Zhongyou Securities: Initiate coverage of Hongfuhao with a "buy" rating, expecting continuous growth in liquid cooling core business volume.

CDUAI2026/2027/202832/70/1105/12/20 The research report of China Post Securities points out that Hongfuhuan's thermal management product line covers multiple scenarios, and the continuous increase in liquid cooling core business is expected. After the stable production and delivery of liquid cooling core products, forming a scale advantage in profitability, the company will combine industry technology iteration trends, downstream customer actual needs, and its own overall development strategy to strategically position CDU and other liquid cooling supporting components and related upstream and downstream supporting businesses, perfecting the layout of the entire liquid cooling product chain. By connecting the global AI computing power core supply chain, the successful bid for the liquid-cooled cold plate in the whole machine cabinet; with capacity layout in multiple locations at home and abroad, a global manufacturing system ensures stable delivery. It is expected that the company's revenue in 2026/2027/2028 will be 32/70/110 billion yuan respectively, with net profit attributable to the parent company of 5/12/20 billion yuan, and an initial coverage of a "buy" rating.