2025 年 7 月 25 日 行业研究/行业深度分析 资料来源：最闻 【山证汽车零部件Ⅱ】国标应用元年即 将启动，汽车安全等级提升为自动驾驶 保驾护航 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 汽车零部件板块近一年市场表现 邮箱：jiaguochen@sxzq.com 汽车零部件 算力设备系列：热管理设备（一） 领先大市-A(维持) 以"摩丁制造"为鉴，看汽零热管理企业拓展路径 投资要点： 摩丁制造是全球领先的热管理解决方案提供商。公司成立于 1916 年， 2024 财年营收 24.08 亿美元、调整后的 EBITDA 3.14 亿美元，在全球有 11000 余名员工。公司提供热交换技术、液冷系统和高效热管理解决方案，应用于 数据中心、汽车、建筑、能源、电动车等领域。 首选股票 评级 2020 年以来，摩丁制造成功的从汽车热管理零部件公司转型为汽车、工 业、数据中心多领域的综合热管理公司。疫情冲击及中国竞争对手崛起，摩 丁制造 2020~2021 财年业绩承压，出现了营收下滑、利润亏损的情况。公司 通过实施"80/20 战略"，集中资源发展高增长、高 ...

飞龙股份 20250724 摘要 飞龙股份自 2024 年 10 月成立价值分析工程（VVE），通过内部降本 在机械水泵、排气管和涡轮增压器等产品上取得显著成效，提升了盈利 能力。 公司预计下半年收入端将改善，出口业务新项目逐步补上，新能源车端 集成模块产品订单量大，正全力保生产保供，每月订单创新高，飞车业 务海外拓展顺利也将推动收入增长。 飞龙股份在液冷泵业务方面表现出色，是国内市场的领导者，并已实现 海外突破。积极布局 PC 液冷市场，预计从中获得数亿利润，并首次披 露与整车厂客户合作开发机器人业务。 公司预计未来三到五年内汽车主业利润可达 5 亿元以上，液冷泵、PC 液 冷等新兴赛道及机器人业务的发展潜力，总体利润空间预计超过 10 亿 元，股价有望迎来戴维斯双击。 海外市场主要集中在台湾地区和美国，台湾业务受大陆客户影响大，出 口美国需 UL 认证预计 8 月 25 日完成，非 UL 认证的 NV 需求订单陆续 发出，下半年海外市场形势乐观。 Q&A 飞龙股份在 2025 年上半年实现了增利不增收的情况，具体原因是什么？展望 下半年，收入端是否会有所改善？ 2025 年上半年飞龙股份实现了增利不增收的 ...

Summary of AAON (AAON) 2025 Investor Day Company Overview - **Company**: AAON - **Industry**: HVAC (Heating, Ventilation, and Air Conditioning) - **Event**: 2025 Investor Day held on June 10, 2025 Key Points and Arguments Company Growth and Strategy - AAON has evolved significantly since its founding in 1988, growing from 160,000 square feet of manufacturing space to 4,000,000 square feet across five locations [12][14] - The company reported $1.2 billion in revenue last year, with a backlog of $1 billion at the end of Q1 [16] - AAON operates under two brands: Aon and Basics, each with distinct market focuses but sharing a common innovation mindset [15][27] Innovation and Market Position - Innovation is central to AAON's strategy, with a focus on redefining HVAC solutions rather than merely following industry trends [6][21] - The company aims to provide semi-custom and custom solutions, positioning itself as a solutions provider rather than just a product manufacturer [10][11] - AAON's engineering team is noted for its capability to anticipate and define industry trends, supported by advanced testing facilities [22] Market Segmentation and Brand Strategy - The Aon brand focuses on non-residential commercial HVAC markets, while the Basics brand targets data centers and mission-critical applications [27] - Revenue breakdown shows approximately 75% from the Aon brand and 25% from the Basics brand, with expectations for a more balanced split in the future [28] - The Basics brand is expected to grow significantly due to increasing demand in the data center space, driven by cloud computing and AI [32][34] Financial Performance and Projections - AAON anticipates mid-single-digit growth for the Aon brand and 40% growth for the Basics brand over the next three years, with a target of 12.5% overall organic growth [70] - The company has reset its margin expectations, aiming for a floor of 30% and achieving 33% in 2024 [69][71] - The refrigerant transition has caused temporary disruptions, but AAON is positioned to capitalize on market opportunities as these challenges subside [49][50] Operational Efficiency - AAON emphasizes operational improvements and investments in efficiency to enhance its margin profile [17][59] - The company has added approximately 1,000,000 square feet of capacity in recent years, equating to the combined capacity of its top three peers [64] - Strategic investments are being made to support both brands and ensure the manufacturing footprint can meet future demand [61][66] Industry Trends and Challenges - The HVAC industry is facing challenges such as decarbonization and regulatory changes, which AAON is addressing through innovative product offerings [39][40] - The company is well-positioned to benefit from secular trends in the HVAC market, including the shift towards heat pumps and energy-efficient solutions [42][43] Additional Important Content - AAON's culture emphasizes collaboration and innovation, with a focus on understanding customer needs and providing tailored solutions [80][82] - The company has a strong sales force and is committed to maintaining its competitive edge through continuous product development [84] - AAON's leadership team has a long history with the company, fostering a strong sense of commitment and family within the organization [86]

