长江商报消息 苏州天脉（301626.SZ）加码服务器液冷散热赛道。 12月22日晚，苏州天脉公告，拟与李炜、刘晓川、吕磊共同投资设立合资公司，注册资本1亿元，公司 认缴注册资本9250万元，占92.5%。 近年来，苏州天脉业务规模不断扩大，经营业绩持续向好。值得一提的是，公司拟发不超7.86亿元可转 债扩产计划，日前已获深圳证券交易所（以下简称"深交所"）受理。 加码服务器液冷散热赛道 12月22日晚间，苏州天脉公告，拟与李炜、刘晓川及吕磊签署《投资协议》。李炜、刘晓川及吕磊拟出 资成立苏州天星智鹄企业管理合伙企业（有限合伙）（暂定名，最终名称以工商核准名称为准，以下简 称"合伙企业""持股平台"或"天星智鹄"）作为员工持股平台，与公司共同投资成立合资公司天脉昇同科 技（苏州）有限公司（暂定名，以下简称"合资公司"或"标的公司"），专注于服务器液冷散热业务，主 要从事服务器液冷散热产品的研发、生产和销售。 根据公告，合资公司的注册资本为1亿元，其中，公司认缴注册资本9250万元，占合资公司注册资本的 比例为92.5%，公司控股合资公司，且合资公司纳入公司合并报表范围；持股平台认缴注册资本750万 元，占合资 ...

证券日报网讯12月19日，硕贝德（300322）在互动平台回答投资者提问时表示，公司控股子公司东莞市 合众导热科技有限公司及其全资子公司惠州市硕众导热科技有限公司主要从事导热、散热产品等研发、 生产及销售，主要产品有热管、VC、液冷板及散热模组，产品可用于手机、游戏机、笔记本电脑、基 站、服务器、光伏储能及新能源汽车等领域。 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 l 投资建议 我们预计公司 2025/2026/2027 年分别实现收入 20/26/33 亿元， 归母净利润分别为 3.05/4.13/5.51 亿元，维持"买入"评级。 l 风险提示 | 最新收盘价（元） | 46.35 | | --- | --- | | 总股本/流通股本（亿股）3.00 | / 2.04 | | 总市值/流通市值（亿元）139 | / 95 | | 52 周内最高/最低价 | 49.40 / 19.98 | | 资产负债率(%) | 19.5% | | 市盈率 | 68.55 | | 第一大股东 | 吴晓宁 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 中石科技(300684) 材料、模切、组件，散热材料全链条布局 l 投资要点 拟收购中石讯冷，加速液冷散热模组推广。公司全资子公司宜兴 中石，拟以 3570 万元自有资金增资 ...

证券日报网讯 12月15日，精研科技在互动平台回答投资者提问时表示，公司致力于为客户提供散热模 拟仿真、设计、制造、测试等一站式服务，打造定制化散热解决方案，并提供高效可靠的散热产品，目 前公司主要产品为液冷模组、液冷板、风冷模组等，以及模组子件热管、VC等自制品，已经应用于边 缘计算服务器、储能等领域。公司散热板块的营业收入规模目前占公司营业收入比重相对较小。敬请广 大投资者理性分析、谨慎决策，注意投资风险。 （编辑 袁冠琳） ...

格隆汇12月15日丨精研科技(300709.SZ)在投资者互动平台表示，公司致力于为客户提供散热模拟仿 真、设计、制造、测试等一站式服务，打造定制化散热解决方案，并提供高效可靠的散热产品，目前公 司主要产品为液冷模组、液冷板、风冷模组等，以及模组子件热管、VC等自制品，已经应用于边缘计 算服务器、储能等领域。公司散热板块的营业收入规模目前占公司营业收入比重相对较小。 ...

