| 辅导协议签署时间 | 2026年1月12日 | | --- | --- | | 辅导机构 | 中信证券股份有限 | | 律师事务所 | 广东信达律师事务 | | 会计师事务所 | 天健会计师事务所 | 公开资料显示，岚瑞技术总部位于中国广东省东莞市，是一家集研发、生产、销售于一体的全球化高新技术企业。 集团专注于为全球客户提供精密结构件、散热解决方案及包装材料的一站式制造服务，业务覆盖消费电子、云计算、汽车、医疗及工业应用等领域。其在中 国、越南、墨西哥、泰国及美国设立多个生产基地与研发中心。 瑞财经 吴文婷1月19日，广东岚瑞技术集团股份有限公司（以下简称"岚瑞技术"）启动IPO。 本次IPO的辅导机构为中信证券股份有限公司，律师事务所为广东信达律师事务所，会计师事务所为天健会计师事务所(特殊普通合伙) 。 股权方面，岚瑞技术的控股股东为匡得军，通过直接及间接方式合计持有公司71.94%股份。目前，匡得军担任董事长、经理。 | 辅导对象 | 广东岚瑞技术集团股份有限公司 | | | | --- | --- | --- | --- | | 成立日期 | 2018年9月17日 | | | | 注册资本 | ...

Core Viewpoint - Lingyi iTech (002600) is focused on the development of core components and assembly for smart wearable devices such as AR, VR, MR, and AI glasses, providing essential parts and assembly services to leading domestic and international clients [1] Group 1 - The company specializes in soft functional components, injection molded parts, thermal solutions, chargers, and wireless charging core components [1] - Lingyi iTech has signed commercial confidentiality agreements with clients, limiting the disclosure of specific cooperation details [1]

Core Viewpoint - The company, Bowei Alloy, is focusing on expanding its revenue through new material businesses, particularly in the fields of special alloy electronic materials and cooling solutions for AI applications [1][2] Group 1: Revenue Growth and Production Capacity - The company's revenue growth in the coming years will primarily come from its new materials business, with a special alloy electronic materials production expansion project expected to commence operations by June 30, 2026 [1] - After the launch of the liquid cooling plate materials in 2027, the production capacity utilization rate of the company's 31,800 tons of special alloy rod and wire manufacturing lines is expected to improve further [1] Group 2: Product Development and Applications - Bowei Alloy specializes in the R&D, production, and sales of high-performance, high-precision non-ferrous alloy materials, as well as solar cell and component production and solar power station operations [1] - The company has established a multi-scenario layout in the AI field, providing materials for high-speed connectors needed in AI computing servers, shielding materials for communication electronic devices, and specialized cooling materials for AI mobile phones [1] Group 3: Strategic Partnerships and Cost Reduction - The company is collaborating with TE Connectivity to develop copper-aluminum composite materials, addressing the industry challenge of electrochemical corrosion at the connection of aluminum wire harnesses and copper [2] - This project is expected to reduce costs for automotive manufacturers by 10% based on a copper price of 80,000 per ton, and the recent rise in copper prices is likely to enhance the willingness of downstream automotive manufacturers to advance their projects [2]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment, focusing on extracting investment value from significant events and analyzing industry chain companies [1] - The company is developing low-loss hollow-core optical fibers to support ultra-high-speed transmission, targeting the integration of air, space, and sea communication networks through low-orbit satellite routing and inter-satellite laser communication [1] - The company provides GB300 liquid cooling plates made from specialized materials and high-speed connector copper alloys, penetrating the AI server and smart terminal markets, positioning itself as a comprehensive supplier of cooling solutions [1]

Group 1: Market Performance and Institutional Research - A total of 117 listed companies received institutional research from December 22 to December 26, with over 70% of these companies achieving positive returns [1] - Notable stock performances include Chaojie Co., Ltd. (301005) with a 41.6% increase, Guanglian Aviation (300900) up 32.44%, and Demingli (001309) rising 24.97% [1] - Popular research targets included Lingyi Technology (002600), which received over 100 institutional inquiries, while companies like Pulite (002324) and Guangdian Measurement (002967) were also highlighted with over 50 inquiries each [1] Group 2: Lingyi Technology Acquisition - Lingyi Technology announced a significant acquisition of a thermal management company, acquiring 35% of Dongguan Liminda Electronic Technology Co., Ltd. for 875 million yuan, resulting in a control of 52.78% voting rights [2] - The acquisition raised eyebrows due to a high valuation premium, with Liminda's audited equity valued at 71.27 million yuan, while the assessed value reached 2.51 billion yuan, indicating a premium rate exceeding 34 times [2] - Liminda's products include critical thermal management hardware for servers, and it is recognized as a liquid cooling supplier for NVIDIA [2] Group 3: Lingyi Technology's Strategic Goals - Institutions are particularly interested in whether Liminda's clients include major overseas companies like NVIDIA, Meta, and Google, as well as the strategic purpose behind the acquisition [3] - The acquisition aims to enhance Lingyi Technology's product matrix in the server segment and improve the business scale and profitability of its AI hardware server division [3] - Lingyi Technology has developed advanced thermal management products for enterprise-level servers, including GPU and CPU cooling solutions [3] Group 4: Pulite's Breakthroughs - Pulite received attention from 76 institutions, highlighting breakthroughs in modified materials, LCP (liquid crystal polymer), sodium-ion batteries, and humanoid robots [4] - The company's modified materials are applicable in humanoid robot components, and it is currently collaborating with leading clients in the humanoid robot industry [4] - Pulite's LCP fibers have entered the supply chain of a major domestic low-orbit satellite client, with significant growth expected in orders due to increasing demand for flexible solar wings [4] Group 5: Guangting Information's Strategic Positioning - Guangting Information engaged with 66 institutions, positioning itself as a "Digital Architect" in the automotive software industry, aiming to create an AI worker ecosystem [5] - The company is implementing a Super Software Workshop (SDW) model for human-machine collaborative development, which is expected to significantly enhance productivity [5] - Guangting Information's international strategy focuses on steady domestic growth while exporting intelligent automotive technology and providing services to foreign manufacturers [5]

