英华特 20251022 摘要 英华特受益于数据中心市场扩容，全球新增水冷机组市场规模达 600 亿 人民币，压缩机占比约 200 亿。国产替代空间巨大，涡旋压缩机 2024 年同比增长 35%，预计高增速持续至 2026 年。 公司研发投入显著提升，研发费用率从上市前的 3%-4%增至 10%以上， 表明其在 AIDC 领域的前瞻性布局和积极投入已见成效，新产品已开始 供货并产生收入贡献。 液冷技术在数据中心优势明显，散热效率高，符合更低 PUE 值政策要求， 全生命周期成本较低，推动高性能液冷系统成为主流，高效能压缩机受 益。 磁悬浮离心式压缩机节能效果显著，较螺杆机节能超 40%，长期运行成 本具竞争力。涡旋式压缩机成本更低效率更高，国产厂商如英华特崛起 打破外资垄断。 英华特在变频化方面取得进展，变频涡旋压缩机领域快速发展，涡旋压 缩机行业变频化率已达 35%左右。磁悬浮离心式压缩机实现突破，已开 始向下游客户送样。 Q&A 英华特在 2025 年取得了哪些重要的技术突破和市场进展？ 2025 年，英华特在技术维度上实现了重大突破，成功从原有的涡旋式压缩机 迈向磁悬浮离心式压缩机和变频涡旋式压缩机领域 ...

Investment Rating - The report does not explicitly state an investment rating for the magnetic levitation compressor industry. Core Insights - The magnetic levitation compressor industry is experiencing significant growth driven by the "dual carbon" goals and increasing global energy efficiency standards. Its advantages, such as high energy efficiency, oil-free operation, and low maintenance costs, are becoming more prominent in high-end applications like data centers, biopharmaceuticals, and food processing. Domestic companies in China, represented by Hanbell Precise Machinery, Maglev Technology, and Xinlei Co., are making strides in core technology development, achieving a level of performance comparable to international standards, thus accelerating the process of domestic substitution [2][5][31]. Summary by Sections Industry Overview - The magnetic levitation compressor is a new type of compressor that utilizes magnetic levitation technology for contactless rotor operation [6]. Performance Characteristics - Compared to traditional compressors, magnetic levitation compressors offer significant performance advantages, including high energy efficiency (COP of 7-11.2), reduced noise levels (below 75dB), and lower maintenance costs. They can achieve energy savings of over 30% compared to traditional compressors and have a design lifespan of over 20 years [12][15]. Market Dynamics - The market for magnetic levitation compressors in China is expected to grow from CNY 6.3 billion in 2024 to CNY 21.81 billion by 2030, with a compound annual growth rate (CAGR) of 23.0%. This growth is driven by the "East Data West Computing" project and the explosion of AI computing power, which increases the demand for high-density cabinets [5][47]. Competitive Landscape - The competitive landscape of the magnetic levitation compressor market in China is concentrated, with international players like Danfoss holding nearly 50% market share. However, domestic manufacturers are rapidly gaining ground, with Danfoss's market share expected to decrease to around 50% by 2025 due to the rise of local competitors [5][31][36]. Application Areas - Data centers are the core application area for magnetic levitation compressors, accounting for 50% of the downstream market. Other significant applications include pharmaceuticals and food processing, which together represent another 25% of the market. The unique features of magnetic levitation compressors, such as energy efficiency and maintenance-free operation, make them suitable for these sectors [37][42][43].

Summary of AIDC Refrigeration Compressor Industry Analysis Industry Overview - The demand for liquid cooling in data centers is surging due to increased power per cabinet (e.g., GB300 reaching over 140 kW), rising power density in computing architectures, and energy efficiency requirements (PUE values) [1][12] - The global data center market is projected to reach $510-690 billion by 2030, with one-side cooling system demand estimated at $41.4 billion, of which intelligent and efficient cooling systems will account for approximately 37%, or $15.3 billion [1][13] Key Points on Refrigeration Compressors - The core component of data center chillers is the compressor, which accounts for 30%-40% of the total cost and determines overall performance [1][3][5] - Compressors are categorized into three types: - Scroll compressors (small-scale) - Screw compressors (medium-scale) - Centrifugal magnetic levitation compressors (large-scale) [1][5] - Current usage in IDC data centers shows 70% centrifugal compressors in China and 70% screw compressors overseas, with a future increase in centrifugal applications expected [1][8] Market Dynamics - The global market for magnetic levitation centrifugal compressors is highly concentrated, with Danfoss holding a 70% market share. The screw compressor market is dominated by manufacturers like Daikin and Carrier, with Hanbell being a leading third-party supplier [2][11] - Short-term supply-demand tension exists, with Danfoss's AIDC business growing by 300% year-on-year, leading to extended delivery times and rising prices [2][17] - Hanbell has developed a full range of magnetic levitation centrifugal compressor products, achieving national energy efficiency standards and is positioned to capture significant market share during supply shortages [2][21] Financial Performance and Projections - Hanbell's revenue has grown at a compound annual growth rate (CAGR) of 17% over the past decade, with net profit growing at 21% CAGR. Expected net profit for 2025 is approximately 620 million RMB, potentially reaching over 1 billion RMB in subsequent years [2][24][26] - The company maintains healthy cash flow, tracking performance through monthly shipment volumes, and is expected to benefit from recovering demand in the photovoltaic sector and other industries [2][25] Technological Advancements - Magnetic levitation centrifugal compressors are anticipated to become the mainstream technology for one-side cooling in data centers due to their superior cooling capacity and energy efficiency [1][9] - The market for magnetic levitation centrifugal compressors is expected to reach 100 billion RMB by 2030, with demand potentially expanding 4 to 5 times in the next five years [1][14] Competitive Landscape - Major suppliers in the market include international companies like Vertiv, Carrier, and York, alongside domestic firms such as Midea and Gree. However, few manufacturers can produce core components like magnetic levitation centrifugal compressors [2][10][16] - Hanbell's global production capacity is strategically located in Shanghai, Taiwan, and Vietnam, with an Indian factory under construction to meet growing demand [2][23] Conclusion - The data center cooling market is evolving rapidly, driven by technological advancements and increasing energy efficiency demands. Companies like Hanbell are well-positioned to capitalize on these trends, although they must navigate challenges such as raw material price fluctuations and the pace of IDC construction [2][27]