ab 17 October 2025 Global Research Shenzhen Envicool Technology Co., Ltd A golden window to access a 10x TAM Riding the liquid cooling boom: the golden window for expanding overseas We lift our price target for Envicool from Rmb30.15 to Rmb100.00 on its potential expansion into overseas markets and solidifying leadership in China. We expect the global rack-level liquid cooling market to see secular growth through 2028, due to increasing power density of AI racks. Moreover, we see 2026 as a golden window for ...