溯联股份 20250928 摘要 全球液冷市场规模预计到 2030 年将达 2000 亿人民币，其中 UQD（快 速断开接头）市场规模预计达 200 亿人民币，国产算力增长是关键驱动 因素。 UQD 市场由欧美企业主导，如派克汉尼芬和史陶比尔，但中国企业如苏 联股份正尝试通过尼龙等工程塑料替代金属，以降低成本并简化制造工 艺。 苏联股份积极布局数据中心液冷领域，已开发符合 OCP 标准的 UQD 产 品，并与国内服务器制造商及国际热管理厂商建立联系，积累小批量生 产经验。 苏联股份在汽车尼龙管路和接头方面拥有丰富经验，尤其是在热管理系 统方面，这为其转型至服务器液冷领域提供了技术和成本控制优势。 苏联股份的接头能力提升了其在汽车零部件市场的议价能力，使其过去 两年单季度毛利率基本保持在 22%左右，成本控制能力是关键。 苏联股份注重系统工程能力，能够快速调整产品以适应市场变化，这在 迭代速度快的数据中心液冷市场中尤为重要。 预计苏联股份明后年营收成长速度约为 25%，业绩增速可能达到 35% 左右，但需关注 UQD 发展不及预期以及原材料价格上涨等风险。 Q&A 服务器液冷市场的未来发展前景如何？ 服务器液冷 ...

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Group 1 - The liquid cooling concept is experiencing a rebound, with significant stock price increases observed in related companies [1] - In particular, Yingweike has reached the daily limit increase, while Dayuan Pump Industry has risen over 8% [1] - Other companies such as Shenling Environment, ZTE Corporation, and Oulu Tong have also seen stock price increases exceeding 5% [1]

Summary of Conference Call Records Industry Overview - **Industry**: Liquid Cooling, Backup Power, UPS, Diesel Generators - **Market Size**: The liquid cooling market is expected to reach a scale of 70 to 80 billion RMB by 2026, with CDU and liquid cooling plates accounting for approximately 40% and over 30% of the total market value respectively [1][5][6]. Key Insights and Arguments - **Liquid Cooling Demand**: The liquid cooling segment benefits from the growing demand for AI servers and the increasing value of liquid cooling solutions. The value of a GB300 liquid cooling cabinet is approximately 700,000 RMB, representing a nearly 20% increase from the GB200 model [1][2]. - **Market Concerns**: Investors express concerns about the sustainability of the current market trend, but the fundamentals are still in the early stages, indicating that the market cycle has not yet ended [1][7]. - **Investment Focus**: Investment in liquid cooling technology should focus on the supply chain and upstream materials, with leading companies and those with strong performance support being more advantageous [1][10]. - **Challenges for Domestic Supply Chain**: Domestic suppliers face challenges in entering international supply lists, particularly with major CSPs like NVIDIA. However, new technology iterations provide opportunities for new suppliers [4][10]. Additional Important Content - **Market Dynamics**: The IDC market is driven by economic conditions, inflation, and expectations for domestic supply chain integration. Increased capital expenditure from overseas CSPs supports the liquid cooling sector [2]. - **Backup Power Market Growth**: The overseas market for IDC backup power is growing rapidly, with lithium battery penetration expected to exceed 250 billion RMB [2][16][17]. - **UPS Market Opportunities**: The overseas UPS market presents significant opportunities for domestic companies like Kehua and Kstar, as traditional UPS manufacturers face capacity constraints [25][27]. - **Technological Advancements**: The importance of HVDC technology is increasing, with Chinese companies expected to enter overseas supply chains [28][29]. - **Diesel Generator Market Expansion**: Domestic diesel generator companies are beginning to secure orders from Europe and the US, marking a significant shift towards international markets [36][40]. Financial Projections - **Profit Margins**: The liquid cooling market is projected to have a profit margin of around 20%, potentially leading to a market capitalization of 400 to 500 billion RMB [5][24]. - **UPS Market Potential**: The global UPS market is valued at approximately 800 billion RMB, with significant revenue potential for domestic companies if they capture a 10% market share [33]. Conclusion - The liquid cooling, backup power, UPS, and diesel generator industries are poised for growth, driven by technological advancements and increasing international demand. Domestic companies are well-positioned to capitalize on these trends, although they must navigate challenges related to international market entry and competition.

