Core Viewpoint - The company is actively expanding its business in the liquid cooling server sector, indicating progress in entering the AI computing cooling market, which may benefit from the growing demand for computing power and the trend towards liquid cooling technology [1] Group 1: Business Development - The company is focusing on liquid cooling servers, with products such as valves, pumps, and heat exchangers being suitable for this application [1] - The technology of the company's products shows homogeneity, and it is continuously promoting cooperation with enterprises related to liquid cooling [1] Group 2: Stock Performance - Over the past 7 days (February 7 to 13, 2026), the company's A-share stock price has shown a fluctuating upward trend, with a cumulative increase of 4.62% [2] - On February 13, the stock closed at 53.48 yuan, rising by 1.54% in a single day, with a trading volume of 6.977 billion yuan and a turnover rate of 3.55% [2] - The stock experienced significant volatility, reaching a daily high of 53.90 yuan, indicating high market attention [2] Group 3: Financial Performance - The company's 2025 earnings forecast indicates an expected net profit attributable to shareholders of 3.874 billion to 4.649 billion yuan, representing a year-on-year growth of 25% to 50% [3] - This growth is primarily driven by the synergistic increase in the refrigeration and air conditioning components and automotive thermal management businesses [3]

Core Viewpoint - The company is actively expanding its business in the liquid cooling server sector and is continuously promoting cooperation with related enterprises [1] Group 1 - The company's products, including valves, pumps, heat exchangers, and related components, can be utilized in liquid cooling server applications [1] - The technology of the company's products exhibits a certain degree of homogeneity, which is beneficial for their application in the liquid cooling sector [1]

| 辅导对象 | 宁波佳音机电科技股份有限公司 | | | | --- | --- | --- | --- | | 成立日期 | 2001 年 12月 12日 | | | | 注册资本 | 人民币 4.150.00 万元 | 法定代表人 | 鲁定尧 | | 注册地址 | 浙江省宁波市余姚市兰江街道兴雁路 66号 | | | | 控股股东及持 股比例 | 鲁定尧持股 53.98% | | | | 行业分类 | "C制造业"之"C3857 家 | 在其他交易场所 (申请) 挂牌或 | 公司已在全国中小企业 股份转让系统挂牌,股票 | | | 用电力器具专用配件制造" | 上市的情况 | 代码 874629 | | 各注 | 无 | | | 瑞财经 王敏 1月22日，宁波佳音机电科技股份有限公司（以下简称"佳音科技"）在宁波监管局启动IPO辅导，拟北交所上市，辅导机构为 广发证券。 佳音科技于2001年成立，专业从事研发、制造及销售各泵、阀以及传感器等流体控制系统核心零部件，可广泛应用于智能家电、汽车、医 疗、新能源等行业。 2024年，佳音科技营业收入8.08亿元，同比增长51.16%；归属于挂牌公司股东的净利润 ...

Group 1 - The company forecasts a significant increase in net profit for 2025, estimating a range of 3.87 to 4.65 billion yuan, representing a year-on-year growth of 25% to 50% [1] - The traditional refrigeration business shows strong performance with a revenue increase of 25.5% in the first half of 2025, driven by global low-carbon policies and growing demand for cooling components [1] - The automotive parts business is recovering, with revenue of 5.87 billion yuan in the first half of 2025, reflecting an 8.8% year-on-year growth, supported by improved production and sales from major client Tesla [1] Group 2 - The company has established a dedicated humanoid robot division and built a production base in Thailand to meet Tesla's mass production needs, expecting significant revenue contributions starting in 2026 [2] - Revenue projections for the company from 2025 to 2027 are estimated at 32.26 billion, 37.13 billion, and 44.12 billion yuan, with net profits of 4.24 billion, 5.12 billion, and 6.03 billion yuan respectively [2] - The company is rated as "buy" with corresponding price-to-earnings ratios of 54, 45, and 38 for the years 2025 to 2027 [2]

