根据艾为电子的公告，公司自主研发的超低功耗高压180Vpp压电微泵液冷驱动产品已完成多家客户验 证测试，计划于2025年第四季度实现批量量产。 艾为电子证券部相关人员对《科创板日报》表示，该产品在今年6月份已经完成客户的验证。预计在年 底（Q4）客户会有拉货动作或应用于新机型，但目前暂未出现新进展。 虽然市场上传言Mate80可能提前发布并采用液冷解决方案，但艾为电子表示并未掌握额外信息。 OPPO已经把"自带风扇"的主动散热系统引入中端产品，还有华为等多家厂商在测试评估 中。 近日有消息称，华为Mate80系列或将搭载主动散热风扇+微泵液冷双轨方案。《科创板日报》从产业链 人士了解到，华为确实在开展相关探索，但是否搭载在mate80上仍存在不确定性。 《科创板日报》记者还了解到，目前主动散热风扇并不止一家手机厂商在测试。其中，OPPO K13Turbo 系列已经把"自带风扇"的主动散热系统引入中端产品。除了OPPO外，还有多家厂商在测试评估中。 在液冷技术方面，华为在Mate60时期就已推出了微泵液冷手机壳。不少安卓旗舰机型还采用了VC液冷 散热技术。据媒体报道，iPhone17 Pro系列散热系统或也将首 ...

Investment Highlights - Aiwai Electronics (688798) has received a "Buy" rating from Zhongyou Securities, highlighting its diverse product offerings that cater to various AI device needs [1] - The company provides high-performance audio solutions, mature Aiwai lighting products, comprehensive haptic feedback solutions, high-performance mixed chips, power management, and signal chain IC products [1] - The latest AI smart glasses from Xiaomi utilize Aiwai's high-performance DSP digital SmartK audio amplifier, which enhances speaker amplitude by 20% and low-frequency response by 3dB, significantly improving loudness and immersion [1] New Product Launch - Aiwai Electronics has launched a new low-power high-voltage 180Vpp piezoelectric micro-pump liquid cooling driver, which is expected to address performance bottlenecks in computing chips and ultra-thin terminals [2] - This product features active temperature control and is capable of achieving over three times the cooling efficiency compared to passive solutions [2] - The micro-pump has already undergone validation testing with multiple clients and is anticipated to enter mass production in Q4 of this year [2] Financial Projections - The company forecasts revenues of 3.54 billion, 4.27 billion, and 5.12 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 410 million, 580 million, and 750 million yuan for the same years [3] - The "Buy" rating is maintained based on these projections [3] Analyst Coverage - Recent reports indicate that 10 institutions have rated Aiwai Electronics as a "Buy" in the last 90 days, with an average target price of 82.83 yuan [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company offers a range of products that support various forms of AI devices, addressing customer demands in the AI product market. Key products include high-performance audio solutions, mature AI lighting products, comprehensive haptic feedback solutions, high-performance mixed-signal chips, power management, and signal chain IC products. Notably, the audio component of Xiaomi's latest AI smart glasses utilizes the company's high-performance DSP digital SmartK audio amplifier, which enhances sound quality significantly [4] - The company has launched a new piezoelectric micro-pump liquid cooling driver, which is expected to open new growth opportunities in industrial interconnection and consumer electronics. This product boasts a cooling efficiency that is over three times better than passive solutions and is anticipated to enter mass production in the fourth quarter of this year [5] Financial Projections - The projected revenues for the company are as follows: 3.54 billion yuan in 2025, 4.27 billion yuan in 2026, and 5.12 billion yuan in 2027. The net profit attributable to the parent company is expected to be 410 million yuan in 2025, 579 million yuan in 2026, and 748 million yuan in 2027, maintaining a "Buy" rating [6] - The company's revenue growth rates are projected at 15.88% for 2024, 20.77% for 2025, 20.53% for 2026, and 20.02% for 2027. The net profit growth rates are forecasted at 399.68% for 2024, 60.93% for 2025, 41.04% for 2026, and 29.34% for 2027 [8][10]

Group 1 - Dongfang Shenghong's controlling shareholder plans to increase its stake by 500 million to 1 billion yuan within six months [1] - Aiwei Electronics is set to mass-produce a low-power high-voltage piezoelectric micro-pump liquid cooling product, marking a breakthrough in domestic chip technology [1] - *ST Jiuyou received a decision from the Shanghai Stock Exchange to terminate its stock listing, which will transition to the national SME share transfer system [2] Group 2 - Hangzhou Garden plans to invest up to 450 million yuan to build a smart ecological design R&D headquarters [2] - Tiancheng Self-Control intends to invest 20 million yuan to establish a subsidiary [3] - Leidi Ke is acquiring a 30% stake in a partnership fund for 40 million yuan, indirectly holding 20% equity in Beifang Machinery [5] Group 3 - Jiangbolong's subsidiary signed a memorandum of cooperation with Sandisk to develop customized UFS products for the mobile and IoT markets [6] - Tongda Co. announced plans for its directors and executives to reduce their holdings by a total of 0.029% [7] - Yinlun Co.'s subsidiary completed the counseling acceptance for its public offering and listing on the Beijing Stock Exchange [8] Group 4 - Hongli Zhihui's controlling shareholder obtained a special loan of up to 45 million yuan for stock buyback [9] - Fengshan Group's shareholders plan to reduce their holdings by a total of 983,000 shares [11] - Kuai Ke Electronics' shareholder plans to reduce their holdings by up to 2% [13] Group 5 - Zhongdian Xinlong's director plans to reduce their holdings by up to 0.81% [15] - Maihe Co.'s shareholder intends to reduce their holdings by up to 1.5% [17] - Yuandao Communication's shareholder plans to reduce their holdings by up to 1.01% [19] Group 6 - Muyuan Co. submitted its H-share issuance application to the China Securities Regulatory Commission [21] - Jiechuang Intelligent won a police equipment procurement project worth 11.2362 million yuan [21] - Chongqing Steel signed an asset transfer contract worth 1.081 billion yuan with the Heavy Steel Group [22]