3D打印具备传统机加工没有的制造优势，尤其适合液冷板制造：液冷板常见设计方案包括铲齿式、管 道式、曲折式、针状式、微通道等，其中铲齿式是目前数据中心场景中占比最高的类型。3D打印首先 解放了流道设计限制，流道设计可以通过拓扑优化、仿生设计复杂化以改善散热性能，而3D打印加工 由于是分层制造其加工时间、成本对结构设计变化不敏感，反之CNC/铲齿加工在这方面受到加大的限 制;同时传统液冷板主要通过钎焊、扩散焊等工艺完成焊接，其结构强度、连接处热阻弱于3D打印的一 体化成型。 智通财经APP获悉，国金证券发布研报称，根据中国信息通信研究院数据，2024年我国智算中心液冷市 场规模达到184亿元，同比增长66%，2029年预计进一步达到1300亿元，液冷市场需求有望迎来爆发。 3D打印有望成为液冷板制造最优技术路线。考虑冷板式液冷有望成为数控中心主流散热方案，而3D打 印在液冷板加工潜力较大，建议关注在金属3D打印尤其是铜3D打印有较好技术储备的企业。 国金证券主要观点如下： 冷板式液冷有望成为数据中心主流散热方案 从历史数据看，仅冷却一项可占到数据中心电耗的40%，随着GPU热设计功耗的不断提升，传统风冷散 热开始 ...

Investment Rating - The report suggests that cold plate liquid cooling is expected to become the mainstream cooling solution for data centers, with significant potential in 3D printing for liquid cooling plate manufacturing [5]. Core Insights - Cold plate liquid cooling is anticipated to dominate the data center cooling market due to its higher efficiency compared to traditional air cooling, especially as GPU power design continues to increase [1][12]. - The liquid cooling market in China is projected to grow significantly, reaching 184 billion yuan in 2024 and 1.3 trillion yuan by 2029, with a compound annual growth rate (CAGR) of 48% [20][22]. - 3D printing technology is identified as the optimal manufacturing route for liquid cooling plates, offering advantages such as design freedom and cost-effectiveness compared to traditional machining methods [2][54]. - Microchannel liquid cooling plates are becoming a new trend, with 3D printing further enhancing their performance by allowing for complex designs that improve heat dissipation [3][66]. - The report highlights the challenges and breakthroughs in 3D printing of copper materials, which are crucial for effective heat transfer in liquid cooling applications [4][80]. Summary by Sections 1. Cold Plate Liquid Cooling as a Mainstream Solution - The cooling process in data centers can be categorized into air cooling and liquid cooling, with liquid cooling being more efficient due to its higher heat transfer capabilities [12][18]. - Cold plate liquid cooling, as an indirect cooling method, does not require direct contact with liquids, making it more operationally feasible and widely applicable [28][33]. 2. 3D Printing as the Optimal Manufacturing Technology - 3D printing offers unique advantages over traditional machining, such as the ability to create complex geometries and reduce production costs [2][54]. - The technology allows for continuous optimization of flow channel designs, which significantly impacts the cooling performance of liquid cooling plates [60][64]. 3. Emerging Trends in Microchannel Liquid Cooling - Microchannel liquid cooling plates are defined by their small channel diameters, which enhance heat transfer efficiency, and 3D printing is expected to play a crucial role in their production [3][67]. - The report notes that traditional manufacturing methods face limitations in producing microchannel structures, making 3D printing a more viable option [71][79]. 4. Investment Recommendations - The report recommends focusing on companies with strong technological capabilities in metal 3D printing, particularly those specializing in copper 3D printing [5][97]. - Specific companies highlighted include Nanfeng Co., Ltd., Plitec, and Huazhu High-Tech, which are actively engaged in the development and production of 3D printed liquid cooling plates [97].

Core Viewpoint - Feirongda (300602.SZ) has technological reserves in micro-channel liquid cooling plates and is actively developing various cooling products for servers and terminal devices [1] Group 1: Technology and Product Development - The company is engaged in the research and development of thermal management products, including thermal conductive materials, various cooling modules, fans, 3D VC coolers, special coolers, single-phase liquid cooling plate modules, and two-phase liquid cooling plate modules [1] - Some of the company's products have already been delivered in bulk, indicating a level of market readiness and operational capability [1] Group 2: Market Position and Future Outlook - The company will continue to monitor developments in related technology fields to enhance its comprehensive competitive advantage [1]

投资者提问： 查询到公司拥有微通道液冷板技术专利，请问是否属实？有无相关产品供应客户？ 董秘回答(飞荣达SZ300602)： 尊敬的投资者您好，感谢您对公司的关注。公司在微通道液冷板技术方面有一定技术储备。飞荣达作为 国内热管理解决方案的领先企业，热管理产品种类非常广泛，且持续开发适应市场需求的新技术与新产 品，满足不同客户的不同产品、不同使用环境场合及不同使用等级等方面的需求。截至2025年6月30 日，公司已获得专利共计843项，公司也将持续关注相关技术领域的发展动态，不断提高综合竞争优 势。谢谢。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

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