Core Viewpoint - The company, Feirongda, anticipates a significant increase in net profit for the first half of 2025, driven by capacity release, market share growth, and effective cost management, with projected net profit ranging from 155 million to 170 million yuan, representing a year-on-year growth of 103.95% to 123.69% [3]. Group 1: Financial Performance - The expected net profit attributable to shareholders for the first half of 2025 is between 155 million and 170 million yuan, compared to 75.99 million yuan in the same period last year [3]. - The projected net profit after deducting non-recurring gains and losses is estimated to be between 125 million and 140 million yuan, up from 68.55 million yuan year-on-year, indicating a growth of 82.34% to 104.22% [3]. Group 2: Business Development - The company has strengthened its R&D capabilities and increased investment in research, leading to a richer product structure and expansion into emerging markets, which has significantly boosted revenue in the first half of 2025 [3]. - The recovery of the consumer electronics market and increased demand have provided broader market opportunities for electromagnetic shielding and thermal management, contributing to steady market share growth [4]. - The company is actively collaborating with key clients to develop new products that meet diverse thermal management and electromagnetic shielding needs, enhancing market share and profitability [4]. Group 3: Sector Performance - The communication sector has seen smooth business operations, with overall sales revenue and profitability increasing, particularly in AI server cooling-related businesses [4]. - The company's new energy vehicle business is gradually increasing sales revenue, although gross margins remain relatively low due to fluctuations in raw material prices and new project introductions [4]. - The company is working on improving gross margins in the new energy sector by adjusting product structure and enhancing production efficiency [4]. Group 4: Non-Recurring Gains - The impact of non-recurring gains and losses on net profit attributable to shareholders is expected to be approximately 30 million yuan, primarily from government subsidies and the consolidation of Jiangsu Zhongyu [5].

通信业务稳定,整体盈利能力同比上涨,AI 服务器相关业务起量。AI 服务器液冷相关业务开展较为顺利, 目前AI 服务器相关业务获得批量订单并量产,并且公司在单相液冷模组、两相液冷模组、3D-VC 散热模 组、轴流风扇及特种散热器的基础上持续进行新技术及新产品储备,在热虹吸散热器热性能研究、高性 能液冷散热模组研发、高性能3D VC 散热模组产品研发等核心技术方面均取得重要成果等,以满足客户 需求。随着算力需求的激增和数据中心能耗问题的日益凸显,液冷技术散热效率高、稳定性高、适用范 围更广的优势逐渐显现,市场前景广阔。 新能源汽车业务已定点的项目订单持续释放。但由于铜、铝等大宗原材料价格浮动、新客户导入、部分 新项目打样等因素影响导致2024 年新能源领域毛利率仍处于相对较低的水平,公司正逐步通过调整产品 结构,提高生产效率和管理效能等降低成本,提升毛利水平。 估值 公司发布2024 年年报及2025 年一季报,公司整体经营稳健,市场趋势积极向好,受下游应用领域需求增长 影响,公司相关业务规模进一步扩大,AI 服务器相关业务获得客户小批量订单且逐步进入量产,维持"买 入"评级。 支撑评级的要点 2024 年公司 ...