精研科技（300709.SZ）12月15日在投资者互动平台表示，公司致力于为客户提供散热模拟仿真、设 计、制造、测试等一站式服务，打造定制化散热解决方案，并提供高效可靠的散热产品，目前公司主要 产品为液冷模组、液冷板、风冷模组等，以及模组子件热管、VC等自制品，已经应用于边缘计算服务 器、储能等领域。公司散热板块的营业收入规模目前占公司营业收入比重相对较小。敬请广大投资者理 性分析、谨慎决策，注意投资风险。 （记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：请介绍一下公司散热业务最新进展以及营收比例？ ...

证券日报网讯 12月8日，飞荣达在互动平台回答投资者提问时表示，公司一直与各头部品牌终端厂商保 持密切合作，公司应用于手机终端的产品主要包括石墨片、石墨烯、热管、VC、相变储能材料、微型 风扇和微泵液冷等导热材料及器件和电磁屏蔽材料及器件相关产品。长期以来，公司积极配合客户需求 开展相关产品的研发和技术储备，通过持续的产品迭代更新，为客户提供更适配、更优质的产品。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.66 CNY based on a 34x PE valuation for 2026 [4][7]. Core Insights - The company is expected to see a significant increase in net profit from 320 million CNY in 2025 to 583 million CNY in 2027, with a revised forecast reflecting an increase in gross margin [4][12]. - The acquisition of a 51% stake in a liquid cooling technology company is aimed at enhancing the company's data center business, which is becoming increasingly essential [11]. - The demand for thermal management solutions is expected to grow, particularly in AI-enabled devices, positioning the company to benefit from this trend [11]. Financial Forecasts - The company's projected revenues for 2025-2027 are 2.09 billion CNY, 2.94 billion CNY, and 3.96 billion CNY, respectively, with corresponding growth rates of 33.3%, 40.7%, and 34.7% [6][12]. - The gross margin is expected to improve from 31.0% in 2024 to 34.0% in 2025, before stabilizing at around 32.3% by 2027 [6][12]. - The net profit margin is projected to increase from 12.9% in 2024 to 15.3% in 2025, reflecting the company's operational efficiency [6][12]. Business Developments - The company is expanding its product offerings beyond graphite materials to include a comprehensive range of thermal management solutions, which are critical for various applications including smartphones and data centers [11]. - The company has established strong partnerships with leading clients in various sectors, including industrial, automotive, and medical, enhancing its market position [11].

Core Viewpoint - The company, Zhongshi Technology, confirmed its collaboration with major telecommunications equipment manufacturers, including ZTE, Ericsson, Nokia, Cisco, and Finisar, in the digital infrastructure sector [2]. Group 1 - The company provides key products in the digital infrastructure industry, such as thermal interface materials, heat pipes, uniform heat plates, thermal modules, EMI shielding materials, and environmental sealing materials [2]. - The company has a long-term service relationship with leading clients in the telecommunications sector [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company is focusing on the high-end uniform temperature plate market, with plans to invest in the construction of production capacity for 30 million and 18 million PCS of high-end uniform temperature plates. The global market for uniform temperature plates is projected to grow from $1.24 billion in 2024 to $3.59 billion by 2032, reflecting a compound annual growth rate (CAGR) of 14.21% [3][4]. - The company is currently in the sample testing phase with North American clients, and it has made significant progress in its development of uniform temperature plate technology since 2017 [3]. - The company has established a joint venture with Jianzhun Motor to expand its product offerings in ultra-thin micro fans, which are essential for active cooling solutions in smartphones and other consumer electronics [4][7]. Financial Projections - Revenue projections for the company are as follows: 2025 expected revenue of 1.13 billion yuan, 2026 expected revenue of 3.01 billion yuan, and 2027 expected revenue of 5.01 billion yuan. Corresponding net profits are projected to be 180 million yuan, 500 million yuan, and 840 million yuan for the same years [8][10]. - The report outlines a significant growth trajectory, with revenue growth rates expected to reach 165.44% in 2026 and 66.52% in 2027 [10][13]. Market Position - The company is recognized as one of the few high-tech enterprises capable of mass production of both mid-to-high-end thermal materials and high-performance thermal components, such as heat pipes and uniform temperature plates. Its products are widely used in smartphones, laptops, automotive electronics, and security monitoring [7][8].