液冷：GPU+ASIC 渗透加速，订单能见度到 2028 年 20251207 摘要 GB200 服务器液冷渗透率预计高达 75%，GB300 接近 100%，AMD 和亚马逊新机架亦提供液冷方案，预示 2026 年服务器液冷渗透率将显 著提升，液冷技术成为高功耗芯片散热的关键。 芯片散热方案选择主要依据热流密度和单机柜功耗，风冷上限为每平方 厘米 1,000 瓦和单机柜 100 千瓦。尽管液冷是高功耗必选项，但成本因 素可能导致用户选择次优方案，如 AMD 和亚马逊同时提供风冷和液冷 机架。 英伟达正研发微通道液冷技术以提高散热效率，预计 2026 年第四季度 供应链成熟。谷歌已采用分流冷板和裸芯片冷却技术，通过主动流量控 制和 N+1 冗余架构实现精准可靠的散热管理，并适应 AI 训练负载波动。 预计 2026 年英伟达 GPU 机柜出货量 10-12 万个，对应市场规模达 100 亿美元。ASIC 服务器出货量预计 800 万颗，40%渗透率对应 39 亿美元市场。GPU 加 ASIC 服务器市场规模有望超 150 亿美元，25-26 年复合增长率约 55%。 Q&A 目前数据中心液冷方案的渗透率情况如 ...

AI 时代汽车产业链跨界拓展与新增长极 20251207 摘要 苏联股份在新能源汽车市场趋于饱和之际，瞄准数据中心液冷市场，该 市场预计将从 2024 年的 50 亿美元增长到 2030 年的 200 亿美元，年 复合增长率约为 20%，具有巨大增长潜力。 公司利用汽车行业积累的技术经验，成立速联智控公司，专注于智能算 力液冷解决方案，苏联股份持股 80%，管理团队持股 20%，以独立事 业部模式运营。 速联智控主要产品包括智能算力二次侧的冷板、分页气管、快插接头管 路等，如 UQD 系列快速接头，重量降低 60%，成本降低 50%，CV 值 高于行业标准 30%，可热插拔次数达 5,500 次。 公司进军金属类产品领域，分析英伟达 72 机柜价值构成，冷板价值占 比 35%，Mellanox 占比 21%，快速接头占比 8%，并与高校合作开发 微通道技术，预计 2026 年第一季度投产金属类产品，年产能达 40 万 套。 苏联股份采用 APQP 过程开发方法，确保项目关闭率与交付率达到 100%，建立了 4,000 多平方米的检测中心，获得 CINAS 实验室认证， 并构建仿真团队，通过 CAE 与 CFD ...

● 本报记者 乔翔 11月23日，中鼎股份宣布与傅利叶达成人形机器人核心部件总成战略合作；11月24日，披露旗下公司斩 获两家液冷系统集成商项目定点……48小时内两则公告，折射出汽车零部件巨头中鼎股份的战略脉搏。 "'十五五'期间，公司将全力夯实汽车核心业务全球竞争力，加速培育机器人、数据中心液冷、3C电子 等新兴引擎，以高端制造与绿色智造助推区域经济高质量发展。"中鼎股份董事长夏迎松近日在接受中 国证券报记者采访时表示，"安徽的产业生态为企业提供了从技术转化到市场开拓的全周期支撑。" 扎根沃土共生共荣 皖东南山城宁国，不靠海、不沿边，却是中鼎股份全球化战略的"根据地"。这里不仅是其起步的源头， 更是完成多次跨国并购后，实现从资本输出到技术、管理乃至文化反向输出的"回归地"与"价值枢纽"。 "宁国的独特优势在于对长期主义的坚守。"夏迎松告诉记者，多年来，宁国坚持"工业强市"战略不动 摇，对于需要长周期投入、敢于进行大规模跨国并购的制造业企业而言，是无价的信心保障。 "得益于安徽厚植的汽车产业沃土，我们有能力支撑并升级全球化的内涵。"夏迎松介绍，公司的全球化 历经了从1.0时代抢占市场、2.0时代获取技术反哺国 ...

证券代码： 301560 证券简称：众捷汽车 苏州众捷汽车零部件股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | 分析师会议 □特定对象调研 □ | | --- | --- | | 类别 □ | 媒体采访 √ 业绩说明会 | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 2025 | 年 月 日 下午 12 2 (周二) 13:30~17:05 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、财务总监计惠 | | 员姓名 | 2、董事会秘书孙琪 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、鉴于每股收益保持稳定，但相比去年同期略有下降，公 | | | 司如何看待市场竞争力的变化?有哪些关键因素可能影响未来每 | | | 股收益的增长 ...

