【国泰海通电新徐强团队】液冷beta来袭，重视液冷最大潜力标的：【兴瑞科技】 Vertiv业绩的超预期以及瑞银上修全球液冷行业增速均表明，26年是液冷的放量的一年，我们继续强call当下液 冷最具潜力以及预期差的标的【兴瑞科技】 维谛业绩超预期，股价创历史新高，2025单Q4净利润4.46 亿美元，同比+ 203%，维谛作为海外核心的液冷集成 商，业绩的超预期反映了海外液冷市场景气度正在迅速 【国泰海通电新徐强团队】液冷beta来袭，重视液冷最大潜力标的：【兴瑞科技】 Vertiv业绩的超预期以及瑞银上修全球液冷行业增速均表明，26年是液冷的放量的一年，我们继续强call当下液 冷最具潜力以及预期差的标的【兴瑞科技】 维谛业绩超预期，股价创历史新高，2025单Q4净利润4.46 亿美元，同比+ 203%，维谛作为海外核心的液冷集成 商，业绩的超预期反映了海外液冷市场景气度正在迅速增长，公司预计26年收入28-30亿美元同比+45-50%，其中 直接芯片冷却占比有望达60%； 瑞银预测2025-2030E数据中心液冷市场CAGR将达 51%，规模增至 310 亿美元，远超预期。 液冷市场的景气正在得到全市场的认 ...

Core Viewpoint - The company is focusing on AI data center servers, optical modules, and energy storage industries, particularly in the context of cooling demand [1] Group 1: Industry Focus - The company is gradually building a complete liquid cooling industry chain, from upstream core components (CDU, liquid cooling plates, Manifold, UQD) to midstream server integration facilities and liquid cooling solutions, down to downstream terminal applications [1] - The company will closely monitor cutting-edge technology trends and follow market and customer demands to expand potential application scenarios for its products [1] Group 2: Strategic Planning - The company is committed to developing forward-looking layouts and plans in response to evolving market needs [1]

Core Insights - The report from Western Securities indicates that automotive component manufacturers are expected to become upstream suppliers for liquid cooling systems, with some companies possessing Tier 1 supply capabilities [1] Group 1: Liquid Cooling as a Mainstream Solution - Liquid cooling is anticipated to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power, which leads to higher single-chip power consumption and cabinet density, making traditional air cooling inadequate [1] - The advantages of liquid cooling include its ability to precisely dissipate heat from high-power (>25kW) cabinets and achieve energy-saving effects with a PUE of less than 1.25, aligning with policy directives [1] Group 2: Key Components and Market Growth - The core components of the secondary side piping (CDU + liquid cooling plate + manifold + UQD) are identified as the main focus for upgrades, with a higher value share compared to primary side piping technologies [2] - The global market for liquid cooling components in data centers is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027, driven by the transition of North American cloud providers to liquid cooling solutions and Huawei's leadership in the domestic liquid cooling supply chain [2]

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

Core Insights - The acquisition of liquid cooling company Limin Da by Lingyi Zhi Zao for 875 million yuan is a strategic move to secure scarce resources in the AI computing power sector, which is characterized by high certification barriers and core technology challenges [1][4] - Limin Da has achieved dual certification from NVIDIA and is a core supplier for its GB200/300 series products, which enhances its market recognition and compatibility [2][3] - Lingyi Zhi Zao's business strategy focuses on a synergistic layout of core components and system solutions, integrating liquid cooling and power supply services to meet the increasing demands of AI servers [3][4] Industry Overview - The AI server liquid cooling market is expanding at an annual growth rate exceeding 50%, with Limin Da's products entering mass production, which, combined with Lingyi Zhi Zao's manufacturing capabilities, is expected to lower production costs and enhance profitability [4] - The strategic acquisition is seen as a proactive measure to integrate technology, customers, and production resources, allowing Lingyi Zhi Zao to quickly enter high-growth sectors and leverage its manufacturing advantages [4] - Analysts have raised profit forecasts for Lingyi Zhi Zao, projecting net profits of 2.516 billion yuan, 3.575 billion yuan, and 4.765 billion yuan for the years 2025 to 2027, highlighting the expected synergistic growth from liquid cooling and power supply businesses [3]

Group 1 - The article emphasizes the importance of timely and professional information analysis in investment decision-making, focusing on extracting investment value from significant events and analyzing industry chain companies [1] - The company is involved in server liquid cooling and brain-computer interface technologies, planning to acquire enterprises that serve major computing giants like Nvidia and Intel, with products including UQD and optical module cold plates [1] - The company has developed self-researched chips for AI server power supplies, and its 8-inch silicon carbide power device chip production line is now operational, achieving a monthly production capacity of 10,000 6-inch silicon carbide power semiconductor chips [1]

