Core Viewpoint - The company Jinfu Technology (300128.SZ) has announced a postponement of its graphene heat dissipation film project, extending the expected operational date from November 2025 to May 2027 to ensure the rights and interests of the company and its shareholders [1] Summary by Relevant Sections - Project Delay - The graphene heat dissipation film project will now be operational by May 2027 instead of the previously scheduled November 2025 [1] - Investment Purpose and Scale - The investment purpose and scale of the project will remain unchanged despite the delay [1] - Market Demand Consideration - The decision to postpone is based on the actual construction progress of the project and the current market demand situation [1]

Core Viewpoint - The iTherM2025 event aims to create a one-stop value connection service platform for the thermal management industry, facilitating both domestic market penetration and international expansion for companies [1][3]. Group 1: Trends in Consumer Electronics - The consumer electronics industry is experiencing three major trends: thinner devices, faster charging, and rising chip temperatures, all of which intersect at thermal management [3]. - The iTherM2025 event will showcase mainstream and cutting-edge thermal management materials, structural solutions, and packaging modules specifically in the consumer electronics sector [3]. Group 2: Thermal Management Applications in Smartphones - Smartphones and tablets typically use a combination of graphite materials and heat spreaders with thermal interface materials (TIM) for passive cooling [5]. - Major Android smartphones predominantly utilize heat spreaders, while Apple products have historically used synthetic thermal films, with the iPhone 17 series potentially adopting heat spreaders [5]. Group 3: Key Thermal Management Solutions - Samsung Galaxy S25 features an expanded vapor chamber (VC) liquid cooling plate, increasing VC area by 40% and utilizing AI for dynamic performance management [6]. - Apple iPhone 17 Pro is expected to introduce a vapor chamber for cooling during high-load scenarios like 8K video and gaming [6]. - Other brands like ASUS, RedMagic, and Xiaomi are also innovating with various cooling systems, including external fans and advanced liquid cooling solutions [6]. Group 4: Common Thermal Management Materials - Synthetic graphite films are becoming the mainstream thermal management material due to their high thermal conductivity and ease of processing, gradually replacing natural graphite [7][9]. - Graphene thermal films are gaining traction due to their flexibility and high thermal conductivity, meeting the increasing demands of high-performance devices [9][11]. - Heat pipes and vapor chambers are essential components for efficient thermal management in both PCs and smartphones, with the latter using ultra-thin designs [12][16]. Group 5: Emerging Trends in Thermal Management - The rise of humanoid robots and drones is pushing thermal management from localized cooling to comprehensive thermal control solutions [20]. - Innovations in lightweight, flexible materials and cooling technologies are becoming critical in the development of next-generation smart devices [20]. Group 6: Target Audience for iTherM2025 - The event targets terminal brand engineering teams, industry procurement and R&D personnel, and investors/industry observers to explore differentiated thermal solutions and understand design impacts on product cycles and pricing [22]. Group 7: Event Details - iTherM2025 will take place from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, featuring over 300 exhibitors and various thematic displays [1][24][28].

Group 1: Company Strategy and R&D Focus - The company emphasizes technological innovation and product upgrades, establishing the Daoming (Hangzhou) Research Institute to focus on optical key components and new functional film materials [2][3] - The research institute aims to provide customized optical solutions based on client needs and enhance existing optical products [3] - The company plans to leverage its advanced coating and film preparation technologies to develop special performance films and new display materials [3] Group 2: Market Position and Competition - The company has rapidly increased its market share in the license plate film sector, becoming a major supplier in China, with significant growth potential due to the rise of electric vehicles [4] - The transition from ink to hot stamping technology is expected to boost sales of license plate films and related thermal transfer films [4] - The company maintains strong competitive advantages through its production capacity, brand strength, and technological innovation [4] Group 3: Financial Performance - In 2024, the company achieved total revenue of CNY 1.44 billion, a year-on-year increase of 8.96% [5][9] - The net profit attributable to shareholders was CNY 169 million, up 8.44% year-on-year, while the net profit excluding non-recurring items was CNY 137 million, a 2.94% increase [5][9] Group 4: Future Growth Opportunities - The company anticipates accelerated domestic substitution of reflective materials, particularly in the automotive safety sector, driven by the growth of electric vehicles [8] - The company is positioned to expand its market share in regions such as the Middle East, South America, and Europe, leveraging its strong brand reputation [8] - The introduction of graphene heat dissipation films into flagship smartphone models is expected to drive future growth [8] Group 5: Talent and Management Development - The company prioritizes the development of its management team and talent cultivation, actively recruiting to enhance professional capabilities and technical skills [9] Group 6: Industry Outlook - The overall industry performance is stable, with the company maintaining a competitive edge compared to peers [9] - The company is exploring market expansion plans in emerging industries, particularly in the automotive sector, to meet increasing demand for reflective materials [9]

Investment Rating - The report maintains a "Buy" rating for the company, Daoming Optics [1][7]. Core Insights - Daoming Optics has solidified its leading position in reflective materials, with a significant increase in revenue and profit in 2024. The company achieved a revenue of 1.441 billion yuan, representing a year-on-year growth of 8.96%, and a net profit of 170 million yuan, up 8.44% year-on-year. The company also plans to distribute a cash dividend of 1.3 yuan per 10 shares [4][5]. - The core business of reflective materials reached a record high in revenue, with a 25% increase in sales volume, contributing to 74.27% of total revenue. The domestic market share for license plate film has risen to 35%. The company has successfully broken the monopoly of 3M with its micro-prism reflective film technology, which has been applied in major projects [5][6]. - The new materials segment is poised for growth, with a revenue of 140 million yuan in 2024, reflecting an 8.36% increase. The company is also expanding its overseas market presence, particularly in the Middle East and South America, and is set to launch a new production line for micro-prism reflective film in 2025 [5][6]. Financial Summary - In 2024, the company reported a revenue of 1.441 billion yuan and a net profit of 170 million yuan. The projected revenues for 2025, 2026, and 2027 are 1.561 billion yuan, 1.705 billion yuan, and 1.863 billion yuan, respectively, with corresponding net profits of 206 million yuan, 231 million yuan, and 250 million yuan [9]. - The earnings per share (EPS) are projected to be 0.27 yuan for 2024, increasing to 0.33 yuan in 2025, 0.37 yuan in 2026, and 0.40 yuan in 2027 [9].