日本COSMO石油千叶炼油厂2号常压蒸馏装置意外停机 智通财经5月29日电，日本COSMO石油公司表示，其位于千叶的炼油厂2号常压蒸馏装置（CDU）意外 停机。 该装置日处理能力为10.2万桶。 ...

Summary of Jabil (JBL) FY Conference Call - May 13, 2025 Company Overview - **Company**: Jabil (JBL) - **Industry**: Electronics Manufacturing Services (EMS) Key Points and Arguments Macro Economic Concerns - There is a sense of relief among customers regarding recession fears, with the administration's efforts seen as effective in preventing a significant downturn [3][5][6] - Jabil's diversified portfolio across various end markets, including healthcare and digital commerce, positions the company well to manage through economic fluctuations [4][5] Supply Chain and Tariff Management - Jabil has regionalized its supply chain, producing in-country for local consumption, which mitigates risks associated with tariff volatility [7][8] - The company is not currently seeing significant shifts in business due to tariffs, as customers are cautious about the costs and risks of relocating operations [8] Capacity and Geographic Flexibility - Approximately 35% to 40% of Jabil's capacity is located in the Americas, with current utilization around 75-80%, indicating room for growth [16][18] - The company has recently opened a facility in St. Petersburg, Florida, and has the capability to expand in the U.S. and Mexico as needed [16][18] Margin Improvement Strategies - Jabil aims to increase its margin from 5.4% to 6% or 6.5% in the near future, driven by portfolio diversification, vertical integration, and operational efficiencies [22][23][24] - The company is focusing on higher-margin businesses and has made tuck-in acquisitions to enhance its service offerings [24][25] Growth in Cloud and Data Center Infrastructure - Jabil has increased its revenue guidance for the second half of the fiscal year by $1 billion, driven by strong demand from hyperscale customers and capital equipment business [28] - The company is confident in continued spending from cloud customers, viewing it as an "arms race" among hyperscalers [28][29] Automotive Sector Challenges - The automotive segment faces headwinds from tariffs and reduced demand for electric vehicles (EVs), but Jabil is diversifying its customer base and product offerings to mitigate risks [44][45] - The company has added new OEM customers in China, which is expected to provide growth opportunities in the EV space [46][48] Healthcare Market Opportunities - Jabil is significantly larger than its nearest competitor in the healthcare market and is focused on expanding its share of wallet through organic growth and acquisitions [56][57] - The company recently acquired Pharmaceutical International Incorporated, enhancing its capabilities in pharmaceutical delivery systems [58] Semiconductor Capital Equipment - Jabil's semiconductor capital equipment business is performing well, with strong growth driven by key customers like NVIDIA [62] - The company anticipates a cyclical recovery in the semiconductor industry within the next twelve months [63] Networking and Communications - The networking segment is experiencing slower growth due to exiting low-margin businesses, but there are positive trends in Ethernet and liquid cooling technologies [65][66] Digital Commerce Growth - Jabil is seeing growth in digital commerce, particularly in automation and robotics for retail environments, with expectations for continued expansion in this area [67][68] Future Outlook - Jabil's path to achieving higher margins is not solely dependent on revenue growth but also on optimizing product mix and operational efficiencies [69][70] - The company is well-positioned for future growth across various sectors, including healthcare, cloud infrastructure, and automotive, despite current economic challenges [49][50][56]

