随着新能源汽车、数据中心、储能系统等领域的爆发式增长，水冷板（液冷板）的散热性能直接决定了设 备运行的稳定性和寿命。不同流道结构的液冷单元对电池模组散热性能的影响非常大，一个结构设计优良 的液冷单元可以明显提升电池模组的散热均温性能。不同的加工工艺直接影响水冷板的流道设计、耐压性 和成本效率。 液冷板工艺主要为原材料准备—流道成型加工—清洗与预处理—盖板焊接与密封—后处理与整形—质量检 测与测试等主要过程；本文全面梳理水冷板制造的主流工艺、关键技术及质量管控要点，为行业提供专业 参考。 01 材料选择与预处理 1.1 主流材料 1.2 预处理工艺 铝合金：当前动力电池水冷板的主流材料，主要是因为它较好地均衡了导热、轻量、强度、工艺和成 本；3003铝合金因综合性能良好且技术成熟应用广泛。 铜合金：紫铜（导热系数 401W/m.K）用于高功率场景（如 800V 高压平台），但需通过镀镍或阳极 氧化解决腐蚀问题。 复合材料：对强度有更高要求时，会采用高强度铝合金复合材料（通常为三层结构：芯材+钎焊层+牺 牲层）。 表面脱脂：采用超声波清洗（频率 28-80kHz）去除油污，确保后续焊接或钝化效果。 钝化处理 ：通 ...

Key Takeaways Micron Technology, Ralph Lauren and Modine Manufacturing topped a 7,685-stock screen for profitability.MU posted a 28.2% net margin and projects 307.5% earnings growth this year.RL holds an 11.7% margin, while MOD posts 3.4%, both expecting solid earnings growth.Investors should prioritize companies that generate strong returns after accounting for operating and non-operating expenses. As a result, profitable businesses are more attractive than those operating at a loss. To assess profitabilit ...

This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. Dive Brief: Johnson Controls on Wednesday announced an agreement to acquire Alloy Enterprises, a Boston-based company providing a thermal management platform for high-performance data centers and other mission-critical industrial applications. The Boston-based company’s platform uses direct liquid-cooling components to enable up to a 35% improvement in therm ...

AI芯片及功率器件热管理大会暨展览会 2026年6月10-12日 上海新国际博览中心 01 大会信息 人工智能大模型、新能源汽车、储能系统及具身智能等新兴产业加速落地，算力密度与功率密度的同步跃 升，正将热管理推向前所未有的工程高度。一方面， AI服务器与专用芯片持续突破单芯片与单机柜功耗 上限； 此外 功率器件在新能源汽车、电力电子与储能系统中的高频、高压、高集成化应用，使系统发热 集中度与热失控风险显著上升。 在此背景下 ，本届 " AI芯片及功率器件热管理大会暨展览会 " 将聚焦高热流密度场景下的热管理系统工 程问题，围绕 高性能 导热材料、封装基板、液冷技术等方向 ， 系统性探讨 材料层面 、模块级、系统级 的关键技术路径与工程实践。 同期 "FINE2026 AI芯片及功率器件热管理 展区 " 将汇聚上下游材料、设备、产业链资源，精准对接市场 需求，全力助推液冷产业的高质量发展。 扫码报名参展参会 主题 ： 中国未来产业崛起引领全球新材料创新 时间 ： 2026年6月10-12日（6月8-9日布展） 地点 ：上海新国际博览中心 N1-N5 规模： 50,000平 ,10W+观众 02 组织机构 主办 ...

Core Thesis - Thermon Group Holdings, Inc. (THR) is positioned to benefit from the electrification and infrastructure capital expenditure cycle, with a significant upside potential to a $55 price target, representing a 12% internal rate of return (IRR) over four years [2]. Company Overview - THR provides engineered industrial process heating solutions, including thermal management products and services such as electrical heat tracing systems and industrial process-heating equipment, serving various end markets including industrial, oil & gas, and chemical/petrochemical [3]. Market Dynamics - The company is shifting focus from oil and gas to growth drivers like data centers, utilities, and the re-shoring of U.S. manufacturing, where temperature control and process heating are increasingly important [4]. - Regulatory standards, such as NERC and FERC cold-weather reliability standards, are creating additional demand for heat-tracing and thermal commissioning work in high-risk regions [4]. Growth Opportunities - THR is entering the liquid load bank (LLB) market, aiming for a 20-25% market share, which could add $60 million in incremental gross profit over the next four years [5]. - The heat-tracing market is estimated at approximately $3 billion, growing at an 8% compound annual growth rate (CAGR) through 2030, supporting THR's organic growth [5]. Financial Outlook - The company expects to generate over $300 million in cumulative free cash flow through FY30, driven by higher-margin LLB sales and strong EBITDA-to-CFFO conversion rates [6]. - THR's stock presents limited downside risk due to low leverage, high free cash flow margins, and potential margin expansion from product mix [6].

