液冷有关的几只业绩和走势俱佳的票

Core Viewpoint - The liquid cooling industry, while part of the computing ecosystem alongside optical modules and PCBs, has a less robust business model and profitability. However, it has significant potential for penetration, particularly in high-density AI clusters, where current overall penetration is low, projected to reach about 20%-25% by 2025 [1]. Group 1: Industry Overview - Optical modules and PCBs are essential components of server and switch infrastructure, with nearly 100% penetration rates, while liquid cooling is only a necessity in high-density AI clusters [1]. - The revenue recognition for optical modules and PCBs is quick and has a short cycle, whereas liquid cooling projects typically have a lag of over six months due to the need for infrastructure setup [1]. - The standardization and mass production of optical modules and PCBs lead to stable and high gross margins, while liquid cooling faces challenges due to customization and project-based sales, resulting in lower gross margins [2]. Group 2: Key Companies - Inspur: A leading domestic liquid cooling company with a comprehensive solution covering cold plates, CDU, and system integration, benefiting from partnerships with major players like NVIDIA and Intel. It is positioned to gain from the AI high-density computing cooling market, although its valuation may be stretched with a PB exceeding 30x [2]. - Tongfei Co., Ltd.: A specialized enterprise transitioning to data center liquid cooling, with a dual-path approach in cold plate and immersion cooling, aiming for significant growth in AI computing infrastructure and energy storage [3]. - Yidong Electronics: Entering the AI server liquid cooling market in 2024, it aims to integrate connectors and liquid cooling solutions, achieving significant revenue milestones in 2025 [4]. - Dingtong Technology: Focused on integrated connector and liquid cooling modules, it is set to ramp up production and gross margin potential in the coming years [5]. - Siquan New Materials: Specializing in high thermal conductivity materials for AI server cooling, it is expected to enter a critical phase of mass delivery and certification by 2025 [6]. - Zhongshi Technology: Engaged in thermal management materials and AI server cooling solutions, it is expanding its production capacity and is expected to see significant order and margin growth [7]. - Feirongda: With a focus on electromagnetic shielding and thermal management, it is positioned for significant delivery and expansion in the AI server cooling market [8]. - Dongyangguang: Following a comprehensive approach in liquid cooling, it is set to enter a critical phase of delivery and overseas expansion [9]. - Juhua Co., Ltd.: Leveraging its fluorochemical expertise, it is positioned as a key player in the liquid cooling market, focusing on domestic replacement and overseas expansion [10]. - Qiangrui Technology: Engaged in integrated solutions for testing equipment, it is expected to achieve significant breakthroughs in delivery and ecosystem integration by 2025 [11].