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 正文 拆解四大卡脖子赛道的技术壁垒、产业链暗线与 2026 年投资的真命题 2026 年 Q1 ，国内某估值超千亿的通用大模型厂商，遭遇了成立以来最严重的一次算力危机：他们提前 6 个月锁定了晶圆厂产能、包下了华南某头部封测厂 3 条 Chiplet 专属产线、囤积了足额的 HBM3 内 存，计划一次性落地 2 万片国产高端 AI 芯片，支撑新一代大模型的训练与推理。 但最终，整个项目的交付周期拖了整整 4 个月，算力集群上线时间直接跳票 —— 卡脖子的不是芯片设 计、不是晶圆代工、不是 HBM ，而是 一张厚度不足 0.3mm 的 ABF 载板 。 绝大多数人对 AI 算力的认知，都停留在 " 芯片制程越先进，算力越强 " 的表层。但事实上，当硅基芯 片制程逼近 1nm 的物理极限，晶体管尺寸已经接近硅原子直径（ 0.22nm ），量子隧穿效应带来的漏 电、发热问题已经无法通过制程迭代解决。 行业公认的提升算力的四大核心路径 ——Chiplet 先进封装、液冷散热、硅光互联、存算一体，没有一 个能脱离底层材料的突 ...

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, with a target price of 229.76 CNY per share [6][16]. Core Views - The company's revenue for the first half of 2025 reached 386 million CNY, a year-on-year increase of 78.24%, while net profit attributable to shareholders was 31 million CNY, up 33.19% year-on-year [1][2]. - The growth in revenue is driven by the increasing demand for liquid cooling products due to the rising computational needs of data centers, alongside the expansion of production capacity from the company's investment projects [2][3]. - The company is focusing on advanced thermal management solutions, with significant revenue growth in its thermal management materials and devices segment, which achieved 342 million CNY in revenue, a 67.77% increase year-on-year [3][11]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 27.03%, an increase of 1.12 percentage points year-on-year, with stable expense ratios for sales, management, and R&D [2][12]. - The company expects revenues of 977 million CNY, 1.392 billion CNY, and 1.926 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 48.83%, 42.52%, and 38.36% [12][13]. Market Position and Growth Drivers - The demand for liquid cooling solutions is anticipated to rise significantly, particularly in AI data centers, which will enhance the company's order growth [3][16]. - The company is investing in new technologies, including graphene and synthetic graphite thermal interface materials, to strengthen its position in the thermal management market [3][11]. Valuation and Comparables - The report utilizes a price-to-sales (PS) valuation method, assigning a PS of 19 times for 2025, reflecting the expected growth in thermal management demand and the company's strong customer base [8][16]. - Comparables in the thermal management sector include Suzhou Tianmai and Yingweike, which have similar product offerings and market dynamics [16][19].