Financial Data and Key Metrics Changes - Modine reported a 31% increase in total sales for Q3, driven primarily by growth in the Climate Solutions segment [17] - Adjusted EBITDA improved by 37%, with a margin increase of 70 basis points to 14.9% [18] - Adjusted earnings per share rose by 29% to $1.19, excluding a $116 million non-cash settlement loss related to the termination of the U.S. pension plan [18] Business Line Data and Key Metrics Changes - Performance Technologies revenue increased by 1% year-over-year, with a 3% decrease in heavy-duty equipment sales offset by a 6% increase in on-highway product sales [15] - Climate Solutions segment saw a 51% increase in revenues, with data center sales growing by 78% [8][16] - Adjusted EBITDA margin for Climate Solutions improved to 17.9%, reflecting strong top-line growth [17] Market Data and Key Metrics Changes - The data center market is projected to deliver over $1 billion in sales this fiscal year, with expectations of reaching $2 billion by fiscal 2028 [12] - Record order intake in the data center segment indicates strong demand, primarily from existing customers [38] Company Strategy and Development Direction - The company is focusing on high-margin, high-growth businesses, with plans to spin off the Performance Technologies segment and merge it with Gentherm [3][4] - Modine aims to become a pure-play, diversified climate solutions company, concentrating on investments in growth and capacity expansion [5] - The company is committed to innovation in data center cooling solutions, addressing energy consumption and water usage challenges [71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the Climate Solutions segment, particularly in data centers, with expectations for continued revenue growth [12][19] - The company anticipates a sequential ramp in revenue for Q4, driven by typical seasonal patterns and increased data center volumes [15][22] - Management raised the fiscal 2026 revenue outlook to a growth range of 20%-25%, with Climate Solutions expected to grow 40%-45% [21][22] Other Important Information - Free cash flow was negative $17 million in Q3, primarily due to inventory builds and higher capital expenditures [19] - The company expects to generate positive free cash flow in Q4 and anticipates capital expenditures to be in the range of $150 million-$180 million for the full fiscal year [20] Q&A Session Summary Question: Can you discuss the margin outlook for Climate Solutions and Performance Technologies in Q4? - Management expects Climate Solutions to achieve a margin improvement of 200+ basis points in Q4, while Performance Technologies may see a temporary dip in EBITDA margin [26] Question: What defines the high and low end of the 50%-70% CAGR for data center revenue? - The growth range is influenced by capacity expansion and demand, with confidence in achieving the higher end as capacity comes online [30][31] Question: Can you provide details on the record order intake in data centers? - The majority of growth is driven by existing customer relationships, particularly with hyperscalers, indicating strong demand and potential for future orders [38] Question: How is the company managing working capital and free cash flow? - Management indicated that working capital ratios are expected to normalize, with a return to positive free cash flow anticipated next year [40] Question: What is the company's strategy regarding long-term agreements (LTAs)? - The company is open to structuring LTAs to secure capacity and reduce risk, aligning with strategic customers [84]

Core Insights - Modine reported a strong financial performance for the third quarter of fiscal 2026, with a 31% increase in net sales to $805.0 million, driven by a 51% growth in the Climate Solutions segment, particularly from data center products [3][12][13] - The company raised its full-year outlook for revenue and adjusted EBITDA, expecting data center revenue to increase by over 70% year-over-year and projecting annual growth of 50% to 70% for the next two years [11][12] Financial Performance - Net sales increased by $188.2 million, or 31%, compared to the prior year, with the Climate Solutions segment contributing significantly due to strong demand from data center customers [3][12] - Gross profit rose by $36.5 million to $186.1 million, although gross margin decreased by 120 basis points to 23.1% due to higher temporary costs related to capacity expansion [4][12] - Operating income increased by $30.0 million to $89.3 million, primarily driven by higher revenues in the Climate Solutions segment [6][12] - Adjusted EBITDA reached $119.6 million, a 37% increase from the prior year, reflecting strong operational performance [6][12] Segment Analysis - The Climate Solutions segment reported sales of $544.6 million, a 51% increase from $360.8 million a year ago, with data center sales up 78% [13] - Performance Technologies segment sales increased by 1% to $266.0 million, driven by higher automotive sales, although offset by lower sales in other areas [13] Outlook - The company is optimistic about continued growth in the Climate Solutions segment, raising its revenue outlook for fiscal 2026 to a growth range of 20% to 25% [11][14] - Modine anticipates adjusted EBITDA for fiscal 2026 to be between $455 million and $475 million, indicating a growth of 16% to 21% [12][14]

