2025年TechNet中国大会：AI服务器和设备组件将增加；折叠手机组件保持强劲

We hosted Lingyi (002600.SZ, Buy) management on May 22 at our TechNet Conference China 2025. Key discussions were around the company’s development in foldable phone components, cooling components for AI servers, and AI glasses. Overall, management is positive on the company’s growth, given Lingyi’s successful track record with major consumer electronics brand makers in the market and the dollar content upgrade for its diversified product lines. We expect the smartphone form factor changes and increasing AI application scenarios to drive demand for Lingyi’s precision components for consumer electronics and server cooling modules. Key Takeaways 1. Cooling / Thermal modules for AI smartphones. Management highlights it provides over 200 SKUs of metal precision parts for its major smartphone brand customer, across smartphones and PCs. The thermal modules for 2025 models is using copper material for high end models, and the company continues to target to penetrate in 2026 models, which cou