三花：AI机器人时代，笑到最后还是跨界"老腊肉”？

Core Insights - The report discusses the growth history of Sanhua Intelligent Control and its product offerings, focusing on traditional refrigeration and automotive thermal management, particularly in the context of new energy vehicles and humanoid robots as future growth areas [1]. Group 1: Thermal Management Market Expansion - The thermal management market is expanding, particularly in data centers, driven by increasing power density and energy efficiency requirements, leading to a shift from air cooling to liquid cooling technologies [2]. - Data centers face rising demands for thermal management solutions due to higher power density and stricter energy efficiency standards, with liquid cooling systems becoming increasingly valuable [4]. Group 2: Liquid Cooling Technology - Liquid cooling is superior to air cooling due to its higher thermal conductivity and efficiency, and it is becoming the standard in North American data centers [5]. - The transition to liquid cooling is essential for meeting energy efficiency targets, as it can significantly reduce Power Usage Effectiveness (PUE) [4][5]. Group 3: Competitive Landscape - The competitive landscape in data center thermal management is dominated by suppliers from the US and Taiwan, with Nvidia being a key player that maintains a closed supply chain, limiting opportunities for mainland Chinese companies [9][11]. - Sanhua Intelligent Control primarily supplies components for liquid cooling systems and has achieved over 1 billion RMB in revenue from data center liquid cooling solutions in 2024, but lacks direct engagement with major data center operators [12]. Group 4: Market Potential - The data center thermal management market is projected to grow significantly, with estimates suggesting it could approach the size of the new energy vehicle thermal management market by 2027 [14]. - The market for energy storage thermal management is also expanding, with a shift from air cooling to liquid cooling technologies as energy storage systems evolve [15][18]. Group 5: Humanoid Robotics - In the humanoid robotics sector, Sanhua focuses on mechatronic actuators, which are essential for robot joints, and is positioning itself as a Tier One supplier similar to its role in the automotive sector [25][26]. - The company has established a strong relationship with Tesla, which may facilitate its entry into the humanoid robotics market [30]. Group 6: Strategic Positioning - Sanhua's capabilities in thermal management and mechatronics, along with its global production capacity, position it well for future growth in both data center and humanoid robotics markets [29][33]. - The company faces challenges in the data center market due to established competitors and the need to build relationships with key players like Nvidia, which has a closed supply chain [34][35].