证券代码：300004 证券简称：南风股份 编号：20251119 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及 | 华源证券 李泽、陈佳敏 | | 人员姓名 | 招商信诺资管 郁琦 | | 时间 | 2025 年 11 月 19 日 | | 地点 | 南方风机股份有限公司 | | 上市公司接待人 | 董事会秘书：王娜女士 | | 员姓名 | 南方增材总经理：卢迪先生 | | | 董事会秘书王娜女士简要介绍了公司的基本情况和业务特 | | | 点，以及公司近期的经营情况。 | | | 投资者就公司情况进行提问，主要问答情况如下： | | | 1、3D 打印技术相较于传统加工方式，它的技术优势体现在 | | | 哪里?3D 打印液冷板的市场空间在哪里? | | | 答：3D 打印是利用数字化技术完成产品设计与成型，突破传 | | 投资者关系活动 | 统制造的结构限制，通过逐层堆积实现从二维结构到多维结构的 | | 主要内容介绍 ...

Core Insights - The liquid cooling market in China's intelligent computing centers is projected to reach 18.4 billion yuan in 2024, representing a 66% year-on-year growth, and is expected to further expand to 130 billion yuan by 2029, indicating a potential market explosion [1] - Cold plate liquid cooling is anticipated to become the mainstream cooling solution for data centers due to its higher efficiency compared to traditional air cooling methods, especially as GPU power design continues to increase [1][2] - 3D printing is expected to emerge as the optimal manufacturing technology for liquid cooling plates, offering advantages over traditional machining methods [2][4] Market Trends - The cold plate liquid cooling method is the most widely used, utilizing a closed cavity made of copper or aluminum to conduct heat without direct contact with the liquid, thus requiring less redesign of existing data center equipment [1] - The historical data indicates that cooling can account for up to 40% of a data center's energy consumption, highlighting the importance of efficient cooling solutions [1] Technological Advancements - 3D printing allows for complex flow channel designs that enhance cooling performance, overcoming limitations faced by traditional manufacturing methods [2][3] - Microchannel liquid cooling plates are becoming a new trend, with companies like Jinfu Technology successfully developing microchannel designs that improve heat dissipation [3] - The industry is transitioning from traditional machining methods to 3D printing for liquid cooling plate production, driven by the need for intricate designs and improved performance [3][4] Industry Developments - Companies are developing advanced 3D printing technologies to overcome the challenges of printing with copper, which has high reflectivity in the red light spectrum [4] - Several firms have successfully launched 3D printed liquid cooling plate products, demonstrating the feasibility and advantages of this technology in the market [4]

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].

南风股份（300004.SZ）10月15日在投资者互动平台表示，南方增材可以生产包括液冷板在内的3D打印 产品，目前正与相关客户进行业务洽谈、送样等。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问现在南方增材有3d打印液冷板产品吗？客户验证 顺利吗？ ...

Core Viewpoint - The company is progressing normally with its subsidiary, Southern Additive's 3D printing liquid cooling plate project, and is in discussions with potential customers for future collaborations [1] Group 1 - The company announced that it has approved an investment of 50 million yuan for the 3D printing service project, which is set to be executed by September 2025 [1] - The expansion plan for the 3D printing services is currently being implemented as per the company's strategy [1] - The company is actively engaging in business negotiations with relevant customers [1]

Summary of Conference Call on 3D Printing Liquid Cooling Technology Industry Overview - The conference discusses the liquid cooling industry, particularly focusing on 3D printing technology's application in cooling systems for high-performance computing and AI workloads [1][2][3]. Key Points and Arguments - **Adoption of Liquid Cooling Solutions**: Starting in 2024, companies like NVIDIA are adopting the OCP ORV3 single-sided cold plate liquid cooling solution due to its industry support and large-scale delivery capabilities, marking a shift from traditional immersion cooling methods [1][2]. - **3D Printing Advantages**: 3D printing technology is suitable for manufacturing microchannels and complex geometries in liquid cooling systems, which traditional CNC machining struggles to achieve. This technology can significantly reduce thermal and flow resistance, enhancing cooling efficiency [1][5]. - **Performance Metrics**: A single board can achieve a water flow rate of 150 liters per minute while maintaining temperature control within 4 kilowatts [1][5]. - **High Technical Barriers**: The 3D printing liquid cooling plate technology has high barriers to entry, requiring advanced laser control, specific processing techniques, and dedicated manufacturing equipment. Companies that master these technologies will have a significant first-mover advantage [1][9]. - **China's Supply Chain Strengths**: China's supply chain in the cooling sector excels in materials, processes, and large-scale production capabilities. Successful companies often focus on specific segments and possess substantial production capacity [10]. - **Profitability and Cost Dynamics**: The profitability of liquid cooling companies is closely tied to their scale. The ability to achieve mass production with new processes and materials is crucial. In the AI computing sector, while the value of liquid cooling systems is relatively low, they are essential for enhancing the stability of core IP performance [13][22]. Additional Important Insights - **Emerging Technologies**: The year 2025 is anticipated to be a pivotal year for liquid cooling applications, with ongoing research into phase change cooling plates and hybrid cooling solutions [2][3]. - **Market Pricing**: The recognized price for liquid cooling materials in the AI sector is approximately $300 per kilowatt, with a typical liquid cooling plate valued at over $40,000 [22]. - **Competitive Landscape**: Companies like Zhuanshan Precision and Platinum are exploring 3D printing applications in cooling systems, although they face challenges in precision and technology advancement [6][7][23]. - **Integration and OEM Roles**: Integrators and OEM manufacturers play a crucial role in the supply chain by assembling various components into complete modules, which helps create barriers to entry for competitors [11]. - **Consumer Goods Influence**: The transfer of capabilities from the consumer goods sector to the server domain is seen as beneficial, leveraging scale and cost advantages to address technical challenges in high-heat environments [25][26]. This summary encapsulates the critical insights from the conference call, highlighting the evolving landscape of the liquid cooling industry and the pivotal role of 3D printing technology.