CRUN(SZ:002272) Si Chuan Ri Bao·2025-09-28 22:36Core Insights - The liquid cooling market is experiencing rapid growth due to the increasing demand for AI computing power and the performance enhancement of computing chips [1][2] - By 2025, the liquid cooling server market in China is projected to reach $3.39 billion, with a compound annual growth rate (CAGR) of approximately 48% from 2025 to 2029 [1] - The demand for liquid cooling is closely linked to the development of high-power domestic chips, which will transition liquid cooling from an optional to a necessary solution [1][2] Industry Overview - The primary technologies for cooling in data centers are liquid cooling and air cooling, with liquid cooling gaining traction in recent months [1] - The current liquid cooling technology landscape includes cold plate, immersion, and spray cooling methods, with cold plate technology expected to dominate the market for the next 3-5 years due to its cost-effectiveness and maturity [1][2] - The liquid cooling market is anticipated to reach a scale of 100 billion RMB by 2030, indicating significant growth potential [2] Company Insights - Sichuan Chuanrun Co., Ltd. has developed automated production lines for liquid cooling products, with an annual capacity of up to 1GW [1] - The company expects its liquid cooling-related revenue to exceed 350 million RMB by 2025, with a projected 300% year-on-year growth in data center liquid cooling revenue [1] - Currently, about 80% of the company's revenue comes from overseas markets, highlighting the global demand for liquid cooling solutions driven by AI computing needs [1][2] Market Dynamics - The rapid increase in AI computing power, particularly from NVIDIA's high TDP chips, is driving the demand for liquid cooling solutions [1] - Domestic data centers primarily utilize air cooling due to lower power density, with liquid cooling penetration expected to reach around 10% by 2025 [1] - The liquid cooling industry faces challenges such as a lack of standardization and compatibility issues among different manufacturers, which could hinder growth [2]