【CC Electric New】Dongfang Electric Heating: Profit Inflection Point Established, Positioning for Robot Liquid Cooling Heat Dissipation

English summary

#Clear profit inflection point: 2025 is the low point; photovoltaic equipment downturn has been fully digested. Home appliances are stable, automotive thermal management is transforming to system integration, pre-plated nickel materials ramping in 2025Q4, industrial equipment and new material orders will recognize profit concentrated in 2026H2. 2026 performance will recover significantly, with sequential improvement in coming years, fundamental bottom established. #Robot liquid cooling is a mass-production necessity: Power density exceeds 50-80W/cm2, air cooling reaches limit, liquid cooling becomes hard requirement for mass production. Tesla Optimus adopting liquid cooling has triggered catfish effect; 2026 is the first year of penetration, with penetration expected to exceed 50% in the next 2-3 years. #First-mover advantage locks in top customers: The company is the first in the market to launch full-body thermal management solution, self-developed lightweight water pump/water valve, accumulated fever database of nearly 30 robot manufacturers, high cross-industry barrier. As of end of July, 200 sets of liquid cooling modules have been shipped, covering domestic leading robot manufacturers, with many in joint development/small batch; production lines in September, orders expected to explode in 2027. ...