2026 年 02 月 26 日 ▌精密制造领先企业，聚焦三大业务领域 公司成立于 2001 年，是一家精密零组件制造及研发企业，产 品涵盖电子连接器、结构件、镶嵌注塑集成件等，聚焦新能 源汽车电装系统、智能终端及消费电子领域，为行业高端客 户提供定制化系统解决方案，2025 年上半年汽车电子营收占 比 52.32%，贡献公司大部分营收。深耕精密模具和精密零部 件制造领域 20 余年，公司积累了众多优质全球客户，包括 Vantiva、Sagemcom、Verizon、兰吉尔、和硕、启碁、天 弘、柯尼卡美能达、索尼等。2025 年前三季度公司实现营收 13.28 亿元（同比-10.13%），实现归母净利润 1.19 亿元 （同比-38.42%），静待业绩拐点出现。 ▌产品和产能持续拓展，为业绩增长奠定基础 精密制造领先企业，液冷和机器人业务新增看点 —兴瑞科技（002937.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：任春阳 S1050521110006 rency@cfsc.com.cn | 基本数据 | 2 0 2 6-0 2-2 6 | | --- | --- | | 当前股价（元） | 26 ...

2026 年 02 月 26 日 精密制造领先企业，液冷和机器人业务新增看点 —兴瑞科技（002937.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：任春阳 S1050521110006 rency@cfsc.com.cn | 基本数据 | 2 0 2 6-0 2-2 6 | | --- | --- | | 当前股价（元） | 26.2 | | 总市值（亿元） | 78 | | 总股本（百万股） | 298 | | 流通股本（百万股） | 297 | | 52 周价格范围（元） | 15.17-26.2 | | 日均成交额（百万元） | 147.05 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -30 -20 -10 0 10 20 30 (%) 兴瑞科技 沪深300 相关研究 ▌精密制造领先企业，聚焦三大业务领域 公司成立于 2001 年，是一家精密零组件制造及研发企业，产 品涵盖电子连接器、结构件、镶嵌注塑集成件等，聚焦新能 源汽车电装系统、智能终端及消费电子领域，为行业高端客 户提供定制化系统解决方案，2025 年上半年汽车电子营收占 比 52.32%，贡献公司大部分营收。深耕精密 ...

Summary of Xingrui Technology Conference Call Company Overview - Xingrui Technology specializes in electronic connectors, structural components, and embedded injection molding integrated parts, with applications in automotive electronics, smart terminals, and consumer electronics, particularly in the rapidly growing new energy vehicle (NEV) sector, where NEV revenue exceeds 80% of automotive electronics revenue [2][6] Core Insights and Arguments - The company has partnered with Panasonic since 2018 to enter the NEV sector, expanding its product line from battery-related components to electronic control systems and intelligent driving technologies, with clients including CATL and CRRC [2][6] - Xingrui Technology is actively expanding its international presence, establishing production bases in Vietnam and Indonesia, with a new base in Thailand under construction. The revenue share from outside mainland China is projected to increase from 46% in 2021 to 56% by mid-2025 [2][4] - The demand for AI computing power is driving significant growth in the liquid cooling server market. Xingrui Technology is developing liquid cooling server products, including structural components, quick connectors, and cold plates for CPUs, in collaboration with Green Cloud [2][7] Financial Projections - Revenue forecasts for the company are as follows: - 2025: 1.81 billion RMB - 2026: 2.289 billion RMB - 2027: 2.727 billion RMB - Corresponding net profits are projected to be: - 2025: 166 million RMB - 2026: 209 million RMB - 2027: 265 million RMB - The expected price-to-earnings ratios are 44.6, 35.37, and 27.5 for the respective years [2][8] Additional Important Information - The company has over 20 years of experience in precision manufacturing, with capabilities in mold design, manufacturing, stamping, injection molding, machining, and surface treatment [4] - The chairman, Zhang Zhongliang, has over 30 years of experience in the structural component industry, indicating strong leadership in the sector [4] - The company’s product applications span various fields, including automotive electronics, smart terminals, and consumer electronics, with specific products for NEVs, smart set-top boxes, and data servers [5][6]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [4]. Core Insights - The company is expanding its new energy business and entering new fields such as liquid cooling servers, which is expected to drive future revenue growth [8][29]. - The company has a strong focus on precision components, with significant revenue contributions from automotive electronics, which accounted for 52% of total revenue in the first half of 2025 [8][20]. - The company has established partnerships with various clients, including Panasonic and Nidec, and is diversifying its product offerings in the new energy sector [29][33]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in precision component manufacturing, with a global customer base [12]. - It has expanded its operations internationally, with revenue from outside mainland China increasing from 46% in 2021 to 56% in the first half of 2025 [12][16]. 2. Business Segments - The company’s products are primarily used in three sectors: automotive electronics, smart terminals, and consumer electronics [20]. - Automotive electronics have become the largest revenue contributor, with a significant increase in revenue share from 32% in 2021 to 52% in 2025 [20][24]. 3. Financial Performance - The company experienced a revenue decline of 10% year-on-year in the first three quarters of 2025, with total revenue reaching 1.328 billion yuan [24][27]. - The net profit attributable to shareholders decreased by 38% year-on-year to 119 million yuan during the same period [27][28]. 4. New Energy Business Development - The company has been actively developing its new energy vehicle business since 2018, collaborating with Panasonic to enhance its product offerings [29]. - It has successfully expanded its product range to include precision components for electric control systems and has entered the lidar and millimeter-wave radar markets [29][33]. 5. Liquid Cooling and Server Structure Components - The company is leveraging the rapid growth of the liquid cooling market, with expectations of significant revenue contributions from this segment [35][36]. - Collaborations with companies like Green Cloud are underway to develop liquid cooling server technologies [37]. 6. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 18.1 billion, 22.9 billion, and 27.3 billion yuan, respectively, with corresponding net profits of 1.66 billion, 2.09 billion, and 2.69 billion yuan [3][45]. - The company’s PE ratios for the same period are forecasted to be 44.60, 35.37, and 27.48, indicating a favorable valuation compared to peers [46].

