Summary of Dinglong Technology Conference Call Company Overview - **Company**: Dinglong Technology - **Industry**: Telecommunications and Automotive Key Points Financial Performance - **Gross Margin**: Increased to 31.8% in Q3 2025, up from 27.4% in Q2 2025, attributed to product structure adjustments and high margins on telecommunications products, particularly the 122G product [2][12] - **Net Profit**: Q3 net profit was 61 million yuan, slightly down from 63 million yuan in Q2, indicating stable profitability [3] Telecommunications Business - **122G Product**: Monthly demand rose from 1.3 million units in Q2 to 1.5 million units in Q3, with expectations for year-end stockpiling [2][4][7] - **56G Product**: Demand decreased from 200-300 thousand units to 70-80 thousand units monthly, but remains stable [4][7] - **24G Product**: Expected to begin mass production in 2026, currently contributing minimally to revenue [4][7] Automotive Business - **Revenue Contribution**: Automotive business revenue share decreased to 10% due to rising metal material prices and adjustments to unprofitable products [2][5] - **BMS Aluminum Busbar Project**: Automatic line received customer approval, with mass production expected in Q1 2026 [2][5] - **Cost Pressures**: Rising metal prices have increased costs, particularly affecting automotive modules [8] Liquid Cooling Products - **Current Status**: In customer validation phase, with mass production expected to start by year-end or Q1 2026 [2][6] - **Production Facilities**: A cleanroom has been established to meet customer requirements [6][13] Future Growth Expectations - **New Projects**: Anticipated revenue growth from liquid cooling and BMS projects starting in 2026 [9] - **Market Adaptation**: Plans to optimize telecommunications and automotive business structures to mitigate raw material price fluctuations [9] Automation Investments - **Investment in Automation**: Significant investments made in automation equipment, expected to enhance production efficiency and reduce labor costs by Q1 2026 [19] - **Production Capacity**: Automation will allow for 24-hour continuous production, reducing quality risks associated with manual labor [19] Competitive Landscape - **Liquid Cooling Competition**: Two forms of competition exist; bundled delivery of liquid cooling plates and connectors is favorable for the company, while separate deliveries could pose challenges [20] - **Product Layout**: Focus on dual-layer cooling and liquid cooling products, with potential expansion into other product lines [21][25] Regional Expansion - **Vietnam Investment**: Ongoing registration and land acquisition for a new facility in Vietnam, expected to complete construction by the end of 2026 and begin production in early 2027 [24] - **Client Partnerships**: Collaborations with companies like Amphenol and Luxshare are progressing, with potential for increased production capacity in Vietnam [27] Market Demand and Pricing - **224G Product**: Anticipated rapid demand growth in 2026, with a price increase of approximately 20% due to EMI shielding factors, maintaining a profit margin of 33-35% [4][17] - **Price Adjustments**: The company is prepared for potential price reductions in the 122G product, estimated at 2-3% in 2026 [22] Revenue Projections - **Automotive Connector and BMS Revenue**: Expected revenue of 200-300 million yuan from automotive connectors and BMS projects in 2026, with a focus on high and low voltage connectors [23] Quarterly Trends - **Q4 Shipment Trends**: Positive shipment trends observed, with October demand at approximately 1.5 million units, expected to increase by year-end [28] Conclusion - **Strategic Focus**: The company aims to maintain profitability and adapt to market changes while expanding its product offerings and production capabilities in both telecommunications and automotive sectors [29]

据证券之星公开数据整理，近期鼎通科技（688668）发布2025年中报。截至本报告期末，公司营业总收 入7.85亿元，同比上升73.51%，归母净利润1.15亿元，同比上升134.06%。按单季度数据看，第二季度 营业总收入4.06亿元，同比上升57.19%，第二季度归母净利润6250.07万元，同比上升101.16%。本报告 期鼎通科技应收账款上升，应收账款同比增幅达57.1%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率28.26%，同比增2.56%，净利率14.71%，同比增 34.89%，销售费用、管理费用、财务费用总计4810.94万元，三费占营收比6.13%，同比减24.71%，每股 净资产13.4元，同比增7.23%，每股经营性现金流0.13元，同比增656.98%，每股收益0.83元，同比增 130.56% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.52亿 | 7.85亿 | 73.51% | | 归母净利润(元) | 4930.28万 | 1.15 Z | 134.06% | | ...