Core Viewpoint - The importance of data centers is increasing globally due to digital and intelligent transformation, with liquid cooling technology emerging as a necessary trend despite leakage risks hindering its widespread adoption [1][2]. Group 1: Liquid Cooling Technology - Liquid cooling technology has transitioned from an optional solution to a necessity due to the explosive growth of AI models and high-performance computing, which has led to increased power density in data center cabinets [2]. - Traditional air cooling methods are being replaced by liquid cooling, which significantly enhances cooling efficiency and reduces Power Usage Effectiveness (PUE) [2]. Group 2: Leakage Risks - Leakage risks in liquid cooling systems arise from various components such as water-cooled plates, pipelines, and connectors, where any failure can lead to leaks [2]. - Common water-based coolants can corrode metal parts over time, leading to costly repairs and potential equipment damage due to leaks [2][3]. Group 3: Green Cloud's Solution - Green Cloud Technology has introduced the "Hurricane Waterless" cold plate solution, which utilizes a self-developed non-water-based non-conductive medium to mitigate leakage risks while enhancing heat exchange capabilities [1][3]. - The solution is designed to ensure that even in the event of a liquid leak, server integrity is maintained, thus improving the system's tolerance to liquid cooling failures [3]. Group 4: Innovative Design - The "Hurricane Waterless" solution features an innovative architecture that includes redundant airflow designs and a multifunctional integrated chamber to optimize cooling efficiency and space utilization [5]. - The design allows for online hot-swapping of power and fans, ensuring zero downtime for maintenance and continuous business operations [6]. Group 5: Industry Impact - The new solution has undergone rigorous testing and has been successfully implemented in collaboration with Guojijiang Precision Engineering Group, resulting in improved energy consumption, stability, and noise levels in the data center [6]. - The company aims to continue innovating and providing advanced liquid cooling solutions to support the sustainable development of global digital transformation [6].

Core Viewpoint - The article emphasizes the growing importance of liquid cooling technology in managing heat generated by applications such as artificial intelligence, electric vehicles, and energy storage, as traditional cooling methods face increasing costs and challenges [1]. Forum Information - The forum will take place from July 3-5, 2025, in Dongguan, Guangdong, organized by Shenzhen Detai Zhongyan Information Technology Co., Ltd. (DT New Materials) and iTherM [2]. - The expected scale of the event is around 300 participants, aiming to integrate industry resources and address various needs in the liquid cooling sector [1]. Agenda Overview - The agenda includes various topics related to liquid cooling technology, featuring experts from leading universities and companies [3]. - Key topics include immersion cooling technology for data centers, low-carbon wind liquid cooling technology, and innovative cooling solutions for high-density computing [3]. Special Topics - The forum will cover critical materials, core technologies, components, and testing related to liquid cooling systems [4]. - Specific areas of focus include the design of heat exchangers, cooling distribution units (CDUs), and the reliability of quick connectors [4][8]. Engineering Applications - The forum will also address engineering applications of liquid cooling, including the standardization of liquid cooling systems and their deployment in AI data centers and electric vehicle battery systems [9][5]. Registration Information - Registration fees are set at ¥2800 for regular attendees and ¥1200 for students, with additional details provided for payment methods [6][7].

曙光数创 20250608 摘要 曙光数创是国内领先的液冷解决方案提供商，拥有超过 400 兆瓦的液冷 数据中心建设经验，市场份额占比 61%，连续多年位居行业第一，其母 公司中科曙光被海光吸收合并后，有望提升其整体竞争力。 曙光数创主力产品包括全静默式相变液冷解决方案（C8,000），该产品 在全球处于领先地位，并积极布局冷板式技术，主要客户涵盖政府、金 融机构、互联网运营商等领域。 2024 年曙光数创收入同比下降 74%至 0.97 亿元，主要受东数西算与 国家先进计算中心建设周期影响，但互联网中标额达 2.6 亿元，同比增 长两倍以上，海外市场拓展也在积极推进。 数据中心行业正经历从传统风冷向液冷的转变，单机柜功耗大幅提升， 推动了液冷技术的需求增长，预计 2025 年至 2027 年全球数据中心市 场规模将有显著增长。 曙光数创的核心产品 C8,000 系列采用浸没式相变液冷技术，具有较高 的技术壁垒，换热量已提升至 575 千瓦每个 rack，预计到 2026 年可达 到 750 千瓦每个 rack。 曙光数创成立于 2002 年，是最早提出液冷技术研究的公司之一。2013 年完 成了液冷模块产品 ...

