①服务器液冷+脑机接口，拟并购企业服务英伟达、英特尔等算力巨头，产品包括UQD、光模块冷板等服 务器液冷核心硬件，这家公司与脑机接口独角兽战略合作； ②芯片+AI服务器，已推出自研用于AI服务器 电源的芯片，8英寸碳化硅功率器件芯片生产线已通线，这家公司已形成月产万片6吋碳化硅功率半导体芯 片能力。 前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

Core Insights - The report from CITIC Securities highlights investment opportunities in the computing power industry by 2026, emphasizing the growth certainty of leading companies and the importance of technological upgrades and local industrial clusters [1] Group 1: Growth of Leading Companies - Leading companies like NVIDIA require rapid iteration and response capabilities across the entire industry chain, making it difficult for companies with insufficient capabilities to enter or maintain their market share in NVIDIA's ecosystem [1] - The value of PCB (Printed Circuit Board) is expected to benefit from the adoption of orthogonal backplanes and advancements in CoWOP (Chip on Wafer on Package) technology [1] Group 2: Technological Upgrades - From 2025, power supply and cooling issues are anticipated to become bottlenecks in system solutions, with a growing need for stable and efficient power delivery systems, highlighting investment opportunities in HVDC (High Voltage Direct Current) and more efficient SST (Solid State Transformer) technologies [1] - As chip performance improves, cooling solutions will face increasing challenges, creating investment opportunities in liquid cooling plates, CDU (Cooling Distribution Unit), and UQD (Ultra-Quantum Dot) technologies [1] - The evolution of next-generation chip packaging solutions, such as microchannel lids, diamond substrates, and thermal interface materials, is identified as a crucial investment direction for enhancing AI chip performance [1] Group 3: Localization of the Industry Chain - The advantages of local industrial clusters are becoming evident as domestic companies accelerate the validation of upstream materials like copper-clad laminates, resins, fiberglass, and copper foil in the PCB industry, following the high market share of domestic downstream players [1] - Similar trends are observed in the optical module sector, indicating a broader shift towards local supply chains [1] Group 4: Order Spillover - The report notes that as leading companies experience order spillover, the entire industry chain is expected to exhibit high prosperity, with some companies gaining market share as a result [1]

Core Insights - The rapid growth of AI computing power has led to an explosive demand for data center cooling solutions, with liquid cooling becoming essential due to the limitations of traditional air cooling [1][2] - The liquid cooling market is projected to reach $1.26 billion in China by mid-2024, marking a year-on-year increase of 98.3%, highlighting the dual drivers of computing power demand and cooling technology [2][3] - The introduction of the Universal Quick Disconnect (UQD) connector is crucial for the liquid cooling system, addressing the challenges of cross-brand compatibility and sealing reliability [2][4] Industry Overview - The liquid cooling market is experiencing significant growth, with NVIDIA's liquid cooling market expected to reach $12 billion by 2026, indicating a substantial opportunity for UQD, which is estimated to capture 15% of this market [3] - Domestic liquid cooling connector manufacturers are positioned to capture over 30% of the global market share due to their advanced technology and cost advantages, which are 30% lower than their Western counterparts [3] Company Analysis - Yonggui Electric has emerged as a key player in the UQD market, leveraging its extensive technical expertise and manufacturing experience in high-end connector markets [4] - The company has made significant progress in the UQD sector, moving from product development to successful customer testing and small-scale shipments, with plans to standardize UQD interfaces for computing servers [4] - Yonggui Electric has secured key customer partnerships and is poised to capitalize on the expanding AI computing market, enhancing its customer validation and supply capabilities [4][5]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 45.07 CNY [5]. Core Insights - The company reported steady revenue growth in its Q3 2025 results, with a year-on-year increase of 19.4% in total revenue, reaching 1 billion CNY. The net profit attributable to the parent company was 100 million CNY, reflecting a year-on-year decrease of 6.7% [12]. - The company is actively advancing its liquid cooling business, which is expected to open a second growth curve. It has developed products in line with OCP (Open Compute Project) standards for data centers, including the UQD (Universal Quick Disconnect) product [12][11]. - The gross profit margin for Q3 2025 was 23.2%, showing slight recovery compared to previous periods, indicating strong pricing power and cost control capabilities [12]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are 1.452 billion CNY, 1.835 billion CNY, and 2.291 billion CNY, respectively, with growth rates of 17.0%, 26.3%, and 24.8% [4]. - The net profit attributable to the parent company is expected to be 142 million CNY in 2025, 195 million CNY in 2026, and 271 million CNY in 2027, with growth rates of 16.2%, 36.9%, and 38.9% respectively [4]. - The company maintains a strong balance sheet with total assets of 2.579 billion CNY and shareholder equity of 1.980 billion CNY projected for 2025 [13]. Business Development - The company has established a subsidiary, Sulian Zhikong, to independently develop liquid cooling products for energy storage and computing thermal management, further diversifying its business [12]. - A partnership with the Chongqing government has been initiated, involving an investment of 201 million CNY to build a smart computing liquid cooling R&D center and a battery thermal management system production base [12].

