受原材料价格上涨影响，2026年以来PVC助剂产品价格有所上涨，需求端呈现回暖迹象,在手 订单充足。公司经过多年发展，为国内ACR和MBS头部企业，相比同行业具备研发优势、规 模优势、产品质量优势。近年来，公司竞争力明显提高，行业地位不断提升。同时，公司积 极调整产品结构，通过差异化竞争策略，重点开发片材、卡材、包装薄膜、药包材等非地产 领域。总体来看，全年PVC助剂业务健康稳定发展。 【工程塑料助剂目前处于满负荷生产状态】 公司目前工程塑料助剂产能为1万吨/年，当前需求较好，处于满负荷状态。 在手订单充足，工程塑料助剂目前处于满负荷生 产状态；液冷产品广泛应用于服务器和数据中心 领域，机器人产品已通过二十多家客户认证—— 0302调研日报 2026/03/02 16:26 公司正在实施6万吨/年工程塑料助剂新建项目，计划分两期建设：一期建设2万吨/年产能及全 部配套设施，争取于2026年底投产；二期4万吨/年产能将根据一期产能利用率、产品销售及 产能爬坡情况，计划于2027年适时启动。该项目产品涵盖ABS高胶粉、ASA胶粉、PC/ABS增 韧改性剂、PMMA增韧改性剂、环氧树脂增韧改性剂等多个产品。 今日内 ...

交易完成后，上市公司与秦淮数据将在区域布局、液冷技术、电子元器件、具身智能机器人四大核心维 度深化协同。 中国最大的IDC并购案，迎来重磅后续。 近日，东阳光（600673）（600673.SH）宣布，拟筹划发行股份收购宜昌东数一号投资有限责任公司 （以下简称"东数一号"）控制权，并募集配套资金（以下简称"本次交易"）。 东数一号是收购秦淮数据中国而设立的主体，后者系我国"东数西算"工程中投运规模最大的第三方IDC 运营商之一，并且是字节跳动的主要数据中心服务商。 值得一提的是，早在去年9月，东阳光就宣布联合控股股东深圳东阳光实业等组成财团，共同增资东数 一号，用于收购秦淮数据中国100%股权（以下简称"前次交易"）。这场并购总耗资280亿元，被视为中 国IDC行业迄今为止规模最大的并购交易案。 眼下，随着秦淮数据中国的股权完成交割，东阳光迅速开始了并表工作。 东阳光相关人士对记者回应表示："本次并表是公司基于长远发展战略做出的审慎决策。公司围绕算力 基础设施领域的各项资本运作，均基于国家算力产业发展战略、公司整体产业布局及标的资产经营发展 实际进行综合考量，相关决策始终以合规性为首要前提，按照市场化原则分步 ...

2026 年 02 月 25 日 公司研究●证券研究报告 | | | 拓普集团（601689.SH） 公司快报 2025 年业绩预告点评：全年业绩符合预期，机 器人、液冷蓄势待发 投资要点 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 19,701 | 26,600 | 29,735 | 36,521 | 44,111 | | YoY(%) | 23.2 | 35.0 | 11.8 | 22.8 | 20.8 | | 归母净利润(百万元) | 2,151 | 3,001 | 2,768 | 3,467 | 4,347 | | YoY(%) | 26.5 | 39.5 | -7.8 | 25.3 | 25.4 | | 毛利率(%) | 23.0 | 20.8 | 19.3 | 19.7 | 20.2 | | EPS(摊薄/元) | 1.24 | 1.73 | 1.59 | 2.00 | 2.50 | | ROE(%) | 15.6 | 15. ...

行业研究丨深度报告丨通信设备Ⅲ [Table_Title] "液冷加速度"系列报告三： 液冷 0→1 后，从头部厂商表现再看行业变化 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年，是海外液冷 0→1 时刻，头部散热厂已实现液冷产品规模出货，拉动营收及盈利表现 亮眼。近期，多家散热大厂更新对外交流，我们整理了各家表述，以对液冷首年出货后，当前 的行业趋势和节奏判断做出参考。 分析师及联系人 [Table_Author] SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 近期，各散热大厂均有相关更新对外交流，我们整理了各家表述，以对行业趋势和节奏判断做 出参考，可总结出几个主要关注点：1）2026 散热依然大有可为，头部散热大厂全面扩产，头 部厂商 AVC 指出订单能见度周期已开始拉长至 2028。2）2026 液冷放量主要动能仍来自于 NV 产品的全液冷需求。3）多家 ...

