Group 1: New Listings - Jiangsu Xihua New Energy Technology Co., Ltd. listed on the Shanghai Stock Exchange main board on December 23, raising 1.01 billion yuan, with a first-day stock price increase of 264.46% and a market cap of approximately 11.4 billion yuan as of December 29 [3][5] - Ningbo Jianxin Superconducting Technology Co., Ltd. listed on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, raising 779 million yuan, with a first-day stock price increase of 212.81% and a market cap of approximately 7.9 billion yuan as of December 29 [3][5] - Shenzhen Tian Su Measurement and Testing Co., Ltd. listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 600 million yuan, with a first-day stock price increase of 174.48% and a market cap of approximately 6.8 billion yuan as of December 29 [4][5] - Nabai Chuan New Energy Co., Ltd. also listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 632 million yuan, with a first-day stock price increase of 408.17% and a market cap of approximately 10.1 billion yuan as of December 29 [4][5] Group 2: Companies Passing Review - Shijiazhuang Vision Technology Co., Ltd. passed the review for listing on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, focusing on micro-display solutions [6][8] - Luoyang Shenglong Mining Group Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 23, engaged in non-ferrous metal mining [9][10] - Hangzhou Fuen Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 26, specializing in eco-friendly fabric [9][10] - Shenzhen Dapu Microelectronics Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 25, focusing on enterprise-level SSD products [9][10] - Nanchang Sanrui Intelligent Technology Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 26, specializing in drone and robot power systems [9][10] Group 3: Companies Submitting IPO Applications - Tianjin Fujida Bicycle Industrial Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 24, planning to raise 773 million yuan [12][14] - Shenyang Compressor Group Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 25, planning to raise 2.134 billion yuan [12][19] - Shenzhen Hanno Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 23, planning to raise 1.062 billion yuan [12][23] - Dandong Oriental Measurement and Control Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 25, planning to raise 1.1 billion yuan [12][25] - Suzhou Tongxin Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.064 billion yuan [12][27] - Shenzhen Deep Blue Ocean Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.5 billion yuan [12][29] Group 4: Financial Data Highlights - Fujida projected revenues of 4.371 billion yuan, 3.621 billion yuan, and 4.880 billion yuan from 2022 to 2024, with net profits of 348 million yuan, 285 million yuan, and 408 million yuan respectively [17][18] - Shenyang Compressor Group projected revenues of 7.396 billion yuan, 8.206 billion yuan, and 9.309 billion yuan from 2022 to 2024, with net profits of 181 million yuan, 355 million yuan, and 442 million yuan respectively [20][21] - Hanno Medical projected revenues of 0, 298 million yuan, and 493 million yuan from 2022 to 2024, with net losses of 647 million yuan, 3.41 billion yuan, and 1.83 billion yuan respectively [24] - Oriental Measurement and Control projected revenues of 603 million yuan, 521 million yuan, and 567 million yuan from 2022 to 2024, with net profits of 92.5 million yuan, 74.8 million yuan, and 73.1 million yuan respectively [26] - Tongxin Medical projected revenues of 8.611 million yuan, 50.453 million yuan, and 77.351 million yuan from 2022 to 2024, with net losses of 1.89 billion yuan, 3.06 billion yuan, and 3.72 billion yuan respectively [28]

根据东海证券研报显示，未来随着"AI+"浪潮的到来将持续拉动电子器件散热需求，尤其在数据中心及ADAS、消费电子、电动汽 车等领域。 招股书显示，鸿富诚成立于2003年，是一家专注热管理、电磁屏蔽和吸波等先进电子功能材料及器件研发、产业化的国家级专精 特新重点"小巨人"企业，产品广泛应用于数据中心（AI高功率芯片、光模块）、智能汽车、5G通信及消费电子等领域。 近年来，受益于AI、5G、新能源汽车、消费电子等下游领域的快速发展，热界面材料的市场规模呈稳步增长态势。根据 QYResearch数据显示，2024年全球导热界面材料（Thermal InterfaceMaterials，TIM）市场销售额已达20.12亿美元，预计到2031年 将增长至41.48亿美元，2025至2031年间年复合增长率达10.74%。 瑞财经 王敏 12月26日，据深交所官网，深圳市鸿富诚新材料股份有限公司（以下简称"鸿富诚"）创业板IPO获受理，保荐机构为 华源证券，保荐代表人为赖昌源、任东升。 在国内市场，随着5G的商用化，电子材料国产化进程加速以及导热散热材料在新能源汽车、动力电池、数据中心等应用领域的持 续拓展，我国热界面材 ...