Core Viewpoint - Traditional refrigeration and automotive thermal management are synergistically driving the performance of Sanhua Intelligent Controls, with a projected net profit increase of 25% to 50% for 2025 [1] Group 1: Financial Performance - The company is expected to achieve a net profit attributable to shareholders of 3.87 to 4.65 billion yuan, representing a year-on-year growth of 25% to 50% [1] - The traditional refrigeration business showed strong performance, with a year-on-year growth of 25.5% in the first half of 2025 [1] Group 2: Market Drivers - Global government policies promoting low-carbon and energy-saving initiatives are accelerating the green transformation of the economy, leading to increased demand for refrigeration and air conditioning control components in overseas markets [1] - The demand for liquid cooling systems in data centers has surged, driven by AI computing power, with the company supplying key components such as valves, pumps, and heat exchangers [1] Group 3: Business Segments - The automotive parts business is recovering rapidly, with an optimized customer structure [1] - The strategic position of humanoid robots is clearly defined, with production capacity in place awaiting future growth [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 3.87 billion to 4.65 billion yuan in 2025, representing a year-on-year growth of 25% to 50%. The non-recurring net profit is projected to be between 3.68 billion to 4.61 billion yuan, with a year-on-year increase of 18% to 48% [1]. - The traditional refrigeration business has shown strong performance, with a revenue increase of 25.5% year-on-year in the first half of 2025, driven by global low-carbon policies and increased demand for cooling components in data centers [1]. - The automotive parts business is recovering, with a revenue of 5.87 billion yuan in the first half of 2025, reflecting an 8.8% year-on-year growth, supported by improved production and sales from major client Tesla [2]. - The company is strategically positioned in the humanoid robot sector, being a key supplier for Tesla's humanoid robot actuators, with plans to contribute significant revenue starting in 2026 [2]. Financial Summary - The company forecasts revenues of 32.26 billion yuan, 37.13 billion yuan, and 44.12 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.24 billion yuan, 5.12 billion yuan, and 6.03 billion yuan for the same years [2]. - The projected PE ratios for 2025, 2026, and 2027 are 54, 45, and 38 times respectively, indicating a premium valuation compared to historical averages [2]. - The company’s gross margin is expected to be around 28% in 2025, reflecting a slight improvement from previous years [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][7][11] Core Insights - The company is seizing opportunities in the semiconductor localization trend, actively expanding its layout in semiconductor equipment and component markets. The company achieved revenue of 2.255 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.31%. However, overseas business experienced a decline due to macroeconomic factors [5][11] - The company plans to invest 2 billion yuan in a semiconductor core component project in Kunshan, which is expected to generate an annual output value of over 1.5 billion yuan upon reaching full production [6][11] - Revenue projections for the company are 3.019 billion yuan, 3.434 billion yuan, and 3.953 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 192 million yuan, 258 million yuan, and 357 million yuan for the same years [7][10] Company Overview - The latest closing price of the company is 52.72 yuan, with a total market capitalization of 21.5 billion yuan and a circulating market value of 15.2 billion yuan. The company has a total share capital of 408 million shares, with 288 million shares in circulation [4][11] - The company has a debt-to-asset ratio of 61.5% and a price-to-earnings ratio of 94.14 [4][11]

Core Insights - The company reported a revenue of 24.03 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.9%, with a net profit attributable to shareholders of 3.24 billion yuan, up 40.9% [1] - In Q3 2025, the company achieved a revenue of 7.77 billion yuan, a 12.8% increase year-on-year, and a net profit of 1.132 billion yuan, reflecting a 43.8% growth [1] Business Segments - **Refrigeration Components**: The growth is driven by global low-carbon energy policies and expanding overseas demand, with expectations for stable growth in air conditioning component exports. The company is increasing investments to meet future product demand changes [1] - **Automotive Parts**: The company has improved its operational status by adjusting the pace of previous personnel and equipment investments [1] - **Robotics**: The establishment of a robotics division in 2025 and ongoing construction of overseas production bases are expected to support future capacity expansion [1] Financial Performance - The gross margin for Q3 2025 was 28.0%, a slight decrease of 0.1 percentage points, while the period expense ratio improved to 12.1%, down 3.7 percentage points [2] - The net profit margin increased to 14.8%, up 3.2 percentage points, and the net profit attributable to shareholders margin rose to 14.6%, an increase of 3.1 percentage points [2] - The company implemented cost-reduction measures under the "精兵强将" initiative, which has led to improved efficiency and profitability, indicating a positive trend that is expected to continue [2] Investment Outlook - The company is diversifying its business, with strong growth in the home appliance sector and benefits from the rapid development of the liquid cooling industry. The automotive parts business is expanding its customer base and global orders [2] - Future growth is anticipated in new business areas such as energy storage and robotics, which will contribute to a diversified growth trajectory [2] - The projected net profits for 2025-2027 are 4.28 billion, 4.94 billion, and 5.79 billion yuan, respectively, with corresponding price-to-earnings ratios of 45.8x, 39.7x, and 33.9x [2]