（文章来源：证券日报） 证券日报网讯 2月24日，飞龙股份在互动平台回答投资者提问时表示，公司液冷领域客户具体情况详见 公司《2025年半年度报告》。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve revenue growth in 2025, driven by the synergistic development of "robotics + vehicles + liquid cooling" [1] - The revenue forecast for 2025 is projected to be between 287.50 billion to 303.50 billion yuan, representing a year-on-year growth of 8.08% to 14.10% [8] - The net profit attributable to the parent company is expected to decline by 3.35% to 13.35%, estimated at 26.00 billion to 29.00 billion yuan [8] - The company is planning to issue H shares and list on the Hong Kong Stock Exchange to accelerate its international strategy [8] Financial Performance Summary - Total revenue for 2023 is reported at 19,701 million yuan, with a projected increase to 29,939 million yuan in 2025, reflecting a year-on-year growth of 12.55% [1] - The net profit attributable to the parent company is forecasted to be 2,813 million yuan in 2025, a decrease of 6.25% compared to the previous year [1] - The earnings per share (EPS) is expected to be 1.62 yuan in 2025, with a price-to-earnings (P/E) ratio of 44.48 [1] Market Data - The closing price of the company's stock is 72.01 yuan, with a market capitalization of approximately 125,141.54 million yuan [6] - The company has a price-to-book (P/B) ratio of 5.38 [6] Operational Insights - The company has secured a 15 billion yuan order in its thermal management business, indicating strong demand in international markets [8] - The company’s revenue growth is supported by its Tier 0.5 collaboration model and a diverse product portfolio [8]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - Vertiv's Q4 2025 financial results exceeded expectations, with net sales reaching $2.88 billion, a year-on-year increase of 23%, and organic net sales up by 19% [1] - The company expects optimistic growth for 2026, projecting net sales between $13.25 billion and $13.75 billion, with organic net sales growth of 27%-29% [2] - Vertiv's organic orders surged by 252% year-on-year and 117% quarter-on-quarter, indicating strong market demand [3] - The liquid cooling market is expanding, with domestic manufacturers accelerating the integration of liquid cooling supply chains, benefiting from opportunities in the NVIDIA supply chain [4] Summary by Sections Financial Performance - In Q4 2025, Vertiv reported an adjusted operating profit of $668 million, a 33% increase year-on-year, with an adjusted operating margin of 23.2%, up 170 basis points from Q4 2024 [1] - The backlog of orders reached $15 billion, doubling year-on-year and increasing by 57% quarter-on-quarter, reflecting robust demand [3] Market Trends - The report highlights a trend towards larger orders, with a significant increase in the order-to-shipment ratio of 2.9 times, and extended delivery cycles of 12-18 months for some orders [3] - The liquid cooling market is expected to see accelerated adoption by domestic suppliers, particularly in the North American market, as they seek to capture market share [4] Investment Recommendations - The report recommends focusing on key players in the liquid cooling sector, including Yingweike and Hongsheng Co., while suggesting to pay attention to other companies such as Feilong Co. and Shenliang Environment [5]

