群益证券(香港)研报指出，2026年人形机器人量产提速，拓普集团执行器业务有望受益。展望2026年， 特斯拉计划Q1发布第三代Optimus，并于年内实现产能建设；国内人形机器人企业将拓展更多商业化场 景，行业整体有望迎来爆发增长。而公司2023年便已成立电驱事业部，产品涵盖直线执行器、旋转执行 器、灵巧手等环节，单机价值高达数万元人民币。公司在技术水平、产能建设等方面均处于国内领先地 位，项目进展迅速，目前已经与国内外头部人形机器人深度合作，有望成为首批Tier1厂商。此外，公 司液冷业务已取得首批订单15亿元，预计2026年将产生收入，并且公司积极与华为、A客户、 NVIDIA、META等公司对接，我们看好液冷将和机器人执行器业务成为公司成长新动能。看好公司执 行器、液冷等新业务的发展潜力，对此给予公司"买进"的投资建议。 ...

Core Viewpoint - The company's Q3 2025 performance met expectations, with revenue and net profit showing year-on-year growth despite a seasonal decline in revenue [1][2] Revenue Performance - Q3 2025 revenue reached 7.767 billion yuan, a year-on-year increase of 12.77% but a quarter-on-quarter decrease of 9.62; total revenue for the first three quarters of 2025 was 24.029 billion yuan, up 16.86% year-on-year [1] - The decline in revenue was attributed to seasonal effects in the refrigeration segment, while growth was driven by the electric vehicle and data center businesses [1] Profitability and Cash Flow - Q3 2025 net profit attributable to shareholders was 1.132 billion yuan, corresponding to earnings per share of 0.29 yuan, reflecting a year-on-year increase of 43.81% but a quarter-on-quarter decrease of 6.14% [1] - The gross margin for Q3 2025 was 28.02%, with slight declines year-on-year and quarter-on-quarter due to changes in business structure; however, the net profit margin reached a historical high of 14.58% [1] - Operating cash flow for the first three quarters of 2025 increased by 53.41% year-on-year to 3.058 billion yuan, indicating improved operational efficiency [1] Growth Drivers - The company is expected to continue enhancing profitability through cost reduction and efficiency improvements [2] - The refrigeration business benefits from a global layout, while the automotive parts segment has a solid customer base [2] - The company has successfully entered the bionic robotics and liquid cooling sectors, leveraging thermal management technology for accelerated growth [2] Profit Forecast and Valuation - Net profit estimates for 2025 and 2026 have been raised by 8.6% and 6.2% to 4.242 billion yuan and 4.817 billion yuan, respectively [2] - Current A-share price corresponds to 50.8 times and 44.8 times the earnings for 2025 and 2026, while H-share price corresponds to 37.9 times and 32.9 times [2] - Target prices for A-shares and H-shares have been increased by 38% to 59.5 yuan and by 19% to 50.00 HKD, respectively, indicating potential upside of 16.2% and 19.9% from current prices [2]

Core Viewpoint - Minglida (301268.SZ) has shifted its strategic focus away from charging gun products and is currently concentrating on liquid cooling solutions for servers, laser light sources, and PC gaming sectors [1] Business Overview - The liquid cooling business has entered mass production, primarily serving the server, laser light source, and PC gaming markets [1] - Due to strategic adjustments, the charging gun product line is no longer being pursued [1] - The company has disclosed that its business specifics can be found in regular reports and announcements on the Giant Tide Information Network [1] Growth Drivers - Future business growth will be supported by both domestic and overseas production bases, which will be flexibly adjusted according to customer service demands [1] - Current production base construction and configuration are sufficient to meet short-term business growth needs [1] Energy Storage Business - The energy storage business has experienced significant year-on-year growth due to rapidly increasing overseas demand [1] - Demand for energy storage remains strong, with expectations of continued high-speed growth in the second half of this year and into next year [1]

Core Viewpoint - The company, AVIC Optoelectronics Technology Co., Ltd., is set to hold its 2024 annual performance briefing on April 11, 2025, to enhance communication with investors and provide insights into its operational status [1]. Group 1: Company Performance and Strategy - The company aims to become the preferred interconnection solution provider in the defense sector by 2025, coinciding with the conclusion of the "14th Five-Year Plan" [1]. - The company is focusing on new business growth points in line with the government's emphasis on cultivating emerging and future industries, as stated in the 2025 government work report [2]. - The company will discuss its performance outlook and operational strategies for 2025 during the annual performance briefing [2]. Group 2: Technology and Market Trends - The rapid development of artificial intelligence technology has led to an exponential increase in computing power demand, which in turn is driving the market demand for liquid cooling technology [2]. - The company is expected to introduce its main products in the liquid cooling business, along with its competitive advantages and future development outlook during the performance briefing [2].