Summary of the Conference Call for 英维克 Company Overview - 英维克 has a comprehensive layout capability across the entire supply chain, covering liquid cooling solutions from servers to cabinets to data centers, providing a significant market advantage [2][4] - The company is the first domestic player to enter the NVIDIA liquid cooling supply chain, gaining recognition from industry giants, which demonstrates its technical strength and product quality [2][6] Core Advantages - 英维克 possesses three core advantages: 1. Comprehensive supply chain and resource layout capability, covering a full range of products from servers to cabinets to data centers [4] 2. Deep understanding of data center solutions, crucial for providing customized and efficient liquid cooling solutions [2][4] 3. First-mover advantage in the global market, having gained entry and continued to advance [4][6] Market Position and Recognition - 英维克's products have been recognized by major players like Google, evidenced by the joint release of a 2 MW CDU at the OCP conference, which solidifies its position as a core tier-one supplier for Google [2][6] - The company aims to capture market share despite potential intensifying competition in overseas markets, as gaining recognition will stabilize its supplier status [2][7] Importance of Liquid Cooling Technology - Liquid cooling technology is a critical component of servers and data centers, more essential than optical modules, as it impacts the stability and safety of the entire system [5] - Any issues with liquid cooling products can lead to severe damage to servers, highlighting the necessity of a comprehensive layout and data center solution capability [5] Future Market Outlook - The liquid cooling market is expected to become standard in the AI era, with air cooling gradually phasing out [7] - Current market entry and share acquisition are deemed more critical than concerns over competitive dynamics, as established suppliers are less likely to be replaced once recognized [7] - Technological upgrades, such as phase change technology, present further opportunities for 英维克 to expand its market share [7] Investment Recommendation - 英维克 is strongly recommended as an investment target due to its understanding of technology, liquid cooling, and data centers, which are highly valued by CSPs and giants like NVIDIA [8]

摘要 英维克提供完整数据中心解决方案，满足谷歌、Meta 等海外 AIGC 企业 对供应商综合能力的高要求，尤其是在数据中心功耗不断增加的趋势下， 其深厚的数据中心解决方案能力至关重要。 英维克专注于温控散热领域，数据中心相关业务占比超过 50%，产品线 覆盖风冷到液冷，并通过技术积累和研发投入，成功进入 NV 液冷供应 链，与谷歌联合发布 2 兆瓦 CDU 产品，验证了其技术实力和市场认可 度。 液冷市场在 AI 高密度时代从可选项走向必选项，迎来黄金时代。液冷技 术相比传统风冷具有更高效、更稳定、更节能等优势，未来有望成为数 据中心标配。 英维克具备全产业链、全自研布局能力，能够提供完整的数据中心解决 方案，这是海外巨头挑选供应商的关键因素。与 NV、谷歌等国际巨头 合作，进一步验证了其技术实力和市场地位。 英维克通过全产业链、全自研布局，满足客户对稳定性和安全性的高要 求。持续研发投入，优化产品性能，开发差异化产品，成功进入 NV 供 应链体系，并获得国际顶级客户的认可。 Q&A 英维克在液冷领域的核心竞争优势是什么？ 英维克在液冷领域的核心竞争优势主要体现在以下几个方面。首先，英维克具 备全链条、全自 ...