。东吴证券指出，能耗 要求+机柜功率密度提升驱动服务器液冷快速发展，敏实凭借着电池盒/液冷板技术储备+全球产能布局 +头部服务器厂商长期合作关系等优势快速切入服务器液冷行业，已获得AI服务器厂商订单，2025年年 末开始交付。 智通财经APP获悉，敏实集团(00425)现涨超7%，截至发稿，涨6.9%，报33.76港元，成交额1.4亿港元。 ...

Summary of the Conference Call for Meishijituan Industry and Company Overview - The conference call discusses Meishijituan, a company that has successfully expanded from automotive exterior parts to emerging businesses such as robotics and liquid cooling, leveraging its technological accumulation and global layout advantages [2][4][5]. Key Points and Arguments Business Performance and Financials - Meishijituan is currently in a capacity harvesting phase, with improved operational efficiency and profitability. Capital expenditures are expected to decline significantly starting in 2024, with only 900 million yuan projected for the first half of 2025. Gross margin is anticipated to increase from 19% in 2023 to 23% in the first half of 2025, benefiting from strong domestic and international market performance [2][6]. - The company aims to optimize its core business while increasing investment and R&D in emerging sectors like robotics, liquid cooling, and low-altitude technologies to maintain a technological edge and diversify revenue sources [2][9]. Market Opportunities - The European new energy market positively impacts Meishijituan's battery box business, with a target penetration rate of 25.7% for new energy vehicles in 2025. The company holds approximately 30% market share in Europe and has a well-established production capacity, allowing it to benefit from market growth [2][7][8]. - In the domestic battery box market, Meishijituan's market share is around 11%. If it reaches 15% domestically and 40% and 30% in Europe and the U.S. respectively, profit margins are expected to significantly increase, potentially creating a company of equal scale [2][10]. Emerging Business Developments - Meishijituan has made significant progress in emerging businesses, including robotics, liquid cooling, and low-altitude products. The company maintains a high R&D expenditure of 6% to 7%, which is a key factor in its rapid transformation [2][11][12]. - In the liquid cooling sector, the company has achieved mass production capacity, with an expected output value of 455 million yuan. Collaborations with partners like San Ai and Fu Man are enhancing its production capabilities [4][13]. - The low-altitude market is projected to have trillion-level potential. The establishment of Meiyi Technology and a strategic partnership with Yihang Intelligent are expected to contribute revenue in the coming years [2][14]. Valuation and Future Profit Expectations - For 2025, Meishijituan anticipates profits of approximately 2.8 billion yuan, potentially rising to 3.3 billion yuan in 2026. The current valuation is around 10 times earnings, with new businesses expected to be valued at 20 to 30 times PE based on future revenue and profit margins [2][15]. - Historically, the company has maintained a dividend payout ratio of around 40%. If this ratio returns to 40% and core business growth accelerates, the main business could support a valuation of around 15 times, with emerging businesses providing additional valuation upside [2][15]. Other Important Insights - The company’s historical accumulation of technology in aluminum parts, battery boxes, and wireless charging has provided a solid foundation for entering robotics and liquid cooling sectors [5]. - The strategic layout and technological reserves in production and manufacturing have positioned Meishijituan favorably to seize industry development opportunities [4][5].

