近日，奕东电子向投资者透露，此次投资将带来多重协同效应。在业务端，有助于公司拓展客户资源、 丰富产品组合，同时，增强液冷产品的技术研发能力。在供应链端，有助于实现产能与供应链协同。此 外，通过此次投资，公司在AI算力液冷散热系统一体化解决方案的能力实现战略跨越，为构建全球市 场核心竞争力奠定基础。 消息面上，奕东电子近期完成对深圳市冠鼎金属科技有限公司（简称"深圳冠鼎"）的投资，以6120万元 获得其51.00%股权，旨在进一步完善公司在液冷散热领域的战略布局。 上证报中国证券网讯（记者 王墨璞嘉）12月17日，算力硬件股持续走强，奕东电子震荡封住涨停，股 价报52.78元/股，上涨20.01%。 奕东电子表示，从长远发展视角看，该笔投资与公司现有产业链形成有效互补，将持续提升奕东电子在 液冷领域的综合竞争力，进而推动业务规模扩张与盈利能力提升。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company is increasing its focus on semiconductor and cooling businesses, which aligns with domestic substitution trends and the growing demand for cooling solutions in high-power scenarios [3][4] - The controlling shareholder's plan to increase their stake in the company reflects confidence in its future development [8] - The company has established a joint venture to explore the server liquid cooling market, leveraging advanced cooling technologies [7] Summary by Sections Investment Highlights - The company plans to raise up to 1.2 billion yuan through a private placement to fund projects in semiconductor equipment and automotive components [3] - The establishment of Chongqing Yulai Sheng Precision Technology Co., Ltd. aims to provide specialized equipment for semiconductor clients, enhancing production capacity and technology [3] - The liquid cooling technology is gaining traction due to its efficiency and suitability for high-power applications, with the company positioned to meet increasing demand [4] Financial Forecast - The company’s net profit is projected to be -201 million yuan in 2025, with a recovery to 169 million yuan in 2026 and 317 million yuan in 2027 [9] - The earnings per share (EPS) is expected to improve from -0.95 yuan in 2025 to 1.50 yuan in 2027, indicating a potential turnaround [9] - The current price-to-earnings (P/E) ratio is projected to be -41 in 2025, improving to 26 by 2027 as profitability increases [9] Market Position - The company has developed a mature technology system in liquid cooling and is positioned to capture significant market share in the server cooling sector [7] - The collaboration with JuLiang Innovation Green Energy Co., Ltd. aims to create a platform for high-performance GPU and AI server cooling components, enhancing competitive advantage [7]

证券日报网讯 12月3日，飞荣达在互动平台回答投资者提问时表示，公司与部分客户签署了保密协议， 不便披露具体信息，数据中心、服务器客户包括：H公司、中兴、思科、浪潮、大唐移动、烽火超微、 新华三、超聚变、联想、纬创、纬颖、仁宝、华硕、东方通信、神州鲲泰及其他重要客户等。公司产品 种类非常广泛，能够满足不同客户的不同产品、不同使用环境场合及不同使用等级等方面的需求，且公 司在液冷散热领域也已展现出显著的技术优势，在业务推进上取得了显著进展。公司也将持续关注相关 技术领域的发展动态，不断提高综合竞争优势。 （编辑 楚丽君） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a revenue of 279 million yuan for the first three quarters of 2025, representing a year-on-year increase of 61.01%. In Q3 alone, revenue reached 139 million yuan, up 84.04% year-on-year and 8.17% quarter-on-quarter. However, the net profit attributable to the parent company was -70 million yuan, a decrease of 0.65% year-on-year [2][3]. - The internet sector contributed approximately 50% to the cold plate liquid cooling revenue, with the company holding a significant market position in the immersion liquid cooling technology [2][6]. - The gross margin for Q3 2025 was 12.35%, down 11.89 percentage points year-on-year and 10.47 percentage points quarter-on-quarter, primarily due to a decrease in high-margin immersion liquid cooling revenue and an increase in lower-margin cold plate liquid cooling revenue [3][9]. - The company is actively exploring overseas markets, having established a wholly-owned subsidiary in Singapore and successfully launched three liquid cooling projects in Southeast Asia [6][7]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 139 million yuan, with a year-on-year growth of 84.04% and a quarter-on-quarter growth of 8.17%. The net profit attributable to the parent company was -29 million yuan, reflecting a year-on-year decrease of 0.30 million yuan [2][3]. - The total revenue for the first three quarters of 2025 was 279 million yuan, with a year-on-year increase of 61.01% [2]. Revenue Composition - The revenue from the internet sector accounted for about 50% of the cold plate liquid cooling income, with the company’s current orders indicating that immersion liquid cooling contributes around 40% and cold plate liquid cooling contributes about 50% [2][6]. Market Position and Strategy - The company is the only domestic enterprise to achieve large-scale commercial deployment of immersion phase change liquid cooling technology. It is expected that the penetration rate of immersion liquid cooling will significantly increase as server cabinet power consumption continues to rise [3][9]. - The company is also focusing on innovation, having launched a new product tailored for the Southeast Asian market, which is expected to enhance the adoption of liquid cooling technology in the region [6][7]. Future Projections - The company is projected to achieve revenues of 801 million yuan, 1.287 billion yuan, and 1.923 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to reach 90 million yuan, 143 million yuan, and 274 million yuan in the same years [8][9].

