Guosen Securities(SZ:002736) 智通财经网·2025-09-29 07:55Core Viewpoint - The liquid cooling market is expected to experience rapid growth due to advancements in AI chip power and density, with domestic manufacturers having opportunities to penetrate overseas markets, particularly through the entire liquid cooling industry chain, with a focus on Envicool (002837.SZ) [1] Group 1: Liquid Cooling Technology - In the AI era, data center heat density is increasing, making liquid cooling a mainstream cooling technology for intelligent computing centers [2] - Liquid cooling offers advantages over traditional air cooling, including faster temperature transfer, higher heat removal capacity, lower noise, energy savings, and space efficiency [2] - The current phase of liquid cooling primarily utilizes cold plate technology, with NVIDIA's latest commercial B-series GPUs adopting 100% liquid cooling architecture [2] Group 2: Market Potential - The global market for liquid cooling in data centers is projected to reach $10 billion by 2026, with North America expected to contribute significantly [3] - In North America, the unit value of cold plate liquid cooling is approximately $1,040/kW, with a potential market size of $3 billion driven by CSP cloud providers adopting liquid cooling solutions [3] - The domestic market's unit value for cold plate liquid cooling is around ¥5,000/kW, with expectations for accelerated penetration by 2025 and projected market sizes of ¥11.3 billion and ¥23.8 billion for 2026 and 2027, respectively [3] Group 3: Competitive Landscape - Traditional overseas cooling companies have early advantages, but domestic manufacturers can benefit from high cost-performance ratios, rapid response, customized services, and industrial capabilities [3][4] - Key players in the liquid cooling supply chain include component manufacturers, system solution providers, and end customers such as AIDC service providers and internet companies [3] - System integrators require comprehensive capabilities, with established companies like Vertiv and Envicool having advantages in temperature control stability [3] Group 4: Component Manufacturers - Component manufacturers face technical and customer barriers, with early partnerships with NVIDIA providing a competitive edge [4] - Domestic suppliers are expected to seize development opportunities as CSP cloud providers pursue higher cost-performance decoupled solutions [4]