Core Viewpoint - Kaiwang Technology (301182.SZ) is expanding its business into high value-added and high-tech barrier fields to enhance its market competitiveness and output value in response to increasing demands for heat dissipation performance in downstream markets [1] Group 1: Company Strategy - The company has established a complete industrial chain that includes precision cable components, hardware parts, plastic components, and finished assembly, accumulating rich experience in precision manufacturing [1] - The management adheres to a "dual-wheel drive" strategy, positioning heat dissipation solutions as the company's second growth curve [1] - The company plans to strengthen its core component manufacturing capabilities through a joint venture with Dongguan Wanjian Precision Technology Co., Ltd., establishing a subsidiary named Wenkai Technology (Dongguan) Co., Ltd. [1] Group 2: Market Challenges - The company faces challenges such as declining profit margins and product homogenization in the consumer electronics, communications, and security sectors, necessitating technological innovation to explore new business growth points [1] - The existing R&D team has begun developing and reserving heat dissipation-related technologies to address these market challenges [1]

Core Insights - The "Hefei All-Scenario Immersion Oil-Based Liquid Cooling Technology Innovation Consortium" led by Tongyuan Environment has been approved, marking a significant step in high-end cooling technology and injecting new momentum into green computing infrastructure construction [2] Group 1: Industry Context - The rapid development of the digital economy and the advancement of "dual carbon" goals have created unprecedented cooling pressures for new infrastructure such as data centers, 5G base stations, and new energy storage [2] - High power consumption and high heat flux density have become core bottlenecks restricting computing power enhancement and energy efficiency optimization [2] Group 2: Company Initiatives - Tongyuan Environment, focusing on environmental protection and energy conservation, has responded actively to national calls for technological innovation [2] - The consortium includes key players such as PetroChina Karamay Petrochemical Co., Shenzhen Green Cloud Technology Co., China Unicom (Anhui) Industrial Internet Co., H3C Technologies Co., and Hefei University of Technology, forming a cross-domain innovation alliance [2] - The consortium integrates a complete industrial chain resource from cooling working fluids, liquid cooling systems, application scenarios to research support, aiming to provide more efficient, safer, and greener cooling solutions for computing power infrastructure [2]

Core Insights - The company reported a revenue of 37.59 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.25%, and a net profit attributable to shareholders of 1.941 billion yuan, up 37.66% year-on-year [1] - In Q3 2025, the company achieved a revenue of 13.965 billion yuan, a year-on-year increase of 12.91% and a quarter-on-quarter increase of 15.12%, with a net profit of 1.012 billion yuan, reflecting a year-on-year growth of 39.28% and a significant quarter-on-quarter increase of 177.37% [1] - The company is strategically positioned in four key sectors: robotics, AI glasses, foldable screens, and servers, benefiting from the ongoing AI development [1][2] Business Segments - **Robotics**: The company has established partnerships with various robotics innovation centers and has received hardware orders from domestic and international humanoid robot clients, building a robust product matrix in humanoid robotics [1][2] - **AI Glasses**: Focused on the core components and technology development for AR, VR, MR, and AI glasses, the company is enhancing its capabilities in smart wearable devices [2] - **Foldable Screens**: The company offers a range of critical components for foldable screens, including support structures and thermal management solutions, and is collaborating with well-known brands in this segment [2] - **Servers**: By integrating self-developed thermal management technologies, the company has become a core supplier for AMD and has developed high-performance cooling products that outperform competitors in various power conditions [2] Strategic Acquisition - The company announced the acquisition of Zhejiang Xianglong for 2.404 billion yuan, aiming to strengthen its product matrix in the electric vehicle components sector and enhance its automotive supply chain [3] - This acquisition is expected to create synergies between automotive and robotics components, facilitating a "vehicle-robot symbiosis" effect and providing a foundation for exploring hardware applications in AI terminals and humanoid robots [3] Financial Forecast - The company anticipates significant growth in net profit, projecting 2.480 billion yuan in 2025, 3.160 billion yuan in 2026, and 4.197 billion yuan in 2027, with corresponding price-to-earnings ratios of 43.72, 34.31, and 25.84 [3]