冷量分配单元 (CDU) 是液冷系统中必不可少的组件，用于在整个系统中均匀分配冷却液或水。 CDU 调节和控 制冷却液流量，保持所需的温度和流速。它与泵、散热器、热交换器和控制单元协同工作，确保冷却系统平稳 高效地运行。 CDU 还能通过去除冷却液中的杂质来保持系统清洁，防止堵塞和损坏系统中的其他组件。 液液式 CDU 需要设施用水来去除机架和机柜排设备的热量，但它也具有一系列优势，可以抵消额外的系统复 杂性。全液冷数据中心利用整个数据中心液体的更高热容量，最大限度地提高能源效率。这些液冷系统占地面 积更小，总拥有成本更低，是人工智能和高级分析、区块链和加密货币、大型机和游戏服务器以及超级计算机 应用的理想选择。 液液式冷量分配单元 (CDU) 的冷却性能极佳，然而却需要安装管道和泵来连接设施的水源。 市场快速增长：在当前人工智能驱动的应用和高密度芯片架构主导的市场格局下，液冷已成为一项关键技术。 作为液冷系统的关键部件，液液式冷量分配单元 (CDU) 将受益于人工智能和高性能计算的普及。预计未来几 年 CDU 市场将快速增长。 竞争加剧：由于 CDU 市场潜力巨大，众多投资者和企业已将目光投向该市场。随着越 ...

证券研究报告 | 公司点评 | 其他电源设备Ⅱ 减值影响业绩，数据中心产品呈现快速增长 ——科华数据 24 年年报&25 年一季报点评报告 投资要点 ❑ 受毛利率下滑及减值计提影响，业绩短期承压 24 年公司实现营收 77.57 亿元，YOY-4.71%；归母净利润 3.15 亿元，YOY -37.90%；毛利率 25.20%，同比-2.14pct；计提信用、资产减值损失共计 2.58 亿 元，相比去年同期增加 1.16 亿元，主要系计提应收账款坏账和存货跌价损失增 加；销售/管理/研发/财务费用率分别为 7.94%/3.47%/6.51%/0.81%，同比分别 -1.13/+0.26/+0.75/-0.09pct，整体费用率稳中有降，同比-0.2pct，研发投入持续加 大。截至 24 年底，公司在建工程 4.19 亿元，比 24 年初增长 182%，主要为数据 中心及厂房建设等投入增加，预计将助力后续公司收入持续增长。 25Q1 公司实现营收 12.16 亿元，YOY+2.73%；归母净利润 0.69 亿元，YOY -6.26%；毛利率为 30.14%，同比-2.12pct；销售/管理/研发/财务费用率分别 ...

Core Insights - Flex's JetCool has launched the SmartSense Coolant Distribution Unit (CDU), a modular liquid cooling solution designed for data centers, capable of cooling up to 300kW in a single rack [1][2] - The SmartSense CDU enables "free cooling" with inlet temperatures above 60°C, eliminating the need for chillers and significantly reducing energy and water consumption [2][3] - Flex emphasizes its advanced manufacturing capabilities and services to support the deployment and lifecycle management of liquid cooling infrastructure [3][4] Company Overview - Flex is a global manufacturing partner that provides technology innovation, supply chain, and manufacturing solutions across diverse industries [5] - JetCool, a subsidiary of Flex, specializes in thermal management solutions for compute-intensive applications, supporting advancements in high-performance computing [6][9] Product Features - The SmartSense CDU supports hyperscale, enterprise, and colocation applications, enhancing the scalability of liquid cooling infrastructure [7] - The system includes features such as commissioning and system validation, rapid fulfillment of critical spare parts, and ongoing maintenance with integrated telemetry for performance optimization [8] Industry Context - The introduction of the SmartSense CDU addresses the challenges posed by AI and high-density workloads in traditional thermal management systems [2] - Flex's solutions are positioned to accelerate data center infrastructure deployment in the AI era, meeting the growing demands for power and cooling [4]