Core Insights - The report from CITIC Securities highlights investment opportunities in the computing power industry by 2026, emphasizing the growth certainty of leading companies and the importance of technological upgrades and local industrial clusters [1] Group 1: Growth of Leading Companies - Leading companies like NVIDIA require rapid iteration and response capabilities across the entire industry chain, making it difficult for companies with insufficient capabilities to enter or maintain their market share in NVIDIA's ecosystem [1] - The value of PCB (Printed Circuit Board) is expected to benefit from the adoption of orthogonal backplanes and advancements in CoWOP (Chip on Wafer on Package) technology [1] Group 2: Technological Upgrades - From 2025, power supply and cooling issues are anticipated to become bottlenecks in system solutions, with a growing need for stable and efficient power delivery systems, highlighting investment opportunities in HVDC (High Voltage Direct Current) and more efficient SST (Solid State Transformer) technologies [1] - As chip performance improves, cooling solutions will face increasing challenges, creating investment opportunities in liquid cooling plates, CDU (Cooling Distribution Unit), and UQD (Ultra-Quantum Dot) technologies [1] - The evolution of next-generation chip packaging solutions, such as microchannel lids, diamond substrates, and thermal interface materials, is identified as a crucial investment direction for enhancing AI chip performance [1] Group 3: Localization of the Industry Chain - The advantages of local industrial clusters are becoming evident as domestic companies accelerate the validation of upstream materials like copper-clad laminates, resins, fiberglass, and copper foil in the PCB industry, following the high market share of domestic downstream players [1] - Similar trends are observed in the optical module sector, indicating a broader shift towards local supply chains [1] Group 4: Order Spillover - The report notes that as leading companies experience order spillover, the entire industry chain is expected to exhibit high prosperity, with some companies gaining market share as a result [1]

Core Insights - The rapid growth of AI computing power has led to an explosive demand for data center cooling solutions, with liquid cooling becoming essential due to the limitations of traditional air cooling [1][2] - The liquid cooling market is projected to reach $1.26 billion in China by mid-2024, marking a year-on-year increase of 98.3%, highlighting the dual drivers of computing power demand and cooling technology [2][3] - The introduction of the Universal Quick Disconnect (UQD) connector is crucial for the liquid cooling system, addressing the challenges of cross-brand compatibility and sealing reliability [2][4] Industry Overview - The liquid cooling market is experiencing significant growth, with NVIDIA's liquid cooling market expected to reach $12 billion by 2026, indicating a substantial opportunity for UQD, which is estimated to capture 15% of this market [3] - Domestic liquid cooling connector manufacturers are positioned to capture over 30% of the global market share due to their advanced technology and cost advantages, which are 30% lower than their Western counterparts [3] Company Analysis - Yonggui Electric has emerged as a key player in the UQD market, leveraging its extensive technical expertise and manufacturing experience in high-end connector markets [4] - The company has made significant progress in the UQD sector, moving from product development to successful customer testing and small-scale shipments, with plans to standardize UQD interfaces for computing servers [4] - Yonggui Electric has secured key customer partnerships and is poised to capitalize on the expanding AI computing market, enhancing its customer validation and supply capabilities [4][5]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 45.07 CNY [5]. Core Insights - The company reported steady revenue growth in its Q3 2025 results, with a year-on-year increase of 19.4% in total revenue, reaching 1 billion CNY. The net profit attributable to the parent company was 100 million CNY, reflecting a year-on-year decrease of 6.7% [12]. - The company is actively advancing its liquid cooling business, which is expected to open a second growth curve. It has developed products in line with OCP (Open Compute Project) standards for data centers, including the UQD (Universal Quick Disconnect) product [12][11]. - The gross profit margin for Q3 2025 was 23.2%, showing slight recovery compared to previous periods, indicating strong pricing power and cost control capabilities [12]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are 1.452 billion CNY, 1.835 billion CNY, and 2.291 billion CNY, respectively, with growth rates of 17.0%, 26.3%, and 24.8% [4]. - The net profit attributable to the parent company is expected to be 142 million CNY in 2025, 195 million CNY in 2026, and 271 million CNY in 2027, with growth rates of 16.2%, 36.9%, and 38.9% respectively [4]. - The company maintains a strong balance sheet with total assets of 2.579 billion CNY and shareholder equity of 1.980 billion CNY projected for 2025 [13]. Business Development - The company has established a subsidiary, Sulian Zhikong, to independently develop liquid cooling products for energy storage and computing thermal management, further diversifying its business [12]. - A partnership with the Chongqing government has been initiated, involving an investment of 201 million CNY to build a smart computing liquid cooling R&D center and a battery thermal management system production base [12].

Core Viewpoint - The company reported strong growth in its electric vehicle (EV) business and is making progress in overseas markets, particularly in Europe, with a target price of 90.95 yuan and a "buy" rating maintained [1][4]. Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 796 million yuan, representing a year-over-year increase of 26.15% and a quarter-over-quarter increase of 4.32% [1][2]. - The net profit attributable to shareholders for Q3 2025 was 76 million yuan, showing a year-over-year increase of 85.41% but a quarter-over-quarter decrease of 6.58% [1][2]. - For the first three quarters of 2025, the company reported revenue of 2.321 billion yuan, a year-over-year increase of 46.04%, and a net profit of 233 million yuan, reflecting a year-over-year increase of 119.89% [1]. Group 2: Business Growth and Strategy - The company's EV business continues to grow, with increasing market share and successful entry into overseas markets, including securing orders from European automakers [1][3]. - The company is expanding its product lines in AI data center connectors and robotics connectors, aiming to attract both domestic and international clients [1][3]. - The company is focusing on becoming a platform enterprise for connectors, with stable and long-term overseas orders expected to drive revenue growth and improve profit margins [3]. Group 3: Future Outlook and Valuation - The company is expected to achieve significant scale orders in emerging fields, particularly in AI computing connectors, as it continues to enrich its product offerings and engage with downstream customers [4]. - Revenue forecasts for 2025-2027 are maintained at 3.39 billion, 4.49 billion, and 5.69 billion yuan, respectively, with net profit forecasts of 270 million, 340 million, and 460 million yuan [4]. - The company is assigned a 2025 PE valuation of 68.6X, with a target price of 90.95 yuan, reflecting an increase from the previous target of 88.93 yuan [4].