编号：【2025】第 051 号 | | √特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | 参与单位名称 及人员姓名 | Horizon China Master Fund | Martin Zhang、中金公司张杰敏 | | 时间 | 2025 年 8 月 25 日 | | | 地点 | 腾讯会议 | | | 上市公司接 待人员姓名 | 董事会秘书孙秀欣 | | 证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 | | 活动期间谈论的主要内容如下： | | --- | --- | | | 一、讨论了业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡 ...

同飞股份 20250822 摘要 数据中心液冷市场规模快速扩张，预计 2027 年英伟达 M172 出货 10 万台时，市场规模将达千亿级别。同飞股份作为该领域核心供应商，其 CDU 和 manifold 产品占据液冷系统价值量的 30%，整体业务系统价值 量可达 40%，未来市场空间广阔。 同飞股份在储能液冷领域占据领先地位，市占率达 40%-50%，与阳光 电源、宁德时代、比亚迪等头部企业建立了稳定合作关系。公司通过技 术和成本优势在竞争中脱颖而出，盈利能力显著提升，并积极拓展 LG、 三星等海外客户。 同飞股份成功进入半导体设备液冷领域，成为国内少数具备高精度温控 能力的厂商之一。其产品凭借过硬品质和成本控制能力，已应用于北方 华创、信息微装等重要客户的设备中，预计 2025 年相关收入有望达到 亿元级别。 预计 2026 年同飞股份主业归母净利润将达到 4.5 亿元，对应当前市值 约 110 亿元。数据中心液冷业务中，公司产品占据全球 10%的市场份 额，仅考虑现有产品，对应 150 亿元左右目标市值。 Q&A 请介绍一下同飞股份在数据中心液冷市场的表现和未来预期。 2024 年，国内数据中心液冷市场 ...

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| | 活动期间谈论的主要内容如下： | | --- | --- | | | 一、讨论了业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡 | | | 旋式压缩机、工业热泵、储能蓄能装置、真空冻干设备、速冻装 | | | 置、换热设备、船用制冷设备、多联机等。 | | | 公司打造了全系列磁悬浮压缩机产品矩阵,有着显著的技术 | | | 优势和市场表现。磁悬浮压缩机在北京冬奥村项目中表现出色， | | | 展现了产品的可靠性和高效性。参与《离心式制冷剂压缩机》和 | | | 《无油悬浮离心式冷水（热泵）机组》两项国家标准起草。 | | | 从客户行业维度看公司产品广泛应用于食品/农副产品冷冻 | | | 冷藏及深加工、冷链物流基地建设、食品/药品真空冻干、冰雪 | | | 运动场馆、加工预处理产线等商业制冷系统；能源/化工生产工 | | | 艺冷却、航天风洞/超 ...

Summary of Conference Call on Liquid Cooling Market Industry Overview - The global liquid cooling market is rapidly expanding, expected to reach 30 billion yuan by 2025 and potentially exceed 100 billion yuan by 2027 when NVIDIA's N172 ships 100,000 units, indicating significant growth potential [1][2] Key Insights and Arguments - The cost breakdown of liquid cooling systems shows that primary side equipment accounts for approximately 1 yuan per watt, while secondary side equipment is valued higher, with cold plates making up 33% and CDU 24% of the total system value [1][3] - The domestic data center construction landscape is diverse, with over 30% of investments coming from internet and cloud companies, 23% from the three major telecom operators, and 30% from AI enterprises and state-owned enterprises [1][5] - Capital expenditures (CAPEX) for major internet companies are expected to rebound in Q3, with leading IDC firms experiencing a 77% increase in CAPEX in Q1 [1][5] - The three major telecom operators have conservative growth forecasts for computing power investments, with China Telecom at 22%, China Unicom at 28%, and China Mobile flat, leading to an overall growth rate of 15% [1][6] - Domestic CAPEX for new data centers is projected to grow by 37% from 2024 to 2027, with AI computing centers expected to add 3.6 GW of power in 2025, a year-on-year increase of over 200% [1][7] Market Trends and Projections - The penetration rate of liquid cooling technology in domestic data centers is currently low, at about 10% in 2024, with expectations to rise to 40% by 2027, leading to a market size exceeding 180 billion yuan [1][9] - The global data center power is expected to reach approximately 120 GW in 2024, with significant capital expenditure increases from major players like Meta and Microsoft [1][10] - By 2027, the global AI data center market is anticipated to adopt liquid cooling technology almost entirely, with a market size projected to reach 100 billion yuan [1][10] Opportunities and Challenges for Domestic Companies - There is explosive growth in overseas demand for liquid cooling, but North America and Europe are experiencing slow capacity expansion, creating opportunities for Chinese companies to enter the global supply chain [1][11] - Companies like Yingwei and Tongfei are positioned well for growth, with Yingwei being a leading player with comprehensive capabilities and Tongfei focusing on breakthroughs in domestic server manufacturing [1][12] Additional Important Points - The liquid cooling market in China was valued at less than 2 billion yuan in 2024, expected to approach 5 billion yuan in 2025 and nearly 10 billion yuan in 2026 [2][9] - The overall system value of liquid cooling is projected to increase to 5.1 yuan per watt in the future due to advancements in technology [4]

