点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 一、上市公司 1 、飞荣达（ 300602 ） 正文 引言 随着 iPhone 等高端智能手机性能的持续突破、 AI 算力需求的爆发式增长，以及新能源汽车电控系统功 率密度的不断提升， " 散热 " 早已不再是电子工业中一个默默无闻的配角，而是直接影响设备性能、寿 命与用户体验的核心技术环节 。 无论是玩游戏时的机身发烫，还是快充过程中的温控挑战，或是数据中心服务器 7×24 小时的高负荷运 转，都 离不开高效、可靠的热管理解决方案 。 在这背后，是一个技术密集、创新活跃、国产化进程加速的散热材料产业正在快速崛起。 本文将系统梳理近 100+ 国内散热材料领域的主要企业及其技术布局 ，为读者呈现一幅完整的产业生态 图谱。 国内领先的电磁屏蔽与热管理解决方案专家，打造了 从导热材料、石墨膜到液冷板 /VC 均热板的完整 产品链 ，并已成为 华为、宁德时代、比亚迪等头部企业 在通信与新能源领域的核心供应商。 其导热散热材料包括液冷板、导热界面材料、石墨片、笔电散热模组（热管 + 风扇模组、 VC+ 风扇模 组、无风扇模 ...

Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 170.39 CNY per share based on a 19x PS valuation for 2025 [4][15][7]. Core Insights - The company achieved a revenue of 508 million CNY in H1 2025, representing an 11.20% year-on-year increase, while the net profit attributable to shareholders decreased by 2.14% to 94 million CNY [1]. - The gross margin for H1 2025 was stable at 41.64%, with an increase of 1.26 percentage points year-on-year, despite rising expenses due to market expansion and increased R&D efforts [2]. - A new production base for thermal management products is expected to commence operations in June 2026, which will significantly enhance production capacity and is projected to generate annual sales revenue of 644 million CNY once fully operational [3]. Financial Performance Summary - Revenue projections for the company from 2025 to 2027 are 1.037 billion CNY, 1.329 billion CNY, and 1.664 billion CNY, respectively, with corresponding net profits of 223 million CNY, 287 million CNY, and 371 million CNY [4][12]. - The company’s revenue growth rates are expected to be 10.02% in 2025, 28.06% in 2026, and 25.22% in 2027, with gross margins projected at 43.69%, 43.60%, and 44.17% for the same years [14][13]. - The company has shown a compound annual growth rate (CAGR) of 26.69% in revenue from 2019 to 2024, indicating strong growth potential in the thermal management materials sector [13]. Market Position and Competitive Landscape - The company is positioned to benefit from the growing demand in the consumer electronics sector, particularly for thermal management solutions, as the market for lightweight and high-end products expands [3][15]. - Comparisons with peer companies in the thermal management sector suggest that the company is well-placed to leverage its technological advancements and customer relationships to capture market share [15][16].

Core Viewpoint - The first humanoid robot sports event highlights the advancements in humanoid robotics, showcasing their capabilities in various competitive scenarios, while also emphasizing the critical importance of thermal management technology for their performance and safety [2][6][43]. Group 1: Humanoid Robot Sports Event - The inaugural humanoid robot sports event, featuring 280 teams from 16 countries, will include 487 competitions across 26 events, demonstrating cutting-edge achievements in intelligent decision-making and collaborative movement [2]. - Unlike traditional robot combat or laboratory demonstrations, this event allows humanoid robots to compete in running, weightlifting, and combat, showcasing their strength and speed [2]. - The event serves as a platform for testing thermal management technologies, which are essential for maintaining stable operation during high-intensity activities [6][19]. Group 2: Development and Key Technologies of Humanoid Robots - Humanoid robots, designed to mimic human shape and behavior, have evolved through various stages, from mechanical systems to advanced autonomous intelligent systems, driven by advancements in multiple disciplines [8][9]. - The last decade has seen humanoid robots enter commercialization, with products like Tesla's Optimus and Xiaomi's CyberOne marking a shift from laboratory to industry [12]. - Key technologies in humanoid robotics include mechanical design, sensing technology, control algorithms, and artificial intelligence, enabling complex perception, movement, and interaction capabilities [14]. Group 3: Thermal Management Challenges - Humanoid robots face significant thermal management challenges due to limited internal space, multiple heat sources, weight constraints, and complex environmental conditions [19][20]. - Common thermal management solutions include passive methods like structural optimization and high thermal conductivity materials, as well as active methods such as liquid cooling and bio-inspired cooling systems [20]. Group 4: Thermal Management Suppliers - Companies like Feirongda, Lingyi Zhizao, Sanhua, and Aled are actively involved in providing thermal management solutions for humanoid robots, focusing on materials and systems that enhance performance and safety [22][27][33][42]. - Feirongda has invested in Guoli Intelligent, aiming to advance the development of dexterous robotic hands, while Lingyi Zhizao has accumulated technology in industrial and special robots since 2009 [24][29]. - Sanhua is recognized for its innovative liquid cooling modules that significantly enhance the endurance of humanoid robots, while Aled specializes in thermal interface materials for critical components [33][42].

