（来源：老张投研） 存储三巨头，大手笔建厂！ 据悉，美光计划投入2000亿美元扩产，其中包括建造一座占地450英亩的园区，园区内将落成两座先进 晶圆厂。 SK海力士则双管齐下，一边投资130亿元在首尔清州建造AI芯片封装厂，一边将龙仁晶圆厂试产时间从 5月提前至2-3月。 三星投产时间更是迅猛—平泽P4工厂投产时间从原定的2027年一季度提速至2026年四季度，投产后预 计月产能将达到10-12万片晶圆。 这场扩产狂潮背后，正是全球AI数据中心爆发带来的存储需求井喷。 数据显示，2025年全球DRAM/NAND Flash市场规模首次突破2000亿元，较去年增长32.7%。 存储巨头产能扩张，大多数人将目光聚焦在北方华创、中微公司等上游设备卖铲人以及江丰电子、雅克 科技等材料环节。 其实，液冷与存储也紧密相连。 AI大模型的训练和推理，需要消耗海量的数据，这直接拉动了高性能存储和AI芯片的需求。 而高功耗的AI芯片在密集计算时会产生巨大的热量，当温度持续飙升，传统的风冷已力不从心，液冷 因此成为必选项。 在液冷跑道中有一位少有人注意的选手—新宙邦。 相比英维克、曙光数创等行业明星，新宙邦的光芒似乎暗淡了一些， ...

Core Viewpoint - The company is expected to achieve revenue of 9.64 billion yuan in 2025, representing a year-on-year increase of 22.8%, with a projected net profit attributable to shareholders of 1.1 billion yuan, up 16.6% year-on-year, and a non-recurring net profit of 1.09 billion yuan, up 14.5% year-on-year [1] Group 1: Financial Performance - The company forecasts a net profit of 350 million yuan for Q4 2025, with a quarter-on-quarter increase of 45.5% and a year-on-year increase of 32.5% [1] - The estimated non-recurring net profit for Q4 2025 is 370 million yuan, with a quarter-on-quarter increase of 53% and a year-on-year increase of 50% [1] - The company expects to ship over 80,000 tons of electrolyte in Q4 2025, a 35% year-on-year increase, and over 280,000 tons for the entire year, a 45% increase [1] Group 2: Profitability and Market Dynamics - The electrolyte segment is projected to contribute approximately 100 million yuan in profit for Q4, with a unit profit recovery to 1,200 yuan per ton, primarily driven by price increases in hexafluorophosphate and VC [1] - The company anticipates that the fluorochemical segment will generate around 200 million yuan in profit for Q4 2025, with a slight increase quarter-on-quarter [2] - The semiconductor cooling liquid product is expected to complete customer certification in 2026, leading to volume growth, while the fluorochemical segment is projected to contribute 1 billion yuan in profit, indicating a recovery in growth [2] Group 3: Investment Outlook - The company maintains a "buy" rating, with a target price of 79.8 yuan, based on significant price increases for hexafluorophosphate and VC, and expected contributions from new products in the fluorochemical business [2] - The projected net profits for 2025, 2026, and 2027 are 1.1 billion, 2.4 billion, and 2.98 billion yuan respectively, reflecting year-on-year growth of 17%, 118%, and 25% [2]

Group 1 - The company has initiated the process for issuing H-shares and listing on the Hong Kong Stock Exchange to enhance its global development strategy and improve its international brand image and market competitiveness [3] - The core purpose of the H-share issuance is to optimize the capital structure and shareholder composition, thereby enhancing governance and core competitiveness for sustainable long-term development [3] - The company is a leading player in the high-end electronic chemicals and fluorinated materials sector, maintaining a strong market position in battery electrolytes, capacitor chemicals, and fluorinated liquids, while accelerating import substitution in semiconductor chemicals [3] Group 2 - In the high-end energy storage electrolyte sector, the company holds a dominant position, with its energy storage electrolyte category accounting for 45% of the global market by 2025 [4] - The company is the primary supplier of energy storage electrolytes for CATL, with a combined production capacity of 80,000 tons from its Poland and Huizhou plants, meeting 13% of global energy storage electrolyte demand [4] - The supply volume of energy storage electrolytes increased by 180% year-on-year in Q3 2025, and the company secured over 800 million yuan in overseas energy storage orders [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue of 4.25 billion yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 480 million yuan, up 16% year-on-year [8] - The electrolyte segment is expected to maintain a growth rate of 30% in 2025, with shipments projected to reach 280,000 to 300,000 tons, and overseas customers expected to account for 15-20% of total shipments [8] - The fluorochemical segment showed a profit increase of over 10% quarter-on-quarter, with a projected annual profit contribution of over 800 million yuan [8] - The company has improved its cost control capabilities, with a stable expense ratio and significant improvement in operating cash flow [8] - The target price for the stock is set at 65.4 yuan, based on a 30x PE ratio for 2026 [8] Financial Summary - Total revenue is projected to grow from 7.84 billion yuan in 2024 to 17.78 billion yuan in 2027, with a compound annual growth rate (CAGR) of 27.64% [9] - Net profit attributable to shareholders is expected to increase from 942 million yuan in 2024 to 2.03 billion yuan in 2027, reflecting a CAGR of 24.10% [9] - The latest diluted EPS is forecasted to rise from 1.26 yuan in 2024 to 2.71 yuan in 2027 [9] - The company's P/E ratio is projected to decrease from 37.61 in 2024 to 17.49 in 2027, indicating an improving valuation [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 2 billion yuan, a year-on-year increase of 32.1% and a quarter-on-quarter decrease of 8.1%. The net profit attributable to shareholders was 230 million yuan, reflecting a year-on-year increase of 39.3% and a quarter-on-quarter decrease of 4.5% [8] - The report anticipates a turning point in fluorochemical and electrolyte segments in 2025, driven by high growth in electrolyte shipments and increasing overseas orders [8] - The company has acquired a 42% stake in Shilei, which is expected to enable self-supply of hexafluoropropylene, meeting 40-50% of its electrolyte demand [8] Financial Forecasts - Total revenue is projected to grow from 7,484 million yuan in 2023 to 16,678 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 27.95% [1] - Net profit attributable to shareholders is expected to increase from 1,011.07 million yuan in 2023 to 2,005.03 million yuan in 2027, reflecting a CAGR of about 23.97% [1] - The report forecasts earnings per share (EPS) to rise from 1.34 yuan in 2023 to 2.66 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio of 25x for 2025 [1][8]