液冷龙头的海外业务与规划

Core Viewpoint - The article discusses the rapid growth of the domestic liquid cooling leader Y's overseas business, particularly its collaboration with Meta, which is a key driver for its growth in the liquid cooling industry [2][3]. Group 1: Collaboration with Meta - Liquid cooling leader Y's overseas business has seen significant growth, especially through its partnership with Meta, which is expected to have a demand of $800-900 million in liquid cooling-related fields over the next two years [2]. - The demand for pure liquid cooling cabinets is estimated to account for about 25% of Meta's total needs, with Tianhong Technology responsible for procurement [2][3]. - Tianhong Technology's own demand for liquid cooling switch cabinets is projected to reach 3-4 billion RMB, contributing significantly to liquid cooling leader Y's business growth [2][3]. Group 2: Supply Chain and Market Dynamics - Liquid cooling leader Y maintains direct communication with Meta, but the actual supply process is primarily through integrators like Tianhong Technology and Quanta [3]. - The agreement with Meta covers at least a two-year period, with potential for increased future demand [3]. - Although there are rumors of liquid cooling leader Y being Meta's exclusive supplier, it is currently the only point of contact for Tianhong Technology, with the possibility of other suppliers being introduced later [4]. Group 3: Collaboration with NVIDIA - Liquid cooling leader Y has begun supplying some connector products to integrators like Quanta and has entered NVIDIA's supplier list [6]. - The company has made initial progress on new projects with NVIDIA, including manifold and CDU products, although actual supply has not yet commenced for some items [6][7]. - The competitive landscape for CDU products includes major players like Cool Master, but liquid cooling leader Y believes there are still significant opportunities through procurement from NVIDIA and customer specifications [6][7]. Group 4: Product Details and Market Share - The value of the manifold for NVIDIA's NVL72 is estimated at $7,800-8,200, with the total value including connectors around $25,000 [7]. - Liquid cooling leader Y aims to achieve a market share of x% in the CDU, manifold, and cold plate markets by 2026, although it is expected to be lower than Cool Master [7]. - The company plans to optimize production management to narrow the gap with Taiwanese manufacturers, with a net profit margin of approximately xx% for its liquid cooling business [7][8]. Group 5: Future Plans and Market Outlook - The company aims for overseas revenue to reach XX billion by 2026, with an expected average gross margin of over 40% [8]. - The advancement of NVIDIA's Rubin architecture is anticipated to reshape the liquid cooling market, although liquid cooling will remain mainstream for the time being [8]. - The domestic liquid cooling market is expected to grow rapidly as chip supply issues are resolved, with liquid cooling leader Y positioned to benefit from this growth [8][11]. Group 6: Competitive Landscape - The domestic liquid cooling market is highly competitive, but liquid cooling leader Y maintains a leading position due to its comprehensive supply chain and experience [11]. - The company has accumulated a total capacity of 1.5-1.6 GW in liquid cooling application projects, ranking among the top in the country [11]. - Liquid cooling leader Y's products are recognized for their quality, with a focus on production control to ensure high yield rates [11].