Core Viewpoint - The company reported strong growth in its electric vehicle (EV) business and is making progress in overseas markets, particularly in Europe, with a target price of 90.95 yuan and a "buy" rating maintained [1][4]. Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 796 million yuan, representing a year-over-year increase of 26.15% and a quarter-over-quarter increase of 4.32% [1][2]. - The net profit attributable to shareholders for Q3 2025 was 76 million yuan, showing a year-over-year increase of 85.41% but a quarter-over-quarter decrease of 6.58% [1][2]. - For the first three quarters of 2025, the company reported revenue of 2.321 billion yuan, a year-over-year increase of 46.04%, and a net profit of 233 million yuan, reflecting a year-over-year increase of 119.89% [1]. Group 2: Business Growth and Strategy - The company's EV business continues to grow, with increasing market share and successful entry into overseas markets, including securing orders from European automakers [1][3]. - The company is expanding its product lines in AI data center connectors and robotics connectors, aiming to attract both domestic and international clients [1][3]. - The company is focusing on becoming a platform enterprise for connectors, with stable and long-term overseas orders expected to drive revenue growth and improve profit margins [3]. Group 3: Future Outlook and Valuation - The company is expected to achieve significant scale orders in emerging fields, particularly in AI computing connectors, as it continues to enrich its product offerings and engage with downstream customers [4]. - Revenue forecasts for 2025-2027 are maintained at 3.39 billion, 4.49 billion, and 5.69 billion yuan, respectively, with net profit forecasts of 270 million, 340 million, and 460 million yuan [4]. - The company is assigned a 2025 PE valuation of 68.6X, with a target price of 90.95 yuan, reflecting an increase from the previous target of 88.93 yuan [4].

Summary of Hongteng Precision's Conference Call Company Overview - **Company**: Hongteng Precision - **Industry**: AI and electronic components, specifically focusing on data center infrastructure and optical communication Key Points and Arguments Financial Projections - Hongteng Precision expects to enhance the value of individual products to $130,000-$140,000, leading to an additional profit of $200 million, with valuation dropping to 8 times earnings [2][3] - Projected total revenue for 2026 is estimated at $6-6.5 billion, with AI business revenue around $1.5 billion, accounting for approximately 25% [4][18] - Total net profit for 2026 is anticipated to be $540 million, with $400 million (about 74%) coming from AI business [4][19] - If successful in entering the next-generation orthogonal backplane connector supply chain, net profit could exceed $1 billion by 2027, with AI business contributing 85%-90% [19] Product Development and Market Position - Hongteng has launched various new products in the AI sector, including Socket, PCI cable, and UQD, with individual product values around $30,000-$40,000 [3] - The company has a strong market position in the GPU socket segment, holding approximately 60% market share in NVIDIA cabinets [7] - Hongteng has begun scaling up its power line products, including Power Whip and BussBar, with significant individual product values ranging from $5,400 to $11,000 [9] Patent and Licensing Agreements - The company resolved patent issues related to backplane lines through a cross-licensing agreement with Amphenol, allowing entry into the market and potential market share growth to 10% by 2026 [4][12] - The licensing agreement is expected to double AI segment profits, even with a modest market share [13] Optical Communication and Technology Advancements - Hongteng showcased a 1.6T optical module and has begun small-scale supply to Microsoft, indicating strong capabilities in high-end optical communication [6][14] - The company is collaborating with Broadcom to develop a 102.4T CPU external light source module, enhancing its position in the CPU server market [14] Market Dynamics and Competitive Landscape - The backplane connector market is currently dominated by Amphenol, with potential competition from Hongteng and Luxshare, with market share projections for 2026 indicating Amphenol at 50%-60%, Luxshare at 20%, and Hongteng at around 10% [12] - The company is positioned to benefit from the shift towards HVDC architecture, which could increase the value of power line products by 20%-30% [21] Future Outlook - The company anticipates significant improvements in performance starting in the second half of 2025, with AI-related revenue expected to grow by 40%-50% quarterly [20] - Target market capitalization is set at $12 billion, corresponding to a 20 times earnings multiple, indicating a potential upside of 140% [22] Additional Important Insights - Hongteng's product matrix includes a wide range of components such as cabinet connectors, harnesses, sockets, power lines, liquid cooling products, and optical communication devices, showcasing a diversified portfolio [2][7] - The collaboration within the Honghai Group enhances competitive advantages and market positioning, allowing for a more robust product offering [15]

