"'十四五'五年对公司发展意义重大。宁波精达（603088）凭借国家在高端装备制造、新能源产业等国 家产业政策扶持下，新能源高速精密压机等新业务得到快速增长，形成公司第二增长极，依托资本市场 机制，引入宁波国资通商控股集团成为控股股东，其间产业整合收购了行业模具龙头企业无锡微研，进 一步拓展了业务边界。"近日，宁波精达相关负责人在接受证券时报记者专访时表示。 "十四五"时期主营业务稳增 宁波精达主营换热器装备、精密压力机和微通道换热装备，产品分别应用于空调、冷冻冷链行业、汽车 热管理系统，新能源领域等。"十四五"（2021年—2025年）时期，公司营收与净利润持续增长；2024年 实现营业收入8.18亿元，同比增长15.38%；归母净利润1.65亿元，同比增长3.37%，达成营收利润双 增。 近年来，随着新能源整车热管理、AI算力中心、绿电氢能、空天海工等新兴领域的快速崛起，公司微 通道换热器装备厚积薄发，形成了产品体积小、热交换效率高、智能化程度高、成本显著等优势。公司 微通道换热器装备已经进入通用、马勒、法雷奥、电装、三花、银轮、长城、比亚迪（002594）、广汽 等国内外知名汽车零部件厂和主机厂。 值得 ...

Group 1 - The core viewpoint of the article highlights the recent research conducted by Baoyin Investment on Ningbo Jingda, a listed company specializing in heat exchanger and precision press equipment, with a focus on battery and motor casing stamping equipment [1] - The company's performance in the first half of the year experienced a slight decline due to international trade factors, but there was a recovery in the second quarter with double-digit year-on-year growth in orders [1] - The acquisition of 100% equity in Wuxi Weiyan contributed to a 70% increase in export orders in the first half of the year, with North American orders reaching the level of the previous year [1] Group 2 - The establishment of a joint venture, Germany Jingda Shaola, aims to introduce advanced technologies such as high-frequency pipe manufacturing and rolling machines to promote import substitution [1] - The microchannel heat exchanger equipment is applied in various fields including automotive thermal management, data centers, and hydrogen energy, with clients such as BYD, Valeo, and Sanhua [1] - The company is expanding into new directions such as EV, robotics, eVTOL lightweighting, and hydrogen energy, while also focusing on the development of specialized machines for robotics [1]

Group 1 - The core viewpoint of the news is that the well-known private equity firm, Chongyang Investment, has conducted research on a listed company, Ningbo Jingda, which specializes in heat exchanger equipment and precision pressure machine equipment, focusing on battery and motor shell stamping equipment [1] - Ningbo Jingda's performance slightly declined in the first half of the year due to international trade factors, but there was a recovery in the second quarter with double-digit year-on-year growth in orders [1] - The company acquired 100% of Wuxi Weiyan, which was consolidated into its financial statements starting in May, leading to a 70% increase in export orders in the first half of the year, with North American orders reaching last year's total [1] Group 2 - Ningbo Jingda has established a joint venture, Germany Jingda Shaola, to introduce advanced technologies such as high-frequency pipe making and rolling machines, promoting import substitution [1] - The microchannel heat exchanger equipment is applied in automotive thermal management, data centers, and hydrogen energy sectors, with clients including BYD, Valeo, and Sanhua [1] - The company is expanding into new directions such as EV, robotics, eVTOL lightweighting, and hydrogen energy, while also focusing on the development of specialized machines for robotics [1]

Core Viewpoint - Ningbo Jingda (603088) reported stable revenue growth in the first half of 2025, achieving operating income of 401 million yuan and a net profit of 65 million yuan, with significant progress in various fields, particularly in heat exchanger equipment and precision presses [1] Group 1: Financial Performance - The company achieved operating income of 401 million yuan and a net profit of 65 million yuan in the first half of 2025, indicating stable revenue growth [1] - The core products, including heat exchangers and precision presses, showed steady development, with new models of precision presses gaining wide market recognition [1] Group 2: Strategic Acquisitions - The company completed the acquisition of 100% of Wuxi Weiyan's shares, enhancing its competitive edge through synergy [2] - Wuxi Weiyan specializes in precision molds and stamping parts, which complement Ningbo Jingda's main business, particularly in the heat exchanger sector [2][3] - The acquisition is expected to facilitate resource integration in customer channels and technology development, enhancing overall competitiveness [3] Group 3: Market Expansion - Wuxi Weiyan's market performance was strong, with over 50% of new mold orders being export orders, and a year-on-year growth of approximately 70% in export orders [3] - The establishment of JSMachinery GmbH in Germany aims to expand into the European market, leveraging Germany's technological resources [4] Group 4: Product Development and Market Trends - Ningbo Jingda continues to lead in the heat exchanger equipment sector, launching a globally innovative fin stock retrieval machine that enhances competitiveness in the market [5] - The automotive thermal management equipment market is expanding, with significant growth expected, making microchannel heat exchangers a key growth driver for the company [5] - The application of microchannel heat exchanger technology is extending into data center liquid cooling, industrial refrigeration, and chemical industries, driven by the rapid growth of the digital economy [6][7] Group 5: Future Outlook - The microchannel heat exchanger market in data centers is projected to reach nearly 20 billion yuan by 2030, with an annual compound growth rate of about 10.8%, providing new growth avenues for the company [7] - The demand for liquid cooling technology in data centers is expected to increase with the ongoing development of 5G, artificial intelligence, and big data technologies, positioning Ningbo Jingda favorably for future growth [7]

Core Insights - Ningbo Jingda achieved stable revenue growth with operating income of 401 million yuan and net profit of 65 million yuan in the first half of 2025 [2] - The company made significant progress in various fields, particularly in heat exchanger equipment and precision presses, with a notable expansion into multiple sectors for microchannel heat exchangers [2][6] Group 1: Capital Strategy and Acquisitions - The company successfully acquired 100% of Wuxi Weiyan's shares, enhancing its competitive edge through synergies in technology and customer resources [3] - Wuxi Weiyan's new orders, over 50% of which were export orders, saw a year-on-year increase of approximately 70%, with significant market performance in North America and emerging markets [4] - The acquisition allows for resource integration in customer channels and technology development, enhancing overall competitiveness and risk resilience [4] Group 2: Product Development and Market Expansion - The establishment of JSMachinery GmbH in Germany aims to leverage local technological resources and enhance brand influence in the European market [5] - The company continues to lead in the heat exchanger equipment sector, with the successful mass production of a three-station fin access machine, improving competitiveness in the market [6] - The automotive thermal management equipment market is expanding, with a projected market size of approximately 16 billion USD by 2028, and the company is enhancing its competitiveness in this sector [7] Group 3: Microchannel Heat Exchanger Applications - Microchannel heat exchangers are extending into diverse fields, including data center liquid cooling, driven by the rapid growth of the digital economy [8] - The company has developed specific air conditioning fin molds for AI data centers, laying the groundwork for entering the high-margin liquid cooling market [8] - The microchannel heat exchanger market in China is expected to reach nearly 20 billion yuan by 2030, with an annual compound growth rate of approximately 10.8%, presenting new growth opportunities for the company [8]