金富科技液冷并表%26包装修复利润预增

图1：金富科技发展历程 42..........................................................................................................................................................................523...............................................................................................................................................................534............................................................................................................................................................545 % ............................................................................................................................................55 6............................................................................................................................................................667%.........................................................................................................................................................678%.........................................................................................................................................................689%.......................................................................................................................................................................69...................................................................................................................................................7............................................................................................................................................712 %..............................................................................................................................................712 ............................................................................................................................................7...................................................................................................................................................8........................................................................................................................................8.........................................................................................................................................................................10.................................................................................................................................................102025..................................................................................................................................................112025.............................................................................................................................................11.................................................................................................................................................12..........................................................................................................................................121 .................................................................................................................................................................82 ...........................................................................................................................................................123 ...............................................................................................................................................................134 ......................................................................................................................................................14003018.SZ 2001 202020013020013020263025 2925 2026PC4.5L38 1881 PC4.5L55%155%12026iFinD7.60-14.80% 1.01 -28.56%2026iFinD7.6020261.92 20260.21-19.34%0.212 323-5%2.0000-5%2.0000-10%1.0000-15%0.0000-20%

营收（亿元） 同比增速

35%30%25%20%15%10%5%0%

归母净利（亿元） 同比增速

80%60%40%20%0%-20%-40%-60% iFindiFindiFinD20256.84-17.02%28.16%0.800.77+11.87%37.44%1.752022201720254.376.845.74%20248.240.290.7712.73%45 %

201720182019202020212022202320242025iFind iFindiFindiFindiFinD2025 7.43 -12.05%iFinD97.76% 94.70% 3.07 0.17 “2.24%“”202560%”202560%1.363.7134.2% 148.3%3.71202567%202567%

2016201720182019202020212022202320242025

2016201720182019202020212022202320242025iFind iFindiFindiFindiFinD2025 29.09% 1.09iFinD13.27% 2.562025 747 +27.26%iFinD0.98%+0.33pct 5664 +22.23% 7.45%+2.26pct iFinD-4.02% 3.65%+0.41pct 517 +66.35% 0.68%+0.33pct8%9%8%9%

10.0%8.0%6.0%4.0%2.0%0.0%-2.0%-4.0%iFindiFindiFindiFindFortuneBusinessInsights202511094.4 4305.2202538.80%2026 11435.6 2034 15906.8 2026-20344.21%4806.22026FortuneBusinessInsights 5084.3 2034 4.21%4806.220266.41%6.41%202551.86% 2492.72025FortuneBusinessInsights 2025 1548.3 2026 159420342099.1 3.50% 20252034534.534.52%534.5101110111800090001800090001600080001400070001200060001000050008000400060003000400020002000100000 FortuneBusinessInsightsFortuneBusinessInsights%13FortuneBusinessInsightsFortuneBusinessInsights%1312 7.49%15.90%51.86%12 7.49%15.90%51.86%20.64%200015001000500FortuneBusinessInsightsFortuneBusinessInsights0FortuneBusinessInsightsFortuneBusinessInsightsFortuneBusinessInsights 2024 1428.8 2025 1502.220322305.4 6.31%2032" """ ""

2947629476"""""""

20254.42%2025

4.99%433774.99%""14151415()%()%%5000

202220352024 122022 1220242025E2026E2027E2028E2029E2030E2031E2032E202220352024 122022 12

0

15%10%5%0%FortuneBusinessInsights iFinDFortuneBusinessInsightsiFinD11202620262026 32025 3/|2026 3+12026 42026 “”“”“”“”“”“”“”“”202576%5.78202576%16171617前五大客户销售额（亿元）前五大客户销售占比（%）前五大客户销售占比（%）065432102020 2021 2022 2023 2024 2025

100%90%80%70%60%50%40%30%20%10%0% iFinDiFinD202513932102520251393210252017-202520250.283.7%20250.283.7%20253.247 2253210220253.247 2253210218 191819%%0.354.00%0.303.50%0.253.00%2.50%0.202.00%0.151.50%0.101.00%0.050.50%0.000.00%iFinDiFinD2024201945.5%2024 240.242019202423.767.0%1.63 202423.767.0%1.6316246.8%202651%51%4.0851%5.71"+"16246.8%202651%51%4.0851%5.71"+"4 2020264 20520267 22202620263520267 222026202632026。20264 20。20264 202026 5 29 6 2 2025 1—104 2020263 14“”202620263 144 2020263 14“”202620263 14 2025 20240.962026 7 14 20240.962026 4 1 1.1020270.90—1.00 81.41%—101.57%1.102027202631420262028 2.8020212021300250200

