南财智讯1月22日电，澄天伟业在投资者关系活动中表示，公司于2025年10月与AI基础设施解决方案提 供商SuperX共同设立合资公司，公司通过全资子公司香港澄天持股25%，主要向合资公司提供自主研发 生产的液冷模组及关键部件，由SuperX进行系统集成后推向市场。目前合资公司尚处于业务拓展阶 段，旨在整合优势资源，共同开拓全球AIDC机柜液冷产品市场。 ...

智通财经APP获悉，西部证券发布研报称，汽零企业有望成为液冷系统上游部件供应商，部分企业具备 Tier1供货能力。一看商务能力：英伟达引领AIDC液冷变革方向，其核心供应商多为欧美、中国台湾企 业为主，国内汽零厂商有望凭借原有客户基础&强商务能力，与中国台湾及本土厂商合作切入供应体 系。二看技术能力：二次侧管路核心组件CDU+液冷板+Manifold+UQD(含管路)与汽零相关企业生产原 材料、核心成型工艺、生产流程存在较高一致性，预计相关技术领先汽零公司有望在新领域实现突破。 西部证券主要观点如下： AI算力需求持续增加，单芯片功耗&机柜密度持续提升，数据中心制冷难度升级，液冷技术有望成为主 流制冷方案。其主要原因：1)传统风冷方案无法满足高功率(>25kW)机柜散热需求，液冷技术利用液体 高比热容/蒸发潜热优势，实现对发热元器件精准散热;2)液冷利用液体高导热、高传热特性，在进一步 缩短传热路径的同时充分利用自然冷源，可是实现PUE小于1.25的节能效果，符合政策导向。 二次侧管路核心组件为主要升级迭代方向，且价值量占比更高 目前，冷板式液冷为行业主流方案，浸没式液冷制冷效率更佳，但短期受限于冷却液成本高 ...

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

Market Performance - Major indices opened higher with Shanghai Composite Index up 0.05%, Shenzhen Component Index up 0.48%, and ChiNext Index up 0.89% [1] - Shanghai Composite Index at 3,878.23 points with a trading volume of 57.20 billion [2] - Shenzhen Component Index at 13,116.19 points with a trading volume of 92.30 billion [2] - ChiNext Index at 3,134.80 points with a trading volume of 39.50 billion [2] External Market - US stock indices rose, with Nasdaq leading at approximately 1.4% increase, closing at 23,006.36 points [3] - Notable gains in popular Chinese stocks, with Naspers China Dragon Index up 0.97% [3] Industry Insights - CICC predicts leading pig farming companies will continue to outperform the industry by 2026, with a new pricing paradigm expected to stabilize [4] - Huatai Securities notes that November's US CPI data was significantly below expectations, suggesting a pause in Fed rate cuts [5] - CITIC Securities highlights the growing adoption of liquid cooling technology in data centers, predicting a global market size of $21.8 billion by 2027 [6] - Guojin Securities reports on CICC's plan to merge with Dongxing and Xinda Securities, which may enhance industry concentration and improve valuation [7][8]

Group 1 - The stock of Sanhua Intelligent Control (02050) was transferred from Goldman Sachs (Asia) Securities to Citibank on November 25, with a market value of HKD 482 million, accounting for 3.21% [1] - Sanhua Intelligent Control announced an interim dividend of HKD 1.2 per 10 shares for the six months ending June 30, 2025 [1] - JPMorgan raised the financial forecasts for Sanhua Intelligent Control for 2025 to 2027 by an average of 20%, reflecting better-than-expected Q3 performance and management's upgraded guidance [1] Group 2 - Key trends supporting Sanhua Intelligent Control's long-term growth include strong momentum in humanoid robots and AIDC liquid cooling, resilience in automotive parts business, and a robust global supply chain structure [1]

Group 1 - The stock of Sanhua Intelligent Control (02050) was transferred from Goldman Sachs (Asia) Securities to Citibank on November 25, with a market value of HKD 482 million, accounting for 3.21% [1] - Sanhua Intelligent Control announced an interim dividend of HKD 1.2 per 10 shares for the six months ending June 30, 2025 [1] - JPMorgan raised the financial forecasts for Sanhua Intelligent Control for 2025 to 2027 by an average of 20%, reflecting better-than-expected Q3 performance and management's upgraded guidance [1] Group 2 - Key trends supporting Sanhua Intelligent Control's long-term growth include strong momentum in emerging fields such as humanoid robots and AIDC liquid cooling, resilience in the automotive parts business, and a robust global supply chain structure [1]

