大厂春节抢算力，液冷龙头超预期

Core Insights - Major companies are competing to release new models and marketing activities, leading to a tight supply of computing power, which is expected to persist for a considerable time [2] Group 1: Liquid Cooling Market - The global liquid cooling market is projected to grow 5-10 times compared to last year, with many companies expected to receive substantial orders [4] - Vertiv reported strong order growth, with organic growth of approximately 252% year-over-year and 117% quarter-over-quarter, estimating order size between $8.2 billion and $8.4 billion [6] - The backlog of orders reached $15 billion, showing a year-over-year increase of about 109% and a quarter-over-quarter increase of 57% [6] Group 2: UBS Upgrade on Invec - UBS raised the target price for Invec by 60% to 160 yuan, driven by a significant upward revision of the global liquid cooling market size and an expected CAGR of 51% from 2025 to 2030 [10] - Invec's market share is anticipated to increase faster than previously expected, with a projected market share of 10% by 2027 [10] - UBS believes Invec's core competitive advantage lies in its full value chain liquid cooling capabilities, which enhance heat dissipation efficiency [11] Group 3: Valuation Insights - UBS argues that Invec's current valuation is unreasonable and significantly underestimates its growth potential, with a projected revenue and EPS CAGR of 69% and 167% from 2025 to 2027 [12] - The valuation adjustment reflects confidence in the company's short-term market share increase and the potential for margin improvement from overseas business [12] Group 4: ByteDance's Liquid Cooling - ByteDance has increased its global capital expenditure to 300 billion, indicating a significant commitment to liquid cooling technology [13]