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AI算力持续迭代升级,液冷加速渗透行业高景气
Soochow Securities·2025-08-15 05:49

Investment Rating - The report recommends an "Overweight" rating for the liquid cooling industry, anticipating significant growth driven by AI and increased capital expenditure from major domestic companies and telecom operators [5][75]. Core Insights - Liquid cooling technology offers multiple advantages over traditional air cooling, including lower energy consumption (over 70% reduction in energy use in 2MW data centers), higher heat dissipation capabilities, and lower total cost of ownership (TCO) [3][15]. - The demand for liquid cooling is expected to surge due to AI advancements, with global liquid cooling market size projected to exceed $19 billion by 2032 [3][56]. - The increasing thermal design power (TDP) of chips necessitates a shift from air cooling to liquid cooling, as TDPs surpass 350W [3][42]. Summary by Sections Section 1: Advantages of Liquid Cooling - Liquid cooling systems demonstrate superior energy efficiency, achieving a PUE (Power Usage Effectiveness) of below 1.2 compared to air cooling's typical PUE of 1.5-1.8 [3][15]. - The cooling capacity of liquid cooling systems is significantly higher, with power density increasing from 15 kW/rack for air cooling to over 135 kW/rack for immersion cooling [15][11]. Section 2: AI-Driven Demand for Liquid Cooling - The global AI development is expected to drive the demand for computing power, with projections indicating a global computing capacity exceeding 16 ZFlops by 2030, growing at a CAGR of over 50% [38]. - Major companies like Nvidia are transitioning to liquid cooling solutions, with Nvidia's new GPU models requiring liquid cooling due to their high TDP [55][40]. Section 3: Industry Chain and Recommended Stocks - The liquid cooling industry chain includes upstream component suppliers, midstream liquid cooling server manufacturers, and downstream users such as telecom operators and internet companies [59]. - Recommended stocks for investment include Fangsheng Co., Ltd. (focused on liquid cooling heat exchangers), Litong Technology (liquid cooling hoses), and Shuguang Digital Innovation (leading in immersion cooling solutions) [60][67][70].