AIDC+AI PCB 设备板块全梳理 20250824 摘要 冰轮环境 2024 年总收入 66 亿元，子公司盾汉布什贡献 22 亿元，其中 AI 相关收入 6 亿元，利润率约 15%。2025 年上半年 AI 相关收入达 5.6 亿元，净利润率 19%，预计全年 AI 相关收入 13 亿元，贡献利润 2.4 亿 元，占总利润约 30%。 预计 2026 年数据中心机柜出货量增长 50%，冰轮环境 AI 相关业务利 润或达 3.6 亿元。公司积极拓展冷却塔和换热器等产品线，预计 2026 年总利润达 9 亿元，其中 40%来自 AI 业务。目前公司市值约 140 亿， 估值偏低，合理估值应在 225 亿左右。 冰轮环境是欧美前五大特种空调公司，拥有 130 年历史，具备技术和全 球市场竞争优势。公司总产能 33 亿元，海外占比 60%。中国地区扩产 可承载非美国地区需求，美国和马来西亚工厂供应美国市场，具备较强 壁垒和发展空间。 联德股份二季度业绩同比大幅增长，预计三季度利润创新高，业绩迎来 拐点。公司从事高端铸件业务，年产能约 5.5 万吨，总产值 11-12 亿元。 客户关系紧密，供应链安全可靠。202 ...

Group 1: Investment Projects - The Zhengji Institute's green digital casting technology project in Mengzhuang Town has a total investment of 197 million yuan, aiming to produce 20,000 tons of high-end castings and 15,000 tons of precision castings annually upon completion by the end of May this year [1] - The project is part of a broader strategy in Huixian City to accelerate project construction and attract investments, focusing on key industries such as cultural tourism, high-end equipment manufacturing, and green food [1] - The JD Logistics (North Henan) smart logistics port project, with a total investment of 670 million yuan, is set to begin operations in June this year, covering an area of 189 acres and featuring multiple logistics centers [3] Group 2: Tourism and Economic Impact - During the May Day holiday, Huixian City received 1.9326 million tourists, a year-on-year increase of 4.15%, generating a total social benefit of 840 million yuan, up 5.2% from the previous year [2] - The opening of new immersive tourism projects, such as the 360-degree dome cinema and the glass water slide, has significantly enhanced visitor interaction and experience [2] - The Nine Peaks Mountain pumped storage power station project, with an investment exceeding 10 billion yuan, is expected to generate 2.52 billion kilowatt-hours of electricity annually, reducing carbon dioxide emissions by 688,500 tons each year [2]