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研報掘金丨東吳證券:飛龍股份主業盈利能力顯著上行,維持“買入”評級

東吳證券研報指出,飛龍股份25H1業績符合預期,主業盈利能力顯著上行,新能源熱管理&非車業務實現增長。公司深度佈局東南亞市場,在泰國和新加坡設立子公司。其中,泰國生產基地龍泰公司於2025年6月投產,待全線投產後,預計將形成年產150萬隻渦殼、100萬隻排氣歧管、50萬隻機械水泵、100萬隻電子水泵的設計產能。順應行業發展趨勢,構建四大增長曲線矩陣:1)以電子泵及智能溫控閥系列爲核心,向熱管理集成模塊與系統解決方案提供商升級;2)依託泰國生產基地積極佈局全球市場;3)將熱管理技術應用場景從汽車延伸至服務器液冷、數據中心(IDC)液冷、人工智能、充電樁液冷、5G基站與通信設備等,該曲線已進入逐步批量供貨階段;4)把握產業融合趨勢,將熱管理技術賦能機器人產業,依託現有客戶資源及業務協同,加速佈局人形機器人領域。維持“買入”評級。

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