证券研究报告 | 2025年10月11日 AI 服务器散热技术领先，将深度受益 AI 服务器液冷需求爆发增长。液冷散 热应用是 AI 算力需求下产业趋势，正在迎来黄金发展期。根据 Markets and Markets 数据，全球数据中心液冷市场规模将从 2025 年的 28.4 亿美元增长 至 2032 年的 211.4 亿美元，2025-2032 年复合增速达 33.21%。公司掌握单 相/两相液冷模组、3D-VC 散热模组等核心技术，AI 服务器散热产品已获得 批量订单并实现量产交付，深度受益数据中心液冷量价齐升的产业趋势。 人形机器人：领先布局散热解决方案，控股收购灵巧手领先企业。2025 年上 半年，公司战略投资控股果力智能，果力智能是业内领先的灵巧手及具身智 能机器人专精特新企业，研发的灵巧手拥有业内独创柔软智能单元，具备触 觉、本体与柔软智能多模态感知能力，技术领先。公司基于散热、电磁屏蔽 领域的核心能力，已开发出应用于机器人灵巧手、关节模组、控制板等部位 的散热与电磁屏蔽解决方案，有望深度受益人形机器人产业发展机遇。 投资建议：公司是领先的热管理平台型公司，受益下游消费电子需求回暖和 AI 服 ...

格隆汇8月12日丨飞荣达(300602.SZ)在互动平台表示，公司灵巧手尚未量产。果力智能是业内领先的灵 巧手及具身智能机器人专精特新企业，灵巧手属于人形机器人的关键执行部件，果力智能的"枭尧灵巧 手"是一款刚柔并济的高灵巧性五指灵巧手，该产品采用刚-柔-软耦合的拓扑优化设计，拥有业内独创 的柔软智能单元，具备触觉、本体与柔软智能多模态感知能力，技术领先。双方将在联合研发、全球化 量产制造和应用场景等方面开展全方位深度协同，深入推进灵巧手产业发展，助力人形机器人行业发 展。 ...

Core Viewpoint - Feirongda (300602.SZ) collaborates with Guoli Intelligent, a leading company in dexterous hands and embodied intelligent robots, to advance the dexterous hand industry and support the humanoid robot sector [1] Company Summary - Guoli Intelligent is recognized as a specialized and innovative enterprise in the industry, focusing on dexterous hands, which are critical components of humanoid robots [1] - The "Xiaoyao Dexterous Hand" developed by Guoli Intelligent features 28 degrees of freedom, showcasing high dexterity with a combination of rigid and flexible design [1] - The product incorporates a unique soft intelligent unit, enabling multi-modal perception capabilities including tactile, proprioceptive, and soft intelligence [1] Industry Summary - The collaboration between Feirongda and Guoli Intelligent aims for comprehensive deep cooperation in joint research and development, global mass production, and application scenarios [1] - This partnership is expected to significantly advance the development of the dexterous hand industry and contribute to the growth of the humanoid robot sector [1]

Industry Dynamics - The humanoid robot sector is experiencing significant developments, with various companies announcing new projects and partnerships, including Midea's successful deployment of its self-developed humanoid robot in factories and the release of the Star Motion Q5 intelligent robot [1] - The 3D printing equipment production in May saw a year-on-year increase of 40% [1] Government News - The China Securities Regulatory Commission (CSRC) announced support for companies in cutting-edge technology sectors to apply the fifth set of listing standards on the Sci-Tech Innovation Board [2] - Several strategic partnerships were formed in the humanoid robot sector, including Demar Technology's agreement with Zhiyuan Robotics and Qinan Co.'s investment in Moxian Technology [2] Key Focus Stocks - The week highlights key stocks such as Longxi Co., Jindi Co., Yirui Technology, Yingliu Co., and Dingyang Technology [3] Investment Insights 1. Humanoid Robots: Focus on value and positioning, emphasizing suppliers with strong capabilities and identifying incremental opportunities in the market, particularly in components like joint modules, dexterous hands, reducers, and motors [4] 2. AI Infrastructure: Continued growth in capital expenditure for data centers driven by AI demand, with key beneficiaries including Hanzhong Precision, Ice Wheel Environment, and Yingliu Co. [4] 3. Low-altitude Economy: Rapid advancements in the low-altitude economy, with a focus on core components such as engines and motors, highlighting companies like Yingliu Co. and Zongshen Power [5] 4. 3D Printing: As an additive manufacturing technology, 3D printing is expected to open market opportunities across various sectors, with key players including Bolite and Huazhou High-Tech [5] 5. Nuclear Fusion: Progress in nuclear fusion energy is seen as a long-term direction for energy transformation, with companies like Yingliu Co. and Jiangsu Shentong being highlighted [5]