Summary of the Conference Call on the Heat Dissipation Industry Industry Overview - The heat dissipation industry is experiencing significant growth driven by the surge in AI mobile demand, leading to an increase in the application of vapor chamber (VC) heat spreaders, with larger areas being adopted to enhance heat dissipation efficiency [1][20] - Key players in the VC heat spreader market include Samsung and Xiaomi, who have implemented larger VC heat spreaders in their devices [1][8] Core Insights and Arguments - The demand for heat dissipation materials is rising due to increased power consumption from AI applications in smartphones, PCs, glasses, servers, and automobiles [2][20] - The transition from traditional thermal interface materials (TIM) to more advanced solutions like graphite films and VC heat spreaders is evident, with high-end smartphones utilizing a combination of these materials [2][4] - The market for graphite materials is benefiting from the increase in domestic production rates and cost reductions, with companies like Siquan and Zhongshi seeing positive impacts [1][10] - The overall heat dissipation industry is gaining attention, with expectations for new devices from North American clients to feature VC heat spreaders in the latter half of the year [2][20] Company-Specific Developments - **Suzhou Tianmai**: - Core business focuses on VC wafers, accounting for over 60% of revenue, with high gross and net profit margins [1][12] - The company employs a small-batch, multi-batch production model to cater to diverse design needs [1][13] - **Lingyi Zhizao**: - Successfully bound to major North American clients, expanding into humanoid robots, foldable screens, and AI glasses [1][11] - Anticipates continued growth in high-end smartphone VC product shipments [1][11] - **Feirongda**: - Specializes in electromagnetic shielding and thermal materials, with a growing contribution from data center and base station products [1][14] - Experienced a recovery in profitability since 2023, maintaining good relationships with domestic and international clients [1][14] - **Zhongshi Technology**: - Entered the North American supply chain, with significant growth expected in 2024, primarily from graphite materials and die-cutting processes [1][15] - Progressing well in optical modules and servers, with deep ties to overseas clients [1][15] - **Siyuan New Materials**: - Achieved significant revenue growth in 2024 after successfully breaking into the North American market [1][16] - **Jieban Technology**: - Focuses on providing structural and functional components for North American clients, with a successful acquisition enhancing its capabilities [1][19] Emerging Trends and Innovations - The evolution of heat dissipation technology is marked by a shift from traditional solutions to ultra-thin VC heat spreaders to meet the demands for lightweight and high-performance designs [2][7] - The automotive sector is seeing increased demand for new heat dissipation materials due to enhanced computing power in smart driving systems [2][6] - The industry is expected to see a rise in the use of multi-layer or thicker graphite structures to meet higher heat dissipation needs [1][10] Conclusion - The heat dissipation industry is poised for growth, driven by AI advancements and increasing performance requirements across various sectors, including smartphones, PCs, and automotive applications [2][20] - Companies within the industry are actively adapting to these changes, positioning themselves for future opportunities as demand for innovative heat management solutions continues to rise [2][21]

Investment Rating - The report maintains an "Outperform" rating for the heat management industry, driven by the slowdown of Moore's Law and the rise of edge AI applications [1]. Core Insights - The heat management industry is undergoing significant upgrades due to the deceleration of Moore's Law and the explosive growth in cloud computing power demands, leading to increased pressure on thermal management solutions for edge AI applications [1][2]. - Passive cooling methods are nearing their physical limits, prompting a shift towards active cooling technologies in mobile devices [3][4]. Summary by Sections 1. Moore's Law Slowdown and Edge AI Iteration - The growth rate of transistor density has significantly slowed, with the compound annual growth rate (CAGR) dropping to single digits for processes below 5nm, indicating the gradual failure of Moore's Law [19][20]. - As performance demands increase, the power consumption per unit area of chips is rising, necessitating enhanced thermal management solutions [24][25]. - The limitations of passive cooling methods are becoming evident, as the area of vapor chambers (VC) is increasing while material iterations are slowing down [43][44]. 2. Transition to Active Cooling Technologies - The industry is expected to enter an active cooling era, with technologies like micro-pump liquid cooling and micro fans becoming more prevalent [3][4]. - By 2030, it is projected that the penetration rate of active cooling in smartphones will reach 30%, with a market size of approximately 20 billion yuan [3][4][75]. 3. Investment Highlights and Beneficiary Segments - Active cooling technologies are anticipated to unlock the full potential of edge AI applications, with significant benefits for companies involved in the thermal management supply chain [4][4]. - Key players in the thermal management module sector include Feirongda, Suzhou Tianmai, and Zhongshi Technology, while chip-related companies include Aiwei Electronics and Nanchip Technology [4][4].

