Hanbell(SZ:002158) Zhong Guo Neng Yuan Wang·2025-09-17 00:52Core Viewpoint - The report highlights the increasing power density of AIDC cabinets, which has risen from 2-8 kW to 20-50 kW, with expectations to exceed 100 kW in the future. This necessitates efficient cooling solutions to manage the heat generated, ensuring optimal performance and reliability of chips [1][2]. Group 1: AIDC Power Density and Cooling Demand - AIDC's power density has significantly increased, leading to a surge in demand for high-performance cooling solutions [2]. - The inability to effectively dissipate heat from high power density operations can result in overheating, performance throttling, and reduced equipment reliability [1][2]. Group 2: Magnetic Levitation Refrigeration Compressors - Magnetic levitation compressors are identified as a leading technology in cooling systems for data centers, enhancing energy efficiency and reducing operational costs [3]. - Compared to traditional screw compressors, magnetic levitation compressors improve IPLV by approximately 42% and reduce motor power consumption by 30%, leading to a 30% decrease in annual electricity costs [3]. - The global investment in AIDC is expected to drive the market for magnetic levitation refrigeration compressors, with companies like Danfoss projecting a threefold growth in their data center-related business in China by 2024 [3]. Group 3: Competitive Landscape - The global market for magnetic levitation refrigeration compressors is highly concentrated, with significant technological barriers to entry [4]. - Danfoss holds a dominant market share of 70%, with over 160,000 units shipped, indicating a concentrated competitive landscape [4]. - Domestic companies like Hanzhong Precision Machinery are making strides in technology and market share, supported by strong R&D investments and strategic partnerships [5]. Group 4: Investment Recommendations - The report suggests that the ongoing expansion of AIDC and the increase in cabinet power density will drive demand for cooling solutions, particularly magnetic levitation compressors [6]. - The superior performance and lower operational costs of magnetic levitation compressors position them favorably in the market, with expectations for continued growth in the sector [6].