每经AI快讯，有投资者在投资者互动平台提问：尊敬的苏州天脉管理层您好！公司与建准电机合资成 立的新公司，聚焦散热相关产品及方案的研发与量产。已知建准电机具备英伟达供应资质，且是其 MGX液冷模组的主流供应商之一，请问新合资公司是否会依托双方技术与资源优势，切入英伟达液冷 供应链相关业务？或是否已与英伟达就液冷产品供应开展合作洽谈、达成初步意向？ 苏州天脉（301626.SZ）11月20日在投资者互动平台表示，尊敬的投资者您好，公司与建准电机工业股 份有限公司（以下简称"建准电机"）依托双方散热技术与资源优势，于2025年11月14日共同投资设立天 脉建准散热科技（苏州）有限公司（以下简称"天脉建准"），天脉建准主要从事微型风扇的研发、生产 和销售，产品将主要应用于智能手机、平板电脑等消费电子场景。其中，公司认缴注册资本1,300万 元，持有天脉建准65%股权；建准电机认缴注册资本700万元，持有天脉建准35%股权。 公司是行业内 少数同时具备中高端导热材料和热管、均温板等高性能导热散热元器件量产能力的高新技术企业，在研 发能力、工艺水平、产品性能及市场占有率等方面均居于行业较高水平，产品广泛应用于智能手机、笔 ...

Core Insights - The company reported a revenue of 310 million yuan in Q3 2025, representing a year-on-year increase of 32.51% [1] - The net profit attributable to shareholders for Q3 2025 was 48.11 million yuan, up 9.63% year-on-year, influenced by fluctuations in gross margin and increased expenses [1] - The company plans to invest up to 2 billion yuan in a new smart manufacturing base for thermal management products in Suzhou [1] - The company aims to enhance production capacity for high-end uniform temperature plates, with an investment of up to 600 million yuan, which will add an annual production capacity of 18 million units [1] Revenue Growth and Market Position - The company has established a competitive advantage in heat pipes and uniform temperature plates, with R&D efforts starting in 2014 and 2017 [2] - The application rate of uniform temperature plates is expected to rise significantly, with 68% of high-end smartphones in China projected to feature them in 2024, up from 54% in 2023 [2] - Major brands like Apple have begun incorporating uniform temperature plates into their products, indicating a growing market trend [2] Long-term Goals and Incentives - The company has introduced a stock incentive plan, granting up to 1.28 million restricted shares, aimed at motivating key personnel [3] - The performance targets for the incentive plan include ambitious revenue and net profit growth rates of 80%, 150%, and 200% over the next three years [3] Investment Outlook - The company is projected to achieve revenues of 1.14 billion yuan, 2.1 billion yuan, and 3 billion yuan in 2025, 2026, and 2027, respectively, with net profits of 190 million yuan, 360 million yuan, and 520 million yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][16]. Core Insights - The company has demonstrated robust revenue growth, achieving 310 million yuan in revenue for Q3 2025, a year-on-year increase of 32.51%. The net profit attributable to shareholders for the same period was 48.11 million yuan, reflecting a 9.63% increase year-on-year [3][4]. - The company is expanding its production capacity for thermal management products to meet increasing customer demand, with planned investments totaling up to 26 billion yuan for new manufacturing facilities [3][4]. - The company is strategically positioned to benefit from the rising demand for heat pipes and uniform temperature plates, particularly in the context of the growing high-performance consumer electronics market [4][13]. Company Overview - The latest closing price of the company's stock is 135.20 yuan, with a total market capitalization of 15.6 billion yuan [2]. - The company has a low debt-to-asset ratio of 11.7%, indicating a strong financial position [2]. - The company is involved in the research, development, production, and sales of thermal management materials and devices, with a focus on high-quality products for major clients such as Samsung, OPPO, and Huawei [13][14]. Financial Projections - Revenue projections for the company are 1.14 billion yuan in 2025, 2.09 billion yuan in 2026, and 2.99 billion yuan in 2027, with corresponding net profits of 190 million yuan, 360 million yuan, and 523 million yuan respectively [8][10]. - The company is expected to maintain a healthy growth trajectory, with significant increases in both revenue and net profit over the next few years [10][15]. Incentive Plans - The company has announced a stock incentive plan aimed at motivating key personnel, with a total of 1.28 million restricted shares to be granted, representing 1.107% of the total share capital [5][7].

Group 1 - The company stated that its products are not currently applied in the CPO field, but can achieve 3DVC cooling through the use of均温板 and heat pipes [1] - The company will comply with legal and regulatory requirements for information disclosure if there are any developments in related businesses [1]

Group 1 - The company Alede (301419.SZ) has stated that its products are not currently applied directly in the CPO field [1] - The company's均温板 (uniform temperature board) and 热管 (heat pipe) can achieve 3D VC cooling [1]

Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].

Group 1 - The company has developed various thermal management products such as heat pipes, uniform temperature plates, water cooling plates, and finned heat sinks, leveraging its technological expertise in the thermal conduction and dissipation field [2] - Some of these thermal products are already in mass production and supply [2]

Group 1 - The company Aled has responded to investor inquiries regarding its liquid cooling heat exchanger products, which include heat pipes, temperature equalization plates, water cooling plates, and finned heat exchangers [2] - Some of these products are already in mass production and supply [2]

Core Viewpoint - The company Alade (301419) has confirmed that its liquid cooling heat exchanger products, including heat pipes, temperature equalization plates, water cooling plates, and finned heat exchangers, are already in mass production and supply [1] Group 1 - The company's product range includes heat pipes, temperature equalization plates, water cooling plates, and finned heat exchangers [1] - Some of the products have already entered mass supply [1]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 170.39 CNY per share based on a 19x PS valuation for 2025 [4][15][7]. Core Insights - The company achieved a revenue of 508 million CNY in H1 2025, representing an 11.20% year-on-year increase, while the net profit attributable to shareholders decreased by 2.14% to 94 million CNY [1]. - The gross margin for H1 2025 was stable at 41.64%, with an increase of 1.26 percentage points year-on-year, despite rising expenses due to market expansion and increased R&D efforts [2]. - A new production base for thermal management products is expected to commence operations in June 2026, which will significantly enhance production capacity and is projected to generate annual sales revenue of 644 million CNY once fully operational [3]. Financial Performance Summary - Revenue projections for the company from 2025 to 2027 are 1.037 billion CNY, 1.329 billion CNY, and 1.664 billion CNY, respectively, with corresponding net profits of 223 million CNY, 287 million CNY, and 371 million CNY [4][12]. - The company’s revenue growth rates are expected to be 10.02% in 2025, 28.06% in 2026, and 25.22% in 2027, with gross margins projected at 43.69%, 43.60%, and 44.17% for the same years [14][13]. - The company has shown a compound annual growth rate (CAGR) of 26.69% in revenue from 2019 to 2024, indicating strong growth potential in the thermal management materials sector [13]. Market Position and Competitive Landscape - The company is positioned to benefit from the growing demand in the consumer electronics sector, particularly for thermal management solutions, as the market for lightweight and high-end products expands [3][15]. - Comparisons with peer companies in the thermal management sector suggest that the company is well-placed to leverage its technological advancements and customer relationships to capture market share [15][16].