（编辑 丛可心） 证券日报网2月27日讯 ，飞荣达在接受调研者提问时表示，公司有很多产品已应用于AI相关领域，随着 AI的快速发展和广泛应用，对算力基础设施提出更高的要求，同时将会对散热及电磁屏蔽解决方案提 出更高的需求。以前终端的散热方式以被动散热为主，现在逐渐转向主动散热为主，公司可为AIPC、 AI手机等终端产品提供的散热产品，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等相关产品等，单机价值量也大幅度提升。长期以来， 公司也积极配合客户需求开展相关产品的研发和技术储备，通过持续的产品研发并迭代更新，比如微泵 液冷、微型风扇、微型散热模组、压电风扇等，为客户提供更适配、更优质的产品。 ...

证券日报网讯 2月24日，精研科技在互动平台回答投资者提问时表示，精研科技作为国内首家MIM行业 上市公司和全球MIM龙头企业之一，在精密MIM零部件制造方面具有深厚的技术积累。公司动力业务 板块主要从事精密转动结构组件和精密传动结构组件的研发、设计、制造和量产，其中精密转动结构组 件主要为折叠屏手机用转轴，应用于消费电子领域。公司散热板块具备VC、热管、风冷模组、液冷模 组的量产能力和经验。公司将继续密切关注下游客户的市场动态和行业技术工艺的变化趋势，持续加大 技术研发投入，提高公司产品综合竞争力和盈利水平。焊接工艺是冷板的制程工序之一，公司冷板类产 品可以使用多种焊接工艺，但具体采用哪种焊接方式，最终由工艺难度、性能与成本决定。关于信合科 技，公司与其暂无任何合作关系。另外，公司按照法律法规要求履行信息披露义务，所有信息以公开披 露内容为准，建议投资者理性分析和投资。 （文章来源：证券日报） ...

Core Viewpoint - The company, Zhongshi Technology, forecasts a significant increase in net profit for 2025, driven by strong performance in the consumer electronics sector and successful collaborations with major clients in North America [1]. Group 1: Financial Performance - The company expects a net profit attributable to shareholders of 330 million to 370 million yuan for 2025, representing a year-on-year growth of 63.86% to 83.73% [1]. - In the first three quarters of 2025, Zhongshi Technology reported revenue of 1.298 billion yuan, an increase of 18.45% year-on-year, and a net profit of 252 million yuan, up 90.59% year-on-year [2]. Group 2: Market Opportunities - The company is capitalizing on the traditional peak season in the consumer electronics industry, benefiting from the launch of new products by major clients in North America, which has led to increased shipments of thermal materials and components [1][2]. - Zhongshi Technology is actively expanding into emerging fields such as AI terminal devices and AI infrastructure, resulting in rapid revenue growth for high-efficiency thermal modules and core thermal components [2]. Group 3: Product Development and Innovation - The company maintains a leading position in artificial synthetic graphite materials within the consumer electronics sector, enhancing its market share in die-cut components [3]. - Zhongshi Technology is accelerating the research and mass production of various high-performance liquid-absorbing core materials to establish technical barriers and achieve differentiated competition [3]. Group 4: Capacity Expansion - The company has a high capacity utilization rate and is investing in new production lines for high thermal conductivity graphite products, thermal interface materials, heat pipes, and thermal modules, primarily for emerging consumer electronics and digital infrastructure [3]. - The company is focusing on liquid cooling solutions as a significant new business expansion direction, increasing resource investment in product development, customer acquisition, and capacity construction [3].