Group 1 - Company signed a strategic cooperation framework agreement with Shenzhen Green Cloud Technology Co., Ltd. to develop liquid cooling server products and technology [1] - Green Cloud Technology is a subsidiary of NetEase Technology and specializes in providing green data center solutions based on immersion liquid cooling technology [1][2] - The cooperation focuses on three main areas: product processing, joint technology research and development, and resource sharing [2] Group 2 - In product processing, Green Cloud will prioritize entrusting the manufacturing of integrated systems and related equipment to the company under equal business conditions [2] - Joint R&D will target cutting-edge technologies in liquid cooling servers, with both parties determining research directions and projects together [2] - Resource sharing will involve Green Cloud providing experimental support and the company offering mold development services to assist in new product testing [2] Group 3 - The company specializes in precision component manufacturing and R&D, with products used in electric vehicle systems, smart terminals, and consumer electronics [3] - In 2024, the company's automotive electronics and new energy vehicle business achieved sales revenue of 1.041 billion yuan, with over 80% from new energy vehicles, showing a growth rate of over 10% [3] - The company has completed capacity planning in multiple domestic locations and is expanding overseas in Thailand, Vietnam, and Indonesia, while strengthening market presence in Europe and North America [3] Group 4 - The company aims to focus on opportunities in computing servers and robotics, actively seeking external development opportunities based on industry insights [3]

Company Overview - Ningbo Xingsui Electronic Technology Co., Ltd. specializes in precision component manufacturing and R&D, focusing on electronic connectors, structural parts, and integrated injection molding components for high-end clients in the new energy vehicle, smart terminal, and consumer electronics sectors [3][4]. Financial Performance - In 2024, the company achieved a total revenue of CNY 1.902 billion, with a net profit attributable to shareholders of CNY 229 million, resulting in a weighted average return on equity of 14.74% [4]. - For Q1 2025, the company reported revenue of CNY 420 million and a net profit of CNY 40.17 million, reflecting a quarter-on-quarter growth of 11% [4]. Business Segments Automotive Electronics - Revenue from automotive electronics reached CNY 1.041 billion, accounting for 54.75% of total revenue, with a year-on-year growth of 3.61% [5]. - The new energy vehicle segment constitutes over 80% of automotive electronics revenue, with a growth rate exceeding 10% [5]. Smart Terminals - The smart terminal segment generated CNY 441 million, representing 23.17% of total revenue [7]. - The company has established stable partnerships with major clients, leading to a doubling of new mold development for 2024 [7]. Consumer Electronics - Revenue from consumer electronics was CNY 127 million, making up 6.66% of total revenue, with a year-on-year growth of 12.25% [8]. - The server business within this segment accounts for 30%-40% of consumer electronics revenue, with a growth rate exceeding 60% [8]. Production Capacity and Expansion - The company has initiated the construction of a new production base in Thailand and expanded its facilities in Suzhou, enhancing overall manufacturing capabilities [4][8]. - The Ningbo Cixi new energy vehicle parts industrial base has been launched, focusing on smart manufacturing and quality control improvements [4]. Strategic Outlook - The company aims to deepen its international client base and expand its domestic market presence, focusing on high-value applications in the automotive sector [6]. - Plans for 2025 include a revenue and net profit growth target of 15%-40% [13]. Shareholder Engagement - The company plans to repurchase shares with a budget between CNY 60 million and CNY 120 million, pending shareholder approval [11]. - Cumulative dividends since 2018 amount to approximately CNY 376.11 million, with a proposed cash dividend of CNY 3 per 10 shares for 2024 [12]. Impact of Tariffs - Direct exports to the U.S. account for only about 1% of total revenue, minimizing the impact of U.S. tariffs on the company's operations [9][10].