Hongrida (301285): Heat-Spreader Growth Delivers; FAU and Micro-Channel Cold Plates Take Wing
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Abstract
Zheshang Securities maintains Buy on Hongrida (301285.SZ; last close RMB75.00; market cap about RMB15.5bn), viewing it as shifting from precision-connector parts maker to core chip-cooling supplier. After 20-plus years in precision connectors, the company built full-process capabilities spanning molds, stamping, plating, injection molding, CNC, automated assembly and testing, and entered semiconductor package-level metal heat spreaders in 2023, winning vendor codes and initial orders from several leading customers; revenue should ramp steadily from 3Q26. Its portfolio spans HS/IHS, rings, VC lids, MCL and D2C cold plates, backed by self-developed metal 3D-printing equipment; memory cold plates are expected to add RMB120m/250m in 2027/28. US export controls from December 2024 and Taiwan's entity-list expansion in June 2025 raise compliance hurdles for Taiwanese peers supplying mainland AI chips, opening a domestic-substitution window, echoing Taiwan-listed leader Jian Ce Precision, whose shares rose as much as 95x over seven years. FAU is the second growth curve as self-developed FA automation lines enter customers. Zheshang forecasts 2026-28 revenue of RMB1.29bn/2.97bn/5.38bn (+26.8%/129.5%/81.4%), gross margin of 24.25%/33.17%/35.87%, and net profit of RMB34m/481m/878m.