Core Viewpoint - The article discusses the cost structure and reduction pathways in the low Earth orbit (LEO) satellite industry, emphasizing the importance of cost control in satellite deployment speed and commercial competitiveness as the global competition for LEO satellite networks intensifies [2][3]. Cost Structure Overview - The cost system of LEO satellites includes three main components: satellite manufacturing, launch transportation, and core components, with ongoing optimization in cost distribution due to technological advancements [5]. - The cost breakdown for different satellite models shows significant variations, with the G60 series costing between 1,200,000 to 1,800,000 yuan, while smaller satellites can cost as low as 300,000 yuan [6]. Cost Reduction Drivers - The reduction in costs is driven by a combination of policy support, technological breakthroughs, and market scale effects [15][16]. - The national plan for commercial aerospace aims to support low-cost technology development, with industry financing expected to reach 18.6 billion yuan by 2025, a 32% increase year-on-year [17][18]. Cost Reduction Practices - The cost reduction process involves multiple dimensions, including design optimization, manufacturing automation, and supply chain management [21][22]. - Design simplification and modular standardization can reduce costs by up to 60%, while lightweight designs have significantly lowered launch costs [23][24]. Future Trends - The LEO satellite industry has substantial room for cost reduction, with expectations for satellite manufacturing costs to drop below 10 million yuan and launch costs to fall below $5,000 per kilogram in the near term [34][36]. - Long-term challenges include maintaining product quality while scaling production and addressing the rising compliance costs associated with international regulations [36][37].

Core Viewpoint - Suzhou Tianmai (301626) has clarified its main product categories and applications in response to investor inquiries, highlighting its focus on thermal management solutions [1] Product Categories - The company’s primary products are divided into three major categories: heat dissipation devices, thermal materials, and thermal modules [1] - Key products include temperature equalization plates, thermal interface materials, heat pipes, thermal modules, and graphite thermal films [1] Application Scenarios - The temperature equalization plates are primarily used in various fields such as smartphones, laptops, communication servers, automotive electronics, communication base stations, projectors, and drones [1]

Core Viewpoint - Suzhou Tianmai's operating performance and gross margin have improved due to the revenue growth and margin increase of its core product, the uniform temperature plate, despite a decline in overseas revenue caused by specific customer demand adjustments [1][2]. Group 1: Operating Performance and Gross Margin - Suzhou Tianmai's main business revenue for the reporting period was 828.96 million yuan, 914.86 million yuan, 932.77 million yuan, and 806.86 million yuan, with net profits of 116.70 million yuan, 154.19 million yuan, 185.43 million yuan, and 142.57 million yuan respectively [2]. - The comprehensive gross margins were 29.32%, 32.86%, 40.48%, and 39.55% during the same periods [2]. - The uniform temperature plate, as the core product, accounted for 46.55%, 63.38%, 66.47%, and 65.35% of revenue, with its gross margin significantly increasing from 17.35% in 2022 to 38.56% in 2024 [2]. Group 2: Overseas Revenue and Market Dynamics - The proportion of overseas revenue decreased from 39.46% to 30.90%, primarily due to reduced procurement from key customer Samsung and its component suppliers [3]. - The gross margin for overseas sales is slightly higher than domestic sales, attributed to the application of products in mid-to-high-end models and favorable exchange rates [3]. - The company has implemented measures to mitigate exchange rate risks, with an estimated impact of ±3% fluctuation in USD/CNY exchange rate affecting total profit by approximately 5.28% [3]. Group 3: Product Demand and Inventory Management - Demand for heat pipes has declined due to technological iteration, with sales revenue dropping from 155.42 million yuan in 2022 to 1.72 million yuan in the first nine months of 2025 [4]. - Conversely, revenue from cooling modules has increased, reaching 70.79 million yuan in the first nine months of 2025, driven by higher penetration in laptops and automotive electronics [4]. - As of September 2025, inventory balance was 211.46 million yuan, a 28.12% increase year-on-year, primarily due to increased orders, with 89.05% of inventory aged less than one year [4]. Group 4: Fundraising and Investment Projects - The company plans to raise 786 million yuan for high-end uniform temperature plate capacity construction, adding an annual production capacity of 30 million pieces [5]. - The project is expected to have a post-tax internal rate of return of 16.76% and a payback period of 4.39 years, which is below the industry average [5]. - The existing capacity utilization rate for uniform temperature plates remains above 80%, with a projected global market growth rate of 14.21% annually from 2024 to 2032 [5]. Group 5: Compliance and Financial Health - As of September 2025, the company’s trading financial assets amounted to 355.49 million yuan, all in structured deposits, complying with regulatory requirements [7]. - The verification of overseas revenue shows a customer confirmation response rate of 91.66%, with a minimal discrepancy from customs export data [7]. - The company maintains a low debt ratio of 12.37% and has sufficient cash and financial assets to cover bond principal and interest payments [5][7].

