2025年12月3-5日 第六届热管理产业大会暨博览会 （简称：热博会） 将在 深圳国际会展中心宝安（10号馆） 盛大 开幕 ！本届展会覆盖热管 理材料、器件、系统解决方案与工程应用，汇聚产业链600余家热管理优质供应商，预计 吸引20,000余名专业观众到场，涵盖 研发/技术/设计、采购负责人、终端应用厂商决策者 等核心人群。 部分VIP买家名单涵 消费电子、数据中心、互联网、新能源汽车、工业制造、 高校及科研院所等 多个关键领域， 通过iTherM搭建的高效供需对接平台，构筑从技术洞察到商业合作的高速通道。 诚挚邀请国内外知名 学者、技术专家、产业上下游企业高管和代表、政府园区、科研院所和投资机构等莅临交流与 合作， 共探热管理产业新动态、新技术、新场景和新趋势，共享新质生产力千亿大市场！ 华为技术有限公司 华为数字能源技术有限公司 华为终端有限公司 荣耀终端股份有限公司 OPPO 英伟达半导体有限公司 小米通讯技术有限公司 维沃移动通信有限公司(vivo) 影石创新科技股份有限公司 深圳市腾讯计算机系统有限公司 努比亚技术有限公司 公牛集团股份有限公司 深圳三星通信技术研究有限公司 深圳市海思半导体有限 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 | | 171-11 | | --- | --- | | @2022 LeadLeo | www.leadleo.com | | 目录 | | | . 名词解释 | 09 | | 中国导热材料行业概述 | 10 | | . 背景与定义 | 10 | | . 分类 | 11 | | . 工艺流程 | 12 | | 中国导热材料行业产业链分析 | 13 | | . 上游分析 | 14 | | . 中游分析 | 16 | | . 下游应用领域分析 | 18 | | 中国导热材料行业市场规模 | 19 | | 中国导热材料行业政策分析 | 20 | | 中国导热材料行业驱动因素 | 21 | | . 5G商用化将进一步普及 | 21 | | . 消费电子发展 | 22 | | 中国导热材料行业行业发展趋势 | 23 | | 中国导热材料行业竞争格局分析 | 27 | | 中国导热材料行业投资风险分析 | 28 | 2022Lead 主要用于解决设备散热问题的新型工业材料,其可应用在通信、消费 、数据中心等多个领域 . ...

每经AI快讯，有投资者在投资者互动平台提问：尊敬的苏州天脉管理层您好！公司与建准电机合资成 立的新公司，聚焦散热相关产品及方案的研发与量产。已知建准电机具备英伟达供应资质，且是其 MGX液冷模组的主流供应商之一，请问新合资公司是否会依托双方技术与资源优势，切入英伟达液冷 供应链相关业务？或是否已与英伟达就液冷产品供应开展合作洽谈、达成初步意向？ 苏州天脉（301626.SZ）11月20日在投资者互动平台表示，尊敬的投资者您好，公司与建准电机工业股 份有限公司（以下简称"建准电机"）依托双方散热技术与资源优势，于2025年11月14日共同投资设立天 脉建准散热科技（苏州）有限公司（以下简称"天脉建准"），天脉建准主要从事微型风扇的研发、生产 和销售，产品将主要应用于智能手机、平板电脑等消费电子场景。其中，公司认缴注册资本1,300万 元，持有天脉建准65%股权；建准电机认缴注册资本700万元，持有天脉建准35%股权。 公司是行业内 少数同时具备中高端导热材料和热管、均温板等高性能导热散热元器件量产能力的高新技术企业，在研 发能力、工艺水平、产品性能及市场占有率等方面均居于行业较高水平，产品广泛应用于智能手机、笔 ...

