易方达供给改革混合（002910）基金经理为杨宗昌。 截至发稿，杨宗昌累计任职时间6年127天，现任基金资产总规模40.97亿元，任职期间最佳基金回报 226.06%， 任职期间最差基金回报-17%。 8月25日，苏州天脉跌5.3%，截至发稿，报159.00元/股，成交5977.33万元，换手率1.42%，总市值 183.93亿元。 资料显示，苏州天脉导热科技股份有限公司位于苏州市吴中区甪直镇汇凯路68号，成立日期2007年7月 25日，上市日期2024年10月24日，公司主营业务涉及导热散热材料及元器件的研发、生产及销售。主营 业务收入构成为：热管理材料及器件98.37%，其他1.63%。 从苏州天脉十大流通股东角度 数据显示，易方达基金旗下1只基金位居苏州天脉十大流通股东。易方达供给改革混合（002910）一季 度新进十大流通股东，持有股数70.9万股，占流通股的比例为3.22%。根据测算，今日浮亏损失约630.3 万元。 易方达供给改革混合（002910）成立日期2017年1月25日，最新规模40.56亿。今年以来收益19.19%，同 类排名3566/8259；近一年收益44.54%，同类排名2661/ ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 42.63 CNY per share, based on a PE valuation of 61 times for 2025 [5][8]. Core Insights - The company's revenue for the first half of 2025 reached 2.883 billion CNY, a year-on-year increase of 27.42%, while net profit attributable to shareholders was 166 million CNY, up 118.54% year-on-year [1][2]. - The growth in revenue is primarily driven by increasing demand in downstream application areas, particularly in new energy, consumer electronics, and communication sectors [2][3]. - The company is expected to achieve revenues of 6.36 billion CNY, 7.95 billion CNY, and 9.98 billion CNY for the years 2025 to 2027, with corresponding net profits of 407 million CNY, 573 million CNY, and 748 million CNY [4][16]. Revenue and Profitability - The overall gross margin for the first half of 2025 was 19.58%, reflecting a slight increase of 1.72 percentage points year-on-year, impacted by high initial costs for new projects and rising prices of raw materials like copper and aluminum [2][3]. - The company's net profit margin improved to 6.07%, an increase of 3.86 percentage points year-on-year [2]. Business Segments Performance - Thermal management materials and devices generated 1.085 billion CNY in revenue, a year-on-year increase of 37.53%, with a gross profit of 181 million CNY and a gross margin of 16.70% [3]. - Electromagnetic shielding materials and devices achieved revenue of 783 million CNY, up 13.68% year-on-year, with a gross profit of 233 million CNY and a gross margin of 29.82% [3]. - Lightweight materials and devices reported revenue of 760 million CNY, a year-on-year increase of 35.21%, with a gross profit of 88 million CNY and a gross margin of 11.55% [3]. Future Projections - The company anticipates continued growth in its thermal management business, with projected revenues of 2.517 billion CNY, 3.271 billion CNY, and 4.253 billion CNY from 2025 to 2027, reflecting year-on-year growth rates of 35% [15]. - The electromagnetic shielding segment is expected to generate revenues of 1.506 billion CNY, 1.732 billion CNY, and 1.992 billion CNY over the same period, with a consistent growth rate of 15% [15]. - The lightweight materials segment is projected to achieve revenues of 975 million CNY, 1.316 billion CNY, and 1.777 billion CNY, also with a growth rate of 35% [15].

