Investment Rating - The report maintains a "Buy" rating for Dawn Digital Innovation (872808 BJ) [1] Core Views - Dawn Digital Innovation is a leading provider of cooling technology solutions for data centers, specializing in immersion phase-change liquid cooling and cold plate liquid cooling products [4] - The company has a strong market position, with a 61 3% market share in liquid cooling infrastructure in 2023, ranking first in the industry for three consecutive years [56] - The liquid cooling data center market is expected to grow rapidly, with a projected CAGR of 59% from 2022 to 2027, reaching a market size of 102 billion yuan by 2027 [28] Industry Overview - The liquid cooling data center industry is driven by increasing computing power, higher power density per rack, and government policies on PUE requirements [20] - Cold plate liquid cooling is expected to remain the mainstream solution, accounting for 89% of the market by 2027 [28] - The internet and government sectors are the largest demand drivers for liquid cooling solutions, with the internet sector accounting for 32% of demand in 2022 [29] Company Products - Dawn Digital Innovation's main products include the C8000 series for immersion phase-change liquid cooling and the C7000 series for cold plate liquid cooling [36] - The C8000 series offers high-efficiency cooling, energy savings, and high-density deployment, with a single cabinet power capacity of up to 220kW [42] - The C7000 series combines liquid and air cooling, achieving a PUE of less than 1 2 and supporting power densities of up to 50kW per rack [49] Financial Performance - In 2023, the company achieved revenue of 650 million yuan, a 25 63% year-on-year increase, with a CAGR of 24 70% from 2020 to 2023 [51] - The gross margin in 2023 was 31 37%, down from a peak of 40 67% in 2021 [51] - Net profit in 2023 was 104 48 million yuan, a 10 63% year-on-year decrease, with a net profit margin of 16 07% [52] R&D and Innovation - As of H1 2024, the company held 145 patents, including 38 invention patents, with 112 related to liquid cooling technology [57] - R&D expenses in H1 2024 were 28 62 million yuan, accounting for 29 26% of revenue [63] - The company has developed a proprietary electronic fluorinated liquid coolant, which reduces PUE to 1 04 and improves chip performance by 10%-30% [65] Market Trends - The global liquid cooling industry is seeing increased investment, with companies like Intel and Vertiv launching new solutions [14] - Dawn Digital Innovation is leading the development of national standards for liquid cooling technology in China [15] - The company's new industrial base and technological advantages are expected to support its growth as demand for liquid cooling solutions expands [4]
曙光数创：北交所公司深度报告：牵头编制首个液冷国家标准，算力浪潮下市占率第一价值凸显