Core Insights - Suzhou Tianmai has commenced the construction of its intelligent manufacturing base for thermal management products in Luzhi Town, with a total investment of 1.7 billion yuan, marking a significant step in enhancing its industry layout and smart manufacturing capabilities [2][3] - The new base aims to become a leading domestic manufacturing hub for high-end thermal management products, focusing on increasing production capacity and smart transformation [2][4] Company Development - Suzhou Tianmai has over 18 years of experience in the thermal management sector, with a diverse product matrix including heat pipes, temperature equalization plates, thermal pads, and phase change materials [3] - The company has accumulated 100 authorized patents, including 17 invention patents, and possesses key technologies in the field of temperature equalization plates [3] Project Significance - The project is expected to achieve an annual production capacity of 30 million high-end temperature equalization plates upon full operation, significantly enhancing the company's market supply capability and core competitiveness [2] - The construction of the new base is seen as a strategic upgrade and complement to the company's IPO fundraising projects, emphasizing its commitment to smart manufacturing [3] Regional Impact - The project is anticipated to drive regional industrial chain collaboration and inject new momentum into the intelligent manufacturing industry cluster in Suzhou's Wuzhong District [4] - The company aims to leverage the advantages of the Luzhi New Area in smart manufacturing and next-generation information technology to establish the base as a benchmark for intelligent manufacturing [4]

Company Overview - The company is a global leader in functional polymer materials and thermal management solutions, focusing on core materials and components to meet high-growth industry demands [2][3] - It emphasizes technology research and development, with a strong capacity for large-scale delivery of comprehensive reliability solutions for electronic devices [2][3] Product and Market Focus - Main products include high thermal conductivity graphite products, thermal interface materials, heat pipes, and EMI shielding materials, widely used in consumer electronics, digital infrastructure, smart transportation, and clean energy sectors [3] - The company has established production bases in Wuxi, Yixing, and Thailand, and R&D centers in Beijing, Shanghai, and the USA, catering to global clients [3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 1.298 billion, a year-on-year increase of 18.45% [4] - Net profit attributable to shareholders reached CNY 252 million, up 90.59%, with a non-recurring net profit of CNY 236 million, reflecting a growth of 142.37% [4] Profitability and Efficiency - The gross profit margin for the first three quarters of 2025 was 33.92%, an increase of 3.16 percentage points year-on-year, driven by product structure optimization and increased core product sales [5] - The company is focusing on high-quality growth sectors and implementing lean production and process improvements to enhance efficiency [5] Capacity and Production - Current capacity utilization is high, with new production lines focusing on high thermal conductivity graphite products and thermal interface materials for emerging consumer electronics and digital infrastructure [6] - The company maintains a leading position in synthetic graphite materials within the consumer electronics sector, expanding applications from smartphones to tablets and laptops [7] Innovation and Development - The company has developed foldable flexible graphite components for foldable smartphones, achieving global patent certification [8] - It is accelerating the market application of VC modules in high-speed optical modules, having gained product certification from leading optical communication companies [9] New Business Ventures - Liquid cooling solutions for servers represent a significant new business direction, with ongoing investments in product development and customer acquisition [10] - The company has established an overseas production base in Thailand, which is operational and has completed certification for major clients [12] Future Growth Potential - The demand for thermal materials is expected to increase with the development of AI terminals, alongside new project launches and market share growth [12] - The company is actively pursuing new thermal solutions and core materials for computing equipment, aiming to create new growth curves in the optical module and server sectors [12]

