通信行业周报 20260301 英伟达业绩超预期，液冷产业链有望迎来新一轮上涨 glmszqdatemark 行业要闻： 芬兰量子计算公司 IQM 拟赴美上市，估值 18 亿美元。 公司动态： [Table_Author] | 分析师 张宁 | | --- | | 执业证书： S0590523120003 | | 邮箱： zhangnyj@glms.com.cn | | 分析师 谢致远 | | 执业证书： S0590525110073 | | 邮箱： xiezhiyuan@glms.com.cn | | 研究助理 朱正卿 | | 执业证书： S0590125110083 | | 邮箱： zhuzhengqing@glms.com.cn | 相对走势 -20% 20% 60% 100% 2025/2 2025/8 2026/2 通信 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 蘅东光：公司发布 2025 年度业绩快报。2025 年度公司实现营业收入 22.16 亿 元，同比+68.48%；实现归母净利润 3.02 亿元，同比+104.52%；实现扣非净利 ...

Core Viewpoint - The company ShuoBeide (300322) has a skilled liquid cooling technology team and is supplying liquid cooling plate products for electric vehicle battery packs and energy storage in bulk [1] Group 1 - The company has an experienced team specializing in liquid cooling technology [1] - The liquid cooling plates are being used in applications for electric vehicle battery packs and energy storage [1] - The company has commenced bulk supply of these products [1]

Key Points Summary of NVIDIA Conference Call Company Overview - **Company**: NVIDIA - **Key Product**: VR 200 architecture with significant innovations in key components and system design Core Insights and Arguments - **VR 200 Architecture**: The VR 200 architecture features a new Ruby design, upgrading from L6 to L10 level delivery, enhancing integration and functionality of the motherboard [2][4] - **Power Consumption**: The new GPUs may reach power consumption levels of 1,000 to 1,500 watts, necessitating widespread adoption of liquid cooling technology [2][5] - **Supply Chain Impact**: Increased demand for raw materials like copper and silver due to higher PCB layer counts (increased from 18 to 24 or 28 layers) [4][5] - **Standardization Effects**: NVIDIA's standardized system design reduces flexibility for brands like Dell and ASUS, potentially leading to increased product homogeneity and pushing some brands towards competitors like AMD or Google [6][7] - **Market Position**: Supermicro maintains a leading position in the domestic GPU server market due to its stable partnership with NVIDIA, while Dell remains a significant player globally [8] - **Manufacturing Partnerships**: Foxconn continues to be a key manufacturing partner for NVIDIA, producing H100, H200 GPUs, and B100, B200 modules, with expected visibility improvements in the coming months [9][10] - **Supply Chain Management**: NVIDIA collaborates closely with Foxconn, deploying automated equipment to ensure efficient production and assembly [12] Additional Important Insights - **Power Supply Improvements**: The VR 200 cabinet utilizes silicon carbide (SiC) technology to enhance power conversion efficiency to 80%-90%, reducing power loss and improving system stability [3][13] - **Future Orders**: NVIDIA anticipates a significant increase in H200 GPU orders in 2026, with an expected domestic market scale of 2 million units, equivalent to 250,000 servers [3][18] - **Delivery Schedule**: The delivery process involves multiple steps, with an estimated one-month timeline from order to final delivery, aiming for approximately 500,000 units per quarter starting from April 2026 [19] - **MPS Market Share**: MPS (New Yuan System) has seen an increase in its share within NVIDIA's supply chain, indicating growing market interest [20] - **Liquid Cooling Systems**: The Robin series integrates more GPUs per CPU compared to the GB300, requiring enhanced liquid cooling solutions to manage increased thermal output [21]

