公司深度研究 | 敏实集团 电池盒欧洲出海贡献增量，机器人&液冷&低空布局可期 证券研究报告 2026 年 03 月 03 日 敏实集团（00425.HK）首次覆盖报告 【核心结论】我们预计 2025-2027 年公司营收分别为 261/301/348 亿元，同 比 +13%/+15%/+16%，归母净利 润 27.2/32.3/37.3 亿元，同比 +17%/ +19%/+16%，对应当前 PE16.7/14.0/12.1X。首次覆盖，给予"买入"评级。 【报告亮点】本次研究我们重点向市场解答了敏实集团为何兼具α与β？守 得住"α"：公司作为全球最大的电池盒供应商，长期深耕欧洲市场，未来 将充分受益欧洲汽车市场电动化加速转型。寻得见"β"：公司聚焦智能机 器人、低空经济、服务器液冷等新兴领域拓展，深度绑定智元、亿航等国内 头部企业，打造公司第二曲线，有望打开公司营收&估值天花板。 【主要逻辑】"α"的逻辑：受益欧洲电动化转型提速，公司电池盒业务贡 献核心增量。欧洲碳排政策目标明确，多国电车补贴重启，本土品牌加速电 动化转型升级，2025 年欧洲新能源汽车销量达 386 万辆，同比+31%，新能 源渗透率达 ...

（编辑 任世碧） 证券日报网讯 1月13日，飞龙股份在互动平台回答投资者提问时表示，目前公司在服务器液冷领域已与 HP项目、台达、金运、申菱环境、亚浩电子、海悟、深圳兴奇宏、英维克、万邦数字、超聚变等40多 家行业领先企业建立了紧密的合作关系。 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: Lingyi Manufacturing - **Industry**: Commercial Aerospace, Robotics, and Server Liquid Cooling Core Insights and Arguments 1. **Commercial Aerospace Market Positioning**: Lingyi Manufacturing is actively positioning itself in the commercial aerospace market, focusing on commercial satellites and space computing, leveraging its strengths in material science, precision processing, and power systems to provide precision structural and functional components for aerospace-grade products [2][4][6] 2. **Material and Process Innovation**: The company has developed thermoplastic carbon fiber for small satellite frames and advanced cooling technologies to meet the harsh conditions of outer space [2][4][6] 3. **Satellite Direct Connection Technology**: This technology allows mobile phones to connect directly to satellites without relying on ground stations, with a market potential projected to reach 1 billion users by 2030, presenting significant growth opportunities for Lingyi Manufacturing [2][8][9] 4. **Acquisition of Liquid Cooling Technology**: The acquisition of Limin Da, a liquid cooling hardware supplier certified by NVIDIA, enables the company to cover the server power and liquid cooling sectors comprehensively, with expected revenues from server liquid cooling exceeding 2 billion yuan by 2026 [2][10] 5. **Robotics Business Development**: The company showcased several standardized robotic products at CES 2026, indicating significant progress in its robotics business, which is expected to grow rapidly in the coming years [11][12] Additional Important Content 1. **Revenue from Ground Contact Business**: Lingyi Manufacturing has generated 100 million to 200 million yuan in revenue from its ground contact business, primarily in North America, with expectations for increased market share [3][13] 2. **Collaboration with Major Tech Companies**: The company has established partnerships with Meta, Google, Microsoft, and Apple, with anticipated revenues from these collaborations exceeding 2 billion yuan this year [3][15] 3. **Profitability in Space Sector**: Although the space sector is relatively new, it is expected to be profitable, with structural components, power, and thermal control products accounting for about 23% of overall satellite costs [16][18] 4. **Market Trends in Consumer Electronics**: The high-end and foldable smartphone segments are expected to continue developing, with potential price increases benefiting high-end brands due to their strong bargaining power [21] 5. **AI and Smart Device Developments**: Lingyi Manufacturing is actively involved in AI terminal upgrades and facial recognition applications, indicating a strong presence in emerging technology sectors [22] This summary encapsulates the key points discussed in the conference call, highlighting Lingyi Manufacturing's strategic initiatives, market positioning, and future growth prospects in various sectors.

