格隆汇11月24日丨中石科技(300684.SZ)在互动平台表示，公司散热模组主要应用于800G及1.6T高速光 模块领域，目前已获得国内外头部光通信企业的产品认证并量产。公司凭借多年积累的散热技术储备、 精密制造能力及客户协同开发经验，形成了一定的竞争优势：一方面，公司可针对高速光模块高功率密 度、小型化、高功耗的散热需求，提供定制化的散热解决方案，产品在热传导效率、结构兼容性等方面 具备良好的性能表现；另一方面，公司已与行业内部分主流客户建立了合作关系，通过持续的技术迭代 与服务响应，稳步提升客户合作深度。 ...

Group 1 - The company is actively collaborating with Apple's supply chain and is exploring opportunities in the thermal module segment for Apple smartphones, including foldable models [2] - As of now, the company has not yet achieved formal supply agreements for thermal products related to Apple smartphones [2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 17.68 CNY, maintaining the rating [5]. Core Insights - The company reported a revenue of 37.59 billion CNY for the first three quarters of 2025, representing a year-on-year growth of 19.25%. The net profit attributable to shareholders was 1.94 billion CNY, up 37.66% year-on-year [1]. - The company is positioned to benefit from the upcoming growth in AI glasses and the new iPhone 17 cycle, which is expected to drive both volume and price increases [2]. - The company has established a complete manufacturing system for AI glasses and XR wearables, enhancing its integrated manufacturing advantages [2]. - The company is also expanding into robotics and wearable technology, with dedicated production lines for joint modules and thermal management solutions [3]. Financial Performance - For the first three quarters of 2025, the gross margin was 16.61%, and the R&D expense ratio was 4.75%, reflecting improvements in cost structure and profitability [2]. - The projected revenues for 2025, 2026, and 2027 are 51.68 billion CNY, 60.68 billion CNY, and 71.27 billion CNY, respectively, with net profits of 2.44 billion CNY, 3.23 billion CNY, and 4.05 billion CNY [8]. - The company is expected to maintain a strong growth trajectory, benefiting from the AI computing cycle and its deep integration within the high-end consumer electronics supply chain [8].

Core Viewpoint - The company, Yingli Co., plans to invest 150 million RMB to establish a wholly-owned subsidiary in Saudi Arabia, aiming to enhance its international development strategy and improve its competitive strength in the overseas market [1]. Group 1: Investment Details - The investment amount is set at 150 million RMB, funded by the company's own resources, with the total investment to be made in phases based on the market progress of the Saudi subsidiary [2]. - The subsidiary will be located in the industrial park of Hofuf City, Eastern Province, Saudi Arabia [2]. - The company type for the new entity is a limited liability company, fully owned by the Singapore subsidiary [2]. Group 2: Business Scope - The business scope of the new Saudi subsidiary includes the production, research and development, and sales of server chassis, cabinets, cooling modules for computer and data centers, photovoltaic modules, and related energy storage systems [2].

Core Insights - The company achieved a significant revenue increase of 53.05% year-on-year in Q3 2025, reaching 782 million yuan, and a net profit of 17.17 million yuan, marking a remarkable growth of 3052.98% [1] - For the first three quarters, the company reported a total revenue of 1.99 billion yuan, up 50.25% year-on-year, and a net profit of 50.71 million yuan, reflecting a substantial increase of 1290.66% [3] Business Performance - The company focused on four main business areas: antennas, harnesses and connectors, thermal modules, and intelligent sensor modules, leading to steady revenue growth through enhanced customer collaboration and optimized business structure [3] - Significant progress was made in various business sectors, including the mass production of smart wearable antennas for a well-known domestic AI glasses client, contributing to revenue growth [3] - The automotive antenna and harness businesses experienced rapid development, with net profits increasing several times; the automotive antenna secured global supplier qualification from a renowned international car manufacturer [3] - The harness business received a project designation for battery pack harnesses from a well-known domestic automotive client, enhancing market competitiveness [3] Technological Advancements - The company has made continuous investments in R&D, achieving breakthroughs such as the completion of low-orbit satellite communication antenna development and the commencement of mass supply for 4D millimeter-wave radar waveguide antennas [4] - The thermal module business made significant strides, achieving full-category certification and mass delivery for a well-known Japanese gaming console brand, which may become a new growth point [4] - The company is well-positioned to meet the demands of 5G-A base station upgrades without the need for additional production capacity [4] - In the VR/AR sector, the company gained recognition from a U.S. brand through its LDS integrated technology and compact ultra-thin antenna solutions [4] Strategic Focus - The company plans to continue focusing on its core business areas while deepening strategic collaborations with key clients [4] - It aims to seize opportunities in emerging markets such as AI glasses, smart vehicles, and low-orbit satellite communications through technological innovation and product upgrades [4]

