TacticScaleWhat Sanhe Tongfei Refrigeration (同飞股份) Does & How It Makes Money (300990.SZ)
Updated October 2026 · reflects Sanhe Tongfei Refrigeration's latest reported financials
Chinese maker of industrial cooling and temperature control equipment. The company makes money by manufacturing and selling temperature control equipment to industrial customers in China.
How Sanhe Tongfei Refrigeration makes money
The company makes money by manufacturing and selling temperature control equipment to industrial customers in China. These customers include machine builders, energy storage and power equipment makers, and data center operators.
What Sanhe Tongfei Refrigeration does
Sanhe Tongfei Refrigeration, founded in 2001 and headquartered in Sanhe, China, makes industrial temperature control equipment. Its core line, which it calls smart equipment manufacturing, covers chillers, immersion chillers, oil/air and air/water heat exchangers, cabinet heat exchangers and special heat exchangers for electrophoresis. These products are used to cool machine tools and other industrial equipment. The company has used its cooling know-how to expand into newer markets. For renewable energy storage it sells liquid cooling units for inverters and PCS, industrial air conditioners and dehumidifiers. For power transmission it sells pure water cooling units. For intelligent computing centers it sells CDUs, manifolds, dry coolers, rear-door heat exchangers, precision air conditioners and modular or container data centers. It also serves the semiconductor, hydrogen energy and laser markets.
Products & services
- MCO/MCW industrial chillers
- LCI liquid cooling units for energy storage inverters and PCS
- LWA/LWW pure water cooling units for power transmission
- DWW CDU and DMF manifolds for data center liquid cooling
- DCA precision air conditioners for server rooms
- Modular and container data centers
同飞股份是做什么的？
三河同飞制冷股份有限公司成立于2001年，总部位于河北三河，主要研发、生产和销售工业温控设备。传统主业是智能装备制造配套，产品包括冷水机、浸没式冷却机、油冷和水冷换热器、电气柜换热器、温湿度调节机和电泳专用换热器，主要用于机床等工业设备的冷却。 公司还把温控技术延伸到新的领域。在新能源储能方面，提供变流器和PCS液冷机组、工业空调和除湿机；在输配电方面，提供纯水冷却装置；在算力中心方面，提供CDU、分液器、干冷器、背板换热器、精密空调，以及模块化数据中心和集装箱数据中心。此外，公司的产品也用于半导体、氢能和激光等行业。
What is Sanhe Tongfei Refrigeration worth?
On an owner-earnings DCF, Sanhe Tongfei Refrigeration's most-likely value is about ¥74 versus a recent price near ¥95 (29% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥25) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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