Company and Industry Summary Company Overview - The company has achieved over 10 billion RMB in battery and power revenue, benefiting from a major customer innovation cycle in the first half of 2025 [2][3] - The automotive low-altitude business accounts for 10% of total revenue [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 37.591 billion RMB, a year-on-year increase of 19.2% [3][11] - Net profit increased by 37.66% year-on-year, with Q3 net profit exceeding 1 billion RMB, marking a record high since the company went public [3][11] - The asset-liability ratio decreased to 55% due to the redemption of convertible bonds [12] Product Development and Innovations - The company has seen significant growth in its 17 series products, particularly in thermal management and fast-charging batteries, with the 17 Pro Max unit value reaching 38-40 USD, a 50% increase year-on-year [2][4] - Innovations in thermal management include solutions such as graphite films, copper VC, stainless steel VC, and steel-copper hybrid VC, with expected unit values of 15 USD for new Apple products [2][5] - Battery packaging has been upgraded to thin steel shells for high-end models, adding 2 USD in value per battery [5] Strategic Focus Areas - The company is actively expanding into robotics and server sectors, employing a land-grab strategy and collaborating with multiple companies [2][6] - In the server market, the company focuses on thermal and power systems, participating in AMD projects and developing high-power power supplies through its subsidiary [8][20] Global Expansion - The company’s overseas production bases and R&D centers contribute over 30% of its revenue, with the Indian market generating 8 billion RMB in 2024 [9][10] - The overseas bases are expected to significantly reduce losses in 2025-2026, enhancing global competitiveness [10] Future Growth Strategy - The company aims to achieve a revenue scale of 200 billion RMB by 2030, with consumer electronics expected to account for about half of this revenue [14][15] - The growth will be supported by the automotive, low-altitude economy, robotics, and server sectors [14][16] Supply Chain Management - The company has maintained normal operations despite challenges in the Apple supply chain, with overseas production bases contributing to rapid growth [17][18] - A dual circulation strategy is employed to enhance the importance of overseas customers while developing both domestic and international markets [18][19] Robotics Business Outlook - The robotics sector is in its early stages but has significant growth potential, with expected revenue exceeding 100 million RMB this year [21] - Collaborations with various companies are expected to accelerate production and expand the business further [21] Server Business Development - The company has transitioned from consumer-grade to server-grade products, becoming a supplier for AMD and entering the NVIDIA supply chain [20] - Future goals include continued technological innovation and capacity investment to enhance revenue and profit performance [20] Conclusion - The company is well-positioned for future growth with a diversified product portfolio, strong financial performance, and strategic focus on emerging markets and technologies.

Performance Review - The company reported a revenue of 37.59 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.39%, and a net profit attributable to shareholders of 1.94 billion yuan, up 38.17% year-on-year [1] - In the third quarter of 2025, the company achieved a revenue of 13.97 billion yuan, a year-on-year increase of 12.94%, and a net profit of 1.01 billion yuan, growing 41.91% year-on-year, exceeding expectations [1] - The gross margin for the third quarter of 2025 increased by 2.0 percentage points to 19.20% [1] Development Trends - The company is strategically positioned in several key areas: 1. Robotics: Mastery of core technologies such as servo motors and motion controllers, providing essential components and modules to clients [2] 2. AI Glasses: Engagement in injection molding and thermal solutions, with deep ties to leading clients [2] 3. Foldable Screens: Comprehensive layout in structural components, including carbon fiber supports and thermal plates, integrated into major client products [2] 4. Servers: Collaboration with global clients on GPU and CPU cooling products, with proprietary thermal technology development [2] - The acquisition of 96.15% of Zhejiang Xianglong for 2.404 billion yuan enhances the company's automotive parts capabilities, with a commitment to achieve net profits of no less than 1.75/2.00/2.25 billion yuan for the years 2025/2026/2027, totaling at least 6.00 billion yuan over three years [2] Profit Forecast and Valuation - Due to better-than-expected gross margins and the profit enhancement from the acquisition of Zhejiang Xianglong, the company has raised its EPS estimates for 2025/26 by 10%/15% to 0.34/0.44 yuan [3] - The current stock price corresponds to a P/E ratio of 46.3/36.0x for 2025/26 [3] - The target price has been increased by 17.6% to 20.0 yuan, reflecting a P/E of 58.2/45.2x for 2025/26, indicating a potential upside of 25.5% compared to the current price [3]