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Investment Rating - The report rates the industry as "Positive" for investment, indicating an optimistic outlook for the sector over the next 12 months [6]. Core Insights - The liquid cooling technology is positioned as a crucial solution for data centers to address heat dissipation challenges, especially with the increasing power consumption driven by AI applications [14][20]. - The report highlights the significant advantages of liquid cooling over traditional air cooling, including higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [13][26]. - The domestic liquid cooling market is projected to reach approximately 4-5 billion yuan by 2025 and 7-8 billion yuan by 2026, driven by the increasing adoption of high-power servers [43]. Summary by Sections Cooling Technology Overview - Data centers require efficient cooling systems due to their high heat generation, with liquid cooling being a key upgrade from traditional air cooling methods [8][13]. - Liquid cooling methods include cold plate, spray, and immersion cooling, with immersion cooling further divided into single-phase and two-phase types [9][13]. Drivers of Liquid Cooling Adoption - **Driver 1: AI Power Consumption** The power consumption of CPUs and GPUs is rapidly increasing, pushing the limits of air cooling solutions [14][19]. - **Driver 2: Policy Control on PUE** The report emphasizes the need for more efficient cooling solutions to meet stringent PUE (Power Usage Effectiveness) targets set by regulations, with liquid cooling achieving lower PUE values compared to air cooling [20][25]. - **Driver 3: Lower Lifecycle Costs** Liquid cooling systems demonstrate lower TCO compared to air cooling, particularly in terms of capital and operational expenditures [26][29]. Market Size and Growth - The report estimates that the domestic liquid cooling market will grow significantly, with projections of 40-50 billion yuan in 2025 and 70-80 billion yuan in 2026 [43][45]. - The market for liquid cooling components, such as CDU and manifolds, is expected to see substantial growth, with specific segments projected to grow by over 200% year-on-year by 2026 [49]. Investment Opportunities - The report identifies key investment opportunities within the liquid cooling supply chain, including liquid cooling plates, CDU, and manifold products, with a focus on domestic manufacturers [54][57]. - The trend towards domestic substitution in the liquid cooling market is highlighted, particularly for components currently dominated by foreign suppliers [58][61]. Key Players and Competitive Landscape - Major players in the liquid cooling market include companies like Invec, Feirongda, and Zhonghang Optoelectronics, which are positioned to benefit from the growing demand for liquid cooling solutions [78][84]. - The competitive landscape is characterized by a mix of established players and emerging domestic manufacturers, with a focus on innovation and cost reduction in liquid cooling technologies [79][82].

Group 1: Liquid Cooling Solutions - The company offers a comprehensive liquid cooling solution that includes intelligent engineering, key equipment, IoT software, and smart services, addressing the needs for liquid cooling deployment [1] - Key products include fluorinated system cold plates, water-cooled cold plates, and liquid-cooled containers, which have been successfully deployed in the Middle East [1] - The liquid cooling solutions are designed to provide end-to-end services from construction to operation, ensuring seamless integration and management [1] Group 2: Overseas Expansion - In 2023, the company began its overseas expansion, initially following major players like Alibaba and ByteDance, and later shifting to a more proactive approach [2] - The company confirmed overseas order revenue of 47.72 million yuan in 2024, with operations covering Southeast Asia and the Middle East [2] - Plans to establish subsidiaries in key locations to meet the growing demand for digital infrastructure in international markets are underway [2] Group 3: Financial Performance - The company has focused on the information data sector, resulting in a revenue increase of 42.84% to 1.145 billion yuan in 2024 [3] - In the first quarter of 2025, revenue reached 318 million yuan, marking a 26.44% year-on-year growth [3] - The company ranks third in the Chinese data center air conditioning market as of 2024, reflecting the effectiveness of its focused strategy [3] Group 4: Strategic Partnerships - Major clients include Alibaba, ByteDance, Huawei, and Tencent, indicating strong partnerships in the digital infrastructure sector [6] - The company aims to enhance its ability to provide comprehensive lifecycle solutions for digital infrastructure, deepening relationships with key clients [6] Group 5: Research and Development - The company emphasizes technological innovation and customer-driven product design, leading to the development of highly customized and energy-efficient products [7] - Recent innovations include large prefabricated indirect evaporative cooling systems and integrated fluorine pump technology, which have been successfully delivered domestically [7] - The company is also developing various outdoor cooling solutions, including liquid cooling systems and control systems, to meet diverse customer needs [7] Group 6: Industry Outlook - The demand for computing power in AI, cloud computing, and other emerging technologies is driving the need for advanced data centers [8] - The company is positioned to adapt to these changes by providing intelligent, efficient, and green digital infrastructure solutions [9] - Continuous innovation and development are essential for meeting future challenges and delivering exceptional products and services [9]