Core Viewpoint - The company ShuoBeide (300322) reported significant growth in its Q3 2025 financial results, indicating strong performance in its core business areas [1] Financial Performance - Q3 2025 revenue reached 782 million yuan, representing a year-on-year increase of 53.05% [1] - Net profit for Q3 2025 was 17.17 million yuan, showing a remarkable year-on-year growth of 3052.98% [1] - For the first three quarters of 2025, total revenue amounted to 1.99 billion yuan, with a year-on-year growth of 50.25% [1] - Net profit for the first three quarters was 50.71 million yuan, reflecting a year-on-year increase of 1290.66% [1] Business Focus - The company has concentrated on its core business and deepened collaboration with clients [1] - Key product areas such as antennas, wiring harnesses and connectors, thermal modules, and intelligent sensor modules have shown continuous positive development [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]

Robotics - Dongfang Electric Heat has sent samples of electronic skin to leading robotics companies [1] - Hongjing Optoelectronics has initiated research and development on humanoid robots and has sent samples [1] - Baolong Technology plans to gradually invest resources to expand its business in the robotics field [1] Deep Earth Economy - Boying Special Welding's anti-corrosion and anti-wear welding technology can be applied to oil pipelines in deep earth oil and gas transportation [1] - Baotailong's coal and graphite resources are currently not classified under the "deep earth economy" category [1] Consumer Electronics - Longli Technology's LIPO technology products have achieved mass production in projects such as wristbands and mobile phones [1] Charging and Swapping - Green Energy Smart Charging has technical and business cooperation with CATL in the charging and swapping business [1] - Dazhong Transportation has not yet engaged in the charging and swapping business [1] Other Developments - Huagong Technology has seen bulk shipments of 400G/800G optical modules from overseas equipment and channel vendors [1] - Lingyi Zhi Zao has made bulk shipments of cooling modules for international clients such as AMD [1] - Farah Electronics' capacitors are used in ultra-high voltage transmission and transformation applications [1] - Huate Gas has supplied a small quantity of electronic specialty gases to Xinkai, with a minor business proportion [1] - Benchuan Intelligent's high-end PCB products have achieved small batch applications in CPO-related projects [1] - Fangda Special Steel has not yet collaborated with Huawei on "digital twin" projects related to blast furnaces [1] - Hengdian East Magnetic focuses its energy storage business on household storage, with a small portion of shipments in the European market [1] - Siwei Tuxin and Jianzhizhi Robot have collectively secured 5.85 million sets of intelligent driving solutions from 2024 to the first half of 2025 [1] - iFlytek maintains a good cooperation with Moore Threads in the field of artificial intelligence [1]

Group 1 - The company is focusing on the development of embodied robots and has signed strategic cooperation agreements with several leading companies in the field [2] - The company has made progress in soft goods and wireless charging, indicating advancements in its manufacturing capabilities [2] - The liquid cooling products are still under development, with the company already supplying cooling modules in bulk to some internationally renowned clients [2] Group 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 [2] - These cooling solutions are applicable to various products such as humanoid robots, servers, optical modules, XR devices, and mobile phones [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 company has begun supplying liquid cooling products to several well-known international clients and has developed a comprehensive range of cooling solutions for various applications [2] Group 1: Product Offerings - The company has the capability to produce and develop a variety of cooling products, including CDU, liquid cooling modules, liquid cooling plates, air cooling modules, heat pipes, uniform heat plates, and graphite sheets [2] - These products are applicable in humanoid robots, servers, optical modules, XR, and mobile phones [2] Group 2: Market Position - The company has established a full-process service capability for core hardware in AI servers, leveraging its deep expertise in precision manufacturing [2]