Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [4] Core Insights - Major cloud providers are increasing capital expenditures to enhance data center capabilities and liquid cooling technologies, driven by AI demand [2][3] - AI-driven growth is evident in the financial results of leading companies like Google, Microsoft, Meta, and Amazon, with significant revenue and profit increases reported [1][23] Summary by Sections Financial Performance of Major Companies - Google reported FY25Q2 revenue of $96.428 billion, a 14% year-over-year increase, with net profit rising 19% to $28.196 billion. Google Cloud revenue grew 32% to $13.6 billion [1][23] - Microsoft achieved FY25 revenue of $281.724 billion, a 14.93% increase, with net profit of $101.8 billion, up 16%. Microsoft Cloud revenue increased by 21% to $106.266 billion [1][34] - Meta's FY25Q2 revenue reached $47.5 billion, a 22% increase, with net profit growing 36% to $18.3 billion [1] - Amazon reported FY25Q2 revenue of $167.7 billion, a 13% increase, with AWS revenue at $30.87 billion, up 18% [1] Capital Expenditure Trends - Google plans to increase its 2025 capital expenditure from $75 billion to $85 billion, focusing on servers and data centers [2][29] - Microsoft reported FY25Q4 capital expenditure of $24.2 billion, with a total of $88.2 billion for the fiscal year, a 58.35% increase [2][37] - Meta's capital expenditure for FY25Q2 was $17 billion, a 100% increase, with expectations for FY25 to be between $66 billion and $72 billion [2] AI and Data Center Developments - The AI hardware performance is experiencing exponential growth, with significant advancements in training and inference capabilities [3][6] - The global data center market is projected to exceed $108.6 billion in 2024, with a compound annual growth rate of 14.9% [6] - Liquid cooling technology is gaining traction, with the global market expected to surpass 200 billion yuan in 2025 [6] Market Overview - The telecommunications sector is outperforming the broader market, with a projected growth trajectory [4] - The report highlights the importance of AI in reshaping marketing processes and driving revenue growth across various sectors [31][32]

格隆汇8月5日丨博杰股份(002975.SZ)在投资者互动平台表示，公司持续为海外大客户提供AI服务器测 试设备，在测试设备中已植入自研液冷散热方案，并积累了相关技术储备和解决方案。同步就客户反馈 的产品中零部件需求共同进行探讨、研究并输出解决方案，以期满足客户需求，贯彻落实公司服务大客 户战略，并寻求从设备供应向零部件供应的战略转型。 ...

思泉新材(301489.SZ)公告称，公司计划向特定对象发行股票，发行对象为不超过35名特定投资者，包 括 证券投资基金管理公司、证券公司、 信托公司等。发行价格不低于定价基准日前20个交易日公司股 票交易均价的80%。募集资金总额不超过4.66亿元，用于越南思泉新材散热产品项目、液冷散热研发中 心项目、信息化系统建设项目和补充流动资金。本次发行完成后，不会导致公司控股股东、实际控制人 发生变化。 ...

Group 1 - The overall Server market is stabilizing, with ODMs focusing on AI Server development, particularly with NVIDIA's new Blackwell platform products [1] - TrendForce estimates that Blackwell GPUs will account for over 80% of NVIDIA's high-end GPU shipments this year [1] Group 2 - North American CSP giant Oracle is expanding its AI data centers, benefiting companies like Foxconn, Supermicro, and Quanta [2] - Supermicro's growth this year is primarily driven by AI Servers, having secured some GB200 Rack projects [2] - Quanta has successfully expanded its GB200/GB300 Rack business due to collaborations with major clients like Meta, AWS, and Google, along with Oracle orders [2] - Wiwynn is deepening its partnerships with Meta and Microsoft, expecting performance growth in the second half of the year, focusing on ASIC AI Servers [2] Group 3 - The expansion of AI data centers will be crucial for the scaling of the liquid cooling industry [2] - Liquid cooling solutions are increasingly being adopted for high-end AI chips, with new data centers incorporating "Liquid Cooling Ready" designs to enhance thermal management efficiency [2] Group 4 - Liquid cooling is becoming a standard configuration for high-performance AI data centers, driving demand for cooling components [4] - Fositek has begun shipping components for the GB300 platform, competing with Danfoss in the supply of quick connectors for AWS ASIC liquid cooling [4] - Auras is actively entering the data center liquid cooling market, with its business becoming a core growth driver, serving major clients like Oracle, Supermicro, and HPE [4] - Auras has started supplying liquid cooling products to Meta, establishing a foundation for future participation in the GB200 platform's liquid cooling supply chain [4]

Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2025, with estimates ranging from 583 to 663 million yuan, representing a year-on-year growth of 157% to 193% [7] - The price of refrigerants continues to rise, supported by strong demand and improved industry dynamics, which is expected to enhance profitability [7] - The company has launched an employee stock ownership plan to boost employee motivation and long-term development [7] - The company is actively expanding into the liquid cooling and robotics sectors, with established partnerships and initial revenue generation from these new business lines [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 12,199 million yuan in 2024 to 16,965 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.1% [6] - The net profit attributable to the parent company is forecasted to increase from 1,415 million yuan in 2025 to 2,137 million yuan in 2027, reflecting a strong growth trajectory [6] - The earnings per share (EPS) is expected to rise from 0.47 yuan in 2025 to 0.71 yuan in 2027 [6] Business Developments - The company has established a joint venture to focus on integrated liquid cooling solutions, leveraging its capabilities in core materials and components [7] - The company has entered the humanoid robotics market, achieving initial revenue and securing significant orders for its products [7] - The production capacity for laminated and formed foils is steadily increasing, benefiting from the growing demand in the data center and energy storage sectors [7]

Group 1: Company Overview and R&D Investment - The company positions technological innovation as its core competitiveness, maintaining a certain proportion of investment in basic research and core technologies based on business development needs [1] - R&D investment has shown a declining trend over the past three years, with future allocations to be dynamically optimized based on market feedback, technological advancements, and financial conditions [1][2] Group 2: Semiconductor Business - The semiconductor product capacity utilization rate is currently low, with revenue primarily dependent on smart card business; future plans include increasing capacity utilization and revenue from semiconductor packaging materials [2] - In 2024, semiconductor and packaging materials are expected to account for approximately 10% of total revenue, with significant revenue growth anticipated in Q1 2025 [2] Group 3: Profitability and Market Strategy - Different semiconductor products exhibit varying gross profit margins, with lead frames around 20% and copper bases reaching 20%-30% [2] - The company aims to promote high-performance products like copper needle-type heat dissipation bases to leading power module clients, adjusting order volumes based on client project timelines [2] Group 4: Smart Safety and Super SIM Card Business - The smart safety business focuses on digital information security, targeting transportation safety applications with multiple patents and a high industry entry barrier [3] - The super SIM card business leverages long-term experience in smart cards, showing advantages in speed, convenience, and system integration, with stable partnerships established with major domestic operators [4][5] Group 5: Liquid Cooling Technology - The liquid cooling products utilize self-developed high-performance manufacturing processes, showing advantages in structure integration, thermal conductivity, and pressure resistance [5] - The company is preparing for mass production of liquid cooling products, with market demand driven by AI servers and high-performance computing [6][7] Group 6: Future Plans and Market Position - The company plans to continue optimizing product structure based on market demand, focusing on semiconductor packaging materials, digital and energy thermal management, and smart safety technologies for new growth points [10] - Future liquid cooling business will explore chip-level thermal management solutions, aiming for deep applications in high-performance computing and advanced packaging [9][10] Group 7: Risk Management - The company acknowledges potential technical, market, and application validation risks in new business and product development, emphasizing the importance of timely information disclosure in compliance with legal regulations [10]