Core Insights - The company reported a revenue of 310 million yuan in Q3 2025, representing a year-on-year increase of 32.51% [1] - The net profit attributable to shareholders for Q3 2025 was 48.11 million yuan, up 9.63% year-on-year, influenced by fluctuations in gross margin and increased expenses [1] - The company plans to invest up to 2 billion yuan in a new smart manufacturing base for thermal management products in Suzhou [1] - The company aims to enhance production capacity for high-end uniform temperature plates, with an investment of up to 600 million yuan, which will add an annual production capacity of 18 million units [1] Revenue Growth and Market Position - The company has established a competitive advantage in heat pipes and uniform temperature plates, with R&D efforts starting in 2014 and 2017 [2] - The application rate of uniform temperature plates is expected to rise significantly, with 68% of high-end smartphones in China projected to feature them in 2024, up from 54% in 2023 [2] - Major brands like Apple have begun incorporating uniform temperature plates into their products, indicating a growing market trend [2] Long-term Goals and Incentives - The company has introduced a stock incentive plan, granting up to 1.28 million restricted shares, aimed at motivating key personnel [3] - The performance targets for the incentive plan include ambitious revenue and net profit growth rates of 80%, 150%, and 200% over the next three years [3] Investment Outlook - The company is projected to achieve revenues of 1.14 billion yuan, 2.1 billion yuan, and 3 billion yuan in 2025, 2026, and 2027, respectively, with net profits of 190 million yuan, 360 million yuan, and 520 million yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][16]. Core Insights - The company has demonstrated robust revenue growth, achieving 310 million yuan in revenue for Q3 2025, a year-on-year increase of 32.51%. The net profit attributable to shareholders for the same period was 48.11 million yuan, reflecting a 9.63% increase year-on-year [3][4]. - The company is expanding its production capacity for thermal management products to meet increasing customer demand, with planned investments totaling up to 26 billion yuan for new manufacturing facilities [3][4]. - The company is strategically positioned to benefit from the rising demand for heat pipes and uniform temperature plates, particularly in the context of the growing high-performance consumer electronics market [4][13]. Company Overview - The latest closing price of the company's stock is 135.20 yuan, with a total market capitalization of 15.6 billion yuan [2]. - The company has a low debt-to-asset ratio of 11.7%, indicating a strong financial position [2]. - The company is involved in the research, development, production, and sales of thermal management materials and devices, with a focus on high-quality products for major clients such as Samsung, OPPO, and Huawei [13][14]. Financial Projections - Revenue projections for the company are 1.14 billion yuan in 2025, 2.09 billion yuan in 2026, and 2.99 billion yuan in 2027, with corresponding net profits of 190 million yuan, 360 million yuan, and 523 million yuan respectively [8][10]. - The company is expected to maintain a healthy growth trajectory, with significant increases in both revenue and net profit over the next few years [10][15]. Incentive Plans - The company has announced a stock incentive plan aimed at motivating key personnel, with a total of 1.28 million restricted shares to be granted, representing 1.107% of the total share capital [5][7].

Group 1 - The company is deeply engaged in the cooling business for AI infrastructure, including products and services related to GPU, CPU, optical modules, and servers [2] - The company has successfully delivered cooling modules in bulk to international clients such as AMD, showcasing its capabilities in the cooling sector [2] - The company has developed a comprehensive range of cooling solutions, including CDU, liquid cooling modules, liquid cooling plates, air cooling modules, heat pipes, uniform heat plates, and graphite sheets, applicable to various products like humanoid robots, servers, optical modules, XR, and mobile phones [2] Group 2 - The company has established full-process service capabilities for core hardware in AI servers, leveraging its deep expertise in precision manufacturing [2]

Core Insights - The company, Lingyi Technology (002600), has announced that it has begun bulk shipments of cooling modules for several international renowned clients [1] - The company has developed comprehensive research and production capabilities for various cooling solutions, including CDU, liquid cooling modules, liquid cooling plates, air cooling modules, heat pipes, uniform heat plates, and graphite sheets [1] - These cooling solutions are applicable in a wide range of products such as humanoid robots, servers, optical modules, XR devices, and mobile phones [1] - The company has established a full-process service capability for core hardware in AI servers, leveraging its deep expertise in precision manufacturing [1]

Core Insights - The company has begun bulk shipments of cooling modules to international clients such as AMD, showcasing its capability in providing comprehensive thermal management solutions [2] - The company has developed a range of products including CDU, liquid cooling modules, liquid cooling plates, air cooling modules, heat pipes, uniform heat plates, and graphite sheets, applicable in various sectors such as humanoid robots, servers, optical modules, XR, and mobile phones [2] - The company is actively advancing its hardware manufacturing business for embodied robots and has made progress in areas such as soft goods and wireless charging [2]