FINETalks 2026 第2期 机器人与电动汽车锂电池系统 高效热与安全综合管控研究 徐 俊 讨论话题 直播时间 2026.1.30 > 15:30-16:30 转发朋友圈 免费看直播 添加微信时,请备注"姓名+单位"邀请入群 · 西安交通大学教授 · 西安交通大学机器人研究院 副院长 · 锂电池热管理技术的机遇与瓶颈 · 人形机器人与电动汽车锂电池高效热管理 · 电池低温情况下如何自加热 · 锂电池全生命周期安全管控的落地痛点与解决方案 · 锂电池安全监测技术探索,及其在储能 / 新能源汽 车领域落地前景 回放链接：https://6ugos.xetlk.com/sl/1WSa6H 或扫码看回放 锂电池作为核心能量供给部件，已广泛渗透至 电动汽车、工业机器人、储能电站等关键场景 ，成为支撑 新兴产业发展的核心基石。尽管锂电池应用场景持续拓宽，但热失控引发的安全风险仍是制约产业高质量 发展的核心瓶颈。 无论是电动汽车快充、高功率行驶工况，还是机器人复杂作业场景下的动态负载波动，都对锂电池系统的 高效热管理、精准温控及安全预警提出了严苛要求。 如何通过热管理系统结构优化、精细调控技术升 级、安全监测体系完 ...

Core Viewpoint - Modine Manufacturing is spinning off its Performance Technologies segment and merging it with Gentherm in a transaction valued at approximately $1 billion, aimed at transforming Modine into a high-growth, pure-play Climate Solutions company [1][3][5]. Transaction Details - The deal values Performance Technologies at about $1 billion, equating to 6.8 times trailing twelve-month Adjusted EBITDA as of September 30, 2025 [1][6]. - Modine is expected to receive $210 million in cash and shareholders will receive approximately $790 million in Gentherm stock, resulting in Modine shareholders owning 40% of the combined Gentherm/PT company [1][6]. - The transaction is structured as a Reverse Morris Trust, intended to be tax-free for Modine and its shareholders [2][6]. Financial and Growth Outlook - The Climate Solutions segment generated approximately $1.6 billion in revenue with a 19.6% adjusted EBITDA margin, and management anticipates revenue growth of 35-40% to nearly $2 billion [4][10]. - Data centers are identified as a core growth driver, with a projected 50-70% annual growth over the next two years [4][13]. - Modine plans to invest $125-150 million in capital expenditures to support revenue capacity of $2-3 billion [4][14]. Strategic Outcome - The transaction will create two focused companies: a larger thermal management platform (Gentherm + PT) and a streamlined Climate Solutions Modine focused on data centers and commercial HVAC&R [5][9]. - Modine's management has been shifting towards higher-growth, higher-margin businesses, completing six divestitures and six acquisitions over the past five years [8][9]. Reporting Structure Changes - Post-transaction, Modine will operate through two primary business segments: data centers and commercial HVAC&R, with a new reporting structure expected to begin in the first quarter of fiscal 2027 [12][17]. Market Position and Future Outlook - Modine expects to replace approximately $1 billion of PT revenue with revenue from the data center market within the next 12 to 24 months [14]. - The company anticipates continued demand for thermal cooling solutions in data centers for the next 5 to 10 years, driven by evolving chip technology [15].

Core Viewpoint - Analysts project that Modine (MOD) will report quarterly earnings of $0.99 per share, reflecting a year-over-year increase of 7.6%, with revenues expected to reach $763.38 million, a 23.8% increase from the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate has been revised 2.6% higher in the last 30 days, indicating a collective reevaluation by analysts [2]. - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3]. Key Metrics - Analysts estimate 'Net Sales- Performance Technologies' to be $252.69 million, a decrease of 3.6% from the previous year [5]. - 'Net Sales- Climate Solutions' is expected to reach $522.14 million, representing an increase of 44.7% year-over-year [5]. - 'Adjusted EBITDA- Climate Solutions' is projected at $88.77 million, up from $75.70 million in the prior year [5]. - The consensus for 'Adjusted EBITDA- Performance Technologies' is $35.22 million, compared to $28.40 million from the previous year [6]. Stock Performance - Over the past month, Modine shares have increased by 32.4%, while the Zacks S&P 500 composite has only increased by 0.9% [6]. - Modine currently holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [6].