Core Viewpoint - Sanhua Intelligent Control (002050) saw a stock price increase of over 3%, closing at HKD 32.74 with a trading volume of HKD 660 million, driven by positive financial forecasts from Morgan Stanley for 2025-2027, reflecting better-than-expected Q3 performance and management guidance adjustments [1] Financial Performance - Morgan Stanley raised the average financial forecasts for Sanhua Intelligent Control by 20% for the years 2025 to 2027, based on insights from industry conferences that reinforced confidence in the company's long-term growth [1] - The company's Q4 outlook for this year and next year indicates continued earnings growth and margin expansion, despite facing high comparatives [1] Business Segments - Key trends supporting growth include strong momentum in emerging fields such as humanoid robots and AIDC liquid cooling, resilience in the automotive parts business, and a well-structured global supply chain [1] Investment Recommendation - Despite a recent pullback in H and A shares since October due to profit-taking by investors, the solid fundamentals and strategic positioning in key areas suggest that this is an opportunity for investors to buy at lower prices [1] - Morgan Stanley raised the target price for Sanhua Intelligent Control's H shares from HKD 41 to HKD 42, maintaining an "Overweight" rating [1]

Core Viewpoint - The stock of Sanhua Intelligent Control (02050) has risen over 3% despite market conditions, reflecting positive investor sentiment following upgraded financial forecasts from Morgan Stanley for the years 2025 to 2027 [1] Group 1: Financial Performance - Morgan Stanley raised its average financial forecasts for Sanhua Intelligent Control by 20% for the years 2025 to 2027, based on better-than-expected Q3 performance and management's upgraded guidance [1] - The company's Q4 and next year's earnings outlook indicates continued profit growth and margin expansion, even in the face of high comparatives [1] Group 2: Market Trends and Insights - Key trends supporting Sanhua's growth include strong momentum in emerging fields such as humanoid robots and AIDC liquid cooling, resilience in the automotive parts business, and a well-structured global supply chain [1] - Despite a recent pullback in H and A shares since October due to profit-taking by investors, the solid fundamentals and strategic positioning in key areas suggest a buying opportunity [1] Group 3: Target Price and Rating - Morgan Stanley has increased the target price for Sanhua Intelligent Control's H shares from HKD 41 to HKD 42, maintaining an "Overweight" rating [1]

Core Viewpoint - Sanhua Intelligent Controls reported a strong performance in Q1-Q3 2025, with a net profit attributable to shareholders of 3.242 billion yuan, representing a year-on-year increase of 40.85% [1] Financial Performance - The net profit for Q3 alone was 1.132 billion yuan, showing a year-on-year growth of 43.81%, although it experienced a quarter-on-quarter decline of 6.14% [1] Business Focus - The company focuses on the research and application of heat pump technology and thermal management systems, aiming to develop efficient heat exchange and intelligent temperature control solutions [1] - Sanhua operates in two main segments: refrigeration and air conditioning components, and automotive components [1] Innovation and Expansion - Leveraging long-term technological accumulation and R&D innovation, the company is expanding into emerging fields such as bionic robot electromechanical actuators [1] Investment Rating - The initial coverage of the company has been rated as "Accumulate" [1]

Core Viewpoint - Morgan Stanley has raised the financial forecasts for Sanhua Intelligent Control (002050) for 2025 to 2027 by an average of 20% due to better-than-expected Q3 performance and management's upward guidance [1] Group 1: Financial Performance - The target price for Sanhua Intelligent Control's H-shares has been increased from HKD 41 to HKD 42, while the target price for its A-shares has been raised from RMB 43 to RMB 49, maintaining a "Buy" rating [1] - The company's robust fundamentals and strategic positioning in key areas present a buying opportunity [1] Group 2: Industry Trends - Insights from industry conferences have reinforced confidence in Sanhua Intelligent Control's long-term growth, with strong momentum in emerging fields such as humanoid robots and AIDC liquid cooling [1] - The automotive parts business shows resilience, and the global supply chain structure remains intact [1] Group 3: Future Outlook - The earnings outlook for Q4 and next year indicates continued profit growth and margin expansion, even in the face of high comparatives [1] - Despite a pullback in H and A shares since October due to profit-taking by investors, the overall growth trajectory remains positive [1]