Core Insights - The company reported a total revenue of 670 million yuan for the first three quarters of 2025, representing a year-on-year growth of 57.93% [1] - The total profit reached 69 million yuan, with a year-on-year increase of 52.75%, and the net profit attributable to shareholders was 63 million yuan, up by 52.21% [1] - The gross profit margin was 28.18%, reflecting a year-on-year increase of 2.79 percentage points [1] Industry Analysis - The demand for data center computing power is driving the expansion of the liquid cooling market, as traditional air cooling fails to meet the heat dissipation needs due to increased chip and cabinet power [2] - Stringent policy requirements for PUE metrics make liquid cooling technology a vital solution for energy efficiency in data centers, with a projected global CAGR of 24.53% in North America, 23.74% in Europe, and 26.04% in the Asia-Pacific region from 2024 to 2032 [2] - The liquid cooling market in China is expected to grow at a rate of 26.92%, increasing from 498 million USD in 2024 to 3.35 billion USD by 2032 [2] - The robot market is experiencing diversified growth, with increasing applications in industrial, service, and special robots, leading to heightened thermal management needs in critical components [2] Strategic Development - The company is focusing on emerging markets and accelerating its expansion in thermal management products for AI servers, robots, and optical modules [3] - Investments have been made in liquid cooling product production lines, with the Dongguan factory achieving large-scale production capabilities and preparations underway at the Vietnam factory [3] - The R&D team is expanding and working on liquid cooling technologies ranging from 750W to 3000W, mastering core technologies in various cooling solutions to meet customer needs from R&D to mass production [3] Financial Forecast - Revenue projections for 2025-2027 are 971 million, 1.788 billion, and 2.643 billion yuan, with year-on-year growth rates of 47.99%, 84.15%, and 47.78% respectively [4] - Net profit attributable to shareholders is expected to reach 132 million, 258 million, and 401 million yuan, with growth rates of 150.73%, 96.42%, and 55.05% respectively [4] - Corresponding EPS is projected at 1.6, 3.2, and 5.0 yuan, with P/E ratios of 122, 62, and 40 times [4]

