COTRAN(SZ:300731)2026-02-13 02:50Company and Industry Summary Company: Weidi (维缔) Key Points 1. Fundamental Reversal: The company is at a critical point of fundamental reversal, with significant performance exceeding expectations. The data center liquid cooling business is positioned at the core of the supply chain, and the expected injection of thermal materials assets is anticipated to create a synergistic effect between "boards and materials" [1][2] 2. Data Center Liquid Cooling: - Business Model: The company employs a dual-driven model of "OEM + direct supply". It currently provides key processes (welding, testing) for Taiwanese cooling leaders (Cooler Master, Delta), indirectly entering the NV and ASIC supply chains. The company is also actively engaging with domestic server and internet giants for direct supply certification [1] - Capacity Progress: The liquid cooling board production line has entered a ramp-up phase, with steadily improving yield rates. Existing production lines are operational, and new lines are planned to meet the expected industry demand explosion in 2026, with single-line output expected to reach hundreds of millions [2] 3. Performance Outlook: With the delivery of high-performance chips like GB300, this segment is expected to see significant growth from the second half of 2025 to 2026 [2] 4. New Energy Fundamentals: - Customer Barriers: As a strategic supplier to leading battery manufacturers, the company holds a core share in the liquid cooling board market for Kirin and Shenxing batteries. It benefits from high sales growth in downstream models from Xiaomi, Li Auto, and Huawei, with high order visibility and significant revenue growth expected in 2026 [2] - Technical Upgrades: The company is transitioning from traditional brazing to a higher-margin, barrier-enhanced high-frequency welding process, which is expected to significantly improve profitability [3] 5. M&A Synergy: The acquisition of TIM materials will complete the thermal management product portfolio. Zhaoke has advantages in the server TIM materials sector and has developed cutting-edge thermal materials technology, which aligns with Rubin's cooling needs. The acquisition is expected to create a comprehensive solution of "cooling boards + thermal materials," significantly enhancing company profits and customer stickiness [3]