瑞晟智能 20251224 摘要 瑞晟智能与木兮实验室合作紧密，代理关系稳定，五洛生产基地已启动 服务器生产，湖南和永州等地订单进入收尾阶段，并参与成立全国消防 算力实验室，巩固算力业务地位。 瑞晟智能计划与木兮在宁波建沐曦集成电路生态中心及 GPU 服务器生产 基地，5,000 台服务器已运转，预计明年两条产线满负荷运行，年产值 超 25 亿元，并积极落实订单，加强人才储备，支持国产 GPU 和算力中 心建设。 瑞晟智能收购五洛智慧 25%股份成第一大股东，正洽谈进一步控股并表， 目标持股 50%。五洛智慧作为木兮最高级别代理商，享有定制白卡和低 成本优势，其服务器工厂预计明年 6 月满负荷，产值超 25 亿元。 五络智慧是木兮最大全品类代理商，占木兮代理份额 30%，预计明年订 单总额不低于 50 亿元，新订单持续增长，老订单持续履行，新工厂试 生产一个月已实现 1.2 亿元工业产值。 五络智慧基于木兮 GPU 打造不同客户群体机器，制造端利润空间预计 15%-25%，多余部分投入生态建设。公司与木兮联合开发双精度 X201 卡，是国内唯二用于训练的双精度卡之一。 Q&A 瑞晟智能在 2025 年第三季度 ...

Summary of the Conference Call for 英维克 Company Overview - 英维克 is a rare player among mainland enterprises, focusing on precision temperature control and expanding from traditional air cooling to emerging technologies like liquid cooling and indirect evaporative cooling since its establishment in 2006 [2][3] - The company has developed a strong customer base, including major clients like Huawei, Tencent, and Alibaba, and has diversified its business into areas such as rail transit air conditioning [3] Key Developments - 英维克 has secured North American liquid cooling orders, particularly from NVIDIA, with expected revenues of approximately 5 billion CNY from quick connectors and 2 billion CNY from CDU orders by 2026 [2][5] - The company has established a supply chain advantage with Google, anticipating an order share of 25%, amounting to around 30 billion CNY [2][5] - Collaboration with Meta is expected to yield significant orders by the end of this year or early next year, alongside ongoing partnerships with Intel in CPU and GPU sectors [2][5] Market Trends - The penetration rate of liquid cooling solutions in data centers is projected to rise from 14% to 33% by 2025, driven by NVIDIA's GB series cabinets, which are predominantly adopting liquid cooling [2][6] - North American cloud providers are beginning to standardize liquid cooling systems, with an estimated market size of 11.9 billion USD for GPU cabinets in the coming year, reflecting a compound annual growth rate (CAGR) of over 35% [2][8] Financial Projections - 英维克's revenue for 2026 is optimistically projected to reach 7-8 billion CNY, with profits potentially exceeding 2 billion CNY, based on confirmed orders from NVIDIA and Google [5] - The overall market for GPU and ASIC servers is expected to reach 18 billion USD, with a CAGR of over 60%, driven by increasing demand and higher penetration rates [8] Competitive Landscape - Other companies in the liquid cooling sector, such as 奇宏, are also experiencing growth, with revenue hitting new highs for nine consecutive months and an order visibility extending to 2028 [9] - The industry is seeing strong performance from competitors like 双红, which has maintained growth despite temporary setbacks [9] Conclusion - 英维克 is positioned as a key player in the liquid cooling market with clear order visibility and strong partnerships, making it a compelling investment opportunity alongside other leading companies in the sector [3][9]

Investment Rating - The report provides an overall positive outlook for the technology hardware sector, indicating a recovery in valuations due to tariff easing between China and the U.S. [1] Core Insights - The easing of tariffs is expected to stabilize costs for key components in the consumer electronics supply chain, particularly benefiting companies in the Apple supply chain [2][8] - The semiconductor sector will experience short-term cost relief, but domestic replacements in China are anticipated to grow, impacting market shares of U.S. companies like Texas Instruments and Intel in the long run [2][9] - Data center hardware costs are projected to decrease, enhancing profit margins for companies involved in AI server production and data center construction [2][11] - The tariff policy is moving towards a more rational level, reducing the risk of further escalation, although long-term uncertainties remain [2][12] Consumer Electronics - Supply chain pressures are expected to ease, with most products under a 90-day tariff exemption, leading to a stabilization of costs for iPhone and other hardware components [2][8] - Companies such as Sunny Optical, Q Tech, and Luxshare are likely to see margins recover to pre-tariff levels, with stable order flows from assemblers [2][8] Semiconductors - U.S. semiconductor companies will benefit from reduced export costs due to tariff cuts, particularly Texas Instruments and Analog Devices, which have significant sales in China [2][9] - Despite short-term benefits, the market share of U.S. chipmakers is expected to decline as domestic Chinese manufacturers continue to grow [2][10] Data Centers - The reduction in tariffs on GPU servers and optical modules will lower BOM costs, positively impacting profit margins for AI server manufacturers [2][11] - The overall construction costs for data centers in the U.S. are expected to decrease, potentially accelerating the construction timeline [2][11] Policy Outlook - The report suggests that tariff policies are trending towards rationalization, with ongoing negotiations expected to address various trade issues [2][12] - Future discussions may include topics such as fentanyl control and export restrictions on advanced technologies [2][12]