YUTO Packaging Technology (002831 CH): Buy: Liquid cooling expansion lifts growth outlook

研报英文原文证据摘录

YUTO Packaging Technology (002831 CH): Buy: Liquid cooling expansion lifts growth outlook

25 June 2026

Equity Research Report

YUTO Packaging Technology EquitiesContainers & Packaging

(002831 CH)

Buy: Liquid cooling expansion lifts growth outlook China

◆ YUTO’s liquid cooling business benefits from rapid overseas MAINTAIN BUY

market expansion

TARGET PRICE (CNY) PREVIOUS TARGET (CNY)

◆ High-end manufacturing business has strong potential

43.70 33.88 backed by premium client resources

◆ Maintain Buy rating; raise TP to RMB43.70 (from RMB33.88) SHARE PRICE (CNY) UPSIDE/DOWNSIDE

35.74 +22.3%

Huge potential in liquid cooling business: On 22 June, Nvidia’s official website (as of 23 Jun 2026)

announced that its next generation Vera Rubin server will fully adopt liquid cooling. MARKET DATA

As AI model competition shifts from raw computing power to token efficiency, we Market cap (CNYm) 46,045 Free float 30%

think demand for highly efficient servers is likely to drive rapid expansion of the liquid Market cap (USDm) 6,797 BBG 002831 CH

3m ADTV (USDm) 81 RIC 002831.SZ

cooling market in 2026-27. We project the overseas market size to reach RMB74.8bn

in 2026, and RMB160.9bn in 2027, fuelled by strong Vera Rubin orders, increasing FINANCIALS AND RATIOS (CNY)

adoption of AI application-specific integrated circuit (ASICs) and cloud providers Year to 12/2025a 12/2026e 12/2027e 12/2028e

HSBC QH EPS 1.25 1.44 1.75 2.06

building their own servers. Huayan, YUTO’s subsidiary, has been deeply engaged in HSBC QH EPS prev 1.24 1.43 1.69 1.99

the server liquid cooling market for years. We estimate the business will contribute Change (%) 0.2 1.1 3.0 3.5

Consensus EPS 1.26 1.41 1.62 1.88

1% of total revenue in 2026 and 4% in 2027, with risks tilted to the upside. The PE (x) 28.7 24.8 20.5 17.4