长江商报消息 苏州天脉（301626.SZ）加码服务器液冷散热赛道。 12月22日晚，苏州天脉公告，拟与李炜、刘晓川、吕磊共同投资设立合资公司，注册资本1亿元，公司 认缴注册资本9250万元，占92.5%。 近年来，苏州天脉业务规模不断扩大，经营业绩持续向好。值得一提的是，公司拟发不超7.86亿元可转 债扩产计划，日前已获深圳证券交易所（以下简称"深交所"）受理。 加码服务器液冷散热赛道 12月22日晚间，苏州天脉公告，拟与李炜、刘晓川及吕磊签署《投资协议》。李炜、刘晓川及吕磊拟出 资成立苏州天星智鹄企业管理合伙企业（有限合伙）（暂定名，最终名称以工商核准名称为准，以下简 称"合伙企业""持股平台"或"天星智鹄"）作为员工持股平台，与公司共同投资成立合资公司天脉昇同科 技（苏州）有限公司（暂定名，以下简称"合资公司"或"标的公司"），专注于服务器液冷散热业务，主 要从事服务器液冷散热产品的研发、生产和销售。 根据公告，合资公司的注册资本为1亿元，其中，公司认缴注册资本9250万元，占合资公司注册资本的 比例为92.5%，公司控股合资公司，且合资公司纳入公司合并报表范围；持股平台认缴注册资本750万 元，占合资 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 l 投资建议 我们预计公司 2025/2026/2027 年分别实现收入 20/26/33 亿元， 归母净利润分别为 3.05/4.13/5.51 亿元，维持"买入"评级。 l 风险提示 | 最新收盘价（元） | 46.35 | | --- | --- | | 总股本/流通股本（亿股）3.00 | / 2.04 | | 总市值/流通市值（亿元）139 | / 95 | | 52 周内最高/最低价 | 49.40 / 19.98 | | 资产负债率(%) | 19.5% | | 市盈率 | 68.55 | | 第一大股东 | 吴晓宁 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 中石科技(300684) 材料、模切、组件，散热材料全链条布局 l 投资要点 拟收购中石讯冷，加速液冷散热模组推广。公司全资子公司宜兴 中石，拟以 3570 万元自有资金增资 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.66 CNY based on a 34x PE valuation for 2026 [4][7]. Core Insights - The company is expected to see a significant increase in net profit from 320 million CNY in 2025 to 583 million CNY in 2027, with a revised forecast reflecting an increase in gross margin [4][12]. - The acquisition of a 51% stake in a liquid cooling technology company is aimed at enhancing the company's data center business, which is becoming increasingly essential [11]. - The demand for thermal management solutions is expected to grow, particularly in AI-enabled devices, positioning the company to benefit from this trend [11]. Financial Forecasts - The company's projected revenues for 2025-2027 are 2.09 billion CNY, 2.94 billion CNY, and 3.96 billion CNY, respectively, with corresponding growth rates of 33.3%, 40.7%, and 34.7% [6][12]. - The gross margin is expected to improve from 31.0% in 2024 to 34.0% in 2025, before stabilizing at around 32.3% by 2027 [6][12]. - The net profit margin is projected to increase from 12.9% in 2024 to 15.3% in 2025, reflecting the company's operational efficiency [6][12]. Business Developments - The company is expanding its product offerings beyond graphite materials to include a comprehensive range of thermal management solutions, which are critical for various applications including smartphones and data centers [11]. - The company has established strong partnerships with leading clients in various sectors, including industrial, automotive, and medical, enhancing its market position [11].