Group 1: Strategy and Market Trends - The report emphasizes the rise of "portfolio management" as a crucial strategy in the public fund industry, driven by the need for a structural transformation from focusing on scale to prioritizing returns and clients [5][6] - The "Action Plan" released by the China Securities Regulatory Commission in May 2025 marks a significant shift towards standardized, professional, and long-term fund management practices [5][6] - The report outlines the challenges faced by public funds in transitioning to portfolio management, including the need for a shift in performance assessment from short-term to long-term metrics [8] Group 2: Electric Vehicle Industry - In November 2025, the sales of new energy vehicles in nine European countries reached 281,000 units, reflecting a year-on-year increase of 39%, with a penetration rate of 34.3% [10][11] - The report highlights significant growth in electric vehicle sales in Germany, France, and Italy, driven by government subsidies and increasing consumer demand [11][12] - Investment recommendations include companies in the lithium battery sector such as CATL and Yiwei Lithium Energy, as well as lithium material producers like Hunan Youneng and Tianqi Lithium [13] Group 3: Semiconductor Industry - The semiconductor sector is experiencing a price uptrend due to increased demand from AI and supply-side capacity shortages, with foundries like SMIC announcing price hikes of around 10% [15][16] - The report notes that NAND and DRAM prices have surged significantly, with indices showing increases of 173% and 169% respectively since July [18] - Key beneficiaries in the semiconductor space include foundries like SMIC and storage companies such as Jiangbo Long and Zhaoyi Innovation [19] Group 4: Real Estate Industry - Beijing's recent policy changes to relax purchase restrictions for non-local families aim to stimulate the housing market, with adjustments to social security requirements and mortgage rates [21][22] - The report indicates that the sales performance of China Jinmao has been strong despite market fluctuations, with projected net profits of 11.1 billion, 15.6 billion, and 16.2 billion yuan for 2025-2027 [35][37] - Investment recommendations focus on high-credit real estate firms that can capitalize on improving market conditions, such as Greentown China and China Overseas Land & Investment [26][36] Group 5: Company-Specific Developments - Lingyi Technology plans to acquire 35% of Limin Da for 875 million yuan, enhancing its capabilities in AI server cooling and power supply [27][28] - Jin Gu Co., a leading automotive wheel manufacturer, is transitioning to a diversified new materials technology platform, with projected revenues of 42.78 billion, 61.08 billion, and 88.82 billion yuan from 2025 to 2027 [32][33] - The report highlights the strategic shift of Jin Gu Co. towards new applications in electric two-wheelers and robotics, leveraging its innovative materials [34]

自今年8月19日创下34.3元/股的历史新高后，河南大牛股飞龙股份（证券代码：002536.SZ）即迎来了长达3个月的回调，市值蒸发数十亿元。 不过4个月过去了，在多日实现大涨之后，飞龙股份股价已经悄然回归，只需一个2%左右的涨幅，就能创下新的历史记录。 "回血"的飞龙股份 视线拉回到8月19日，在连收四个涨停板后，当日飞龙股份分别创下34.3元/股历史最高价和32.75元/股的历史最高收盘价，随后该公司迎来了长达3个月的 回调，股价最低跌到20.2元/股，市值蒸70亿元。 不过，从11月24日最低点起，飞龙股份股股价便一路上涨，截至12月25日收盘，公司股价达到33.55元/股，盘中最高达到34.22元/股，较最低点涨幅达到 69.41%。 河南省资本圈观察到，如果和8月19日的股价对比，只需一个2%左右的涨幅，飞龙股份便能再创下新的的历史最高，一出大型"真香警告"正在A股上演。 同时，该公司总市值也从118.98亿元迅速增至192.8亿元，一个月暴增逾62.04%，位居河南上市公司牛股榜首（剔除新股）。 即使从行业来看，11月24日以来，飞龙股份股价涨幅也高居汽车零部件行业内259家上市公司第4位，仅次于 ...

Group 1 - The core viewpoint of the article highlights the progress of Shuangjiang Energy's immersion cooling liquid product, which is currently in the experimental validation stage [2] - The product is expected to broaden the company's product range, create additional profit points, and enhance market competitiveness [2]

