编号：2025-04 | 投 资 者 | 关 | 活 | □特定对象调研 □分析师会议 系 | | --- | --- | --- | --- | | 动类别 | | | □媒体采访 业绩说明会 ☑ | | | | | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 | | 参 与 单 | 位 | 称 | 名 部分投资者 | | 及人员姓名 | | | | | 时间 | | | 2025 年 9 月 12 日下午 | | 地点 | | | 网络方式 | | 上 市 公 | 司 | 待 | 接 公司董事长、总经理 王雪颖女士 | | 人员姓名 | | | 公司董事、董事会秘书、副总经理 周辉先生 | | | | | 公司董事、财务总监 汪建华先生 | | | | | 公司独立董事 邓博夫先生 | | | | | 一、公司曾说过"近年布局的财务投资，涉猎了数据中心散热领域的项目"， | | | | | 具体是个什么项目，哪家公司？ | | | | | 答：谢谢您对公司的关注。公司投资的数据中心液冷领域的项目指：拥有"泵驱两相冷 | | | | | 板液冷技术"的航源光热（北京 ...

Core Viewpoint - The development of AI is driving a significant increase in chip power consumption, leading to an accelerated shift from air cooling to liquid cooling solutions in data centers [5][6][10]. Group 1: Market Dynamics - The global liquid cooling market is expected to exceed 150 billion yuan, with a projected CAGR of 33.2% from 2025 to 2032, reaching approximately 211.4 billion USD (about 1517.7 billion yuan) by 2032 [3][38]. - The current liquid cooling market is primarily dominated by foreign and Taiwanese manufacturers, with a potential shift towards a more decentralized decision-making process as ODM manufacturers enter the market [3][35][36]. Group 2: Technological Advancements - The transition to liquid cooling is driven by the increasing power demands of AI chips, with NVIDIA's GB300 chip reaching a power consumption of 1400W, necessitating advanced cooling solutions [6][17]. - The liquid cooling architecture consists of a primary side (heat transfer) and a secondary side (IT equipment cooling), which are crucial for effective thermal management in high-density computing environments [11][30]. Group 3: Investment Opportunities - Investment opportunities are anticipated in the AIDC liquid cooling sector, particularly as domestic liquid cooling chains are expected to penetrate the market due to breakthroughs in domestic chip technology [2][3]. - Companies are encouraged to focus on segments benefiting from the rising capital expenditures in North America and the upgrade of GB300 liquid cooling solutions [3][40]. Group 4: Industry Trends - The demand for liquid cooling solutions is expected to grow significantly as data centers face stricter energy efficiency regulations globally, with PUE targets becoming increasingly stringent [8][9]. - The liquid cooling supply chain is currently characterized by a low concentration of market share, with no single company exceeding 15% market share, indicating a fragmented market landscape [31][34].

Group 1: Company Performance and Financials - The company has achieved continuous revenue and profit growth for 14 years, benefiting from diversified business operations and increased R&D investment [1] - The comprehensive gross margin for Q4 2024 and Q1 2025 has decreased, primarily due to a new accounting policy that shifted after-sales service costs to the cost side, impacting Q4 results [2] - The gross margin change for Q1 2025 is approximately -0.46% year-on-year, with normal fluctuations expected due to variations in product and customer mix [2] Group 2: Market and Business Environment - Trade tariffs between the US and China may raise costs for overseas customers, potentially suppressing demand for the company's energy storage business [1] - The high inventory levels at the end of 2024 and Q1 2025 are attributed to project-based sales with long confirmation cycles, expected to convert to revenue in the next 1-2 quarters [3] - The market for data center cooling in China is accelerating, driven by AI business demands, with further growth anticipated in 2025 [5] Group 3: Product and Technology Insights - Liquid cooling applications in computing equipment and data centers are driven by increased heat density and improved cooling system efficiency [6] - The procurement decision-makers for liquid cooling components vary, including chip manufacturers, server vendors, and cloud service providers [7] - The cold plate products for server liquid cooling present high barriers to entry due to design, manufacturing processes, and significant capital investment [8]