Group 1: Financial Performance - The company's revenue showed significant growth in the first half of the year, indicating a positive trend towards profitability, with a notable recovery in inventory levels [2][3] - The overall revenue increased rapidly year-on-year, driven by the growth in the new energy vehicle and energy storage sectors, as well as the end of the inventory destocking cycle in the photovoltaic industry [3] - Despite the revenue growth, the company's gross margin has been declining, and operational cash flow has remained negative [2][3] Group 2: Business Operations - The company focuses on the R&D and production of precision structural components and molds, utilizing an integrated manufacturing system across multiple processes such as die-casting, injection molding, profile, and stamping [3][4] - The company has established a strong market position as a core supplier for major clients, with expectations for continued order growth as existing projects ramp up and new projects enter mass production [3][4] Group 3: Strategic Initiatives - The company is expanding its overseas production capabilities in Mexico and Hungary to meet the demands of leading clients in the new energy vehicle, photovoltaic, and energy storage sectors [5] - The company is actively developing its presence in the robotics sector, collaborating with leading domestic enterprises, although the overall business scale remains limited [6][7] Group 4: Market Trends and Future Outlook - The photovoltaic and energy storage business is expected to see significant growth in 2025 compared to 2024, driven by increased customer demand and market expansion efforts [6] - The company anticipates substantial market potential in the new energy vehicle and photovoltaic sectors, which are expected to continue growing in the long term [9] Group 5: R&D and Talent Management - The company has established experienced R&D teams across various product lines, including mold development and structural component R&D [10] - A three-year stock incentive plan was launched in 2024 to motivate existing R&D personnel, indicating a commitment to talent retention and development [10] Group 6: Shareholder Relations - The company has undertaken stock buybacks, completing a buyback of 100 million yuan in 2024 and 60 million yuan in 2025, to stabilize market confidence and protect shareholder interests [11]

Core Viewpoint - Weisheng Holdings (03393) shares increased by over 4%, reaching HKD 11.05, with a trading volume of HKD 8.3853 million, following the announcement of significant contract wins in the metering equipment sector [1] Group 1: Contract Wins - Weisheng Group Limited, a subsidiary of Weisheng Holdings, won a contract worth approximately RMB 201.16 million (around HKD 219.83 million) in the first batch of framework bidding results announced by China Southern Power Grid for 2025 [1] - Another subsidiary, Weisheng Information Technology Co., Ltd., secured a contract valued at approximately RMB 168.97 million (around HKD 184.65 million) [1] - The company ranked first in the total amount of contracts awarded in this framework bidding [1] Group 2: Operational Developments - According to CICC, Weisheng's new factory in Hungary has entered a normal delivery operation phase, while new factories in Indonesia and Malaysia have officially commenced operations [1] - The localization strategy is expected to enhance order volumes in Europe and Asia [1] Group 3: Market Opportunities - In the data center sector, the company is engaging in deep collaborations with global partners such as GDS, DAYONE, and Siemens [1] - The domestic market has seen a breakthrough with orders from ByteDance, and the company is actively expanding its product offerings in liquid cooling solutions in addition to power distribution systems [1] - The company is well-positioned to capitalize on the growing demand for data center construction both domestically and internationally, leveraging its customer resources, overseas supply chain support, and comprehensive solution offerings [1]

Group 1 - The company's stock price increased by 162.63% from July 29, 2025, to August 29, 2025, significantly outperforming most peers and relevant indices, indicating a potential disconnection from current fundamentals [1][2] - The company's liquid cooling products are currently in the sample testing phase, with further developments subject to customer product iterations and compatibility testing, leading to considerable uncertainty in business progress [1] - The company's latest closing price on August 29, 2025, was 208.00 CNY per share, with a rolling price-to-earnings (P/E) ratio of 251.87 and a price-to-book (P/B) ratio of 14.44, both significantly higher than the industry averages of 53.35 for P/E and 4.77 for P/B [2] Group 2 - No other significant events or sensitive information that could impact the stock price were identified by the company, and there were no stock trading activities by directors, senior management, or controlling shareholders [2]