Summary of the Conference Call for 富创精密 Company Overview - **Company**: 富创精密 (Fuchuang Precision) - **Industry**: Semiconductor components and gas transmission systems Key Points and Arguments Financial Performance - In the first three quarters of 2025, 富创精密 achieved significant revenue growth, with quarterly revenue surpassing 1 billion RMB, a year-on-year increase of 24% [3] - Cumulative revenue from January to September increased by 18% year-on-year [3] - Gross margin has declined due to increased orders from Shenzhen clients, which have lower margins, and a shift in product structure where gas products rose from 28% to 44% of total sales, with gas cabinets accounting for 80% of the gas business [3][4] Strategic Focus - The company is shifting its strategic focus towards advanced processes, collaborating with key domestic clients to develop products, moving from an OEM model to participating in R&D [2][5] - Aiming to maintain revenue share while preserving gross margins, the company is committed to growing alongside its Shenzhen clients [5] Profit Outlook - Profit is expected to improve in 2026, with a potential profit inflection point around 2030, driven by national advanced process projects and a reduction in operating expenses [2][6] - The company is actively working on cost optimization, with a notable decrease in period expenses, including a one-time consulting fee of 30 million RMB and inventory write-downs exceeding 90 million RMB [6] Investment in 康帕 - 富创精密 holds a 26% stake in 康帕, which has not yet been consolidated into financial reports, but business synergies are already evident [2][7] - 康帕, a major gas transmission system supplier, has optimized gas cabinet costs, contributing to a 3% improvement in cost optimization in Q3 [7] Core Component Business - The core component business, including engine disks and heating disks, is progressing rapidly in terms of orders and mass production, laying a foundation for future profitability [2][8] - The company is adopting a major client strategy, providing one-stop services tailored to client needs, which differs from competitors [8] Production Capacity and International Expansion - The company is expanding production capacity in Beijing, Nantong, and internationally to meet future market demand [12] - The new Singapore factory has secured two overseas clients but is currently operating at high costs, expected to break even by 2026 [14] Depreciation Trends - Fixed assets are projected to peak at 400 million RMB by the end of 2025, with depreciation rates expected to gradually decline starting in 2026 [15][16] M&A Strategy - The company emphasizes the importance of a robust management model for scaling in the semiconductor component industry, with a focus on acquiring companies with strong profitability [17] Additional Important Insights - The transition to 3D NAND storage technology is increasing demands for components, leading to significant market growth opportunities [11] - The company is actively involved in joint development with clients to meet advanced process requirements, focusing on collaborative solutions rather than traditional sales relationships [10]

Summary of Hangyang Co., Ltd. Conference Call Company Overview - **Company**: Hangyang Co., Ltd. - **Industry**: Gas and Equipment Manufacturing Key Financial Performance - **Revenue**: 114.28 billion CNY for the first three quarters, a year-on-year increase of 10.39% [2][3] - **Net Profit**: 7.57 billion CNY, up 12.14% year-on-year [2][3] - **Operating Cash Flow**: 19.47 billion CNY, a significant increase of 140.03% year-on-year, indicating strong profitability and cash flow [2][3] Margin Analysis - **Manufacturing Gross Margin**: Decreased by 0.9 percentage points in Q3 2025 [4] - **Gas Business Gross Margin**: Increased by 2.5 percentage points year-on-year, with an overall average gross margin increase of 1.64 percentage points [4] - **Liquid Nitrogen and Liquid Argon Prices**: Prices increased year-on-year but showed a cumulative decline, contributing to the gas business margin improvement [7] Strategic Developments - **Helium Business**: Collaboration with the Amur project in Russia is expected to yield an annual helium output of 1.5 to 2 million cubic meters, with further cooperation being sought [2][8] - **Nuclear Fusion Sector**: Hangyang is providing key equipment such as turbines and valves, having won multiple bids and established a public relations team to promote development [2][9][10] - **New Orders**: As of September 2025, new orders reached 80% of last year's total, primarily from coal chemical projects in the western region [2][12] Market Expansion - **Overseas Market**: Revenue from overseas markets was approximately 300 million CNY in Q3, with a focus on expanding into Southeast Asia [6][23] - **Future Order Goals**: Targeting 60 billion CNY in new orders for 2026, with an increased focus on international markets [4][24] Challenges and Opportunities - **Domestic Market**: Limited new projects in steel and chemical industries may impact growth; however, low-carbon and underground pipeline renovation opportunities are being explored [22][24] - **Retail Gas Pricing**: Retail gas prices are stabilizing but face downward pressure, particularly on argon and oxygen prices [25] Conclusion Hangyang Co., Ltd. is demonstrating solid financial performance with growth in revenue and net profit, while strategically expanding its gas and equipment offerings in both domestic and international markets. The company is focusing on enhancing its product development in the nuclear fusion sector and exploring new opportunities in the helium market. However, challenges in the domestic market and pricing pressures in retail gas remain areas to monitor.