Financial Performance - In 2024, the company's total revenue was CNY 7.757 billion, a decrease of 4.71% year-on-year [3] - Data center revenue reached CNY 3.152 billion, an increase of 14.07% year-on-year, with a gross margin of 28.77% [3] - Smart energy revenue was CNY 922 million, down 9.01% year-on-year, with a gross margin of 41.06% [3] - New energy revenue was CNY 3.608 billion, a decline of 15.98% year-on-year, with a gross margin of 16.78% [3] - The net profit attributable to shareholders was CNY 315 million, impacted by credit and asset impairment losses totaling CNY 258 million [3] Business Development - The smart computing center business generated approximately CNY 3.152 billion in revenue, growing 14.07% year-on-year [4] - The company is actively engaging in AI, computing power, and autonomous driving markets, establishing a robust heterogeneous computing power platform [4] - The company has secured numerous product orders from major clients in the internet, telecommunications, and finance sectors, with significant growth expected in 2025 [5] Technological Advancements - The company has been recognized as a top 10 service provider in the third-party computing power center sector, ranking 8th in comprehensive development and 4th in technical capability [6] - In the smart energy sector, the company has launched innovative products such as the 1500V 5MW liquid-cooled photovoltaic inverter, enhancing its market position [8] - The company has achieved the highest shipment volume of energy storage PCS among Chinese enterprises globally, maintaining a strong presence in the renewable energy sector [9] Future Outlook - The company plans to intensify its focus on the smart computing center business, leveraging its core technology in power electronics for new product development [10] - A strategic customer department has been established to deepen collaborations with major internet companies and expand into various sectors [10] - The company is considering future financing plans based on strategic goals and market conditions, following the successful completion of a convertible bond project [11]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Views - The company has established itself as a leading provider of intelligent computing centers, smart energy, and renewable energy solutions in China, leveraging over 30 years of experience in power electronics technology [8][20]. - The company's dual business model consists of intelligent computing center services and renewable energy solutions, which are expected to drive future growth [8][20]. - The collaboration with Tencent is highlighted as a significant advantage, providing a strong safety margin and potential for further partnerships in the AI cycle [9][11]. Financial Data and Profit Forecast - Total revenue projections for 2024-2026 are estimated at 79.27 billion, 100.14 billion, and 115.46 billion yuan, with year-on-year growth rates of -2.6%, 26.3%, and 15.3% respectively [7][9]. - The net profit attributable to the parent company is forecasted to be 3.96 billion, 7.52 billion, and 9.71 billion yuan for the same period, with growth rates of -22.0%, 90.0%, and 29.2% respectively [7][9]. - The company’s earnings per share are projected to be 0.86, 1.63, and 2.10 yuan for 2024, 2025, and 2026 respectively [7]. Business Segments - The intelligent computing center business is expected to see significant growth, driven by the demand for data center services and products, including UPS and HVDC systems [10][11]. - The renewable energy segment, particularly in energy storage, is positioned for expansion, with the company being a leader in global energy storage PCS shipments [8][11]. - The IDC service segment benefits from a strong partnership with Tencent, with a well-established operational footprint in major cities [8][11]. Market Position and Competitive Advantage - The company is recognized as a key player in the IDC market, with a comprehensive product matrix in UPS technology and a strong understanding of HVDC systems [11][41]. - The report emphasizes the company's unique position akin to "Vertiv" in the domestic market, providing integrated solutions for power supply and temperature control [11][41]. - The company has a stable shareholding structure, with a significant portion held by the actual controller, ensuring consistent strategic direction [24][29].