Investment Rating - The report maintains an "Outperform the Market" rating for the mechanical equipment industry [4][30]. Core Views - The humanoid robot sector is highlighted for its growth potential, with a focus on key suppliers and companies with strong market positions. Specific components such as joint modules, dexterous hands, and reducers are identified as critical areas for investment [2][3]. - AI infrastructure is expected to see continued capital expenditure growth driven by demand for data centers, benefiting companies involved in gas turbines and chillers [2]. - The low-altitude economy is progressing rapidly, with a national low-altitude traffic project initiated to standardize air traffic management [3]. - The smart welding robot market is projected to grow significantly, particularly in the steel structure industry, with a market potential nearing 100 billion [3]. - 3D printing technology is gaining traction in various sectors, including aerospace and consumer electronics, due to its advantages in creating complex structures and reducing development cycles [3]. - X-ray detection equipment is experiencing rapid growth driven by demand in healthcare and industrial sectors, with a focus on domestic production of core components [3]. Summary by Sections Industry Dynamics - Recent developments include the introduction of various humanoid robots and AI infrastructure projects, such as the opening of a new data center by Alibaba Cloud in South Korea [1][19]. - The report notes significant growth in 3D printing equipment production, with a year-on-year increase of 40% in May [20]. Government News - The China Securities Regulatory Commission supports the application of the fifth set of listing standards for companies in cutting-edge technology sectors, including AI and low-altitude economy [21]. Company Developments - Notable partnerships and investments include Demar Technology's strategic agreement with Zhiyuan Robotics and Qinan Co., Ltd.'s investment in Moxian Technology [23][24]. - Midea's humanoid robot has successfully begun operations in its factories, marking a significant step in automation [16]. - The launch of the Star Motion Q5 intelligent robot showcases advancements in flexible joint technology and AI control systems [18]. Key Company Earnings Forecast and Valuation - Several companies are rated as "Outperform the Market," including Green's Harmonics, Huichuan Technology, and Zhaowei Electric, with projected earnings per share (EPS) growth for 2024 and 2025 [7][28].

Core Insights - Feirongda has recently expanded its product offerings to include robotic hands and solutions for heat dissipation and electromagnetic shielding, indicating a strategic move into the robotics sector [1][3] Product Development - The newly introduced Xiaoyao robotic hand features 28 degrees of freedom and employs a unique "rigid-flexible-soft coupling" design, enabling multi-modal perception capabilities [3] - The company has developed heat dissipation and electromagnetic shielding solutions specifically for robotic hands and related components, leveraging its core competencies in these areas [3][8] Strategic Investment - Feirongda's investment in Guoli Intelligent Technology marks a significant strategic move, as Guoli will become a subsidiary, enhancing Feirongda's capabilities in the robotics field [4][8] - Guoli Intelligent, founded by high-level overseas talents, specializes in soft robotics and has over a decade of experience in the flexible robotic hand sector, making it a valuable partner for Feirongda [4][5] Market Potential - The global humanoid robot market is projected to grow from 7.6 billion yuan to 1.12 trillion yuan by 2035, with China expected to capture a significant share [9] - The robotic hand, as a critical component of humanoid robots, accounts for 20%-30% of the total cost, indicating a substantial market opportunity in this segment [9] Competitive Advantage - Guoli Intelligent has established itself as a leading player in the flexible robotic hand industry, possessing a comprehensive range of core technologies and numerous intellectual property rights [5][6] - Feirongda's investment is expected to facilitate the rapid scaling of production and market penetration for Guoli's products, leveraging Feirongda's manufacturing capabilities and client resources [8][9] Product Line Expansion - Feirongda's product line in humanoid robotics includes various components such as joint modules, controllers, and structural parts, showcasing its extensive capabilities in this domain [10][13] - The company's strong R&D and manufacturing capabilities in heat dissipation and electromagnetic shielding allow for quick adaptation to the needs of humanoid robotics [13]