Group 1: Company Performance - Changfei Fiber's hollow fiber business has not yet significantly impacted the company's financial data [1] - Ziguang Co. reported a net profit of 1.041 billion yuan for the first half of the year, a year-on-year increase of 4.05% [2] - Zoomlion's net profit increased by 20.84% year-on-year in the first half of the year [2] - Minsheng Bank's net profit decreased by 4.87% year-on-year [2] - Guanghui Energy's net profit fell by 40.67% year-on-year to 853 million yuan [2] - Postal Savings Bank's net profit grew by 0.85% year-on-year [2] - China Great Wall reported a net profit of 138 million yuan, returning to profitability [2] - Guangsheng Nonferrous's net profit was 72.5 million yuan, turning from loss to profit [2] - Bright Dairy's net profit decreased by 22.53% year-on-year [2] - Pianzaihuang's net profit fell by 16.22% year-on-year [2] - Great Wall Motors' net profit decreased by 10.21% year-on-year [2] - Haowei Group's net profit increased by 48.34% year-on-year [2] - Batian Co.'s net profit surged by 203.71% year-on-year [2] - Hailiang Co.'s net profit grew by 15.03% year-on-year [2] - Bank of China reported a net profit decrease of 0.85% year-on-year [2] - Guosen Securities' net profit increased by 71% year-on-year [2] - BeiGene's net profit returned to profitability at 450 million yuan [2] - China Merchants Bank achieved a net profit of 74.93 billion yuan [2] - Shanshan Co.'s net profit skyrocketed by 1079.59% year-on-year [2] - Huatai Securities' net profit increased by 42.16% year-on-year [2] - Wentai Technology's net profit surged by 237.36% year-on-year [2] - China Shipbuilding's net profit increased by 108.59% year-on-year [2] - Yunnan Baiyao's net profit grew by 13.93% year-on-year [2] - China Rare Earth reported a net profit of 162 million yuan, returning to profitability [2] - BYD's net profit increased by 13.79% year-on-year [2] - Construction Bank's net profit decreased by 1.37% year-on-year [2] - China Eastern Airlines reported a loss of 1.431 billion yuan, reducing losses year-on-year [2] - New Hope returned to profitability with a net profit of 755 million yuan [2] - Midea Group's net profit increased by 25% year-on-year [2] - China Shenhua's net profit decreased by 12% year-on-year [2] - Industrial and Commercial Bank's net profit decreased by 1.4% year-on-year [2] - CICC's net profit increased by 94.35% year-on-year [2] - Focus Media's net profit increased by 6.87% year-on-year [2] - Luzhou Laojiao's net profit decreased by 4.54% year-on-year [2] Group 2: Shareholder Actions - Hangyu Technology's shareholders plan to reduce their holdings by no more than 0.32% [2] - Dike Co.'s controlling shareholder plans to reduce their holdings by no more than 1% [3] - Kweichow Moutai's controlling shareholder plans to increase their holdings by 3 to 3.3 billion yuan [4] - Kweichow Moutai has completed a share buyback with an actual amount of 6 billion yuan [4] - Kaiying Network plans to repurchase shares worth 100 million to 200 million yuan [5] Group 3: Contracts and Investments - Tongguang Cable's subsidiary is expected to win a national grid procurement project worth 108 million yuan [5] - Dalian Electric Porcelain's subsidiary is expected to win a national grid procurement project worth 95.7 million yuan [6] - Shankai Intelligent won a mechanical meter replacement project with a bid of 25.8 million yuan [7] - Aerospace Hongtu signed a satellite and ground system procurement contract worth 990 million yuan [8] - Guoyin Financial Leasing plans to increase capital in its subsidiary Guoyin Aviation by 1 billion USD [9] - Yinglian Co. plans to invest 918 million yuan in a can lid manufacturing project [10] - Jiayuan Technology plans to invest 500 million yuan to acquire a stake in Endatong, involving the optical module industry [11] - Tailin Micro plans to acquire 100% equity of Panqi Micro, with stock resuming trading next Monday [12] - SMIC is planning to purchase minority shares of SMIC North, with stock suspended [13] - Quanxin Hao's subsidiary plans to acquire 60% equity of Yilian Medical for 12 million yuan [14] - Huijin Co. plans to acquire equity in Cooper New Energy, expected to constitute a major asset restructuring [14] - Tonghe Technology plans to issue convertible bonds to raise no more than 522 million yuan [15] Group 4: Other News - Xiyu Co. will begin routine maintenance and shutdown from August 30 [16] - Shanxi Coal's Shuiyu Coal Mine experienced a safety production accident and is now shut down [16]

Core Viewpoint - The company has issued a risk warning regarding its stock trading, highlighting the increased market attention on the liquid cooling server concept sector [1] Group 1 - The company's liquid cooling products are currently in the sample testing phase [1] - The advancement of related business is subject to significant uncertainty due to factors such as client product iterations and compatibility testing [1] - Investors are advised to make rational decisions and be aware of investment risks [1]