Core Insights - Highlan Co., Ltd. has made significant advancements in cutting-edge technology by participating in the Chinese Academy of Sciences' "artificial sun" EAST and the spallation neutron source projects, providing essential thermal management products for these nuclear physics experimental devices [1][2] - The EAST device has set world records, achieving 1 billion degrees Celsius for 1066 seconds, with a target of 3000 seconds, highlighting China's breakthroughs in advanced technology [1] - Highlan Co., Ltd. holds a dominant market share of 60%-70% in the domestic liquid cooling market, serving major companies like NVIDIA and Inspur [2] Company Overview - Highlan Co., Ltd. specializes in the research, development, production, and sales of pure water cooling equipment and control systems for power electronic devices, primarily used in power generation, transmission, distribution, and consumption [2] - The company has developed a liquid metal cooling system to address the thermal conduction challenges posed by high-temperature and high-radiation environments in the EAST and spallation neutron source projects [2] Financial Performance - As of March, Highlan Co., Ltd. reported a total order backlog of approximately 1.11 billion yuan, covering various sectors including ultra-high voltage, liquid cooling, and new energy vehicle thermal management [3] - The liquid cooling business is projected to contribute over 60% of orders in 2024, with an estimated revenue share of around 35% from the data center sector [3] - The company's liquid cooling business faces pressure on profit margins due to reliance on imported core components, with margins 8-12 percentage points below the industry average [3] Strategic Initiatives - Highlan Co., Ltd. has plans for significant investments in developing comprehensive thermal management and high-end manufacturing projects, focusing on emerging fields such as nuclear fusion and energy storage [3] - The company aims to reduce dependency on international suppliers by accelerating the localization of cooling liquids and expanding the application of liquid cooling technology into energy storage and new energy vehicle markets [5]

Core Viewpoint - The termination of the share transfer agreement between the controlling shareholder and Yunnan International Trust is seen as a positive signal, indicating the controlling shareholder's confidence in the company's future development [2][10]. Group 1: Share Transfer Agreement - On May 9, Feirongda (300602.SZ) announced that the controlling shareholder, Ma Fei, reached an agreement with Yunnan International Trust to terminate the share transfer agreement, which involved the transfer of 29 million shares, accounting for 5% of the total share capital, at a price of 15.72 yuan per share, totaling nearly 460 million yuan [2]. - The purpose of the transfer was to introduce strategic investors who recognize the company's intrinsic value and future development potential, optimize the equity structure, and improve the financial structure of the actual controller [2]. - The agreement was originally proposed on November 25, 2024, but was terminated without any breach of contract responsibilities [2]. Group 2: Company Performance and Market Position - Feirongda has been a long-term supplier to Huawei since 1997, with sales to Huawei accounting for approximately 17% of the company's revenue in 2024 [15]. - The company's revenue has shown significant growth, with a compound annual growth rate (CAGR) of 13.9% from 2019 to 2024, and a 14.7% growth in Q1 2025, reaching 1.18 billion yuan [18][26]. - The main revenue contributors are thermal management materials, electromagnetic shielding materials, and lightweight materials, which accounted for 37%, 26%, and 14% of revenue in 2024, respectively [22]. Group 3: Financial Performance and Challenges - Despite revenue growth, the company's profit margins have not kept pace, with a significant drop in gross margins from 29.8% in 2019 to around 17% in recent years [34][41]. - The company has faced challenges such as rising raw material costs and increased competition, leading to a decline in profitability [37][68]. - Feirongda has been reliant on capital markets for funding, raising a total of 2.07 billion yuan through equity financing since its listing, indicating a struggle to generate sufficient cash flow from operations [86][90]. Group 4: Market Dynamics and Competition - The market for electromagnetic shielding and thermal management materials is growing, driven by increased demand in consumer electronics, telecommunications, and new energy sectors [17][68]. - However, the industry is characterized by low concentration and intense competition, with Feirongda holding less than 10% market share in the thermal management materials sector [69]. - The company faces pressure from larger international competitors and must navigate a landscape where pricing pressures are increasing due to the proliferation of manufacturers [72][74].

