澄天伟业：液冷业务尚处小批量交付阶段 毛利率有望随规模提升

Core Viewpoint - The company is currently in the small-batch order delivery phase for its liquid cooling business, and the current gross margin is constrained by initial production scale, which does not accurately reflect its potential profitability at scale [1] Group 1: Business Performance - The liquid cooling market is large, and although the company's revenue from this segment is currently low, it is expected to grow rapidly as customer mass production is introduced, potentially becoming a significant source of income [1] - The company anticipates substantial optimization of gross margins as order volumes increase and scale is achieved [1] Group 2: Industry Trends - The demand for liquid cooling solutions is expected to rise due to the increasing power consumption of chips [1] - The company is actively aligning with customer needs for technological iterations and is making strategic investments in next-generation liquid cooling technologies such as MLCP [1]