[Southwest Securities Auto] Key Recommendation: Meilixin Research Update:

English summary

1. Semiconductor Business: 1) Semiconductors are the company's core growth engine. Benefiting from the semiconductor equipment self-reliance wave, the company focuses on low-domestic-replacement segments such as lithography, etching, and inspection, deeply bound to customers XKL, XGLS, YLS. 2026 revenue target is RMB 500 million+, 2027 RMB 1-1.5 billion+, and 3-5 year short-term target RMB 4-5 billion, directly benchmarking Fuchuang Precision. It will gradually increase high-value-added business share. 2. Liquid Cooling Business: Diamond heat dissipation technology samples delivered to Nokia and H customer, with in-depth cooperation; Dongguan production line under construction; technology based on independent R&D + cooperation teams, benefiting from AI computing rigid demand for cooling. Meilixin is our May golden stock, with strong technology, solid customers, and many catalysts. Welcome to discuss.