智通财经APP获悉，国金证券发布研报称，英伟达(NVDA.US)GB300服务器采用了完全液冷式机架设 计，引领了AI服务器液冷的新潮流;AI服务器液冷散热需求或将伴随AI服务器出货量的提升而迅速提 升。现有液冷方案众多，主要包括冷板式、浸没式及喷淋式，高效液冷方案对氟化液材料依赖较高。液 冷方案将会是未来AI服务器主流的散热方式，建议关注冷板式、浸没式液冷上游原材料氟制冷剂、电 子氟化液的国内龙头企业;以及高效TIM材料液态金属的相关企业。 国金证券主要观点如下： 英伟达GB300 NVL72服务器算力进一步提升，液冷散热需求迅速提升 下游需求增长不及预期风险，技术发展不及预期风险，AI发展不及预期风险，项目进展不及预期风 险，市场竞争加剧风险，安全生产及环境保护风险。 AI服务器出货量带动电子氟化液需求的快速提升，龙头退出带来结构性新机会 电子氟化液是一系列全氟碳化物的总称，例如全氟己烷、全氟丁烷、氢氟醚化合物、全氟酮类等，这类 材料拥有高绝缘性、不易燃、低毒无腐蚀性、热稳定性及化学稳定性良好等优异的性质，同时可以根据 不同的组分占比调节沸点，因此电子氟化液这类混合物有着较为广泛的工作温度，可以适用于多种 ...

英伟达GB300NVL72服务器算力进一步提升，液冷散热需求迅速提升。英伟达今年即将 发布其专为AI推理时代而打造的AI服务器NVIDIA DGX GB300NVL72，AI算力进一步提 升，推论效能较DGX GB200提升了1.5倍。超高的芯片运算能力使得热设计功耗（TDP）进 一步提升，传统风冷散热技术热导率较低，难以满足较高TDP的散热需求，GB300服务器采 用了完全液冷式机架设计，引领了AI服务器液冷的新潮流。AI服务器液冷散热需求或将伴 随AI服务器出货量的提升而迅速提升。 现有液冷方案众多，主要包括冷板式、浸没式及喷淋式，高效液冷方案对氟化液材料依 赖较高。根据冷却液是否与电子器件直接接触，液冷可分为间接液冷与直接液冷；根据冷却 液工作过程中是否会发生液相变为气相的相变过程，可分为单相液冷与两相液冷。其中间接 液冷当前主流的形式是单相/两相冷板式液冷，直接液冷主要是单相/两相浸没式液冷与单相/ 两相喷淋式液冷。在这些液冷方案中，冷板式技术较为成熟，应用较为广泛，但是冷却效果 上限较低；浸没式和喷淋式液冷的冷却效果优异，但是经济成本较高，同时对使用材料要求 较高：由于冷却液与电子器件直接接触，因此 ...

Summary of the Conference Call for Huaguang New Materials Industry and Company Overview - The primary market for Huaguang New Materials is in the refrigeration and HVAC sectors, accounting for approximately 47% of revenue, while the home appliance segment has decreased to about 45% but continues to grow at around 20% annually [2][5] - The company specializes in brazing materials, with a diverse product range of over 5,000 categories across more than 16 series, including silver paste and copper-based materials [3] Key Financial Highlights - Revenue from silver paste and other materials has surged from 5 million yuan in 2021 to 300 million yuan in 2024, with tin-based materials contributing 170 million yuan, marking a ninefold increase [2][5] - The domestic low-temperature market is valued at approximately 40 billion yuan, with Huaguang achieving 300 million yuan in revenue in 2024 and projected to exceed 500 million yuan in 2025 [2][6] - The company’s overseas revenue was about 150 million yuan in 2024, representing less than 10% of total revenue, primarily from Southeast Asia, focusing on low-margin copper-based materials [2][9] Growth Drivers and Future Outlook - Huaguang is developing high-margin new products such as tin solder paste and pre-formed solder sheets, which can achieve gross margins of 20% to 30%, with expected improvements in gross margins in Q2 [2][6] - The company anticipates a revenue growth of approximately 25% in 2025, driven by capacity expansion and rising silver prices [4][12] - The net profit margin, excluding non-recurring losses, was below 4% in 2024, with expectations to improve to around 5% in 2025 [4][13] Emerging Business Areas - Huaguang has made significant strides in the AI server liquid cooling sector, generating over 10 million yuan in Q1 2025, with expectations to approach 100 million yuan for the full year [4][10] - The company is also venturing into the robotics thermal management sector, supplying welding materials to key clients like Sanhua, which could further enhance growth in emerging business areas [11] Financial Stability and Market Position - Despite challenges with operating cash flow, which has been negative due to high raw material procurement costs and long customer settlement cycles, the company maintains a positive financing cash flow [9] - Huaguang's financial health is supported by steady growth across major product categories, with a strong potential for stock price appreciation due to its robust main business and emerging sectors [8][17] Conclusion - Huaguang New Materials is positioned for significant growth, particularly in the low-temperature market and emerging technologies, with a strong focus on product innovation and market expansion. The company’s financial stability and growth potential make it an attractive investment opportunity in the materials sector [6][16]