March 31, 2026 03:54 PM GMT Shenzhen Envicool Technology Co Ltd | Asia Pacific China Summit 2026 Feedback Key Takeaways Support for overseas business: | M | | | | --- | --- | --- | | | | Update | | March 31, 2026 03:54 PM GMT | | | | Shenzhen Envicool Technology Co Ltd Asia Pacific | Morgan Stanley Asia Limited+ | | | | Chelsea Wang Equity Analyst | | | China Summit 2026 Feedback | Jinlin.Wang@morganstanley.com | +852 2239-1118 | | | Sheng Zhong | | | | Equity Analyst | | | | Sheng.Zhong@morganstanley.com | ...

2026 年 3 月 31 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 超配（维持） 液冷需求加速释放，关注上游高价值环节 深 度 研 液冷行业深度报告 申万计算机指数走势 证 券 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 罗炜斌 SAC 执业证书编号： 产业与政策共振，液冷散热有望加速渗透。AI驱动全球算力需求爆发， 推动高性能芯片（包括GPU和ASIC）功耗及单机柜功率密度持续攀升， 传统风冷已难满足相关散热需求，具有更高散热效率的液冷成为必选方 案。英伟达新一代AI计算平台Rubin NVL72系统采用100%全液冷设计， 为行业确立新的技术标杆，液冷技术有望加速渗透。与此同时，在"双 碳"宏观形势下，政府部门对数据中心PUE监管日益趋严，明确提出新 建及改扩建大型和 ...

Company and Industry Summary Company: 立敏达 (Readore) Key Points - **Production Growth**: The company plans to triple its liquid cooling production by the end of the year, with a target output of 50 billion yuan. This includes 15 billion yuan already achieved in Dongguan, the launch of a sixth factory in June, and additional production in Vietnam later in the year [1][2] - **Revenue Guidance**: The revenue guidance for 2026 is set at 20 billion yuan, which is considered conservative. There is an expectation for production to potentially double in 2027 [1][2] - **Client Engagement**: Google is scheduled to audit the company's liquid cooling Busbar this month, indicating a significant client relationship [1][2] - **Market Share Goals**: Readore aims for a 15% market share in supplying Tyco Busbar for TPUv7, with opportunities to gradually introduce cold plates, UQD, and Manifold products [2] - **Product Pricing**: The price for a single Rubin liquid cooling Busbar cabinet is estimated at 200,000 USD, while CDU cabinets are priced at 100,000 USD. The company is collaborating with Linyi to advance these products [2] - **Competitive Landscape**: The company holds a 20%-30% market share in NV, competing against Amphenol, with final customers including Meta, AMD MI450X project, Microsoft, and Google [2] - **Product Development**: The Rubin cold plate is expected to ship in the second half of the year, with ongoing development of a leakage-free single-phase cold plate capable of dissipating over 2 kW of heat, currently being tested by top CSPs and NV in North America [2][3] Additional Important Information - **Precision Manufacturing**: The micro-channel cutting precision can reach 40 micrometers, with potential adoption by Feynman [3]

Summary of Conference Call Notes Industry Overview - The liquid cooling market is experiencing significant growth, with increasing recognition across the market [2][1] - UBS has revised its global liquid cooling industry growth rate, indicating that 2026 will be a pivotal year for market expansion [1] Key Company Insights - **Xingrui Technology** is highlighted as a key player in the liquid cooling sector, with strong potential and expected discrepancies in market expectations [1] - **Vertiv** reported better-than-expected earnings, achieving a historical stock price high, with a projected net profit of $446 million for Q4 2025, representing a year-on-year increase of 203% [1] - Vertiv's performance reflects a rapidly growing overseas liquid cooling market, with anticipated revenues of $2.8 to $3 billion in 2026, a year-on-year growth of 45-50%, and a direct chip cooling segment expected to account for 60% of revenues [1] Market Projections - UBS forecasts a compound annual growth rate (CAGR) of 51% for the data center liquid cooling market from 2025 to 2030, with the market size expected to reach $31 billion, significantly exceeding previous expectations [1] Competitive Landscape - Established suppliers have a stronger capability to defend market share compared to new entrants, due to their mature experience [4] - The demand for outsourcing manufacturing is expected to increase alongside the rapid growth of the liquid cooling market and the stability of established suppliers [5] - Xingrui Technology is positioned to capture a significant share of the outsourcing market, particularly in manufacturing quick connectors for Danfoss, a leading supplier in the NV quick connector segment [5] Investment Considerations - There is a notable discrepancy in market recognition of Danfoss compared to Taiwanese companies, despite Danfoss being a primary supplier for overseas UQD [5] - The expected valuation for Xingrui Technology in 2026 is projected at 14 billion yuan, based on a profit of 200 million yuan from its main business and 200 million yuan from liquid cooling, applying respective multipliers [5]

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]