Core Viewpoint - Minth Group is a leading global supplier of automotive exterior and structural components, focusing on electric vehicle battery boxes and expanding into humanoid robots and AI liquid cooling technologies to drive growth [2][3][4]. Group 1: Company Overview - Minth Group has established a comprehensive product system for automotive exterior and structural components, integrating four major product lines: metal trims, plastic parts, aluminum parts, and battery boxes [2][13]. - The company has a global workforce of 22,331 employees, with operations in 14 countries across three continents, and has built strong partnerships with numerous well-known automotive brands [13][21]. Group 2: Battery Box Business Development - The battery box is a critical component for electric vehicles, with the market size expected to grow significantly, reaching 31.8 billion yuan in 2024 and 78.2 billion yuan by 2030 in China [3][42]. - Minth's battery box revenue has surged from 0.96 billion yuan in 2020 to 5.34 billion yuan in 2024, with a corresponding revenue share increase from 0.77% to 23.06% [28][49]. - The company has established over 100 battery box projects with major global automakers, including partnerships with leading European brands [50]. Group 3: New Growth Areas - Minth is leveraging its automotive manufacturing expertise to enter the humanoid robot sector, focusing on integrated joint modules and smart components, and has formed strategic partnerships with key players in the field [4][63]. - The AI liquid cooling market is also being targeted, with Minth's existing technology and global production capacity positioning it well to meet the growing demand from AI server manufacturers [4][65]. Group 4: Financial Performance and Forecast - The company's net profit is projected to grow from 2.75 billion yuan in 2025 to 3.88 billion yuan in 2027, with earnings per share (EPS) expected to rise from 2.34 yuan to 3.29 yuan during the same period [5]. - Minth's profitability has improved, with battery box gross profit rising from 0.06 billion yuan in 2020 to 1.14 billion yuan in 2024, reflecting a gross margin increase from 4.29% to 21.43% [52].

Core Viewpoint - Dongwu Securities has initiated coverage on Minth Group (00425), highlighting it as a leading global supplier of automotive exterior and structural components, with a strong focus on electric vehicle (EV) battery boxes and structural components, and expanding into humanoid robotics and liquid cooling sectors for new growth opportunities [1] Group 1: Electric Vehicle Battery Box Business - The battery box is a critical component for the safety and protection of battery modules in electric vehicles, with the market size expected to grow significantly as EV penetration increases. The estimated market size for China's new energy passenger vehicle battery boxes is projected to reach 31.8 billion yuan in 2024, increasing to 78.2 billion yuan by 2030. In Europe, the market is expected to grow from 9.4 billion yuan in 2024 to 29.9 billion yuan by 2030 [2] - Minth Group has established deep partnerships with various automotive manufacturers, leveraging its expertise in aluminum alloy materials and processes to quickly enter the battery box market, benefiting from the rising electrification rates in Europe, which has led to continuous growth in revenue and profitability [2] Group 2: Humanoid Robotics and AI Liquid Cooling - Minth Group is applying its manufacturing advantages from the automotive sector to the humanoid robotics field, focusing on integrated joint modules, robotic electronic skin, smart masks, wireless charging, and structural components, while collaborating with major players in the humanoid robotics industry [3] - In the AI liquid cooling sector, driven by energy consumption requirements and increased cabinet power density, Minth Group is leveraging its technology reserves in battery boxes and liquid cooling plates, along with its global production capacity and long-term partnerships with leading server manufacturers, to quickly enter the market and has already secured orders from AI server manufacturers, with deliveries expected to start by the end of 2025 [3] Group 3: Profit Forecast - Dongwu Securities forecasts Minth Group's net profit attributable to shareholders to be 2.753 billion yuan in 2025, 3.257 billion yuan in 2026, and 3.878 billion yuan in 2027, with earnings per share (EPS) projected at 2.34 yuan, 2.76 yuan, and 3.29 yuan respectively. The price-to-earnings ratios are expected to be 11.91, 10.07, and 8.46 for the same years [4]

Group 1 - The company has a comprehensive layout in the server liquid cooling field, maintaining stable cooperation with major domestic clients such as Alibaba and ByteDance, and has entered NVIDIA's RVL list, indicating potential for gaining market share in the supply chain [1] - The company has successfully penetrated the supply chain of mainstream equipment manufacturers with advanced semiconductor materials, achieving large-scale introduction in certain key processes, while also having high technical barriers for new products that have achieved small-scale mass production [1]

Group 1 - The company, Feilong Co., announced on November 14 that it has established close partnerships with over 40 leading enterprises in the server liquid cooling sector, including HP, Delta, Jinyun, Vidi, Shenling Environment, Yaha Electronics, Haiwu, Shenzhen Xingqihong, Invec, and Wanbang Digital [2] - Some of the clients in the server liquid cooling field are well-known companies from Taiwan [2]