中国液冷数据中心市场规模 YOY（%）50%40%

中国液冷服务器市场规模(亿美元）150

30%

100.0100500

2019 2020 2021 2022 2023

20%10%0%

0.0

202320242025E2026E2027E2028E2029E80%80%2026 22 2024-2025 8.92/7.60 YOY +15.4%/-14.8%20252026-2028 16.34/26.97/35.06 YOY +115.0%/+65.0%/+30.0%12024-2025 8.24/6.84 YOY +13.4%/-17.0%202512026-2028 7.66/8.42/9.10 2+12.0%/+10.0%/+8.0%22024-2025 0.68/0.77 YOY +46.3%/+11.9% 20262026-2028 8.69/18.54/25.96 +1035.1%/+113.5%/+40.0%2026 3 2025 1-10 0.66 2026 4 1 2026 7.92910.562025 1-10 910.562.820267 2220262.820267 2220260.90-1.00 +81.4%-101.6% 2027 2026 9.863.243.00123.243.00122027 2028 2027 7.42 YOY +40.0%，2024-202528.0%/29.1%2025+1.1pct2026-202832.7%/34.0%/34.0%12024-202527.4%/28.2%2025+0.8pct 2026-202828.3%/28.4%/28.5%22024-202535.7%/37.4%2025 +1.7pct 2026-2028 36.5%/36.5%/35.9%2026—2028 36%332024 2025 2026E 2027E 2028E2024 2025 2026E 2027E 2028E824684766842910%13.37%-17.02%12.00%10.00%8.00%%27.36%28.16%28.30%28.40%28.50%68 77 869 1,854 2,596%46.33%11.87%1035.10%113.48%39.99%%35.69%37.44%36.50%36.54%35.93%8927601,6342,6973,506%15.36%-14.80%115.00%65.00%30.00%%28.00%29.09%32.66%34.00%34.00%wind1 2024-2025 0.7%/1.0%2025 +27.3%+0.3pct2026-2028 1.2%/1.2%/1.1%+0.3pct2026 2025 22027-20282+2.3pct2024-2025 5.2%/7.5%2025 +22.2%+2.3pct7.8%/7.7%/7.5%2026

2025 2027 20283 2024-2025 3.2%/3.7%2025-4.0%+0.4pct-4.0%+0.4pct2026-2028 3.9%/5.0%/4.2%20272028202720284 2024-2025 0.3%/0.7%2025+66.4% 2026-2028 0.7%/0.6%/0.5%202620262026-2028 16.34/26.97/35.06 YOY +115.0%/+65.0%/+30.0%/“ ” 。2.40/4.02/5.56 +137.8%/+67.8%/+38.1% EPS 0.76/1.28/1.77/“ ” 。AIAI2026 50 PE 38.2051%51%44EPS / PE20252026E2027E20252026E2027E002787.SZ70.600.340.490.6436.7743.7233.34301018.SZ319.640.811.211.8077.9671.1647.56IFINDIFINDBericapAptar202576%""""202576%""""::2024A2025A2026E2027E2028E2024A2025A2026E2027E2028E6226901,1781,6332,00018321110024348122631040240042414110124040255615313330148762186101101109114216222450722931-509-255-289-2102724242424000001,2761,3511,4801,5211,487-352-139-219-150-8000000-338-140-230-150-806661,0531,1821,2231,1900000035916161616-14111002000011912221-95-3771551531531531530052009312912912912916998307133-691,8992,0412,6583,1543,487-53-83-138-228-3081932527001,0021,0652-30005585392525456-5383103-22410413227344257426921629940240034353535352162994024004241281881881881881061751751751750000022131313133214408891,1901,2542602603143143142024A2025A2026E2027E2028E1,3181,3411,4551,6501,9191,5781,6011,7691,9642,23315.4%-14.8%115.0%65.0%30.0%0000025.6%-24.9%136.4%67.5%38.0%1,8992,0412,6583,1