Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor testing industry, particularly for companies like Huafeng Measurement and Control (688200), which is positioned to benefit from the increasing demand for simulation and digital testing machines driven by AI chip requirements [4][5][6] - Guoke Military Industry (688543) is noted for its transition from conventional ammunition to intelligent and information-based ammunition, which is expected to enhance its growth prospects in a high-demand industry [4][5] - Purtai (603659) is recognized as a leading global lithium battery materials platform, with its negative electrode and diaphragm businesses expected to show long-term improvement [4][5] Group 2: Company-Specific Analysis - Wanchen Group (300972) is projected to continue expanding its store count, currently exceeding 18,000, while improving net profit margins through scale effects and supply chain efficiencies [5][6] - Top Group (601689) is actively developing new products in collaboration with major clients, including liquid cooling solutions, which have already secured initial orders worth 1.5 billion [7][8] - Zhuoyue New Energy (688196) is expanding its production capacity in the biofuel sector, with a focus on biodiesel and bio-based materials, supported by favorable policies and a projected internal rate of return of 28.94% for new projects [8][9] Group 3: Industry Trends - The report indicates that the server liquid cooling market is expected to experience significant growth in 2026 and 2027, with companies like Yingweike (002837) poised to capture substantial market share [8][9] - The mechanical equipment sector, particularly companies like Binglun Environment (000811), is expanding its presence in various fields, including nuclear power and industrial heat control, which is expected to provide new growth opportunities [9][10] - The AI industry is driving demand for intelligent control systems, with companies like Zhiwei Intelligent (001339) developing products that cater to this emerging market [10]

每经AI快讯，12月26日，飞龙股份(002536.SZ)接受机构调研时表示，目前公司在服务器液冷领域已与 HP项目、台达、金运、维谛、申菱环境、亚浩电子、海悟、深圳兴奇宏、英维克、万邦数字等40多家 行业领先企业建立了紧密的合作关系，部分服务器液冷领域客户为中国台湾地区知名客户。得益于AI 算力爆发和低热耗要求，液冷应用最前沿的超大规模云厂商（如英伟达、谷歌、微软、Meta、戴尔、 亚马逊等）和高端算力提供者们，正在全球范围内大规模建设支持液冷的AI数据中心。由此带来新一 轮的液冷泵市场需求。公司液冷泵产品具有能耗低、寿命长、重量轻、可操作性强等特性，具有较强的 市场竞争力。 ...

12月26日，飞龙汽车部件股份有限公司（下称"飞龙股份"）在子公司郑州飞龙汽车部件有限公司接待了 长盛基金、华安基金、民生加银基金等17家机构的现场调研。公司管理层就发展历程、业务布局、子公 司运营及多领域热管理技术应用等问题与机构进行深入交流。调研显示，公司在液冷领域已布局超120 个研发项目，覆盖服务器、充电桩、储能等多个前沿场景，同时在汽车热管理集成模块等产品上已积累 奇瑞、理想、吉利等核心客户。 投资者活动基本信息 投资者关系活动类别 特定对象调研、现场参观 时间 2025年12月26日 地点 子公司郑州飞龙汽车部件有限公司 参与单位名称 东北计算机 长盛基金 华安基金 民生加银基金 鹏华基金 信达澳亚 银河基金 博时基金 交银施罗德 深圳 晋和 融通基金 胤胜资产 亚商投资 方以资产 大河财立方 运舟资本 中鼎开源 上市公司接待人员姓名 副董事长、总经理：孙耀忠 子公司郑州飞龙总经理：孙凯 子公司安徽航逸科技有限公司总经理：向晓东 公司及子公司业务情况介绍 公司发展历程：从部件专家到系统方案解决商 孙耀忠介绍，飞龙股份始建于1952年，发展历程分为两大阶段：2017年前聚焦汽车热管理部件研发生 产， ...

华鑫证券研报指出，大元泵业卡位液冷温控、商用泵、热泵出口等高景气赛道，契合"双碳"目标与新兴 产业（储能、算力、新能源车）发展趋势，新兴业务实现翻倍级增长，有效对冲传统业务波动，打开长 期成长天花板。持续高研发投入巩固技术优势，产品矩阵向高端化、定制化延伸，工业泵等产品突破外 资垄断，进口替代进程加速，在化工、核电、半导体等高端领域份额提升，构筑深厚竞争壁垒。海外本 地化布局持续深化，新设东南亚子公司完善制造与销售网络，海外业务稳步拓展；同时坚持高现金分红 政策，累计分红超IPO募资总额，增强投资者信心，形成"海外增量+股东回报"双支撑格局。大元泵业 在屏蔽泵及液冷泵领域拥有深厚技术积累，其产品广泛应用于新能源汽车、储能、IDC等多个高增长行 业，维持"买入"投资评级。 ...

