点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 | | 171-11 | | --- | --- | | @2022 LeadLeo | www.leadleo.com | | 目录 | | | . 名词解释 | 09 | | 中国导热材料行业概述 | 10 | | . 背景与定义 | 10 | | . 分类 | 11 | | . 工艺流程 | 12 | | 中国导热材料行业产业链分析 | 13 | | . 上游分析 | 14 | | . 中游分析 | 16 | | . 下游应用领域分析 | 18 | | 中国导热材料行业市场规模 | 19 | | 中国导热材料行业政策分析 | 20 | | 中国导热材料行业驱动因素 | 21 | | . 5G商用化将进一步普及 | 21 | | . 消费电子发展 | 22 | | 中国导热材料行业行业发展趋势 | 23 | | 中国导热材料行业竞争格局分析 | 27 | | 中国导热材料行业投资风险分析 | 28 | 2022Lead 主要用于解决设备散热问题的新型工业材料,其可应用在通信、消费 、数据中心等多个领域 . ...

高盛发表报告指，对瑞声科技看法更趋乐观，因其新元件(均热板)及iPhone展望可观。该行上调对其 2025至27年各年盈测分别1%、4%及6%，主要反映均热板带来收入预测上调，原因是获更多手机款式采 用，以及手机规格升级带来的单位内容提升。在产品组合改善、生产良率改善及规模生产带来效益下， 该行对其利润率扩张维持看法正面。基于目标明年市盈率25.6倍，该行对其目标价由63.6港元上调至 68.6港元，评级"买入"。 ...

Company Overview - The company is a global leader in functional polymer materials and thermal management solutions, focusing on core materials and components to meet high-growth industry demands [2][3] - It emphasizes technology research and development, with a strong capacity for large-scale delivery of comprehensive reliability solutions for electronic devices [2][3] Product and Market Focus - Main products include high thermal conductivity graphite products, thermal interface materials, heat pipes, and EMI shielding materials, widely used in consumer electronics, digital infrastructure, smart transportation, and clean energy sectors [3] - The company has established production bases in Wuxi, Yixing, and Thailand, and R&D centers in Beijing, Shanghai, and the USA, catering to global clients [3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 1.298 billion, a year-on-year increase of 18.45% [4] - Net profit attributable to shareholders reached CNY 252 million, up 90.59%, with a non-recurring net profit of CNY 236 million, reflecting a growth of 142.37% [4] Profitability and Efficiency - The gross profit margin for the first three quarters of 2025 was 33.92%, an increase of 3.16 percentage points year-on-year, driven by product structure optimization and increased core product sales [5] - The company is focusing on high-quality growth sectors and implementing lean production and process improvements to enhance efficiency [5] Capacity and Production - Current capacity utilization is high, with new production lines focusing on high thermal conductivity graphite products and thermal interface materials for emerging consumer electronics and digital infrastructure [6] - The company maintains a leading position in synthetic graphite materials within the consumer electronics sector, expanding applications from smartphones to tablets and laptops [7] Innovation and Development - The company has developed foldable flexible graphite components for foldable smartphones, achieving global patent certification [8] - It is accelerating the market application of VC modules in high-speed optical modules, having gained product certification from leading optical communication companies [9] New Business Ventures - Liquid cooling solutions for servers represent a significant new business direction, with ongoing investments in product development and customer acquisition [10] - The company has established an overseas production base in Thailand, which is operational and has completed certification for major clients [12] Future Growth Potential - The demand for thermal materials is expected to increase with the development of AI terminals, alongside new project launches and market share growth [12] - The company is actively pursuing new thermal solutions and core materials for computing equipment, aiming to create new growth curves in the optical module and server sectors [12]

Core Insights - Apple is introducing vapor chamber (VC) cooling technology in the high-end iPad Pro, aiming to make the device thinner and enhance user experience by reducing overheating issues, which is expected to boost sales [1] - The company has partnered with two manufacturers from Taiwan and China for the supply of vapor chambers, with Qihong (3017) being the sole Taiwanese beneficiary of this opportunity [1] - Apple holds a significant market share in the global tablet market, with nearly 40% and annual shipments exceeding 55 million iPads, indicating a strong potential for the new cooling technology to create a new wave of business opportunities [1] Product Development - The introduction of vapor chamber technology is expected to differentiate the iPad Pro from the lighter iPad Air models, which will also see upgrades in 2024, including a 13-inch screen and M4 chip [2] - The vapor chamber is a passive cooling technology that utilizes a sealed metal chamber containing a small amount of liquid, which evaporates and condenses to manage heat effectively [2] - The next-generation iPad Pro, anticipated to launch in Spring 2027, is expected to feature the M6 processor, likely produced using TSMC's 2nm technology [1]