Group 1 - The trend of liquid cooling solutions in data centers is clear, leading to increased demand for liquid cooling components [1] - Domestic automotive parts companies have developed core components such as pumps, valves, cold plates, and controllers for automotive thermal management, and many have secured liquid cooling orders from data centers [1] - The collaboration between automotive thermal management and data center liquid cooling technologies presents a second growth curve opportunity for automotive parts companies [1] Group 2 - The increase in AI chip power consumption is accelerating the application of liquid cooling solutions in data centers, with the UQD quick-connect joint seeing improved market conditions [2] - NVIDIA's Blackwell and Rubin architecture chips have exceeded 1000W power consumption, surpassing traditional air cooling limits, making liquid cooling a necessity [2] - The UQD quick-connect joint, a key component in liquid cooling systems, enhances the safety and efficiency of liquid connections, ensuring operational continuity and reliability in data centers [2] Group 3 - The UQD market is currently dominated by overseas giants like Staubli and Parker, indicating a high industry concentration [3] - Some domestic suppliers have successfully entered the supply chains of leading clients like NVIDIA, leveraging cost advantages, shorter delivery times, and agile technical services [3] - The domestic replacement space is broad, with expectations for domestic suppliers to actively support NVIDIA's development and accelerate new material research [3]

Group 1: Company Partnerships and Collaborations - The company has entered the supplier system of CoolerMaster and is currently developing products according to customer processes [2][49] - The company is actively promoting its self-developed products to potential clients in the liquid cooling field, including CoolerMaster, AVC, and others [3][10][29] Group 2: Production and Capacity - The new factory is expected to be fully operational by the end of 2024, which will support the company's production capacity [46] - The company operates on a made-to-order production model, aligning production with customer orders [14][16] Group 3: Market Position and Competitiveness - The company has over 30 years of experience in rubber pipeline formulation and manufacturing, which enhances its competitive edge [11][39] - The liquid cooling server pipeline products have achieved V0 level standards and have received UL certification [9][39] Group 4: Financial Performance and Future Outlook - The revenue from server liquid cooling products currently constitutes a relatively small proportion of the company's total income [12] - The company aims to enhance its market share and product quality in the liquid cooling sector through focused R&D efforts [23][12] Group 5: Customer Engagement and Order Management - The company is closely monitoring customer order demands and is prepared to adjust production plans accordingly [18][14] - The company is in the process of promoting its liquid cooling connectors and is seeking more potential collaboration opportunities [21][41]

Core Viewpoint - Shenglan Co., Ltd. (300843) has confirmed that its UQD and liquid cooling plate products are applicable in servers, with small batch deliveries already made [1] Company Summary - Shenglan Co., Ltd. has engaged with investors on an interactive platform, providing insights into its product applications [1] - The company is actively involved in the server market through its innovative cooling solutions [1]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.525 billion yuan, a year-on-year increase of 59.15% [1] - The net profit attributable to shareholders reached 157 million yuan, up 141.66% year-on-year [1] - The non-GAAP net profit attributable to shareholders was 148 million yuan, reflecting a 147.60% increase year-on-year [1] - For Q2 2025, revenue was 763 million yuan, growing 54.01% year-on-year and 0.27% quarter-on-quarter [1] - The net profit for Q2 was 81 million yuan, a substantial year-on-year increase of 249.68% and a quarter-on-quarter increase of 7.62% [1] - The non-GAAP net profit for Q2 was 75 million yuan, with a year-on-year growth of 292.43% and a quarter-on-quarter growth of 1.57% [1] Business Development Trends - The new energy connector segment showed steady growth, with revenue of 1.395 billion yuan in the first half of 2025, a year-on-year increase of 61.6% [2] - Gross margin improved by 0.78 percentage points to 23.34%, attributed to stable raw material prices and ongoing product upgrades and process improvements [2] - The company is expanding its global footprint, with production capacity increasing in its factories in Mexico and the United States, and new sales offices established in Silicon Valley and Germany [2] - The U.S. factory's sales continued to grow year-on-year, while the Mexican factory's losses significantly narrowed compared to the previous year [2] Emerging Business Opportunities - The company is actively expanding into AI and data center markets, providing comprehensive connectivity solutions for AI systems [3] - The product matrix includes high-speed data transmission cables and power supply solutions, with ongoing R&D in high-speed backplane systems and cable systems [3] - In the humanoid robotics sector, the company collaborates with leading firms to develop and supply a wide range of products [3] - The company is also exploring opportunities in the low-altitude economy, having completed solutions for EVTOL and industrial-grade aircraft [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been raised by 16.3% and 28.9% to 304 million yuan and 440 million yuan, respectively [4] - The current stock price corresponds to a P/E ratio of 51.9 for 2025 and 35.8 for 2026 [4] - The target price has been adjusted upwards by 73.7% to 49.5 yuan, indicating a potential upside of 12.1% from the current stock price [4]