Group 1 - Shenzhen Invt Electric Vehicle Drive Technology Co., Ltd. has obtained a patent for "liquid cooling channel heat dissipation components, electronic modules, and liquid cooling radiators," with the authorization announcement number CN223730133U, and the application date is November 2024 [1] - The patent involves liquid cooling technology, specifically detailing a liquid cooling channel heat dissipation component that includes a channel body with a liquid cooling channel, which effectively dissipates heat from power devices while maintaining structural strength and sealing performance [1] - The design allows for independent formation of the channel body, simplifying manufacturing processes and reducing costs compared to existing solutions that require complex molding [1] Group 2 - Shenzhen Invt Electric Vehicle Drive Technology Co., Ltd. was established in 2014 and is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 329.128922 million RMB [2] - The company has made investments in 7 enterprises, participated in 12 bidding projects, and holds 198 patents along with 12 administrative licenses [2]

Core Viewpoint - The company has expertise in liquid cooling technology and offers customized cooling solutions for clients, indicating a strong position in the thermal management system market [2] Group 1: Company Capabilities - The company possesses products related to thermal management systems and is proficient in liquid cooling technology [2] - The company can provide tailored cooling solutions based on customer requirements [2] Group 2: Product Applications - The company's liquid cooling modules and structural components are effectively used for GPU cooling and server cooling [2] - The company has supplied liquid cooling server products to leading market clients such as Super Fusion, Huakun Zhenyu, and ZTE Kangxun [2]

Core Viewpoint - Linyih Intelligent Manufacturing is focusing on acquiring core technologies and customer resources in the server thermal management sector through its acquisition of Limin Da, as the demand for liquid cooling technology in data centers is increasing due to rising power consumption of enterprise-level commercial server chips and stricter energy efficiency regulations globally [1][2]. Company Summary - Linyih Intelligent Manufacturing (002600) has a current stock price of 15.52 yuan, down 0.43 yuan or 2.70% from the previous trading day, with a total market capitalization of 113.39 billion yuan [1]. - The company ranks 38th in the consumer electronics industry with a rolling price-to-earnings ratio of 49.63, compared to the industry average of 48.15 and median of 50.30 [1]. - As of September 30, 2025, Linyih Intelligent Manufacturing had 539,120 shareholders, an increase of 243,778 from the last count, with an average holding value of 210,300 yuan and an average holding of 13,600 shares per shareholder [3]. Industry Summary - The global capital investment in data centers is expected to grow from approximately 450 billion USD in 2024 to over 3 trillion USD by 2030, driven by the opportunities presented by AI computing infrastructure [2]. - The global market for high-precision thermal management hardware for enterprise-level commercial servers is projected to increase from 200 million USD in 2020 to 4.5 billion USD by 2024, and is expected to reach 33 billion USD by 2029 [2]. - Traditional air cooling solutions are becoming inadequate for thermal management, leading to an accelerated adoption of liquid cooling technologies in data centers [2].

Core Viewpoint - Company has developed and applied liquid cooling technology in AI servers, enhancing performance and energy efficiency in data centers [1] Group 1 - Company obtained a utility model patent for liquid cooling devices and equipment in 2021 [1] - Liquid cooling technology is currently implemented in multiple AI servers for both internet and industry clients [1] - Future product plans include advancing more new high-efficiency liquid cooling solutions [1]

Core Viewpoint - Jinfu Technology has secured an order for a custom-developed liquid cooling plate architecture, which will be used in the cooling system for NVIDIA's B200 chip, showcasing its technological advancement and market competitiveness [1] Group 1: Product Development - The custom-developed cooling architecture features a thickness of 0.08 millimeters and utilizes the latest MLCP (Microchannel Liquid Cooling Plate) technology, providing a significant first-mover advantage [1] - The cooling solution effectively addresses the TDP thermal effects of processors with power consumption ranging from 1800W to 2000W and above, ensuring stable low-temperature operation of the processor module [1] Group 2: Client Feedback and Future Plans - Feedback from the Taiwanese client indicates that the new cooling architecture has performed well, leading to the completion of multiple rounds of sample testing for the next-generation B300 chip adaptation [1] - The company is now entering the production preparation phase for the B300 chip cooling solution, indicating a positive outlook for future orders and product development [1]

