Industry Overview - The data center cooling market is expected to grow at a CAGR of 12.8% from 2023 to 2030, driven by the demand for coolant architectures for AI and high-performance computing [1]. Company Analysis: Super Micro Computer (SMCI) - SMCI's server and storage revenues are significantly supported by its direct liquid cooling products, achieving a production volume of over 2000 DLC racks per month [3]. - The company launched DLC-2 technology in May 2025, which offers features such as water and space savings, noise reduction, and a potential reduction in electricity costs by up to 40% [4]. - SMCI is currently facing challenges, including delayed purchasing decisions from customers and margin contraction due to increased competition from established players like HPE and Dell Technologies [5]. - The Zacks Consensus Estimate for SMCI's fiscal 2025 earnings is $2.07 per share, reflecting a year-over-year decline of 6.3% [5][6]. Company Analysis: Vertiv (VRT) - Vertiv has a robust thermal management portfolio, providing various cooling solutions that optimize performance and power utilization [7]. - The company is projected to achieve 24.91% EPS growth in FY25, driven by strong demand for AI cooling solutions [7][10]. - Vertiv continues to invest in research and capacity expansion to meet the growing needs of AI infrastructure, including the development of high-density cooling solutions for NVIDIA's platforms [9]. - The Zacks Consensus Estimate for Vertiv's fiscal 2025 revenues is $9.52 billion, indicating year-over-year growth of 18.8%, with earnings estimated at $3.56 per share, reflecting a growth of 24.91% [10][11]. Stock Performance and Valuation - Year-to-date, shares of SMCI have increased by 65.2%, while VRT shares have gained 6.3% [12]. - SMCI is trading at a forward Price to Sales ratio of 1.01X, above its median of 0.83X, whereas VRT is trading at a forward sales multiple of 4.5X, higher than its median of 4.25X [13]. Conclusion - Both SMCI and VRT are benefiting from the growth in cooling technology due to AI workloads and high-performance computing [16]. - However, VRT's financial metrics suggest it is a stronger investment choice compared to SMCI, which currently holds a Zacks Rank of 3 (Hold) versus VRT's 2 (Buy) [16].

研究早观点 2025 年 6 月 16 日 星期一 市场走势 【今日要点】 【山证专精特新】京仪装备（688652.SH）-深耕半导体专用温控/废气 处理设备，国内市场份额稳步提升 资料来源：最闻 国内市场主要指数 执业登记编码：S0760521050001 电话：010-83496307 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,377.00 | -0.75 | | 深证成指 | | 10,122.11 | -1.10 | | 沪深 | 300 | 3,864.18 | -0.72 | | 中小板指 | | 6,338.53 | -1.03 | | 创业板指 | | 2,043.82 | -1.13 | | 科创 50 | | 972.94 | -0.51 | 资料来源：最闻 分析师： 李召麒 【今日要点】 【山证专精特新】京仪装备（688652.SH）-深耕半导体专用温控/废气处理设备，国内市场份额稳步提升 叶中正 yezhongzheng@sxzq.com 【投资要点】 邮箱：lizhaoqi@sxzq.com 2019 年 ...

The Zacks Building Products - Air Conditioner & Heating industry is well-positioned for long-term growth, supported by rising demand for energy-efficient solutions and smarter climate control technologies. Companies across the sector are capitalizing on favorable policy trends and sustainability goals, with increasing investment in digitalization, system upgrades, and green retrofits. Leading companies like Carrier Global Corporation (CARR) and Comfort Systems USA, Inc. (FIX) are actively leveraging this en ...

半导体温控设备，也叫半导体专用温控设备（ Chiller ），主要用于半导体制造过程中精确控制反应室的温度。半导体专用温控设 备利用制冷循环和工艺冷却水的热交换原理通过对半导体工艺设备使用的循环液的温度、流量和压力进行高精密控制，以实现半导 体工艺制程的控温需求，是集成电路制造过程中不可或缺的关键设备。依据不同工艺制程要求控制给定温度的循环液流经半导体工 艺设备反应腔内的电极或其壁面，将热量带入半导体专用温控设备，半导体专用温控设备通过热交换器将热量传递给制冷剂，再通 过制冷剂将热量释放给工艺冷却水，从而实现对工艺制程的温度控制。 据 QYResearch 调研团队最新报告"全球半导体温控设备市场报告 2025-2031 "显示，预计 2031 年全球半导体温控设备市场规模将达 到 12.3 亿美元，未来几年年复合增长率 CAGR 为 5.9% 。 半导体温控设备 ，全球市场总体规模 如上图表 / 数据，摘自 QYResearch 半导体研究中心最新报告"全球 半导体温控设备 市场研究报告 2025-2031 " . 全球 半导体温控设备 市场前 25 强生产商排名及市场占有率（基于 2025 年调研数据；目 ...

