2)数据中心单机柜功率可达50kW以上，该行测算磁悬浮离心压缩机凭借更大制冷量、更高制冷效率和 更低制冷能耗相比螺杆压缩机节能40%以上，有望成为主流。该行假设未来新增AIDC数据中心全部采 用磁悬浮压缩机，26年磁悬浮冷水机组市场约288.3亿元，同比增长70.4%。 海外头部磁悬浮离心压缩机厂家产能饱满，国产品牌持续技术自研有望实现国产替代：海外磁悬浮压缩 机龙头丹佛斯目前排产饱满；目前国内企业在磁悬浮压缩机核心零部件如磁轴承、高速永磁电机等方面 实现技术突破，该行认为产品经充分验证后，有望凭借相对成熟的技术和较高的性价比优势逐步实现国 产替代。 风险提示 AIDC建设与算力投资进度不及预期；市场竞争加剧风险；新技术路线迭代风险。 智通财经APP获悉，中金公司发布研报称，AI数据中心建设带动制冷压缩机市场快速增长，冷水机组是 制冷核心，而压缩机是冷水机组核心零部件，磁浮离心压缩机有望成为主流。磁悬浮压缩机相较螺杆压 缩机更满足大冷量+低能耗的要求，供需紧张下有望快速实现国产替代。 中金公司主要观点如下： AI数据中心制冷业务增长，冷水机组是制冷核心：全球算力投资升级，四大云厂商25Q3资本开支达近 千亿美 ...

Core Insights - ITT has announced the acquisition of Köhler & Hörter GmbH (KOHO), which specializes in high-quality compressors for various industries [1] Company Summary - The acquisition enhances ITT's capabilities in the compressor market, potentially expanding its product offerings and market reach [1] - Köhler & Hörter GmbH is recognized for its expertise in manufacturing compressors, which may provide ITT with a competitive advantage in the industry [1] Industry Implications - This acquisition reflects a trend in the industry where companies are consolidating to strengthen their positions and enhance product portfolios [1] - The move may indicate growing demand for high-quality compressor solutions across multiple sectors, suggesting a positive outlook for the compressor market [1]

Core Insights - Burckhardt Compression achieved record financials in fiscal year 2024, surpassing CHF 1 billion in sales and CHF 100 million in net income for the first time, reflecting strong positioning in markets aligned with global megatrends [1][2][3] Financial Performance - Order intake for the Group reached CHF 1,151.2 million, a 2.4% increase, with sales up 12.6% to CHF 1,095.6 million, driven by an 18.2% growth in the Systems Division [2][5] - Gross profit margin improved to 28.0%, up 1.8 percentage points year-on-year, due to a favorable product mix and higher capacity utilization [2] - Consolidated operating income (EBIT) increased by 23.2% to CHF 140.8 million, with an overall Group EBIT margin rising to 12.9% from 11.7% [2][5] Profitability and Returns - Net income reached CHF 105.6 million, exceeding the previous year's figure by 25.0%, with earnings per share rising from CHF 24.98 to CHF 31.20 [3][4] - Return on Net Operating Assets (RONOA) increased from 28.3% to 32.6%, and total equity rose to CHF 340.2 million [4] Dividend Proposal - The Board of Directors proposed a dividend of CHF 18.00 per share, marking a 16.1% increase compared to the previous year, aligning with the Group's attractive dividend policy [4] Market Dynamics - The global Systems market normalized in 2024, with a decrease driven by policy shifts in the Hydrogen Mobility and Energy segment, while demand for Hyper Compressors remained high [5][7] - The Services Division experienced a 5.4% decline in order intake to CHF 325.8 million, influenced by local economic conditions and the closure of low-profit service centers in the US [8] Strategic Initiatives - Burckhardt Compression is implementing its Mid-Range Plan, focusing on strengthening core business, operational excellence, and enhancing business foundations, including a 40.0% reduction in greenhouse gas emission intensity [9][14] - New digital services were launched to optimize compressor fleet reliability and uptime, contributing to the company's transformation efforts [9] Leadership Changes - Upcoming changes in the Board of Directors include the proposal of Jacques Sanche as a new member and Chair, effective December 15, 2025, following Ton Büchner's planned succession [10][11] Guidance for Fiscal Year 2025 - The company expects fiscal year 2025 to maintain sales and EBIT margins at similar levels to fiscal year 2024, amid a dynamic operating environment characterized by uncertainties in global trade and currency exchange rates [12][13]