YINLUN(SZ:002126)2026-02-13 02:20Company and Industry Summary Company: 银轮股份 (Yinlun Co., Ltd.) Key Points - Focus on CDU Heat Exchangers: The company is primarily targeting CDU heat exchangers and is fully engaging with North American and Taiwanese clients, with significant progress noted in securing orders from North American clients [2][4]. - Upcoming Testing and Production Ramp-Up: Testing and related work will commence after the holiday, with two Taiwanese client orders already secured. The company anticipates a production ramp-up by August 2026, projecting an annual revenue increase of 1 billion yuan [3][5]. - Acquisition of Deep Blue: The acquisition of Deep Blue is seen as a critical step in enhancing the company's electric control capabilities and overall machine performance. This acquisition complements the company's existing strengths in manufacturing stainless steel heat exchangers for automotive applications [5]. - Strong Manufacturing and Control Synergy: The combination of manufacturing and control technologies is expected to significantly enhance Yinlun's competitiveness in the market. The company has a long history in automotive thermal management, having entered the field in 1980 and accumulated extensive know-how in stainless steel plate heat exchangers [5]. - Globalization Strategy: Yinlun is committed to a global strategy, with Mexico serving as a core location for its North American and global production capacity. The company currently operates four factories in Mexico [5]. - New Mexico Base: The establishment of a new base in Mexico is expected to effectively match the mass production needs of overseas clients, greatly improving the company's order acquisition capabilities and efficiency [6]. - Investment Recommendation: The company is viewed as reaching an important inflection point by entering the supply chains of four major North American AI clients. The liquid cooling business is expected to enter a phase of order acquisition, leading to an upward revision of the target market value from 50 billion yuan to 100 billion yuan [7]. Additional Important Content - Historical Context: The company has a long-standing presence in the automotive thermal management sector, which provides a solid foundation for its current and future operations [5]. - Technological Advancements: The integration of advanced control solutions from Deep Blue is highlighted as a key factor in enhancing product offerings and market competitiveness [5]. - Market Positioning: The focus on North American and Taiwanese markets indicates a strategic alignment with regions that are likely to drive future growth in the automotive and AI sectors [2][4].