华西证券指出，国内动力电池需求有望持续提升，受益于动储领域景气度向上共振，国内锂电池及 上游材料端排产饱满，涨价趋势明朗，有望实现量与利齐升。固态电池等新技术趋于成熟，国内外持续 推进产业化落地，将打开增长空间。欧洲储能市场迎来政策与经济性双重驱动，大储装机规模进入爆发 式增长阶段，预计24/25年欧洲新增大储装机规模分别为8.8GWh/16.3GWh，同比增长79.6%/85.2%。国 内头部企业凭借技术优势与本土化布局，持续斩获欧洲订单。风电制绿氢绿氨等绿色化工产业化加速， 金风科技3GW风电制氢氨醇项目获备案，兴安盟绿氢制绿色甲醇项目气化炉工艺验证成功，未来绿氢 需求有望达500万吨/年。电力设备领域，液冷赛道受益于AIDC高景气度，国内厂商在CDU、冷板等环 节具备竞争优势。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板新能源ETF国泰（159387 ...

液冷解决方案商和关键组件商龙头份额较为集中，格局清晰。当前主要还是以台湾地区供应链为主， 但是我们国内的公司有着丰厚的解决方案能力、供应链、以及响应优势，已经有公司切入了这条供应 链，未来机会将会越来越多。定价能力上，技术壁垒高的环节定价能力强，而标准化环节面临价格竞 争。 液冷需求由全球顶级云服务商（CSP）和大型互联网公司驱动，客户集中度较高，但也呈现从英伟达 阵营拓展至自研ASIC阵营，从北美区域客户拓展至国内区域客户的变化。 3，液冷赛道的行情能持续多久，你对后续液冷赛道的总体判断如何？后续液冷行业的进一步提升， 需要哪些内部和外部的逻辑配合？ 韩林：液冷赛道是一场潜力高、持续性强、空间广阔的产业趋势，目前正处于从导入期迈向高速成长 期的关键阶段。从产业位置来看，当前的液冷有点类似于2023年光模块的起点，今年一季度才开始有 部分液冷解决方案的出货，现在看可能二三季度逐季呈现明显加速的趋势，那明年相比于今年整体来 看行业渗透率可能有接近翻倍的提升。同时，随着更下一代方案的推出，液冷有可能再进入量价齐升 的时代，我们判断后期行情持续性一方面跟AI整体的需求强度相关，另一方面也跟国内厂商在全球赛 道中认证 ...

Core Insights - Fund managers are increasingly focusing on the liquid cooling sector, driven by the recent financial reports from major internet companies, indicating a significant rise in capital expenditures related to AI infrastructure [1][2][3] - The liquid cooling technology is seen as a critical upgrade for AI computing facilities, with a growing demand expected as companies invest heavily in this area [2][4] Group 1: Investment Opportunities - Liquid cooling has emerged as the highest yielding sector for fund managers, with companies like Inspur Information, Invec, Feilong Co., and others becoming popular among funds [2][3] - Recent performance data shows that top-performing funds have achieved returns of up to 49.65% in the last month, largely due to heavy investments in the liquid cooling sector [2] - The capital expenditures of major companies like Alibaba and Tencent have significantly increased, with Alibaba reporting a 219.8% year-on-year growth in capital expenditures to 38.68 billion yuan [3] Group 2: Technological Upgrades - The shift from traditional air cooling to liquid cooling is driven by the increasing power density of AI chips, necessitating more efficient cooling solutions [4][5] - Liquid cooling is becoming a technical necessity as the demand for cooling solutions surpasses the limits of traditional air cooling methods, marking a pivotal year for the industry [4][5] - The long-term economic benefits of liquid cooling, including lower lifecycle costs, are making it an essential technology in the industry [4] Group 3: Market Dynamics - The liquid cooling market is expected to see a significant increase in penetration rates, with projections indicating a potential doubling of market share in the coming year [9] - Fund managers emphasize the importance of companies having established relationships with major overseas clients, particularly in the AI sector, as a key factor for investment decisions [6][7] - The liquid cooling sector is anticipated to transition from a phase of speculative trading to one driven by fundamental performance, as companies work to convert technological advancements into tangible results [9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expectation that the stock price will exceed the market benchmark by more than 15% within the next six months [3]. Core Insights - The company is a leading manufacturer of aluminum photovoltaic structural components, with a diversified product matrix that strengthens its market position. It has successfully entered the supply chains of major global component manufacturers [8]. - The implementation of anti-involution policies is expected to optimize the industry landscape, benefiting the company's main business and improving profitability as it capitalizes on enhanced bargaining power and margin recovery [8]. - The company is rapidly expanding its production capacity both domestically and in Vietnam, aiming to capture high-end overseas markets. The new production bases are projected to significantly increase market share [8]. - The acquisition of Jienowei allows the company to enter the liquid cooling market, leveraging advanced technology to meet the cooling needs of high-power density battery cells, thus opening new growth avenues [8]. - Revenue projections for 2025-2027 are estimated at 137.82 billion, 174.99 billion, and 235.86 billion yuan, with corresponding net profits of 1.34 billion, 4.09 billion, and 5.56 billion yuan, reflecting strong growth potential [8]. Financial Summary - The company anticipates a revenue increase of 51.80% in 2024, followed by 68.42% in 2025, and a steady growth rate of 26.97% and 34.78% in 2026 and 2027 respectively [2]. - The projected net profit for 2024 is 268 million yuan, with a significant recovery expected in 2025 and 2026, reaching 409 million and 556 million yuan respectively [2]. - Earnings per share are forecasted to be 1.29 yuan in 2024, decreasing to 0.56 yuan in 2025, and then recovering to 1.72 yuan and 2.34 yuan in 2026 and 2027 respectively [2].