浸没式液冷解决方案

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亨通光电(600487):深海科技机遇凸显,AI高端光纤突破
Changjiang Securities· 2025-09-01 14:16
Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved steady revenue growth in Q2 2025, with improvements in both year-on-year and quarter-on-quarter expenses. The deep-sea economic policy benefits are becoming evident, leading to a renewal of undersea cables, and the company has a substantial order backlog in its marine business. Breakthroughs have been made in high-end specialty optical fibers, including ultra-low loss, multi-mode, and hollow-core fibers. Continuous share buybacks and shareholder increases reflect long-term confidence [3][9][10]. Summary by Relevant Sections Financial Performance - In H1 2025, the company reported revenue of 32.05 billion yuan, a year-on-year increase of 20.4%. The net profit attributable to shareholders was 1.61 billion yuan, up 0.2% year-on-year. In Q1 2025, revenue reached 18.78 billion yuan, a year-on-year increase of 26.6% and a quarter-on-quarter increase of 41.5% [3][9]. Business Opportunities - The government has prioritized "deep-sea technology" in its future industry focus, benefiting the company as a key player. The company is one of the top four global providers of comprehensive solutions for transoceanic submarine cable systems, with over 108,000 kilometers of submarine cable delivered. In the marine energy sector, the company continues to win bids for offshore wind and oil and gas projects, with an order backlog of approximately 20 billion yuan in energy interconnection and about 7.5 billion yuan in marine communication [9][10]. Technological Advancements - The company is seizing opportunities in AI development, achieving key breakthroughs in high-end optical fiber products. The G.654.E fiber has industry-leading attenuation levels, and self-developed OM4/OM5 multi-mode fibers are widely used in medium and large data centers. The hollow-core anti-resonance fiber has achieved internationally advanced loss values (≤0.2 dB/km) and has mass delivery capabilities [9][10]. Shareholder Confidence - The company completed a new round of share buybacks in January 2025, repurchasing 14.17 million shares for 156 million yuan, which will be used for an employee stock ownership plan. Additionally, the controlling shareholder announced a plan to increase its stake in the company by no less than 150 million yuan and no more than 300 million yuan over the next 12 months, demonstrating long-term confidence in the company's development [9][10]. Profit Forecast and Investment Suggestion - The company is expected to maintain steady revenue growth, with net profits projected at 3.343 billion yuan, 3.824 billion yuan, and 4.266 billion yuan for 2025-2027, corresponding to year-on-year growth rates of 21%, 14%, and 12%. The corresponding price-to-earnings ratios are 15x, 13x, and 12x, respectively, with a strong recommendation to "Buy" [9][10].
浸没式液冷专家分享会
2025-08-24 14:47
浸没式液冷专家分享会 20250823 摘要 提尔科技采用全产业链自制模式,提供包括芯片设计、服务器制造、机 柜及冷却液等一体化智算中心解决方案,有效提升系统稳定性和可靠性, 并已建成国内首个浸没液冷商业化智算中心。 浸没式液冷技术通过将服务器完全浸泡在特制冷却液中,解决了人工智 能领域高功耗、高散热的需求,能更高效、更均匀地散热,降低整体能 耗,实现低碳排放,且对环境、人体和芯片无害。 传统风冷和冷板式液冷技术在散热效率、生产隐患和生命周期等方面存 在局限性,而提尔科技的单向浸没液冷技术在投资性价比上更具优势, 更适合当前市场需求。 提尔科技采用合成油质地材料进行单向浸没式液冷,具有绝缘防火、对 芯片无害的特性,且通过全站式设计,整体解决方案成本低于现有其他 类型方案,能效比(POE)低于 1.1。 公司 2024 年营收 1.257 亿人民币,净利润 1,000 万人民币,预计 2025 年至 2027 年复合增长率为 100%,主要面向人工智能场景,并 积极布局推理级市场,同时拓展液冷充电站和储能场景。 Q&A 提尔科技的浸没式液冷方案在市场上有哪些优势? 提尔科技的浸没式液冷方案在多个方面具有显著优势 ...
飞斯酷公司到博汇股份交流研讨
Zheng Quan Shi Bao Wang· 2025-08-13 02:06
Core Viewpoint - The collaboration between Bohui Co., Ltd. and Fast Cool aims to develop efficient and cost-effective immersion liquid cooling solutions for various applications, including computing power and energy storage [1] Group 1: Company Collaboration - The chairman of Fast Cool, Chen Jinde, and his core team recently engaged in discussions with Bohui Co., Ltd. to explore potential synergies [1] - Both companies plan to leverage their respective strengths and resources for joint research and development, technology cooperation, and market expansion [1] Group 2: Technology Development - The focus of the discussions was on creating safe, stable, and high-efficiency immersion liquid cooling solutions [1] - The collaboration aims to promote the widespread application of immersion liquid cooling technology in sectors such as computing power and energy storage [1]