Group 1 - Company plans to use self-owned funds of 35.7 million yuan to acquire 51% equity of Zhongshi Xunleng, making it a controlling subsidiary [1] - Zhongshi Xunleng specializes in the design, manufacturing, and service of thermal module products, particularly focusing on liquid cooling solutions, which account for over 90% of its sales [1] - The acquisition aims to enhance the company's core competitiveness by integrating Zhongshi Xunleng's capabilities with its existing thermal products [2] Group 2 - The acquisition will allow the company to quickly enhance its design, manufacturing, and testing capabilities in liquid cooling products, complementing its existing thermal solutions [2] - Zhongshi Xunleng's location in South China provides rich industrial resources, facilitating rapid response to customer needs and upstream-downstream collaboration [2] - The company reported a revenue of 1.298 billion yuan for the first three quarters of 2025, a year-on-year increase of 18.45%, with net profit rising by 90.59% due to the growing demand for AI server liquid cooling modules [2] Group 3 - The liquid cooling technology is experiencing rapid growth, driven by the increasing power consumption of AI servers and high-density data centers, with market penetration expected to exceed 40% in China by 2025 [3] - The company has prior experience in similar acquisitions, having acquired 51% of Jiangsu Kaiweidi in 2019 to enhance its thermal component layout [3] - Following the acquisition of Kaiweidi, the company established a production line for superconducting heat pipes in Yixing, with a total investment of 300 million yuan, aiming for an annual output exceeding 500 million yuan [3]

Core Viewpoint - The company, Zhongshi Technology, confirmed its collaboration with major telecommunications equipment manufacturers, including ZTE, Ericsson, Nokia, Cisco, and Finisar, in the digital infrastructure sector [2]. Group 1 - The company provides key products in the digital infrastructure industry, such as thermal interface materials, heat pipes, uniform heat plates, thermal modules, EMI shielding materials, and environmental sealing materials [2]. - The company has a long-term service relationship with leading clients in the telecommunications sector [2].

Core Insights - Shenzhen Hongfucheng New Materials Co., Ltd. has completed its IPO counseling report with Huayuan Securities as the counseling institution [2] - The company signed a counseling agreement with Huayuan Securities on February 7, 2023, and conducted eleven counseling sessions up to the report date [2] Company Overview - Hongfucheng was established in May 2003 and specializes in the research, manufacturing, and sales of thermal interface materials [4] - The company's main products include shielding materials, thermal interface materials, and wave-absorbing materials, which are essential for electronic devices [4] - These materials have wide applications in mobile phones, tablets, new energy vehicles, and network communications [4] Shareholder Information - The company is primarily controlled by Sun Aixiang, who holds a 51% stake, while Zhao Jianping holds a 49% stake [5] - Sun Aixiang serves as the chairman of the company, and Zhao Jianping is a director [5] Financial Agreements - The counseling report indicates that certain agreements with shareholders contained performance-based clauses and special rights, which have been terminated and deemed invalid [4] - The termination of these clauses occurred before the issuance of the financial report and prior to the submission of the listing application materials [4]

Core Viewpoint - The company, Zhongshi Technology, emphasizes its long-term commitment to serving major clients in North America and other leading companies in the industry, focusing on high-performance and reliable product solutions [1] Group 1: Client Strategy - The company adheres to a major client market strategy, providing long-term services to top clients such as Samsung, Microsoft, Google, Amazon, and others [1] - The company actively participates in the cutting-edge research and development processes of its clients' new products [1] Group 2: Product Offerings - The main products offered by the company include high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, thermal modules, EMI shielding materials, adhesive materials, and sealing materials [1]

Core Viewpoint - The company, Zhongshi Technology, emphasizes its long-term strategy of serving major clients in North America and other leading companies in the industry, focusing on high-performance and reliable product solutions [1] Group 1: Client Strategy - The company adheres to a major client market strategy, providing long-term services to top clients such as Samsung, Microsoft, Google, Amazon, and others [1] - The company actively participates in the cutting-edge research and development processes of its clients' new products [1] Group 2: Product Offerings - The main products offered by the company include high thermal conductivity graphite products, thermal interface materials, heat pipes, heat spreaders, thermal modules, EMI shielding materials, adhesive materials, and sealing materials [1]