Investment Rating - The report assigns an "Outperform" rating for the company, with a reasonable valuation range of 40.35 to 45.39 CNY per share [5]. Core Insights - The company is a leading thermal management platform benefiting from the recovery in consumer electronics demand and the explosive growth in AI server cooling needs, with expansion into humanoid robot dexterous hands and cooling solutions opening up greater growth potential [3][4]. - The company has established deep ties with major domestic and international clients across various sectors, including consumer electronics, data centers, and new energy vehicles [1][14]. - The AI server cooling technology is positioned to benefit significantly from the anticipated surge in demand for liquid cooling solutions in data centers, with the global liquid cooling market projected to grow from 2.84 billion USD in 2025 to 21.14 billion USD by 2032, reflecting a compound annual growth rate (CAGR) of 33.21% [2][61]. Summary by Sections Company Overview - The company is recognized as a leading provider of thermal management and electromagnetic shielding solutions, with a strong focus on innovation and technology [13][14]. - Established in 1993, the company has developed a robust client base, including major players like Huawei, Microsoft, and BYD, and has manufacturing bases in multiple locations [14][40]. Financial Performance - The company has shown steady revenue growth, with a projected increase from 43.46 billion CNY in 2023 to 99.37 billion CNY by 2027, representing a CAGR of 23.1% [4][25]. - Net profit is expected to rise significantly, from 1.03 billion CNY in 2023 to 8.70 billion CNY in 2027, with a notable increase of 104.3% in 2025 [4][25]. Market Trends - The demand for AI servers and related cooling technologies is expected to drive substantial growth, with the AI server market projected to capture nearly 70% of the overall server market by 2028 [51][64]. - The liquid cooling market is anticipated to experience rapid growth, with the Chinese market expected to reach 2.37 billion USD in 2024, growing at a CAGR of 46.8% from 2024 to 2029 [61]. Investment Recommendations - The report suggests that the company is well-positioned to capitalize on the recovery in consumer electronics and the growth in AI server cooling, with a forecasted net profit of 3.86 billion CNY in 2025, corresponding to a price-to-earnings (PE) ratio of 54 [3][4].

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]