Summary of Conference Call on Liquid Cooling Technology Industry Overview - 2025 is projected to be the global year of liquid cooling, with an expected shipment of 30,000 units, significantly higher than the 1,000-2,000 units in 2024 [1][3] - Demand is anticipated to increase by over 30% in the second half of 2025 compared to the first half, driven by IT infrastructure expansion and capacity ramp-up [2][4] Key Insights and Arguments - NVIDIA plans to deliver 5 million GPUs in 2026, corresponding to approximately 60,000 to 70,000 liquid cooling cabinets, indicating a potential doubling of demand [4][5] - The liquid cooling market is fragmented, with leading suppliers like Weidi holding a 30%-35% market share, and North American suppliers collectively accounting for nearly 60% of the market [1][7][8] - Chinese manufacturers face challenges in the international market due to trade issues and technological gaps, primarily participating in Southeast Asian markets while focusing on domestic liquid cooling applications [1][9] Pricing and Cost Structure - The cost of overseas liquid cooling systems is approximately $70,000 for an N172 cabinet and $50,000 for an N272 cabinet, while domestic systems are cheaper, averaging around 2,000 RMB per kW [10][11] - Domestic cooling systems are generally less expensive due to lower component costs and simpler designs, with total costs around 2,000 RMB per kW [12] Profitability and Market Entry - Overseas manufacturers typically require a gross margin of at least 35%, while some domestic companies are willing to operate with margins as low as 20% [13][14] - There are currently no clear indications that domestic companies can directly enter the overseas market, although some have received certifications from major clients like NVIDIA [15] Technological Developments - The liquid cooling technology is evolving, with potential shifts towards hybrid cooling solutions that combine GPU direct cooling with cabinet-level silent cooling [3][16] - The Rubin architecture may introduce new challenges for liquid cooling systems, necessitating further validation of new technologies [17][18] Future Trends - The development of server power supplies is moving towards higher capacities, with a new generation of 12 kW power supplies expected in early 2026 [19][20] - The transition to high-voltage direct current (DC) power supplies is anticipated, which could enhance energy density and efficiency [20] Challenges in Implementation - The low-voltage 848V systems face limitations due to high current requirements, necessitating the development of high-voltage to low-voltage onboard power supplies [23] - High-frequency conversion technologies present significant challenges in terms of design complexity and cost [24][25] Conclusion - The liquid cooling market is poised for significant growth, driven by technological advancements and increasing demand from the IT sector. However, challenges remain in terms of international market entry for Chinese manufacturers and the need for ongoing innovation in cooling technologies.

Core Viewpoint - The company has established a wholly-owned subsidiary in Singapore to cater to the liquid cooling server business, which is expected to enhance its service capabilities in Southeast Asia and globally [1]. Group 1 - The company confirmed its establishment of a new subsidiary in Singapore aimed at addressing the liquid cooling business needs in the region [1]. - The subsidiary is intended to support the company's expansion into Southeast Asia and global markets [1]. - The company emphasized the importance of this move in improving service support for overseas projects [1].

证券日报网讯高澜股份8月19日在互动平台回答投资者提问时表示，公司业务范围涵盖服务器液冷系统 及相关产品的研发、设计、生产和销售。 （文章来源：证券日报） ...

Core Viewpoint - The company has achieved independent research and production of key liquid cooling equipment, indicating a significant advancement in its technological capabilities [1] Group 1: Product Development - The company's data center liquid cooling products include server liquid cooling plates, fluid connection components, various models and heat exchange forms of CDU, multiple sizes and power ratings of TANK, pumps, and heat exchange units [1] Group 2: Supply Chain Strategy - To optimize supply chain efficiency and meet diverse customer demands, the company will consider customer needs and its own production capabilities when deciding on the self-manufacturing or outsourcing of related components [1]

Group 1: Stock Market Activity - 37 stocks were listed on the institutional leaderboard today, with 19 showing net purchases and 18 showing net sales [1] - The top three stocks with the highest net purchases by institutions were: Zhinan Zhen (3.85 billion), Dazhihui (2.34 billion), and Tenglong Co., Ltd. (2.27 billion) [1][2] Group 2: Liquid Cooling Industry - The liquid cooling industry is entering a demand expansion phase, with key players like Yingwei Ke and Qiangrui Technology actively engaging with major clients such as ZTE, Inspur, and AVIC [2] - NVIDIA's GB300, launched in July, features a fully liquid-cooled design, increasing the demand for core components like liquid cooling plates and quick connectors [2] - North American cloud providers like Google, Meta, and Microsoft are expected to transition to liquid cooling technology in their next-generation self-developed ASIC chip clusters [2] Group 3: Film and Television Industry - Huace Film & TV is focusing on "AI + script" development, with self-developed tools for script evaluation and a library of over 50,000 hours of audio and video material [3] - Recent policy changes from the National Radio and Television Administration may relax restrictions on the number of episodes and types of historical dramas, potentially revitalizing the long-form drama sector [3] - The film and television industry is positioned for a recovery cycle, with improved supply and demand dynamics expected to enhance cash flow and advertising revenue [3]

Market Performance - A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index reaching a nearly 10-year high, closing up by 0.85% [1] - The Shenzhen Component Index increased by 1.73%, and the ChiNext Index rose by 2.84% [1] - The North Stock 50 index surged by 6.79% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 27,641.63 billion yuan, an increase of about 5,195.51 billion yuan compared to the previous trading day [1] - Overall, 4,037 stocks rose while 1,222 stocks fell across the market [1] Sector Performance - The liquid cooling concept stocks collectively surged, with companies like Hanzhong Precision Machinery, Yinlun Holdings, and Lingyi Technology hitting the daily limit [1] - The robotics sector continued its strong performance, with stocks such as Huahong Technology and Jintuo Holdings also reaching the daily limit [1] - The film and television sector experienced fluctuations but ultimately rose, with stocks like Ciwen Media and Huanrui Century hitting the daily limit [1] - The pharmaceutical sector saw a rebound, with companies like Baihua Medicine and Xintian Pharmaceutical also reaching the daily limit [1] - Huawei-related stocks experienced notable increases, with firms like Huasheng Tiancheng and Qiangrui Technology hitting the daily limit [1]