电子：散热报告：AI时代散热大有可为

Industry Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Viewpoints - The global thermal management materials market was valued at $11.58 billion in 2022 and is expected to reach $13.98 billion by 2028, with a CAGR of 3.2% [2] - The global smartphone thermal management market was $1.42 billion in 2018 and is projected to grow to $3.58 billion by 2022, with a CAGR of 29.72% from 2019 to 2022 [2] - The rise of the thermal management industry is driven by the rapid development of consumer electronics, with the global thermal management materials market expected to reach $13.98 billion by 2028 [3][12][21] Market Overview - The stability and reliability of electronic components are crucial for consumer electronics, with temperature being a key factor affecting performance [4] - The failure rate of electronic components increases exponentially with temperature, with a 10°C rise reducing system reliability by 50% [4] - Main thermal management products include synthetic graphite films, thermal gels, heat pipes, vapor chambers, heat sinks, fans, and liquid cooling [6][7] Competitive Landscape - Key international players include GrafTech, Kaneka, Laird, Bergquist, and Parker Hannifin [2] - Domestic players include Feirongda, Lingyi Intelligent Manufacturing, Jones Tech, and Siquan New Materials [2][22] - Companies to watch: Lingyi Intelligent Manufacturing, Jones Tech, and Siquan New Materials [2] Market Segmentation - The smartphone thermal management market is driven by the trend towards thinner, higher-performance, and more integrated devices, with increasing demand for synthetic graphite films, heat pipes, and vapor chambers [17] - The laptop market is moving towards thinner designs, driven by cloud computing, which will expand the demand for thermal management materials [19] - The tablet market is expected to see growth in office collaboration and education sectors, boosting the thermal management materials market [19] - The smart wearable market is growing, with increasing demand for thermal management materials in chips, screens, and batteries [19] - The automotive electronics market is expanding due to the rise of new energy vehicles, with thermal management materials playing a key role in battery packs, motor systems, and control systems [19] - The 5G base station market is growing rapidly, with 5G base stations requiring more advanced thermal management solutions compared to 4G [19] Company Analysis Jones Tech - Provides high thermal conductivity graphite products, thermal interface materials, heat pipes, vapor chambers, and thermal modules for consumer electronics [24] - Supplies thermal management solutions for digital infrastructure, including 800G high-speed optical modules [24] - Targets new energy vehicles, autonomous driving, and smart cabins in the intelligent transportation sector [24] - Collaborates with leading companies in the clean energy sector, including lithium batteries, photovoltaic power generation, and energy storage [24] Siquan New Materials - Focuses on the development and production of thermal management materials, with a strong presence in the consumer electronics market [26] Lingyi Intelligent Manufacturing - Specializes in precision functional components, structural parts, modules, and chargers, with applications in AI terminal devices, communications, automotive, and photovoltaic energy storage [28] - Offers a range of thermal management solutions, including heat pipes, vapor chambers, air-cooled modules, water-cooled modules, graphite sheets, thermal pads, and thermal adhesives [28] - Provides VC vapor chamber solutions using copper, stainless steel, and pure titanium materials, with applications in high-end smartphones and foldable devices [28]