Core Viewpoint - Suzhou Tianmai (301626) is actively engaging with institutional investors and is focusing on expanding its production capabilities to meet the growing market demand for thermal management materials and components. Group 1: Company Overview - Suzhou Tianmai specializes in the research, development, production, and sales of thermal management materials and components [6] - The company currently has production bases in Suzhou, Shengzhou (Zhejiang), and Bắc Ninh (Vietnam), with plans to acquire 100 acres of land for a new intelligent manufacturing base in Suzhou [2] Group 2: Financial Performance - In Q1 2025, the company reported a main revenue of 250 million yuan, a year-on-year increase of 5.72%, while the net profit attributable to shareholders decreased by 3.67% to approximately 54.4 million yuan [6] - The company's gross profit margin stands at 44.19%, with a debt ratio of 9.92% [6] Group 3: Future Outlook - The company anticipates a revenue growth of approximately 10% for 2025 compared to 2024, although this projection is subject to various uncertainties including industry competition and market demand [5] - The company is currently in the sample testing phase for entering the North American supply chain, with uncertain outcomes [4] Group 4: Employee Incentives - Prior to its IPO, the company implemented an equity incentive plan for senior management and key employees, with future plans for additional incentives based on operational and financial performance [3]

Group 1: Company Overview - Suzhou Tianmai Thermal Technology Co., Ltd. was established in 2007, initially focusing on thermal interface materials, which have high technical barriers in the mid-to-high-end product market [2] - The company has developed high thermal conductivity, low volatility, and low oil thermal silicone sheets, widely used in consumer electronics, security monitoring, automotive electronics, and communication equipment [2][3] Group 2: Product Development and Market Trends - Since 2010, the rapid development of consumer electronics, particularly smartphones and tablets, has increased the demand for thermal management solutions [2] - The company independently developed artificial synthetic graphite materials in 2012 to meet the growing thermal management needs in the consumer electronics sector [2] - The company has been investing in the research and development of heat pipes and uniform temperature plates since 2014 and 2017, despite initial market uncertainties [3] Group 3: Production and Expansion Plans - Current production bases are located in Suzhou, Zhejiang Shengzhou, and Bắc Ninh, Vietnam, with plans to purchase 100 acres for a new intelligent manufacturing base in Suzhou [3][4] - The new manufacturing project is expected to take time to implement and will not significantly impact the company's performance in the short term [3] Group 4: Investor Relations and Future Outlook - The company anticipates a revenue growth of approximately 10% for the year 2025, although this is subject to various uncertainties including market competition and operational management [4] - The company has implemented stock incentive plans for senior management and core employees prior to its IPO and plans to consider future stock incentive arrangements based on operational performance [3][4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company specializes in thermal management products and solutions, with a focus on research, production, and sales of thermal management materials and devices. Its products are widely used in consumer electronics, automotive electronics, and communication devices, with significant partnerships with major brands like Samsung, OPPO, and Huawei [4][5]. - In 2024, the company achieved a total revenue of 943 million yuan, representing a year-on-year growth of 1.62%, and a net profit attributable to shareholders of 185 million yuan, which is a 20.26% increase compared to the previous year [4][9]. - The company has developed a strong position in the high-end thermal interface materials market, successfully replacing foreign brands in certain segments due to its proprietary technology and long-term R&D investments [5]. - The growth of the company's graphite film business is supported by the booming consumer electronics market, which has increased the demand for heat dissipation materials [6]. - The company has proactively invested in the development of heat pipes and uniform temperature plates, which have become significant sources of revenue as the demand for high-performance consumer electronics rises [7][8]. Financial Projections - The company is projected to achieve revenues of 1.04 billion yuan in 2025, 1.25 billion yuan in 2026, and 1.50 billion yuan in 2027, with corresponding net profits of 205 million yuan, 247 million yuan, and 304 million yuan respectively [9][12]. - The report indicates that the current stock price corresponds to a price-to-earnings (P/E) ratio of 61 times for 2025, 51 times for 2026, and 41 times for 2027 [9].

在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特 点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风 险及本公司所披露的风险因素，审慎作出投资决定。 苏州天脉导热科技股份有限公司 Suzhou Tianmai Thermal Technology Co.,Ltd. （苏州市吴中区甪直镇汇凯路 68 号） 首次公开发行股票并在创业板上市 招股说明书 （上会稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。 保荐机构（主承销商） （广东省深圳市福田区福田街道福华一路 119 号安信金融大厦） 创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有 较高的投资风险。创业板公司具有创新投入大、新旧产业融合成功与否存 投资者应当以正式公告的招股说明书作为投资决定的依据。 苏州天脉导热科技股份有限公司招股说明书 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资 料不存在虚假记载、误导性陈述或重大遗漏，并承担相应的法律责任。 发行人控股股东、实际控制人承诺本招股说明书不存在虚 ...