Group 1: Company Progress and Strategy - The company has successfully developed and launched the NetLiq200 2.0 liquid cooling product in the Middle East, marking a significant advancement in immersion cooling technology [1] - The focus on information data field has led to continuous growth in business orders in 2024 and Q1 2025, demonstrating the effectiveness of the "focus strategy" [2] - The company aims to enhance its professional capabilities and optimize its business structure to expand both domestic and international markets [2] Group 2: Key Clients and Partnerships - Major strategic clients include Baidu, Alibaba, Huawei, and Tencent, with ongoing good order conditions and normal operational activities [3] - The company is committed to providing comprehensive lifecycle solutions for digital infrastructure, aiming to deepen relationships with key clients [3] Group 3: 2025 Operational Goals - The company will focus on eliminating the negative impacts of previous diversification and concentrate resources on temperature control equipment and related sectors [4] - Key initiatives include enhancing professional capabilities, promoting refinancing projects, and advancing R&D in line with new technology trends [4][5] - The company emphasizes high-performance organization building and efficient operational systems to maximize shareholder value [5] Group 4: Research and Development - The company prioritizes technological innovation and customer needs in its R&D efforts, leading to the development of customized, energy-efficient products [5] - Innovations include large prefabricated indirect evaporative cooling and integrated fluorine pump technologies, alongside various cooling solutions [5] Group 5: International Expansion - The company has begun overseas market expansion in 2023, with operations and orders covering Southeast Asia and the Middle East [6] - A subsidiary in Malaysia was established to support international market growth, with plans for further local subsidiaries as needed [6]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **communication industry** and its response to recent changes in **U.S. tariff policies** affecting various products including optical modules, wireless communication modules, and IP phones [3][4]. Key Points and Arguments 1. **U.S. Tariff Exemption Impact**: - The recent U.S. tariff exemption list includes products related to the communication industry, allowing companies to revert to a 27.5% tariff level, with potential for zero tariffs if products are routed through Thailand [3][4]. - This exemption significantly reduces tariff costs for related companies, providing a favorable environment for growth [4]. 2. **Domestic Semiconductor Certification Rules**: - New domestic semiconductor product origin certification rules mainly affect IDM model analog chip manufacturers, but the overall impact on the communication industry is considered limited [5]. 3. **NVIDIA Export Policy**: - The Trump administration's slowdown in restricting NVIDIA H20 exports to China is seen as beneficial for domestic HH20 server manufacturers and downstream companies, promoting capital expenditure and investment certainty [6]. 4. **Optical Device and Module Sector**: - Leading companies like Zhongtian Technology benefit from tariff exemptions, while companies like Xuchuang are relocating high-end production to Thailand to mitigate risks associated with direct exports to the U.S. [7]. - The core chips used in optical modules are primarily sourced from Taiwan, limiting the impact of import tariffs [7]. 5. **Wireless Communication Module Sector**: - Companies such as Guanghetong, Yiyuan Communication, and Meige Intelligent benefit from the tariff exemptions, with most of their imported chips sourced from regions outside the U.S., resulting in minimal cost increases [8]. 6. **Enterprise Communication Terminal Sector**: - Companies like Yidian Network, which have around 30-40% of their products on the exemption list, are gradually shifting production to Southeast Asia and sharing costs with downstream distributors to mitigate tariff impacts [9]. 7. **Short-term Tariff Impact Mitigation**: - Companies have been building inventory in overseas warehouses to buffer against short-term tariff impacts and are increasing the pace of domestic chip substitution [10]. 8. **Data Center Temperature Control Market**: - The majority of revenue in this segment still comes from domestic markets, with limited impact from tariffs due to low cost contribution from risk control measures [11][12]. 9. **Smart Controller Sector**: - Major manufacturers have established global production bases to buffer against tariff impacts, with direct exports to the U.S. being minimal [13]. 10. **Communication Industry Performance**: - The domestic demand sector is performing well, while export-oriented sectors like optical devices and modules are facing significant challenges, with some companies experiencing over a 15% decline in stock prices [14]. 11. **Future Demand for Optical Modules**: - Expectations for 2025 and 2026 indicate a higher demand for 1.6T optical modules, with potential growth driven by Ethernet customers and cloud computing applications [15]. 12. **Investment Strategy for the Communication Industry**: - Short-term impacts from tariffs are expected to be minimal, with a focus on individual demand changes and Southeast Asian policy developments. Recommended stocks include Zhongji Xuchuang, Yiseng, Tianfu Communication, and others [16][17]. Additional Important Insights - The communication industry is advised to focus on segments benefiting from tariff exemptions, such as optical modules and IoT modules, while also considering sectors with low overseas demand impact [17]. - There is a notable emphasis on accelerating domestic substitution of communication chips in response to import tariff impacts [17].