Group 1 - The company is deeply engaged in the cooling business for AI infrastructure, including products and services related to GPU, CPU, optical modules, and servers [2] - The company has successfully delivered cooling modules in bulk to international clients such as AMD, showcasing its capabilities in the cooling sector [2] - The company has developed a comprehensive range of cooling solutions, including CDU, liquid cooling modules, liquid cooling plates, air cooling modules, heat pipes, uniform heat plates, and graphite sheets, applicable to various products like humanoid robots, servers, optical modules, XR, and mobile phones [2] Group 2 - The company has established full-process service capabilities for core hardware in AI servers, leveraging its deep expertise in precision manufacturing [2]

Core Viewpoint - The article discusses the significance of uniform heat spreaders in various applications, particularly in consumer electronics and AI servers, highlighting their role in thermal management [3] Group 1: Industry Overview - Uniform heat spreaders are essential components in modern electronic devices, facilitating efficient heat dissipation and improving overall performance [3] - The demand for advanced thermal management solutions is increasing due to the rising power density in electronic components, especially in AI and high-performance computing [3] Group 2: Applications - In consumer electronics, uniform heat spreaders help maintain optimal operating temperatures, enhancing device longevity and user experience [3] - AI servers utilize these heat management solutions to handle the significant heat generated during intensive computational tasks, ensuring reliability and efficiency [3] Group 3: Market Trends - The market for thermal management solutions, including uniform heat spreaders, is expected to grow significantly, driven by technological advancements and increasing adoption in various sectors [3] - Companies are investing in research and development to innovate and improve the performance of heat spreaders, aiming to meet the evolving needs of the industry [3]

Core Insights - The company, Lingyi Technology (002600), has announced that it has begun bulk shipments of cooling modules for several international renowned clients [1] - The company has developed comprehensive research and production capabilities for various cooling solutions, including CDU, liquid cooling modules, liquid cooling plates, air cooling modules, heat pipes, uniform heat plates, and graphite sheets [1] - These cooling solutions are applicable in a wide range of products such as humanoid robots, servers, optical modules, XR devices, and mobile phones [1] - The company has established a full-process service capability for core hardware in AI servers, leveraging its deep expertise in precision manufacturing [1]

Core Insights - The company has begun bulk shipments of cooling modules to international clients such as AMD, showcasing its capability in providing comprehensive thermal management solutions [2] - The company has developed a range of products including CDU, liquid cooling modules, liquid cooling plates, air cooling modules, heat pipes, uniform heat plates, and graphite sheets, applicable in various sectors such as humanoid robots, servers, optical modules, XR, and mobile phones [2] - The company is actively advancing its hardware manufacturing business for embodied robots and has made progress in areas such as soft goods and wireless charging [2]

Core Insights - The company is focusing on liquid cooling technology as a more efficient thermal management solution due to the increasing power density of AI chips and server architecture upgrades [3] - The company is actively promoting the introduction, product certification, and mass production supply of core materials and liquid cooling modules to create a new growth curve in performance [3] - The company plans to increase investment in product research and development, customer expansion, and capacity building based on market demand and order conditions [3] Product Line and Market Potential - The company's thermal management solution product line includes high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, and thermal modules, which are applicable in various cutting-edge technology fields such as AI smartphones, AI PCs, AI glasses, and robotics [4] - The company emphasizes continuous monitoring of new technology developments and emerging application areas, actively participating in customized research and development of new projects and products to expand product applications [4] - With the increasing cooling demands of AI terminal devices, the company's comprehensive thermal management solutions are expected to capture a broader market space [4]

Core Viewpoint - Company has established a leading position in the thermal management materials sector through over 20 years of focused investment and forward-looking layout in the industry [1] Group 1: Company Positioning - Company provides comprehensive solutions from materials to components to modules, including high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, and thermal modules [1] - In the consumer electronics sector, the company maintains a leading position in synthetic graphite materials, with applications of graphite die-cut components expanding from smartphones to tablets and laptops [1] Group 2: Product Development and Market Expansion - Company is accelerating the research and mass production of various high-performance liquid-absorbing core materials, establishing core technological barriers [1] - Company has obtained supplier qualifications for thermal interface materials from major North American clients and has achieved production delivery [1] Group 3: Data Center Applications - The market application of the company's VC module products in high-speed optical modules is accelerating [1] - Core components of thermal modules, TIM materials, and other products are being supplied in bulk to server manufacturers, with active promotion of liquid cooling thermal module customer introduction, product certification, and mass production supply [1]