Core Viewpoint - Suzhou Tianmai is intensifying its investment in the server liquid cooling heat dissipation sector by establishing a joint venture with partners, aiming to leverage their combined expertise in technology, production, and market access to enhance its competitive position in the industry [1][2][3]. Group 1: Joint Venture and Investment - Suzhou Tianmai plans to set up a joint venture named Tianmai Shengtong Technology (Suzhou) Co., Ltd. with a registered capital of 100 million yuan, where Suzhou Tianmai will hold a 92.5% stake [2][3]. - The joint venture will focus on the research, production, and sales of server liquid cooling products, with the collaboration expected to enhance product development and customer validation [3]. Group 2: Financial Performance and Growth - Suzhou Tianmai has shown continuous growth in its business scale and operating performance, with revenue increasing from 708 million yuan in 2021 to 943 million yuan in 2024, and net profit rising from 64.54 million yuan to 185 million yuan during the same period [5][6]. - In the first three quarters of 2025, the company achieved a revenue of 818 million yuan, representing an 18.42% year-on-year increase, while net profit grew by 1.54% to 143 million yuan [6][7]. Group 3: Research and Development - The company has maintained a strong focus on R&D, with R&D expenses increasing significantly, reaching 8.52% of revenue in the first three quarters of 2025 [7]. - R&D expenditures for 2023 to the first three quarters of 2025 were 55.34 million yuan, 69.59 million yuan, and 69.70 million yuan, reflecting year-on-year growth rates of 10.31%, 25.75%, and 36.20% respectively [7]. Group 4: Future Plans and Capital Raising - Suzhou Tianmai plans to issue convertible bonds to raise up to 786 million yuan for the construction of an intelligent manufacturing base for heat dissipation products, which will enhance its production capacity by adding an annual output of 30 million high-end uniform temperature plates [8].

Core Viewpoint - The company ShuoBeide (300322) has confirmed through an interactive platform that its subsidiaries are engaged in the research, production, and sales of thermal and cooling products, which are applicable in various technology sectors [1] Group 1: Company Overview - ShuoBeide's controlling subsidiary, Dongguan Hezhong Thermal Technology Co., Ltd., along with its wholly-owned subsidiary Huizhou ShuoZhong Thermal Technology Co., Ltd., focuses on thermal and cooling product development [1] - The main products offered by the company include heat pipes, vapor chambers (VC), liquid cooling plates, and cooling modules [1] Group 2: Product Applications - The products developed by ShuoBeide are utilized in multiple fields such as mobile phones, gaming consoles, laptops, base stations, servers, photovoltaic energy storage, and new energy vehicles [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Insights - The company plans to acquire a 51% stake in Zhongshi Xunleng, enhancing its capabilities in liquid cooling solutions for data centers and automotive applications. This acquisition is expected to strengthen the company's design, manufacturing, and testing capabilities in liquid cooling technology [3] - The company has established strong partnerships with major clients across various sectors, including consumer electronics, digital infrastructure, smart transportation, and clean energy, positioning itself as a leader in high-performance polymer materials and thermal management solutions [4] - Revenue projections for the company are optimistic, with expected revenues of 2 billion, 2.6 billion, and 3.3 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 305 million, 413 million, and 551 million yuan for the same years [5][9] Financial Summary - The company is projected to achieve a revenue growth rate of approximately 24.51% in 2024, followed by 28.24% in 2025, and maintaining similar growth rates in subsequent years [9][12] - The expected earnings per share (EPS) are forecasted to increase from 0.67 yuan in 2024 to 1.84 yuan by 2027, indicating strong profitability growth [9][12] - The company's asset-liability ratio is projected to rise from 19.5% in 2024 to 39.1% by 2027, reflecting a potential increase in leverage as it expands operations [12]

Core Viewpoint - The company is focused on providing one-stop services for thermal simulation, design, manufacturing, and testing, aiming to create customized thermal solutions and reliable thermal products [1] Group 1: Company Products and Services - The main products of the company include liquid cooling modules, liquid cooling plates, and air cooling modules, as well as self-manufactured components like heat pipes and vapor chambers [1] - These products have been applied in fields such as edge computing servers and energy storage [1] Group 2: Revenue and Market Position - The revenue from the thermal segment currently accounts for a relatively small proportion of the company's total revenue [1]