Core Viewpoint - The company, a leader in automotive thermal management, is expanding into new growth areas such as data centers and robotics, showing strong revenue and profit growth with a compound annual growth rate (CAGR) of 22% in revenue and 43% in net profit from 2022 to 2024 [1] Group 1: Business Expansion and Growth - The company has diversified its business into four growth curves: commercial vehicle off-road, new energy thermal management, digital and energy thermal management, and artificial intelligence and robotics [1] - The passenger vehicle segment is leading the growth, while the digital energy business is rapidly expanding, and the commercial vehicle and off-road segments are providing stable contributions [1] - The company has achieved a historical high in overseas revenue, which accounted for 24% of total revenue in the first half of 2025, with significant improvements in profitability from international operations [1] Group 2: Digital Energy and AI Cooling - The demand for liquid cooling in data centers is expected to accelerate, driven by high capital expenditures in the domestic internet sector and AI applications [2] - The company has secured 301 orders for data center liquid cooling systems, with a total capacity of 500 MW, indicating a strong market presence [2] - The digital and energy segment is projected to contribute an additional annual sales revenue of 637 million yuan after mass production [2] Group 3: Acquisition and Strategic Moves - The company plans to acquire a controlling stake in Deep Blue Co., focusing on energy storage temperature control and HVAC systems, which will enhance its capabilities in data center liquid cooling and energy storage [3] - The automotive sector is transitioning towards electrification and intelligence, increasing the thermal management value per vehicle, with the penetration rate of new energy vehicles in China expected to reach 56% in 2025 [3] Group 4: Market Position and R&D - The company has established a comprehensive product layout, including battery thermal management systems and various components, with over 1,000 effective patents and a research and development expense ratio of over 4% [4] - The company has entered the supply chains of numerous leading domestic and international clients, including major automotive manufacturers [4] - The humanoid robotics market is anticipated to grow significantly, with the company positioning itself to leverage synergies between robotics and automotive clients [4][5] Group 5: Financial Projections - The company is expected to achieve revenues of 15.211 billion yuan, 17.952 billion yuan, and 20.978 billion yuan from 2025 to 2027, with year-over-year growth rates of 19.8%, 18.0%, and 16.9% respectively [6] - The projected net profits for the same period are 973 million yuan, 1.255 billion yuan, and 1.577 billion yuan, with year-over-year growth rates of 24.2%, 29.0%, and 25.7% respectively [6]

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 1.72 billion, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of CNY 160 million, up 13.54% [3] - For the first three quarters, total revenue was CNY 4.83 billion, a decline of 2.45% year-on-year, with a net profit of CNY 428 million, down 9.68% [3] Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, operating in a temperature range of -271°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [4] - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth [4] Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and heat exchange devices [4][6] - Notable projects include collaborations with major data centers across China and partnerships with local integrators in North America, Australia, and Southeast Asia [5][6] Nuclear Power Sector - The company is actively involved in the nuclear power industry, focusing on core applications such as nuclear island cooling and heat recovery [6][7] - Recent projects include supplying cooling systems for several nuclear power stations in China [7] Thermal Management Innovations - The company is advancing in thermal management technologies, particularly through its subsidiary, which specializes in industrial heat pumps and waste heat recovery systems [8] - The company has been recognized for its innovative technologies, including awards for its absorption heat exchangers and low-temperature heat recovery systems [8] Joint Ventures and Collaborations - The company collaborates with Yantai Modern Ice Wheel Heavy Industry, focusing on gas-fired power generation waste heat boilers and partnerships with global firms like GE and Siemens [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.46 CNY [3][6]. Core Insights - The company plans to acquire Deep Blue Co., which is expected to enhance its data center liquid cooling layout and increase profitability [2][10]. - The financial forecasts for EPS from 2025 to 2027 are projected to be 1.14 CNY, 1.51 CNY, and 1.93 CNY respectively, with a maintained average PE valuation of 39 times for comparable companies in 2025 [3]. - The acquisition of Deep Blue Co. will strengthen the company's capabilities in controllers and drivers, particularly in the data center liquid cooling sector, which is anticipated to contribute positively to revenue and profit growth [10]. Financial Summary - The company's revenue is projected to grow from 11,018 million CNY in 2023 to 21,502 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.5% [5][11]. - Operating profit is expected to increase from 816 million CNY in 2023 to 2,107 million CNY in 2027, with a notable growth rate of 67.7% in 2023 [5][11]. - The net profit attributable to the parent company is forecasted to rise from 612 million CNY in 2023 to 1,631 million CNY in 2027, with a growth rate of 59.7% in 2023 [5][11]. - The gross margin is projected to improve slightly from 20.5% in 2023 to 21.7% in 2027, while the net margin is expected to increase from 5.6% to 7.6% over the same period [5][11].

Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88%. The net profit attributable to shareholders was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, the total revenue was 4.83 billion CNY, showing a decline of 2.45% year-on-year, while the net profit attributable to shareholders decreased by 9.68% to 428 million CNY [3] Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with key products including compressors and heat exchangers, operating within a temperature range of -271°C to 200°C [3] - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [4] Product Applications - The company’s products are applied in data centers, including liquid cooling systems, with notable projects in collaboration with major data centers across China [5][6] - In the nuclear power sector, the company has developed technologies for nuclear island cooling and heat recovery, supporting several nuclear power stations in China [7] Heat Management and Energy Efficiency - The company is actively involved in heat management solutions, focusing on industrial heat pumps and waste heat recovery technologies, which align with national carbon neutrality goals [9] - The heat management segment has benefited from urban renewal and heat network upgrades, with technologies aimed at reducing energy consumption and carbon emissions in high-energy industries [9] Research and Development - The company has partnered with Xi'an Jiaotong University to develop solid oxide fuel cell (SOFC) technologies, achieving significant advancements in output characteristics and integration methods [10] - The R&D efforts have led to the development of various patented technologies and products recognized for their energy efficiency and environmental benefits [8]

Core Viewpoint - The company is actively involved in military-civilian integration projects, providing cooling system solutions for high-altitude low-temperature environments and various natural conditions required for aircraft [1] Group 1: Military Applications - The company participates in the construction of large wind tunnels and climate environment testing facilities, contributing to the simulation of high-altitude low-temperature environments [1] - The company has undertaken the icing wind tunnel and CTW wind tunnel projects, filling a gap in domestic large wind tunnel and climate environment testing capabilities [1] - These projects address critical challenges in national defense and military applications, enhancing the company's role in supporting the defense industry [1] Group 2: Data Center Liquid Cooling - The company possesses technical reserves in the area of liquid cooling for data centers, indicating potential for future developments in this sector [1]

Core Viewpoint - Ice Wheel Environmental Technology Co., Ltd. has shown significant growth in Q3, with a year-on-year revenue increase of 6.88% to 1.72 billion yuan, while facing challenges in the first three quarters due to industry-wide impacts, resulting in a 2.45% decline in revenue to 4.83 billion yuan [2][5]. Performance Summary - Q3 revenue reached 1.72 billion yuan, up 6.88% year-on-year - Q3 net profit attributable to shareholders was 160 million yuan, up 13.54% year-on-year - Cumulative revenue for the first three quarters was 4.83 billion yuan, down 2.45% year-on-year - Cumulative net profit for the first three quarters was 428 million yuan, down 9.68% year-on-year - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth, driving overall performance [2]. Business Layout - Ice Wheel Environmental focuses on energy and power sectors, providing system solutions and lifecycle services - Key products include various types of compressors, absorption chillers, industrial heat pumps, energy storage devices, and heat exchangers, covering a temperature range from -271°C to 200°C [3][4]. Application Areas - Products are utilized in various core scenarios: - Commercial refrigeration systems: food freezing, cold chain logistics, vacuum freeze-drying, ice venues - Industrial refrigeration systems: energy/chemical process cooling, aerospace wind tunnels, building aggregate cooling - Commercial comfort air conditioning: rail transit, commercial real estate, public venues - Industrial special air conditioning: data centers, nuclear power plants, metallurgy, petrochemicals, electronics factories - Other areas: waste heat recovery, gas compression and liquefaction, energy storage systems, new energy equipment, industrial intelligent control [4]. Key Segment Progress - Data Center Liquid Cooling: Leading technology with products included in the national directory - Nuclear Power: Comprehensive coverage with a focus on core scenarios, serving multiple nuclear power stations and supplying the world's first commercial fourth-generation high-temperature gas-cooled reactor - Thermal Management: Driven by policies, with a strong technological foundation and a focus on industrial heat pumps [5][6][8]. R&D Developments - Breakthroughs in SOFC technology for distributed energy applications, with unique output characteristics and integration technology, laying a foundation for long-term development in the new energy sector [9].