蓝思科技收购PMG 或切入英伟达供应链

贝果财经2025-12-11

中经记者陈佳岚广州报道通过收购，消费电子龙头蓝思科技（300433.SZ）有机会快速切入服务器机柜与液冷赛道，获取AI算力赛道“入场券”。12月10日晚，蓝思科技公告，拟战略收购PMG International Co.,LTD.（裴美高国际有限公司）100%股权，进而获得元拾科技（浙江）有限公司（以下简称“元拾科技”）95.11645%股权。公告显示，标的公司PMG国际为萨摩亚注册的有限责任...

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Co.,LTD.（裴美高国际有限公司）100%股权，进而获得元拾科技（浙江）有限公司（以下简称“元拾科技”）95.11645%股权。公告显示，标的公司PMG国际为萨摩亚注册的有限责任公司，法定代表人为吕松寿，其与蓝思科技控股股东、实控人及董监高无关联关系。元拾科技成立于2003年8月，注册资本2150万美元，注册地位于浙江嘉兴，经营范围涵盖技术服务、金属制品制造销售、有色金属合金制造、模具制造等，另一股东为品达科技股份有限公司（以下简称“品达科技”），持股比例4.88355%。蓝思科技表示，通过本次收购，公司将快速获得国内外特定客户服务器机柜业务（包括但不限于机架、滑轨、托盘、Busbar、其他组件）的成熟技术与客户认证，以及先进液冷散热系统集成能力，此举标志着蓝思科技在AI算力硬件赛道的布局上迈出了决定性的一步。值得注意的是，公告还提到，吕松寿承诺，元拾科技已具备开展服务器机柜业务所需的完整要素，这些要素将在交割后至少三年内持续有效。《中国经营报》记者从多位产业链人士处获悉，目前元拾科技已进入英伟达供应链体系。记者留意到，2025年，英伟达对外披露的散热模组及组件合作厂商名单中，品达科技位列其中，这标志着其在全球AI供应链中的重要地位。品达科技是元拾科技少数股东，元拾科技亦为品达科技提供算力机柜等硬件支撑，形成“散热模组+算力机柜”的垂直整合能力。如果蓝思科技收购PMG成功，也就意味着其将间接获得元拾科技持有的英伟达RVL认证（参考供应商清单认证，是英伟达对其供应链中散热及液冷相关企业的综合能力评估体系），成为英伟达的核心供应商。“元拾科技专注于网络机柜、服务器机柜及IDC机房整体解决方案的研发与生产，为下游客户提供着高品质硬件支撑。”国泰海通证券科技资深分析师李轩亦对记者分析道，蓝思科技通过收购PMG可以进军服务器领域，标志着其战略是从传统消费电子延伸至AI眼镜、汽车、机器人之后的又一关键布局，显示出其延伸产业链、拓展业务版图的新思路。此举有望实现部分工艺与零部件的复用，发挥协同效应。但李轩也提醒，相较于消费电子，服务器对耐久性、效率、散热及精密度的要求显著提升，对组装供应商的技术实力与品控能力提出了更高标准。蓝思科技还表示，此次收购是公司拥抱AI时代的关键落子，标志着蓝思科技初步完成了AI硬件赛道的全面布局。不仅可以快速获得极其稀缺的客户认证与核心技术，还将标的公司在服务器机柜与液冷散热领域的深厚技术积累，与蓝思科技的“材料—模组—整机”垂直整合能力强力结合。蓝思科技称，具体交易金额、交易方案等将由相关各方根据尽职调查、审计及评估结果等进一步协商谈判，具体交易金额及收购方式将由交易双方在正式收购协议中确定。记者注意到，在AI驱动的硬件革命浪潮中，不仅蓝思科技，其他消费电子巨头也在拥抱AI服务器市场，此前，立讯精密（002475.SZ）通信业务事业处负责人熊藤芳介绍，在AI行业的潜在机会中，英伟达发布新GB200芯片和对应架构，公司针对GB200 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