溯联股份20250829

Summary of the Conference Call for SuLian Co., Ltd. Company Overview - Company: SuLian Co., Ltd. - Industry: Liquid Cooling Solutions and Battery Components Key Financial Performance - Revenue: Achieved a record high of 668 million yuan in H1 2025, a year-on-year increase of 26.30% [2] - Net Profit: Net profit attributable to shareholders was 67.76 million yuan, down 4.43% year-on-year; non-recurring net profit was 60.49 million yuan, down 11% [2] - Earnings Per Share: Basic earnings per share decreased by 2.25% to 0.44 yuan [1] - Total Assets: Increased by 5% year-on-year to 2.658 billion yuan [3] Operational Strategies - Cost Management: The company is actively communicating with clients to mitigate price pressure and is promoting new technologies and domestic materials to reduce costs [1][4] - R&D Investment: Future R&D expenses will continue to rise, focusing on new materials, products, and computing power [5] - Customer Concentration: The top five customers' share decreased from 67.47% to 55.8%, indicating reduced customer concentration [6] Business Segments Battery Business - Collaboration: Deep cooperation with leading battery manufacturers like CATL, with expected revenue of 280 million yuan in 2024, a year-on-year growth of over 90% [6] - Market Share: The battery-related revenue is expected to account for over 25% of total revenue in H1 2025 [9] Liquid Cooling Products - Market Potential: The liquid cooling plate market is projected to have significant growth potential, with a vehicle value exceeding current main business [7] - Data Center Products: Focused on inference server markets, providing components like liquid cooling plates, CDU, UQD, and manifolds [10] - Client Expansion: Targeting overseas cloud service providers and core technology equipment manufacturers for partnerships [10] Competitive Landscape - Market Position: The company has no direct competitors in the plastic connection component market, but other companies are developing similar solutions [15][16] - Domestic Competitors: No significant domestic competitors in the plastic connection field, but many competitors in the stainless steel UQD sector [16] Future Outlook - OCP Certification: Aiming for OCP certification by the end of the year to facilitate overseas market expansion [20] - Production Capacity: Investment in a new processing plant in Chongqing to ensure sufficient capacity to meet demand [14] - Product Development: Plans to launch new liquid cooling products in Q4 this year or early next year, with a focus on North American market expansion [11] Challenges and Innovations - Technical Challenges: Facing challenges in product design and optimization, particularly in improving the reliability and consistency of plastic materials [25][26] - Innovation Strategy: Developing new products based on standardized connections to meet diverse customer needs while avoiding patent infringement [27] Conclusion SuLian Co., Ltd. is strategically positioned in the liquid cooling and battery component markets, with a focus on innovation, cost management, and expanding its customer base. The company is navigating challenges while aiming for significant growth in revenue and market share in the coming years.