Investment Rating - The industry investment rating is maintained at "Overweight" [8][12]. Core Insights - The demand for AI computing power is increasing, leading to significant growth in the liquid cooling market. In the first three quarters of 2024, the total capital expenditure of major internet companies (BAT) reached 86.721 billion yuan, a year-on-year increase of 119.80% [8][7]. - The liquid cooling technology is expected to become a mainstream solution due to its advantages in energy efficiency and cost-effectiveness. The average operating cost over five years is lower compared to traditional air cooling solutions [3][8]. - The Chinese liquid cooling server market is projected to grow from 1.55 billion USD in 2023 to 10.2 billion USD by 2028, with a compound annual growth rate of 47.6% [8][7]. Summary by Sections Investment Recommendations - Companies to focus on include: Yingweike, Shenling Environment, Tongfei Co., Feirongda, Jialitu, Runze Technology, Gaolan Co., and Shuguang Digital Innovation [4]. Market Trends - The performance of NVIDIA's Blackwell B200 GPU has improved fivefold compared to the H100, with power consumption increasing by 43% to 1000W, highlighting the need for efficient cooling solutions in data centers [3][8]. - The Chinese government has set ambitious targets for data center energy efficiency, aiming for an average PUE of below 1.5 by the end of 2025 [3][8]. Financial Data - In Q3 2024, the total capital expenditure of BAT was 36.230 billion yuan, showing a year-on-year increase of 117.15% and a quarter-on-quarter increase of 57.93% [8]. - ByteDance's capital expenditure is expected to reach 80 billion USD in 2024, with 90 billion yuan allocated for AI computing power procurement [8]. Market Comparison - The liquid cooling market is expected to outperform traditional cooling methods, with PUE values potentially dropping below 1.1 compared to the 1.25 limit of traditional air cooling [3][8].
液冷行业点评：AI算力持续景气，液冷市场空间广阔
Shanghai Securities·2024-12-31 11:14