2025 年 12 月 21 日 | 基本数据 | 2025-1 2- 1 9 | | --- | --- | | 当前股价（元） | 47.29 | | 总市值（亿元） | 88 | | 总股本（百万股） | 187 | | 流通股本（百万股） | 187 | | 52 周价格范围（元） | 19.11-59.76 | | 日均成交额（百万元） | 255.6 | 市场表现 -50 0 50 100 150 200 250 (%) 大元泵业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《大元泵业（603757）：液冷爆 发+热泵复苏开启增长周期》2025- 06-20 赛道景气度持续兑现，技术壁垒筑牢长期价值 —大元泵业（603757.SH）公司动态研究报告 买入(维持) 投资要点 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn ▌新兴业务高增破局，赛道景气度持续兑现 公司卡位液冷温控、商用泵、热泵出口等高景气赛道，契合 "双碳" 目标与新兴产业（储能、算力、新能源车）发展趋 势，新兴业务实现翻倍级增长，有效对冲传统业务波动，打 开长期成长天花板。液冷温控业 ...

Core Insights - The company Feilong Co., Ltd. announced on November 14 that there is a significant increase in demand for liquid cooling pumps due to the explosion of AI computing power and low heat dissipation requirements [2] - Major global cloud service providers and high-end computing providers, such as NVIDIA, Google, Microsoft, Meta, Dell, and Amazon, are constructing AI data centers that support liquid cooling on a large scale [2] - The company's liquid cooling pump products are characterized by low energy consumption, long lifespan, lightweight, and strong operability, giving them a competitive edge in the market [2]

Core Viewpoint - The company is focusing on expanding its liquid cooling business in the North American market through its wholly-owned subsidiary Tigerflow, which has secured multiple contracts in the data center sector [1] Group 1 - The company's overseas liquid cooling business is primarily concentrated in North America [1] - Tigerflow is being utilized as a platform to undertake significant data center primary-side operations [1] - The main clients for the company's services are data center operators [1] Group 2 - The company is actively engaged in the modification and research of liquid cooling pump products to meet American standards [1] - The goal is to better penetrate the rapidly growing liquid cooling market in North America [1]

Core Viewpoint - The company is focusing on expanding its liquid cooling business in the North American market through its wholly-owned subsidiary Tigerflow, which has secured multiple contracts in the data center sector [1] Group 1: Business Strategy - The company's overseas liquid cooling business is primarily concentrated in North America [1] - Tigerflow is being utilized as the main vehicle for this expansion, indicating a strategic focus on leveraging existing resources [1] Group 2: Market Engagement - The company has undertaken significant data center primary-side business, with clients mainly being data center operators [1] - There is an active effort in modifying and developing liquid cooling pump products to meet American standards, aiming to better penetrate the rapidly growing North American liquid cooling market [1]

Core Viewpoint - The company is focusing on expanding its liquid cooling business in the North American market through its wholly-owned subsidiary Tigerflow, which has secured multiple contracts in the data center sector [1] Group 1: Business Strategy - The company's overseas liquid cooling business is primarily concentrated in North America [1] - Tigerflow serves as the vehicle for the company's operations in this market, having undertaken significant data center primary-side projects [1] Group 2: Market Development - The main clients for the company's liquid cooling solutions are data center operators [1] - The company is actively engaged in modifying and developing liquid cooling pump products to meet American standards, aiming to better penetrate the rapidly growing North American liquid cooling market [1]

Core Viewpoint - The company reported a mixed financial performance for the first three quarters of 2025, with revenue growth but a decline in net profit, while also highlighting significant growth in its automotive electronics and liquid cooling businesses [1][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 20.928 billion yuan, a year-on-year increase of 8.14% [1]. - The net profit attributable to shareholders was 1.967 billion yuan, a year-on-year decrease of 11.97% [1]. - In Q3 alone, revenue reached 8 billion yuan, up 12% year-on-year, while net profit fell by 14% to 670 million yuan [1]. - The gross profit margin was 18.6%, down 2.2 percentage points year-on-year and 0.6 percentage points quarter-on-quarter [1]. - The net cash flow from operating activities was 2.971 billion yuan, a significant increase of 161% year-on-year [1]. Business Growth - The automotive electronics segment is experiencing rapid growth, with the company successfully mass-producing various projects including air suspension systems and intelligent cockpit projects [2]. - The company has established a comprehensive self-research and innovation capability for closed-loop air suspension systems, with production capacity expected to increase to approximately 1.5 million sets by 2025 [2]. - The company is expanding its international strategy, with a production base in Thailand under construction to enhance its global footprint [2]. Technological Advancements - The company is focusing on the development of robotic actuators, which are critical components for robots, and has made significant progress in R&D for various actuator types [3]. - The company is also actively developing products related to liquid cooling technology, which is expected to become a new growth point due to the increasing demand for data centers and supercomputing [4]. - The liquid cooling business has already secured initial orders worth 1.5 billion yuan and is collaborating with major clients such as Huawei and NVIDIA [4][5]. Future Projections - Revenue projections for the company are estimated to be 30.3 billion yuan in 2025, 37.6 billion yuan in 2026, and 45.1 billion yuan in 2027, with net profits expected to be 2.82 billion yuan, 3.68 billion yuan, and 4.53 billion yuan respectively [5]. - The company maintains a "buy" rating based on its growth potential in the automotive electronics and liquid cooling sectors [5].