宁波精达20260112

Summary of Ningbo Jinda Conference Call Company Overview - Company: Ningbo Jinda - Industry: Heat exchanger and microchannel technology Key Points Order Status and Financial Performance - Ningbo Jinda reported a strong order status for 2026, with overseas orders reaching a historical high, benefiting from domestic companies' overseas expansion, supply chain adjustments, and increased demand from North American data centers [2][3] - Significant growth in orders for the new energy vehicle and battery sectors was noted in the second half of the year, with a projected quarter-on-quarter growth of 30%-40% in Q4 [2][3] - Despite a poor revenue and profit performance in the first three quarters of 2026, new orders increased year-on-year, attributed to uneven delivery and acceptance timing of large orders [3][4] Microchannel Technology Development - The company has been in the heat exchange industry for 35 years, focusing on liquid cooling technology for data centers [2][5] - Microchannel technology, utilizing a rolled fin design, improves heat exchange efficiency by 20%-30% compared to traditional designs, while being cost-effective and compact [2][5] - The technology is primarily used for secondary cooling, with ongoing research into manufacturing methods including machining, stamping, and 3D printing [6][7] Market Expansion and Collaborations - The establishment of a new subsidiary in Germany has accelerated the development of microchannel equipment, with approximately 70 million RMB in orders received from April to December 2026 [2][3] - Collaboration with companies like Invt has been initiated to develop new liquid cooling products, with ongoing discussions about product design and production details [10][11] - The acquisition of Wuxi Weiyan has shown positive synergy effects, generating approximately 38 million RMB in orders within a year [3][20] Challenges and Future Outlook - The company faces challenges in manufacturing microchannel technology due to high precision requirements and potential blockage issues in small flow channels [9] - Future order growth is expected to be driven by the development and application of liquid cooling solutions, with a target of maintaining a 20%-30% growth rate for new orders in 2026 [17][22] - The company aims to expand its market presence in North America, leveraging partnerships with key clients to enhance its competitive position [20][21] Strategic Directions - Ningbo Jinda's growth strategy includes focusing on three main lines: heat exchanger equipment, pressure machines, and microchannel processing equipment, which are expected to contribute significantly to profitability [22] - The company is also exploring potential investments in robotics and liquid cooling as part of its "14th Five-Year Plan" [19][21] Financial Metrics - Gross margin is expected to remain stable, ranging between 50%-70% [3][4][16] - The company anticipates a continued increase in new orders, particularly in the context of the North American market and the ongoing recovery in the new energy vehicle sector [3][15][20]