Core Viewpoint - Huashu Technology (301157) is accelerating its layout in the liquid cooling business, becoming a core focus in the market [1] Group 1: Company Developments - On February 6, 2026, the company announced plans to acquire liquid cooling-related operating assets from Hangzhou Jinke Intelligent Technology Co., Ltd. for 8.71 million yuan to deepen its infrastructure industry chain [1] - On February 11, 2026, the company established a wholly-owned subsidiary, Hangzhou Huayu Thermal Control Technology Co., Ltd., with a registered capital of 10 million yuan, focusing on the research, production, and sales of liquid cooling products [1] - These initiatives are expected to transform Huashu Technology from a product supplier to a digital infrastructure system integrator, potentially opening a second growth curve [1] Group 2: Stock Performance - Following the liquid cooling business layout, Huashu Technology's stock price has shown strong performance, closing at 59.52 yuan on February 12, 2026, with a single-day increase of 4.64% and a turnover rate of 24.49% [2] - As of February 13, 2026, the stock price was reported at 58.97 yuan, with a cumulative increase of 11.10% over the past five days and a trading volume of 1.63 billion yuan [2] - The number of shareholders increased to 7,748 as of February 10, 2026, reflecting a 3.2% rise in interest [2] Group 3: Institutional Perspectives - Institutions are optimistic about the prospects of liquid cooling technology, with Guotai Junan Securities reporting that 2025 will be a pivotal year for the technology's implementation in data centers [3] - TrendForce predicts that the penetration rate of liquid cooling in AI data centers will rise significantly from 14% in 2024 to 33% in 2025, indicating ongoing growth and opportunities for related companies [3]

Company and Industry Summary Company: Silver Wheel Co., Ltd. (银轮股份) Key Points - **Order Growth**: Vertiv reported Q4 2025 orders of approximately $8.2 billion, significantly exceeding market expectations of $3.4 billion, representing a year-over-year increase of 252% and a quarter-over-quarter increase of 117% [1][2] - **Backlog Increase**: Orders for 2025 increased by 81% year-over-year, with backlog orders growing by 109%, reaching $15 billion [1][2] - **Demand Surge**: The demand for liquid cooling products from North American data center clients has surged, leading to a significant increase in company demand [2][3] - **Competitive Advantage**: The company emphasizes its competitive edge in liquid cooling CDU and heat exchanger products, with costs lower than foreign suppliers. The North American factory has achieved profitability [3] - **Future Growth**: The liquid cooling business segment is expected to maintain rapid growth over the next 2-3 years, with anticipated breakthroughs in 2026 for North American data center clients [3] - **Revenue and Profit Forecast**: The company maintains a revenue forecast of $18 billion and a profit of $1.2 billion for 2026, with a target market value of $60-70 billion, considering the growth potential of gas generators and liquid cooling [3][4] Industry: Electronics and PCB Key Points - **Price Increases**: There is a notable price increase in overseas electronic fabrics, with key players like Taiyo Yuden halting production of E-glass to focus on low Dk electronic fabrics [4] - **Supply Shortages**: The supply-demand gap for second-generation fabrics is projected to exceed 10%, while the gap for Q fabrics may reach over 15%, indicating a strong basis for price increases [5] - **High Inflation Impact**: The high inflation in AI hardware segments, including storage, electronic fabrics, and optical chips, is emphasized as a critical factor in the current market dynamics [5] - **Demand for High-End Chips**: The increasing demand for high-end chips, particularly from companies like NVIDIA and Google, is expected to further widen the supply-demand gap in critical segments such as CCL, fiberglass, and copper foil, leading to upward price pressures across the industry [5]

【GJ汽车】拓普集团：25Q4业绩符合预期，液冷+机器人双催化 事件：公司发布2025年业绩预告，预计25年实现营业收入287.5亿元～303.5亿元，同比增加8.08%～14.10%。 预计实现归母净利26亿元～29亿元，同比下降3.35%～13.35%。 【GJ汽车】拓普集团：25Q4业绩符合预期，液冷+机器人双催化 事件：公司发布2025年业绩预告，预计25年实现营业收入287.5亿元～303.5亿元，同比增加8.08%～14.10%。 预计实现归母净利26亿元～29亿元，同比下降3.35%～13.35%。 按照中间值测算，25Q4公司实现营收86.22亿元，同环比分别+18.9%/+7.9%；25Q4实现归母净利7.83亿元，同环比 分 收入：25Q4符合预期、华为/吉利/小米贡献增量 按照中间值测算，25Q4公司实现营收86.22亿元（按照Q4销量我们测算25Q4收入约为88亿元），同环比分别 +18.9%/+7.9%，分客户看： 1）特斯拉全球：Q4销量41.8万辆，环比-15.9%； 2）赛力斯：Q4销量15.4万辆，环比+24.3%； 3）小米：Q4销量14.5万辆，环比+33.4%； 4）吉 ...