Core Insights - There has been a surge in institutional research activities for companies listed on the Beijing Stock Exchange since September, with a focus on product development, technological reserves, and market expansion, indicating high market interest in the growth potential of these companies [1] Group 1: Core Product Performance - Several companies on the Beijing Stock Exchange reported significant revenue growth in the first half of the year due to the competitive strength of their core products. For instance, Shuguang Digital's revenue increased by 43.23% year-on-year, with its immersion liquid cooling revenue soaring by 212.82% and cold plate liquid cooling revenue rising by 42.36% [2] - KAIT's actuator product sales grew by 77.41% year-on-year, with its sales proportion increasing from 36.67% to 44.91%, driven by the rising demand for automotive intelligence [2] - Wantong Hydraulic's overseas revenue grew by 41.24% year-on-year, attributed to enhanced product adaptability and performance, along with deepened cooperation with international clients [3] Group 2: R&D Capabilities - Companies are increasing R&D investments to enhance existing product performance and expand technological applications. Shuguang Digital launched a phase change cold plate liquid cooling solution, which improves heat dissipation capability by over 15% compared to traditional solutions [4] - Wantong Hydraulic's R&D expenses increased by 15.93% year-on-year, focusing on high-precision components for humanoid robots and innovative oil-gas separation equipment for large-load industrial robots [4] - Yuanhang Precision is advancing the development of ultra-thin nickel-based materials, achieving a key technological upgrade to meet higher precision application demands [4] Group 3: Market Expansion - Companies are actively pursuing order conversion and market expansion strategies. Shuguang Digital expects its revenue growth to maintain the same level as the first half of the year, with a significant portion of its revenue coming from immersion and cold plate liquid cooling products [7] - KAIT is advancing its fundraising projects and expanding production capacity, aiming to enter global markets more rapidly through collaborations with new clients [8] - Wuxi Jinghai is expanding into the amino acid market for special medical foods and microelectronics cleaning, anticipating increased demand across various sectors due to rising living standards and sustainable development trends [8]

Core Viewpoint - Dongyangguang (stock code: 600673.SH) expects a net profit of 583 million to 663 million yuan for the first half of 2025, representing a year-on-year growth of 157.48% to 192.81, driven by strong performance in both traditional and strategic transformation sectors [1] Group 1: Chemical Refrigerants - The chemical refrigerant business has experienced historic growth due to tightened environmental policies and rebounding consumer demand, becoming a core engine for the company's performance [2] - The full implementation of production quotas has reshaped the supply landscape of the refrigerant industry, with the third-generation refrigerants (HFCs) becoming the market's mainstay during the transition period [2] - Dongyangguang secured approximately 60,000 tons of third-generation refrigerant quotas in 2025, ranking among the top tier in China, which translates into pricing power for the company [2][3] Group 2: Electronic Components - The electronic components segment is a significant support for Dongyangguang's performance, with a comprehensive supply chain covering from basic materials to end products [4] - The company has established partnerships with over 50 target customers for its new generation of electrode foil products, with production lines steadily releasing capacity [4] - Future strategies include focusing on core areas such as consumer electronics and data centers while implementing differentiated marketing strategies for its products [4] Group 3: Liquid Cooling Technology - Liquid cooling technology is positioned as a mainstream solution for data center cooling, with Dongyangguang's proprietary cooling liquid achieving international leading levels in thermal conductivity and material stability [5] - The company has formed strategic partnerships to create a comprehensive liquid cooling ecosystem, enhancing its competitive advantage in the industry [6] - Plans include establishing a manufacturing base for liquid cooling equipment and supercapacitor research in collaboration with local government, leveraging the concentration of major tech firms [6] Group 4: Intelligent Robotics - The intelligent robotics business is a key direction for Dongyangguang's strategic transformation, focusing on data-driven applications in various sectors [7] - The company has signed a 70 million yuan humanoid robot procurement agreement, marking the initial commercial success in this field [7] - Future goals include achieving an annual production capacity of over 10,000 units and generating substantial revenue within five years [8] Group 5: Strategic Outlook - Dongyangguang emphasizes continuous technological innovation to drive industry upgrades and sustainable development [8] - The company is committed to international expansion and enhancing its global market share while optimizing resource allocation through strategic mergers and acquisitions [9]