Summary of the Conference Call for Feilong Co., Ltd. Company Overview - **Company**: Feilong Co., Ltd. - **Industry**: Liquid Cooling Pumps, Robotics, Automotive Components Key Points and Arguments Liquid Cooling Pump Business - Feilong Co., Ltd. has nearly monopolized the domestic market for liquid cooling pumps, with high technical barriers and profit margins significantly exceeding traditional automotive businesses. It is projected that revenue from the liquid cooling sector will exceed 100 million yuan by 2025, indicating substantial domestic and international market potential, which could yield profits several times that of the main business [2][4][5] - The company has achieved remarkable progress in the liquid cooling pump sector, with a high market share and capacity utilization rate. The profit margins in this area are much higher than those in traditional automotive sectors [4][9] Robotics Business - The robotics segment of Feilong Co., Ltd. faces significant expectation gaps, with the market lacking sufficient awareness of its potential. The company plans to leverage its existing products, including motor controllers, to enter the industrial internet platform and extend into modules and liquid cooling products, which could become new growth drivers [2][6] - Feilong Co., Ltd. has strong motor capabilities, developed through long-term research in electronic water pumps, which positions it well for expanding its robotics business [6][8] Server Electronic Water Pump Sector - Feilong Co., Ltd. has established itself as a market leader in the server electronic water pump sector and has successfully expanded into overseas markets. The company plans to extend its product line towards modules, potentially including reducers or screw rods, which may require mergers or partnerships [2][7] Financial Performance - For 2025, Feilong Co., Ltd. expects to achieve a net profit of over 400 million yuan, with the potential for higher profits when considering the liquid cooling and robotics businesses. The current valuation is approximately 8 billion yuan, with a price-to-earnings ratio of less than 20, indicating high growth expectations for the coming years [3][9][10] - The automotive business is projected to maintain a compound annual growth rate of 15% to 20% over the next three years, providing a solid foundation for overall financial performance [3][9] Investment Recommendation - Investment in Feilong Co., Ltd. is recommended due to its low valuation, high growth potential, and strong customer relationships, particularly with companies like Xiaomi, Chery, and Xpeng. The company’s ability to extend into modules and its strong motor capabilities are expected to enhance stock value [10][11] - The market currently underestimates the stock's potential, but as time progresses, its value is expected to be recognized, presenting a strong buying opportunity during any market corrections [11] Additional Important Insights - The domestic market potential for liquid cooling pumps is estimated to be over 1 billion yuan, while the international market could reach 4 to 5 billion yuan, totaling several billion in revenue if the company captures a significant market share [5]

Group 1: Company Performance and Financials - The company has achieved continuous revenue and profit growth for 14 years, benefiting from diversified business operations and increased R&D investment [1] - The comprehensive gross margin for Q4 2024 and Q1 2025 has decreased, primarily due to a new accounting policy that shifted after-sales service costs to the cost side, impacting Q4 results [2] - The gross margin change for Q1 2025 is approximately -0.46% year-on-year, with normal fluctuations expected due to variations in product and customer mix [2] Group 2: Market and Business Environment - Trade tariffs between the US and China may raise costs for overseas customers, potentially suppressing demand for the company's energy storage business [1] - The high inventory levels at the end of 2024 and Q1 2025 are attributed to project-based sales with long confirmation cycles, expected to convert to revenue in the next 1-2 quarters [3] - The market for data center cooling in China is accelerating, driven by AI business demands, with further growth anticipated in 2025 [5] Group 3: Product and Technology Insights - Liquid cooling applications in computing equipment and data centers are driven by increased heat density and improved cooling system efficiency [6] - The procurement decision-makers for liquid cooling components vary, including chip manufacturers, server vendors, and cloud service providers [7] - The cold plate products for server liquid cooling present high barriers to entry due to design, manufacturing processes, and significant capital investment [8]

