来源：商业周刊 制冷系统制造商股价1月6日大跌，此前英伟达首席执行官的言论引发市场对数据中心冷却产品需求的担 忧。 "这些评论引发了一些关于水冷机组在数据中心长期定位的疑问/担忧，尤其是在液冷技术日益普及的情 况下，"贝尔德分析师蒂莫西·沃伊斯在给客户的报告中写道。他补充说，液冷技术可以让系统在更高的 温度下运行。 去年，投资者渴望从人工智能热潮中获利，纷纷涌入生产用于防止人工智能芯片机架过热设备的公司股 票。江森自控股价飙升52%，而生产冷却系统和电力设备的Vertiv Holdings Co.股价也上涨了43%。 生产水冷式制冷设备及类似系统的江森自控股价一度跌11%，创2022年以来最大盘中跌幅。摩丁制造公 司一度下跌21%，开利全球公司和特灵科技股价也同步下挫。 英伟达首席执行官黄仁勋在拉斯维加斯消费电子展上表示，搭载新型Rubin芯片的服务器机架将可采用 无需配备水冷机的水温进行冷却。 巴克莱分析师Julian Mitchell指出，"鉴于英伟达在整个AI生态系统中的主导地位，其言论虽乍看夸张， 实则不容小觑。"编辑/陈佳靖 ...

Core Insights - AAON reported Q3 CY2025 revenue of $384.2 million, exceeding analyst expectations by 17.4% year-on-year and beating estimates by 13.8% [1][6] - Non-GAAP profit per share was $0.37, which is 14.9% above analysts' consensus estimates of $0.32 [1][6] Revenue and Financial Performance - Revenue growth of 17.4% year-on-year, surpassing analyst estimates of $337.5 million [6] - Adjusted EBITDA was $63.55 million, with a margin of 16.5%, beating estimates by 3.8% [6] - Operating margin decreased to 11.4% from 20% in the same quarter last year [6] - Backlog at the end of the quarter reached $1.32 billion, reflecting a 104% increase year-on-year [6] - Market capitalization stands at $8.16 billion [6] Operational Highlights - Sales momentum attributed to improved production throughput at Tulsa and Longview facilities, along with strong demand for the BASX brand [3][5] - BASX-branded backlog grew to $896.8 million, up 119.5% from a year ago, indicating strong performance in data center cooling solutions [3][5] - Despite facing margin pressures due to operational inefficiencies and ramp-up costs at the new Memphis facility, there was a sequential improvement in gross margin [3][4] Future Outlook - Management expects continued double-digit revenue growth and further margin improvement as new manufacturing capacity ramps up [4] - The BASX segment is anticipated to remain a key growth driver, supported by robust demand for data center cooling products and a strong order pipeline for 2026 [4] - Company plans to address ERP implementation challenges and optimize manufacturing processes to support long-term profitability [4]