Group 1: Business Development and Market Strategy - The company is actively expanding its liquid cooling business, focusing on core customer mass production processes and has achieved small batch liquid cooling product orders [1][2] - The semiconductor packaging materials business is targeting major clients in the power semiconductor packaging sector, with a focus on applications in new energy vehicles and photovoltaic inverters [2][3] - The company aims to leverage its expertise in high thermal conductivity materials and semiconductor packaging to enter the thermal management market, with a comprehensive product range including liquid cooling plates and next-generation microchannel cooling solutions [3][4] Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenue of CNY 310 million, a year-on-year increase of 24.48%, and a net profit attributable to shareholders of CNY 12.42 million, up 2,925.45% [2][3] - The growth in performance is attributed to increased sales of smart card products and the rapid expansion of the power electronics application market, which has enhanced the market penetration of semiconductor packaging materials [3][4] Group 3: Research and Development - The company holds 185 patents, including 5 invention patents and 126 utility model patents, with R&D investment increasing by 9.59% year-on-year [2][3] - Future R&D efforts will focus on semiconductor packaging materials and the newly developed liquid cooling business [3][4] Group 4: Future Outlook and Risks - The company is optimistic about the future growth of its liquid cooling business, despite its current revenue contribution being low, as it anticipates rapid growth with increased customer acceptance and mass production plans [3][4] - The company emphasizes the importance of adhering to legal disclosure requirements and encourages investors to be rational in their investment decisions, highlighting potential risks associated with new business developments [4][5]

Summary of the Conference Call for AVIC Optoelectronics Industry and Company Overview - The conference call pertains to AVIC Optoelectronics, a company involved in the aerospace and high-tech manufacturing sectors, focusing on military and civilian applications. Key Points and Arguments - **Impact of Gold Prices**: The increase in gold prices has affected the company's gross margin by approximately 1%-2%, primarily due to higher demand for gold in electroplating and outsourced components [2][4]. - **Cost Reduction Measures**: The company is implementing several cost-reduction strategies, including R&D and process optimization, production improvements, and value chain procurement optimization to mitigate the impact of rising gold prices [2][4]. - **Connector Product Strategy**: A differentiated gold plating strategy is being adopted for connector products, maintaining standard plating for existing products while using more economical plating solutions for new products [2][6]. - **Business Structure Transformation**: The company is transitioning its business model to focus on dual drivers: military and high-tech manufacturing, while expanding into civilian high-end sectors such as data centers and electric vehicles [2][8]. - **Revenue Contribution from Sectors**: In Q3, the housing sector's revenue contribution dropped to 30%, impacting overall performance. However, the company expects this to recover to around 40% by year-end [3][14]. - **Growth in Civilian Business**: The civilian business has shown strong growth, with the new energy sector growing over 50% and the housing orders increasing by about 20% [2][10]. - **Future Growth Expectations**: The company anticipates stable growth of 8%-10% in specialized fields, benefiting from steady national military spending and expansion into new areas like drones and deep-sea projects [5][12]. - **Data Center Opportunities**: The data center business is seen as a significant growth opportunity, with a notable increase in the subsidiary Xiangtong Optoelectronics' performance, which is expected to support future earnings and market value [5][13]. - **Gross Margin Projections**: The overall gross margin is expected to stabilize around 33%, despite the challenges faced this year, which saw a decline from the typical 60% margin [15][16]. - **Liquid Cooling Market**: The company is optimistic about the liquid cooling segment within data centers, indicating strong future prospects and potential organizational adjustments to better meet customer needs [17][18][20]. Other Important Insights - **Inventory Impact on Revenue**: The conversion ratio of orders to revenue has been slower this year due to lower inventory levels, typically around 70%-80% in previous years [11]. - **Market Demand Variability**: Customer demand is showing signs of differentiation, with some orders picking up while others remain unclear, indicating a cautious outlook for the upcoming quarters [21][22]. - **Strategic Focus on New Technologies**: The company is exploring low-cost plating solutions and plans to apply civilian low-cost technologies to military markets to reduce precious metal costs [2][7]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategies, market dynamics, and future outlook.

Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised from 42 HKD to 50 HKD, corresponding to a projected P/E ratio of 15.2 times for 2026 [1][3][6]. Core Insights - The company is experiencing rapid growth in its battery box business, which is driving performance improvements and valuation increases. Emerging businesses are gradually taking shape, contributing to overall growth [1][3]. - The company has secured significant orders for liquid cooling products, including immersion cooling cabinets and other components, with mass production expected to begin soon. These products are aimed at major semiconductor clients [2][3]. - The company is also expanding into new business areas such as eVTOL and robotics, having established strategic partnerships and received production orders from leading firms in these sectors [3]. Financial Projections - The company is projected to achieve net profits of 2.76 billion RMB in 2025, 3.39 billion RMB in 2026, and 4.15 billion RMB in 2027, reflecting a strong growth trajectory [4][10]. - Revenue is expected to grow from 20.52 billion RMB in 2023 to 38.01 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 20% [4][10]. - The gross margin is anticipated to improve slightly from 27.4% in 2023 to 29.5% in 2027, indicating enhanced operational efficiency [4][10].

Core Viewpoint - Minth Group (00425) has seen a stock price increase of over 4%, currently trading at 37.6 HKD with a transaction volume of 45.05 million HKD, following the announcement of new orders related to AI server cooling technology [1] Group 1: Company Developments - The company's subsidiary, Precision Industries, has recently secured orders from a Taiwanese AI server manufacturer for the design, development, and production of immersion liquid cooling cabinets [1] - Precision Industries has successfully passed the technical validation for the immersion liquid cooling cabinets, with the first batch of products expected to be delivered by mid-November 2025 [1] - The group has also passed the technical validation for a splitter from another Taiwanese AI server liquid cooling system manufacturer and has received related orders, with the first batch expected to be delivered by the end of December 2025 [1] Group 2: Business Overview - The company is recognized as a global leader in automotive exterior and body structure components, with a diversified product line including plastic parts, metal and decorative parts, aluminum components, and battery boxes [1] - The traditional business has shown steady growth, while the battery box segment is expected to benefit from the increase in electric vehicle production in Europe, contributing to profit elasticity [1] - The company is actively exploring new markets such as low-altitude, robotics, and AI liquid cooling, which may form a third growth curve for the business [1]

Core Viewpoint - Minth Group (00425) has seen a significant stock price increase of 7.49%, reaching HKD 37.02, following the announcement of new orders related to AI server immersion cooling cabinets [1] Group 1: Company Developments - Minth Group's subsidiary, Precision Industries, has recently secured orders from a Taiwanese AI server manufacturer for the design, development, and production of immersion cooling cabinets [1] - As of the announcement date, Precision Industries has passed the technical validation for the immersion cooling cabinets required by the client [1] - The related products are expected to begin phased deliveries in mid-November 2025 [1] Group 2: Future Production and Partnerships - The company has also passed the technical validation for a splitter from another Taiwanese AI server liquid cooling system manufacturer and has secured related orders, with the first batch expected to be delivered by the end of December 2025 [1] - The end customer for these products is identified as a global semiconductor enterprise [1] - To meet the delivery requirements of these orders and potential future demands, the company has established a joint venture with Fuman Technology to expand the AI server liquid cooling system business and has built a production facility in Jiaxing [1] - As of the announcement date, the production facility has achieved small batch production capabilities and is expected to reach large-scale production levels by the end of December 2025 [1]

Core Viewpoint - Minth Group (00425) has seen a significant stock price increase of 7.49% following the announcement of new orders for AI server immersion cooling cabinets from a Taiwanese AI server manufacturer, with products expected to be delivered starting in November 2025 [1] Group 1: Orders and Production - Minth Group's subsidiary, Precision Industries, has received orders for the design, development, and production of AI server immersion cooling cabinets, having passed technical validation from the client [1] - The first batch of products is expected to be delivered by mid-November 2025, with another order from a different Taiwanese AI server cooling system manufacturer also confirmed, with initial deliveries anticipated by the end of December 2025 [1] Group 2: Strategic Partnerships and Capacity - To meet the demand for these orders and potential future orders, Minth Group has established a joint venture with Fuman Technology to expand its AI server cooling system business [1] - A production facility has been built in Jiaxing, which currently has small-scale production capabilities and is expected to reach mass production levels by the end of December 2025 [1]