（编辑 丛可心） 证券日报网2月27日讯 ，飞荣达在接受调研者提问时表示，公司有很多产品已应用于AI相关领域，随着 AI的快速发展和广泛应用，对算力基础设施提出更高的要求，同时将会对散热及电磁屏蔽解决方案提 出更高的需求。以前终端的散热方式以被动散热为主，现在逐渐转向主动散热为主，公司可为AIPC、 AI手机等终端产品提供的散热产品，包括石墨片、石墨烯、热管、VC、相变储能材料、微型风扇和微 泵液冷等导热材料及器件和电磁屏蔽材料及器件等相关产品等，单机价值量也大幅度提升。长期以来， 公司也积极配合客户需求开展相关产品的研发和技术储备，通过持续的产品研发并迭代更新，比如微泵 液冷、微型风扇、微型散热模组、压电风扇等，为客户提供更适配、更优质的产品。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The report highlights the transition to active cooling solutions in electronic devices, driven by increasing heat density from SoC chips and the rise of edge AI applications [1][3] - Passive cooling methods are facing limitations, leading to a growing adoption of active cooling technologies such as micro fans and liquid cooling systems [3][4] - The market for heat spreaders, particularly vapor chambers (VC), is expected to grow significantly, with global sales projected to reach $2.776 billion by 2031, reflecting a CAGR of 15% from 2025 to 2031 [2][51] Summary by Sections 1. SoC Chip Heat Density and Edge AI - The report discusses the increasing heat flow density in SoC chips due to continuous process iterations, which has led to rising power consumption and localized high heat density issues [1][14] - The performance of edge AI is expected to accelerate, increasing the urgency for enhanced cooling solutions in electronic devices [21][24] 2. Passive Materials and Devices - Passive cooling technologies, including metal heat sinks, graphite, and heat pipes, are evolving, but each has its limitations [2][34] - Vapor chambers are identified as a key upgrade direction, with their market penetration expected to rise significantly, especially with the introduction of products like the iPhone 17 Pro [2][46] 3. Transition to Active Cooling - The report notes that passive cooling solutions are reaching their limits, prompting a shift towards active cooling technologies in smartphones and other thin devices [3][4] - Micro fans are becoming increasingly common in non-gaming smartphones, with brands like OPPO and Honor integrating them into their devices [3][25] 4. Focused Companies - The report identifies several companies as key players in the industry, including Suzhou Tianmai, Feirongda, Lingyi Zhi Zao, and others, which are involved in the development of advanced cooling solutions [4][30]

Core Viewpoint - Huawei is exploring a dual cooling solution for the Mate80 series, combining an active fan and micro-pump liquid cooling, which has garnered significant attention in the industry and among consumers [2][4][12] Group 1: Active Cooling Technologies - The introduction of active cooling technologies, such as micro fans and micro-pump liquid cooling, indicates that mainstream smartphone manufacturers are taking active cooling seriously, moving beyond niche applications [4][10] - OPPO has already integrated an active cooling fan in its mid-range K13 series, creating a "Storm Engine" system that mimics PC cooling solutions [8] - The OnePlus 11 concept phone was the first to feature Active CryoFlux micro-pump liquid cooling, showcasing the industry's shift from passive to active cooling solutions [10][12] Group 2: Importance of Thermal Management - As smartphones evolve into high-performance computing devices, the demand for effective thermal management has increased due to rising processor power consumption and heat output [13] - Early smartphones relied on passive cooling methods, but the introduction of materials like vapor chambers and graphene has significantly improved heat dissipation capabilities [13][14] - The transition from passive to active cooling is a collective response to the high power consumption era driven by AI functionalities and high-refresh-rate displays [14][21] Group 3: Comparison of Cooling Methods - Passive cooling relies on material properties for heat conduction and diffusion, while active cooling uses mechanical means to enhance heat exchange [14] - Active cooling methods, such as fans and micro-pumps, are more efficient and can sustain high power output, making them suitable for high-load scenarios [14][15] - The industry is witnessing a trend where active cooling technologies are moving towards mass production and market adoption [12][38] Group 4: Future Applications and Market Potential - The integration of micro-pump liquid cooling in smartphones could lead to new applications in AI glasses, AR devices, and humanoid robots, with market potential exceeding hundreds of billions [6][38] - The development of active cooling technologies is seen as a key driver for the next generation of high-performance smart devices, pushing the consumer electronics industry into a new era of high power and performance [38][39] Group 5: Supplier Recommendations - Several companies are emerging as key suppliers for micro-pump and fan technologies, including Chengdu Huitong Xidian Electronics, Resonance Precision, and Nanchip Technology, which are focusing on developing efficient and compact cooling solutions [22][24][26][30][34][36] - These suppliers are contributing to the advancement of thermal management technologies, which are crucial for the performance and longevity of modern electronic devices [30][36] Group 6: Upcoming Events - The 6th Thermal Management Industry Conference and Exposition will take place from December 3-5, 2025, in Shenzhen, focusing on advancements in thermal management technologies and featuring various suppliers and research teams [39][42][48]