Group 1 - AI technology is driving transformation across industries, with AI computing infrastructure evolving from single GPU clusters to integrated AI factories [1][2] - Single GPU clusters have been essential for AI model training but are increasingly inadequate for complex applications, leading to the emergence of comprehensive AI factories that integrate computing, storage, networking, and cooling systems [1] - Integrated AI factories enhance development efficiency and operational performance for various AI tasks through dynamic resource allocation and advanced data management [1] Group 2 - The demand for distributed computing is growing exponentially as AI enters the inference paradigm and multi-agent systems, necessitating innovations in liquid cooling, high-bandwidth memory, and dedicated interconnect networks [2] - The strategic significance of AI infrastructure has transcended technical aspects, becoming crucial for national competitiveness and data sovereignty in the digital age [2] - Countries and large enterprises are actively establishing AI sovereignty capabilities and deploying local AI factories tailored to their unique advantages and needs, such as Indonesia and India focusing on cultural adaptation and Germany on railway automation [2] Group 3 - The global development of AI infrastructure is characterized by specialization, sovereignty, and regional differentiation, presenting a historical opportunity for countries and enterprises to build AI systems that meet their development needs [3] - Leveraging AI technology is essential for driving comprehensive digital transformation and initiating a new chapter in the development of the digital economy [3]

Core Insights - The 2025 MiaoSuan Technology and Hengtong New Product Launch Conference highlighted the importance of AI technology and liquid cooling innovations in enhancing computing power for green intelligent computing [1] - The Chinese AI computing power market is projected to reach $25.9 billion, reflecting a 36.2% growth from 2024 [1] - The new generation of immersion liquid cooling products was unveiled, marking a significant advancement in collaboration between MiaoSuan Technology and Hengtong [1] Group 1 - MiaoSuan Technology's new product features a single-layer immersion liquid cooling architecture, capable of deploying six 5U immersion liquid cooling servers within four hours, catering to the edge computing needs of small and medium enterprises [1][2] - The modular server design by Ruiqi allows for flexible assembly of CPU, storage, GPU, and power modules, optimizing cooling efficiency and energy consumption by over 30% [2][3] - The immersion cooling solution enhances energy utilization, achieving a Power Usage Effectiveness (PUE) as low as 1.15, with specific areas reaching 1.09 [3] Group 2 - MiaoSuan Technology aims to integrate energy-saving and full-stack operation and maintenance strategies to promote large-scale application of innovative immersion liquid cooling technology [3] - A strategic cooperation agreement was signed with Atec Innovations Sdn Bhd to collaborate on innovative liquid cooling technology development and ecosystem integration [5] - The conference included discussions on the liquid cooling industry's growth, technological advancements, and energy management to foster a thriving ecosystem and commercial viability [4]

Core Viewpoint - The article discusses the growth and investment opportunities in the AI computing center market in China, particularly focusing on the Huawei Ascend ecosystem and its associated companies across four key areas: complete machines, power supply, cooling, and connectivity [2]. Group 1: Complete Machines - The newly added computing power in 2024 is expected to reach approximately 20,000 PFlops, with the investment scale of China's intelligent computing center market projected to reach 288.6 billion yuan by 2028. In 2023, the market size was 87.9 billion yuan, showing a year-on-year growth of over 90% [3]. - As of August 2024, there are over 300 intelligent computing center projects in China, with a total announced computing power exceeding 500,000 PFlops. About one-third of these projects are planned to have a computing power greater than 500 PFlops, mainly funded by government or telecom operators [3]. Group 2: Power Supply - AI servers utilize three power supply methods: external cabinets, racks, and trays. The power supply unit (PSU) converts high-voltage AC from the grid to 48V DC, which is then further converted to 12V for CPUs and 0.8V for GPUs [15]. - The GB200 NVL72 cabinet is equipped with 48 5.5kW PSUs, providing a total power of 132kW. The increasing power demand in AI servers is expected to expand the AI power supply market [16][21]. Group 3: Cooling - The power consumption of single cabinets has increased from 4-6 kW in traditional computing centers to 20-40 kW or higher in intelligent computing centers. Liquid cooling technology is becoming the preferred choice due to its efficiency and low energy consumption [27]. - The market size for liquid cooling data centers in China was 8.63 billion yuan in 2023, with a growth rate of 26.2%, expected to reach 18.01 billion yuan by 2026 [29]. Group 4: Connectivity - Backplane connectors are crucial for high-performance servers and communication devices, supporting high-speed data transmission and ensuring signal integrity [38]. - The Chinese communication connector market is projected to grow at a compound annual growth rate of 30%-35%, with expectations to exceed 60 billion yuan by 2025, where AI-related connectors will account for over 70% of the market [40].