Vertiv (VRT) shares are overvalued, as suggested by a Value Score of D. In terms of the trailing 12-month Price/Book, Vertiv is currently trading at 15.43X compared with the broader Zacks Computer and Technology sector’s 9.33X.Price/Book RatioImage Source: Zacks Investment ResearchIn terms of share price performance, Vertiv shares have plunged 5% year to date (YTD), underperforming the broader sector’s 1.7% decline. The company’s share price has declined due to increasing macroeconomic challenges and uncert ...

Financial Data and Key Metrics Changes - The company reported a 7% increase in sales for the fourth quarter, driven primarily by growth in the Climate Solutions segment [22] - Adjusted EBITDA increased by 32% or $25 million, with an adjusted EBITDA margin of 16.1%, representing a 300 basis point improvement from the prior year [23] - Full year adjusted EBITDA margin ended at 15.2%, which is 210 basis points above fiscal 2024 [24] Business Line Data and Key Metrics Changes - Climate Solutions segment reported a 30% increase in revenues and a 45% increase in adjusted EBITDA, resulting in a 220 basis point improvement in adjusted EBITDA margins to 21% [7][16] - Performance Technologies segment achieved a 15% adjusted EBITDA margin in the fourth quarter, with a 200 basis point year-over-year improvement [12][19] - Data center sales grew by $69 million or 80% from the prior year, driven by higher North American sales and the Scott Springfield acquisition [16] Market Data and Key Metrics Changes - North America showed strong demand for chillers, with data center sales primarily driving growth [8][10] - The European market is experiencing a downturn, with some projects being delayed due to changing technologies and economic conditions [52][54] - The company anticipates total sales growth of 2% to 10% for fiscal 2026, with Climate Solutions expected to grow 12% to 20% [29][30] Company Strategy and Development Direction - The company is focusing on expanding its Climate Solutions segment and has made significant investments to drive growth [5][6] - A reorganization of the Performance Technologies segment into two product groups aims to streamline operations and improve margins [13][31] - The company is actively pursuing bolt-on acquisitions to enhance its product offerings and market presence [11][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the data center market, with visibility into customer plans extending up to five years [39][40] - The company is navigating challenges related to tariffs and supply chain issues but believes its local for local strategy mitigates risks [42][28] - Despite uncertainties in the market, management remains optimistic about achieving fiscal 2026 targets, including adjusted EBITDA in the range of $420 million to $450 million [32] Other Important Information - The company generated $27 million of free cash flow in the fourth quarter, with full-year free cash flow at $129 million [25] - A $100 million stock buyback program was announced, with $18 million of share repurchases completed [26] - The company is on track to launch production in India in Q2, aiming to service Southeast Asia and the Middle East [10] Q&A Session Summary Question: Data center visibility and build schedules - Management indicated strong confidence in data center opportunities, with visibility extending up to five years for some customers [39][40] Question: Tariff impacts and sourcing from China - The company has significantly reduced dependency on Chinese supply chains and feels comfortable with its local for local strategy [42] Question: Demand uncertainties in Performance Technologies - The largest uncertainty is the rate of market recovery, particularly in agricultural and construction sectors [43] Question: Data center demand in North America vs Europe - North America is experiencing strong demand, while Europe is seeing some downturn due to technology adjustments [52][54] Question: M&A activity and strategic exits - The company is confident in executing at least one acquisition in the near term and is focused on divesting non-strategic automotive businesses [57][58]