Core Viewpoint - The article emphasizes the critical role of thermal management in the performance and reliability of electronic devices, driven by increasing power density due to advancements in technologies like 5G, AI, and IoT. Effective heat dissipation solutions are essential to prevent device failures and ensure optimal operation [7][10][15]. Group 1: Thermal Density and Management - The rise in power density of electronic components necessitates advanced thermal management solutions, as temperature increases can significantly reduce system reliability [7][10]. - The failure rate of electronic components increases exponentially with temperature, with a 50% reduction in reliability for every 10°C increase [7][8]. - The thermal flow density has surged from under 10W/cm² to nearly 100W/cm², driven by both increased power and reduced chip sizes [11][15]. Group 2: Passive Cooling Solutions - Passive cooling methods, which do not use active components, include materials like metal heat sinks, graphite films, and heat pipes, relying on thermal interface materials (TIMs) to transfer heat away from components [23][26]. - Metal heat sinks are effective for low-power devices but face limitations in high-power applications due to their thermal transfer rates [28][31]. - Graphite films have been widely adopted in consumer electronics for their high thermal conductivity in the X-Y plane, although their Z-axis conductivity is limited [32][33]. Group 3: Active Cooling Solutions - Active cooling methods, such as forced air cooling and liquid cooling, are becoming necessary as device power levels increase beyond the capabilities of passive systems [68][69]. - Liquid cooling systems can achieve heat dissipation rates of 10-1000W/cm², significantly outperforming air cooling methods [73][74]. - Data centers are increasingly adopting liquid cooling solutions to manage the rising power density of servers, with some configurations exceeding 30kW per cabinet [80][81]. Group 4: Market Opportunities and Beneficiaries - Companies involved in the development of advanced thermal management solutions, such as VC (vapor chamber) technology and liquid cooling systems, are positioned to benefit from the growing demand for efficient heat dissipation in high-performance electronics [49][54]. - Key players in the market include companies like Feirongda, Suzhou Tianmai, and others that are innovating in thermal management technologies [5][6].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Viewpoints - The report highlights that the increasing power density of electronic devices, driven by the proliferation of technologies such as 5G, AI, and IoT, is leading to significant thermal management challenges. The thermal flow density is approaching 100W/cm², necessitating advanced thermal management solutions to ensure system reliability [1][16][24]. Summary by Sections 1. Thermal Management Challenges - The report discusses the exponential increase in electronic component failure rates with rising temperatures, noting that a 10°C increase can lead to a 50% increase in failure rates [1][16]. - It emphasizes that traditional thermal management systems are nearing their physical limits, making the development of efficient thermal management solutions critical for the evolution of computing power [24]. 2. Passive Cooling Solutions - The report identifies limitations in traditional passive cooling methods, such as metal heat sinks and graphite materials, which struggle with heat transfer efficiency in high-density applications [2][33]. - Vapor Chamber (VC) technology is highlighted as a promising passive cooling solution due to its superior thermal conductivity and ability to meet the demands of increasingly compact electronic devices [2][33]. 3. Active Cooling Solutions - Liquid cooling is presented as a viable solution to overcome the limitations of forced air cooling, with applications in both cloud data centers and consumer electronics [3][4]. - The report notes that the liquid cooling market for data centers is projected to reach $9.231 billion by 2031, indicating significant growth potential [4]. 4. Market Size and Industry Chain - The global market size for VC technology is projected to be $1.089 billion in 2024, with substantial applications across consumer electronics and data centers [4]. - The report outlines the industry chain for VC technology, including upstream raw materials and production equipment, and downstream applications in various sectors [4]. 5. Beneficiary Companies - The report lists several companies that are expected to benefit from advancements in thermal management technologies, including Feirongda, Suzhou Tianmai, and others [5].

Investment Rating - The report maintains an "Outperform" rating for the heat management industry, driven by the slowdown of Moore's Law and the rise of edge AI applications [1]. Core Insights - The heat management industry is undergoing significant upgrades due to the deceleration of Moore's Law and the explosive growth in cloud computing power demands, leading to increased pressure on thermal management solutions for edge AI applications [1][2]. - Passive cooling methods are nearing their physical limits, prompting a shift towards active cooling technologies in mobile devices [3][4]. Summary by Sections 1. Moore's Law Slowdown and Edge AI Iteration - The growth rate of transistor density has significantly slowed, with the compound annual growth rate (CAGR) dropping to single digits for processes below 5nm, indicating the gradual failure of Moore's Law [19][20]. - As performance demands increase, the power consumption per unit area of chips is rising, necessitating enhanced thermal management solutions [24][25]. - The limitations of passive cooling methods are becoming evident, as the area of vapor chambers (VC) is increasing while material iterations are slowing down [43][44]. 2. Transition to Active Cooling Technologies - The industry is expected to enter an active cooling era, with technologies like micro-pump liquid cooling and micro fans becoming more prevalent [3][4]. - By 2030, it is projected that the penetration rate of active cooling in smartphones will reach 30%, with a market size of approximately 20 billion yuan [3][4][75]. 3. Investment Highlights and Beneficiary Segments - Active cooling technologies are anticipated to unlock the full potential of edge AI applications, with significant benefits for companies involved in the thermal management supply chain [4][4]. - Key players in the thermal management module sector include Feirongda, Suzhou Tianmai, and Zhongshi Technology, while chip-related companies include Aiwei Electronics and Nanchip Technology [4][4].