风口研报.公司电磁屏蔽+散热器件+合格供应商这家公司相对竞争对手超前完成产品交付，新建泰国生产基地以满足PC 光模块手机等需求增长;另有北交所变压器小黑马今年海外业务或翻倍增长

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses two companies: 中石科技 (Zhongshi Technology) and 科润智控 (Kerun Intelligent Control), focusing on the electromagnetic shielding and thermal management industry, particularly in relation to AI PCs, smartphones, and transformer manufacturing [21][31]. Key Points and Arguments Zhongshi Technology 1. Market Position and Growth: Zhongshi Technology has established itself as a qualified supplier for Huawei, focusing on thermal management solutions for smartphones, AI PCs, and optical modules. The global market for AI Phone thermal materials is projected to reach 99.2 billion yuan by 2026, with significant growth in the AI PC segment expected [21][24]. 2. Financial Projections: The company is expected to achieve net profits of 1.4 billion yuan in 2024, 2.1 billion yuan in 2025, and 3 billion yuan in 2026, reflecting year-on-year growth rates of 83.26%, 53.16%, and 45.88% respectively [22][30]. 3. Production Capacity Expansion: A new production base in Thailand is being established to enhance capacity and meet growing demand for various thermal management products, including graphite films and thermal interface materials [30][31]. 4. Technological Advancements: The company has developed advanced materials such as high-performance graphite and phase change materials, which are crucial for managing heat in electronic devices [28][30]. 5. Risk Factors: Potential risks include currency fluctuations and increased market competition [21][22]. Kerun Intelligent Control 1. Market Demand: Kerun Intelligent Control is positioned as a leading player in the transformer market, benefiting from increased domestic investment in power grids. The company has secured multiple contracts with the State Grid, indicating strong demand for its products [31][32]. 2. Financial Outlook: Projected net profits for Kerun are 0.95 billion yuan in 2024, 1.54 billion yuan in 2025, and 1.87 billion yuan in 2026, with growth rates of 30%, 62%, and 22% respectively [31][32]. 3. Global Expansion: The company is actively expanding its marketing network internationally, targeting emerging markets such as Nigeria, Pakistan, and Vietnam, which are expected to contribute significantly to revenue growth [31][33]. 4. Production Capacity and Innovation: Kerun is investing in production capacity expansion to meet the rising demand for transformers and related equipment, including smart grid solutions and energy storage systems [32][34]. Additional Important Information - AI and Thermal Management: The rise of AI technologies is driving demand for advanced thermal management solutions across various sectors, including consumer electronics and data centers [24][25]. - Client Base: Zhongshi Technology's major clients include leading companies in telecommunications and consumer electronics, with the top five clients accounting for 56.78% of annual sales [25][30]. - Investment in R&D: Both companies are focusing on research and development to enhance their product offerings and maintain competitive advantages in their respective markets [28][34]. This summary encapsulates the critical insights from the conference call, highlighting the growth potential and strategic initiatives of Zhongshi Technology and Kerun Intelligent Control within their industries.