Core Viewpoint - The termination of the share transfer agreement between the controlling shareholder and Yunnan International Trust is seen as a positive signal, indicating the controlling shareholder's confidence in the company's future development [2][10]. Group 1: Share Transfer Agreement - On May 9, Feirongda (300602.SZ) announced that the controlling shareholder, Ma Fei, reached an agreement with Yunnan International Trust to terminate the share transfer agreement, which involved the transfer of 29 million shares, accounting for 5% of the total share capital, at a price of 15.72 yuan per share, totaling nearly 460 million yuan [2]. - The purpose of the transfer was to introduce strategic investors who recognize the company's intrinsic value and future development potential, optimize the equity structure, and improve the financial structure of the actual controller [2]. - The agreement was originally proposed on November 25, 2024, but was terminated without any breach of contract responsibilities [2]. Group 2: Company Performance and Market Position - Feirongda has been a long-term supplier to Huawei since 1997, with sales to Huawei accounting for approximately 17% of the company's revenue in 2024 [15]. - The company's revenue has shown significant growth, with a compound annual growth rate (CAGR) of 13.9% from 2019 to 2024, and a 14.7% growth in Q1 2025, reaching 1.18 billion yuan [18][26]. - The main revenue contributors are thermal management materials, electromagnetic shielding materials, and lightweight materials, which accounted for 37%, 26%, and 14% of revenue in 2024, respectively [22]. Group 3: Financial Performance and Challenges - Despite revenue growth, the company's profit margins have not kept pace, with a significant drop in gross margins from 29.8% in 2019 to around 17% in recent years [34][41]. - The company has faced challenges such as rising raw material costs and increased competition, leading to a decline in profitability [37][68]. - Feirongda has been reliant on capital markets for funding, raising a total of 2.07 billion yuan through equity financing since its listing, indicating a struggle to generate sufficient cash flow from operations [86][90]. Group 4: Market Dynamics and Competition - The market for electromagnetic shielding and thermal management materials is growing, driven by increased demand in consumer electronics, telecommunications, and new energy sectors [17][68]. - However, the industry is characterized by low concentration and intense competition, with Feirongda holding less than 10% market share in the thermal management materials sector [69]. - The company faces pressure from larger international competitors and must navigate a landscape where pricing pressures are increasing due to the proliferation of manufacturers [72][74].

Core Viewpoint - The electronic information industry in China is expected to experience significant growth due to advancements in electronic information technology and the promotion of new infrastructure strategies represented by 5G and data centers [2] Company Performance - In 2024, the company achieved a revenue of 943 million yuan, a year-on-year increase of 1.62%, and a net profit attributable to shareholders of 185 million yuan, a year-on-year increase of 20.26% [2] - The core business focuses on the research, production, and sales of thermal management materials and devices, with revenue from these products reaching 928 million yuan, accounting for 98.37% of total revenue [2] Production Efficiency and Strategy - The company has improved production efficiency through continuous optimization of production processes and increased automation, contributing to the significant growth in net profit for 2024 [3] - Future strategies include further optimizing production processes, enriching product structure, enhancing product added value, and strengthening market development [3] Client Relationships and Market Expansion - The company has established long-term stable partnerships with well-known manufacturers such as vivo and OPPO, and has successfully certified new clients like Google and Dixon in 2024 [3] - The company aims to deepen cooperation with existing major clients and continuously explore high-quality domestic and international customer resources [3] Technological Advancements - The company has developed several core technologies, including powder blending technology and surface modification processes, and is one of the few in the industry capable of mass production of mid-to-high-end thermal interface materials and heat pipes [3][4] - The company’s mass-producible heat pipes and temperature equalization plates have thicknesses as low as 0.3mm and 0.22mm, respectively, with corresponding heat transfer capacities exceeding 5W [4] Research and Development Investment - As of the end of 2024, the company invested 69.59 million yuan in R&D, a year-on-year increase of 25.75% [4] - Ongoing R&D projects include high heat flow density temperature equalization plates and various types of temperature equalization plates for mobile phones [4][5] Market Outlook - The demand for thermal management products is expected to grow due to the rapid development of downstream markets such as consumer electronics and automotive electronics [5] - The smartphone and laptop markets are projected to maintain high shipment volumes, while the automotive electronics sector, particularly in electric vehicles, will also drive demand for thermal management solutions [5] Future Development Strategy - The company plans to leverage its advantages in technology, brand, customer resources, and automated production to drive innovation and enhance its competitive position in the thermal management field [6]