Financial Data and Key Metrics Changes - The company reported a 7% increase in sales for the fourth quarter, driven primarily by growth in the Climate Solutions segment [21] - Adjusted EBITDA increased by 32% or $25 million, with an adjusted EBITDA margin of 16.1%, representing a 300 basis point improvement from the prior year [22] - Full year adjusted EBITDA margin ended at 15.2%, which is 210 basis points above fiscal 2024 [23] Business Line Data and Key Metrics Changes - Climate Solutions segment reported a 30% increase in revenues and a 45% increase in adjusted EBITDA, resulting in a 220 basis point improvement in adjusted EBITDA margins to 21% [7][15] - Performance Technologies segment achieved a 15% adjusted EBITDA margin in the fourth quarter, with a 200 basis point year-over-year improvement [11][20] - Data center sales grew by $69 million or 80% from the prior year, driven by higher North American sales and the Scott Springfield acquisition [15] Market Data and Key Metrics Changes - North America showed strong demand for chillers, with data center sales significantly contributing to revenue growth [8][15] - The European market is experiencing some downturn, with customers adjusting their spending plans [52] Company Strategy and Development Direction - The company is focusing on expanding its Climate Solutions segment and has made significant investments to drive growth [5][10] - A new modular data center cooling solution is being launched to meet market demands for high-density compute infrastructure [9] - The Performance Technologies segment is being reorganized into two product groups to better focus on key end markets and customers [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the data center market, with visibility of customer plans extending up to five years [38] - The company anticipates total sales growth of 2% to 10% for fiscal 2026, with Climate Solutions expected to grow by 12% to 20% [27] - Performance Technologies is expected to see sales decline by 2% to 12% due to depressed end markets [28] Other Important Information - The company generated $27 million of free cash flow in the fourth quarter, with full year free cash flow at $129 million [24] - A $100 million stock buyback program was announced, with $18 million of share repurchases completed [25] Q&A Session Summary Question: Can you discuss data center visibility and customer build schedules? - Management indicated strong confidence in data center opportunities, with visibility extending up to five years for some customers [36][38] Question: Is there anything sourced from China that is hard to find elsewhere? - The company has significantly reduced dependency on China and feels comfortable with its local supply chain strategy [40] Question: What is the outlook for Performance Technologies? - The largest uncertainty is the rate of market recovery, particularly in Performance Technologies, while Climate Solutions is expected to grow steadily [41] Question: Can you clarify the split in data center revenue between the US and Europe? - The split is approximately 75% North America and 25% Europe [64] Question: How will data center revenue ramp up in fiscal 2026? - The first quarter is expected to be the softest, with ramp-up occurring throughout the year as capacity increases [66] Question: What is the growth outlook for Climate Solutions? - Data center revenue is expected to grow by at least 30%, while other areas may see flat or low double-digit growth [70] Question: What are the plans for divestitures in the Performance Technologies segment? - Currently, no divestitures are built into the guidance, but the company is focused on exiting non-strategic businesses [78]

Vertiv (VRT) 2025 Conference May 14, 2025 08:00 AM ET Speaker0 Welcome to Day two of Bank of America's Industrials and Transportation event. As I said, we are this is year two in the larger format. It's great to see you. I think today is the day of the greatest hits. So we're going to kick it off with the Vertiv CEO, Gio Arbitazi. And we also have Lynn Maxeyner, VP of Global Treasury Investor Relations in the audience. Thank you for being here. Thanks for having me. You know, we weren't joking. You know, yo ...

Equity Research Report Shuangliang Eco-Energy Systems (600481 CH) 1Q25 Losses Narrowed Qoq | Huatai Research | Company Update | Rating (Maintain): | OVERWEIGHT | | --- | --- | --- | --- | | 14 May 2025 │ China (Mainland) | New Energy & Power System | Target price (RMB): | 4.94 | Shuangliang's 2024 revenue/attributable net profit (NP)/recurring NP were RMB13,038/-2,134/-2,224mn (-43.7/-242.1/-265.6% yoy). In 1Q25, revenue was RMB2,079mn (-51.1/-22.8% yoy/qoq); the attributable NP was -RMB161mn, the loss narr ...

Core Insights - Hudson Technologies, Inc. reported a revenue of $55.3 million for Q1 2025, a decrease of 15% compared to $65.3 million in Q1 2024, primarily due to lower refrigerant prices despite a slight increase in sales volume [9][16] - The gross margin for Q1 2025 was 22%, down from 33% in the same period last year, largely driven by price compression in the refrigerant market [9][16] - The company has a strong balance sheet with $81 million in cash and no debt as of March 31, 2025, and has repurchased $4.5 million of common stock in 2025 [4][8] Financial Performance - Revenues for Q1 2025 were $55.3 million, down 15% from $65.3 million in Q1 2024 [9][16] - Gross profit decreased to $12.1 million in Q1 2025 from $21.4 million in Q1 2024, reflecting the decline in gross margin [9][16] - Operating income fell to $3.1 million in Q1 2025 from $12.8 million in the prior year [9][16] - Net income for Q1 2025 was $2.8 million, or $0.06 per share, compared to $9.6 million, or $0.21 per share, in Q1 2024 [9][16] Market and Strategic Insights - The company anticipates continued growth in its reclamation business due to the phase-down of HFC refrigerants under the AIM Act, which is expected to reduce the supply of virgin HFCs [3] - Several states are implementing requirements for the use of reclaimed refrigerants in municipal buildings, creating additional demand opportunities [3] - Hudson Technologies is focused on responsible refrigerant management and has strengthened its capabilities through the acquisition of USA Refrigerants [2][3] Cash Flow and Capital Allocation - Cash provided by operating activities was $14.2 million in Q1 2025, compared to a cash used of $0.9 million in the same period last year [19] - The company invested $1.4 million in property, plant, and equipment during the quarter [20] - Hudson Technologies continues to pursue a capital allocation strategy that includes organic growth investments, acquisitions, and stock repurchases [4][8]