Summary of Sifang Technology Conference Call Company Overview - **Company**: Sifang Technology - **Industry**: Cold Chain Equipment and Tank Container Manufacturing - **Established**: 1990, listed in 2016 on the Shanghai Stock Exchange Key Financials - **Revenue**: 861 million CNY in H1 2025, a decline compared to the previous year - **Net Profit**: 69.32 million CNY in H1 2025, also a decline - **Cold Chain Equipment Revenue**: 320 million CNY, a slight increase from 318 million CNY in the previous year, with a gross margin of approximately 30% [2][6] - **Tank Container Revenue**: 530 million CNY, a decrease of 20.06% year-on-year, with a gross margin dropping to 13.44% from 22.95% [2][6] Business Segments Cold Chain Equipment - **Products**: Includes food freezing equipment, heat exchangers, insulation materials, and cold storage engineering [3] - **Performance**: Cold chain equipment revenue showed slight growth, with a gross margin improvement [6] Tank Containers - **Products**: Standard and special tank containers used for liquid and gas product transportation [3] - **Performance**: Revenue from standard containers increased by 5.36% to 340 million CNY, while special containers have higher gross margins due to different materials and processes [10][16] Market Dynamics - **External Factors**: The decline in revenue is attributed to the global economic downturn and a sluggish downstream chemical industry [5] - **International Exposure**: 80% of revenue comes from international markets, with 20% from domestic sales [4][20] - **Future Outlook**: Anticipation of market recovery in the tank container sector by H2 2026, despite current challenges [21][22] Product Development and Projects - **Current Projects**: Ongoing projects include the expansion of special tank containers and the LNG new materials project [2][5] - **Data Center Liquid Cooling**: Focus on one-side heat exchange equipment, including micro dry coolers and evaporative condensers, although this segment remains small [7][29] Pricing and Inventory - **Tank Container Pricing**: Prices are influenced by material costs and market demand, with expectations of price increases in H2 2026 [30][31] - **Inventory Levels**: Current inventory levels are normal, with plans to maintain production and secure orders [32] Challenges and Opportunities - **Material Costs**: Fluctuations in material prices significantly impact overall gross margins [11] - **Demand Trends**: Domestic demand is growing slowly, while international demand has seen a notable decline [21][22] - **Technological Advantages**: Mobile dry coolers offer advantages in water-scarce regions and high-density cabinet applications [15] Conclusion - **Long-term Outlook**: Despite current challenges, the company maintains a positive long-term outlook for both the cold chain equipment and tank container markets, with strategic projects underway to enhance capacity and market presence [14][32]

其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 农林牧渔 | 1.497 | | 石油石化 | 1.386 | | 美容护理 | 0.978 | | 公用事业 | 0.887 | | 传媒 | 0.775 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 机械设备 | -1.082 | | 电力设备 | -0.979 | | 综合 | -0.729 | | 国防军工 | -0.685 | | 电子 | -0.675 | | 数据来源：聚源 | | 开源晨会 0822 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 行业公司 【银行】测算：高息定存到期规模、节奏与成本改善空间——行业点评报告 -20250821 【化工】氨纶：落后产能出清进行时，龙头企业有望受益—— ...

证券研究报告·北交所公司点评报告·通用设备 方盛股份（832662） 2025 中报点评： 风电需求旺盛推动营收增 长，储能、数据中心液冷及氢能为新增长极 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 343.38 | 347.17 | 454.16 | 577.94 | 736.06 | | 同比 | (2.71) | 1.10 | 30.82 | 27.26 | 27.36 | | 归母净利润（百万元） | 62.61 | 29.81 | 43.41 | 60.94 | 79.88 | | 同比 | 16.01 | (52.39) | 45.63 | 40.38 | 31.08 | | EPS-最新摊薄（元/股） | 0.72 | 0.34 | 0.50 | 0.70 | 0.91 | | P/E（现价&最新摊薄） | 62.07 | 130.38 | 89.53 | 63.77 | 48.65 | [Ta ...

Group 1 - The company, Xinhongye (301310.SZ), has not yet entered the liquid cooling sector for data centers [1] - The company plans to evaluate the potential for entering this sector based on industry development trends in the future [1]

Core Viewpoint - Ningbo Jingda (603088) reported stable revenue growth in the first half of 2025, achieving operating income of 401 million yuan and a net profit of 65 million yuan, with significant progress in various fields, particularly in heat exchanger equipment and precision presses [1] Group 1: Financial Performance - The company achieved operating income of 401 million yuan and a net profit of 65 million yuan in the first half of 2025, indicating stable revenue growth [1] - The core products, including heat exchangers and precision presses, showed steady development, with new models of precision presses gaining wide market recognition [1] Group 2: Strategic Acquisitions - The company completed the acquisition of 100% of Wuxi Weiyan's shares, enhancing its competitive edge through synergy [2] - Wuxi Weiyan specializes in precision molds and stamping parts, which complement Ningbo Jingda's main business, particularly in the heat exchanger sector [2][3] - The acquisition is expected to facilitate resource integration in customer channels and technology development, enhancing overall competitiveness [3] Group 3: Market Expansion - Wuxi Weiyan's market performance was strong, with over 50% of new mold orders being export orders, and a year-on-year growth of approximately 70% in export orders [3] - The establishment of JSMachinery GmbH in Germany aims to expand into the European market, leveraging Germany's technological resources [4] Group 4: Product Development and Market Trends - Ningbo Jingda continues to lead in the heat exchanger equipment sector, launching a globally innovative fin stock retrieval machine that enhances competitiveness in the market [5] - The automotive thermal management equipment market is expanding, with significant growth expected, making microchannel heat exchangers a key growth driver for the company [5] - The application of microchannel heat exchanger technology is extending into data center liquid cooling, industrial refrigeration, and chemical industries, driven by the rapid growth of the digital economy [6][7] Group 5: Future Outlook - The microchannel heat exchanger market in data centers is projected to reach nearly 20 billion yuan by 2030, with an annual compound growth rate of about 10.8%, providing new growth avenues for the company [7] - The demand for liquid cooling technology in data centers is expected to increase with the ongoing development of 5G, artificial intelligence, and big data technologies, positioning Ningbo Jingda favorably for future growth [7]