中信证券发布研报，在AI算力需求与芯片功耗持续攀升的背景下，AI加速芯片的TDP已突破风冷散热的 物理极限，全球各大云服务商(CSP)正明确将液冷定为下一代架构的默认标准，这种结构性转型将推动 液冷市场空间的快速成长。国内厂商已实现全产业链布局，正通过为台系龙头代工间接出海或直接获取 芯片巨头RVL认证等多元路径打破信任壁垒，并在国内云服务商(CSP)算力基建扩容的驱动下加速抢占 市场。随着散热需求向超高热密度演进，应重点关注从显热交换向相变潜热(如双相冷板、浸没式液冷) 的技术跨越，以及氟化液等新型冷却介质和芯片级微流体冷却带来的结构性投资机会。 中信证券主要观点如下： AI算力需求与芯片功耗攀升驱动液冷成为确定性趋势 随着摩尔定律放缓，通过提升芯片功率密度换取性能增长已成趋势，AI加速芯片的TDP已突破风冷散热 极限。全球各大云服务商(CSP)均已在其下一代架构中明确转向液冷方案，液冷正成为AI基础设施的默 认标准。这种从风冷向液冷的代际转变为液冷供应链带来长期的结构性增长动力。 液冷行业正处于快速增长的早期阶段，具备极高的成长潜力 中信证券研究部前瞻组预计北美四大CSP的2025年总资本开支同比大幅增长 ...

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, with a target price of 229.76 CNY per share [6][16]. Core Views - The company's revenue for the first half of 2025 reached 386 million CNY, a year-on-year increase of 78.24%, while net profit attributable to shareholders was 31 million CNY, up 33.19% year-on-year [1][2]. - The growth in revenue is driven by the increasing demand for liquid cooling products due to the rising computational needs of data centers, alongside the expansion of production capacity from the company's investment projects [2][3]. - The company is focusing on advanced thermal management solutions, with significant revenue growth in its thermal management materials and devices segment, which achieved 342 million CNY in revenue, a 67.77% increase year-on-year [3][11]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 27.03%, an increase of 1.12 percentage points year-on-year, with stable expense ratios for sales, management, and R&D [2][12]. - The company expects revenues of 977 million CNY, 1.392 billion CNY, and 1.926 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 48.83%, 42.52%, and 38.36% [12][13]. Market Position and Growth Drivers - The demand for liquid cooling solutions is anticipated to rise significantly, particularly in AI data centers, which will enhance the company's order growth [3][16]. - The company is investing in new technologies, including graphene and synthetic graphite thermal interface materials, to strengthen its position in the thermal management market [3][11]. Valuation and Comparables - The report utilizes a price-to-sales (PS) valuation method, assigning a PS of 19 times for 2025, reflecting the expected growth in thermal management demand and the company's strong customer base [8][16]. - Comparables in the thermal management sector include Suzhou Tianmai and Yingweike, which have similar product offerings and market dynamics [16][19].