英伟达液冷供应商，订单量大增252%

Core Viewpoint - Vertiv reported strong financial results for Q4 2025, with earnings per share of $1.36 and sales of $2.9 billion, representing a 23% year-over-year growth, exceeding Wall Street expectations [2] Financial Performance - Vertiv's Q4 2025 earnings per share were $1.36, with sales reaching $2.9 billion, surpassing the expected earnings of $1.29 per share and sales of $2.9 billion [2] - The company experienced a significant increase in order volume, with a year-over-year growth of 252% and a sequential growth of 117% compared to Q3 2025 [2] - For 2026, Vertiv projects earnings per share between $5.97 and $6.07, with sales around $13.5 billion, while Wall Street forecasts earnings of $4.85 per share and sales of $11.7 billion [2] Market Position and Growth Drivers - Vertiv is recognized as a leading provider of liquid cooling and power management solutions, particularly in the data center market [4] - The company is an official liquid cooling partner of NVIDIA, which enhances its capabilities in meeting the cooling demands of next-generation platforms [4] - The increasing complexity and competition in the data center market are expected to drive continued growth for Vertiv [2] Industry Trends - The demand for liquid cooling solutions is anticipated to rise significantly, with projections indicating that the liquid cooling market could reach a scale of hundreds of billions by 2026 [5] - Liquid cooling is becoming the preferred solution over traditional air cooling due to its efficiency and effectiveness in high-power scenarios [4][5] - Major companies like TSMC, NVIDIA, and Microsoft are pushing for the adoption of advanced cooling technologies, indicating a shift from experimental to large-scale industrial applications [5] Investment Opportunities - The growth in data centers is expected to create opportunities for companies in the temperature control industry, particularly in China [6] - Investment focus is suggested on companies providing cooling equipment and manufacturing components, such as Ice Wheel Environment and Linde Co., as well as those with comprehensive liquid cooling solutions like Yingweike [6]