同飞股份 20250822 摘要 数据中心液冷市场规模快速扩张，预计 2027 年英伟达 M172 出货 10 万台时，市场规模将达千亿级别。同飞股份作为该领域核心供应商，其 CDU 和 manifold 产品占据液冷系统价值量的 30%，整体业务系统价值 量可达 40%，未来市场空间广阔。 同飞股份在储能液冷领域占据领先地位，市占率达 40%-50%，与阳光 电源、宁德时代、比亚迪等头部企业建立了稳定合作关系。公司通过技 术和成本优势在竞争中脱颖而出，盈利能力显著提升，并积极拓展 LG、 三星等海外客户。 同飞股份成功进入半导体设备液冷领域，成为国内少数具备高精度温控 能力的厂商之一。其产品凭借过硬品质和成本控制能力，已应用于北方 华创、信息微装等重要客户的设备中，预计 2025 年相关收入有望达到 亿元级别。 预计 2026 年同飞股份主业归母净利润将达到 4.5 亿元，对应当前市值 约 110 亿元。数据中心液冷业务中，公司产品占据全球 10%的市场份 额，仅考虑现有产品，对应 150 亿元左右目标市值。 Q&A 请介绍一下同飞股份在数据中心液冷市场的表现和未来预期。 2024 年，国内数据中心液冷市场 ...

Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is experiencing steady acceptance despite delays in chip shipments, particularly with Huawei's 910C and NV72 cabinet shipments slowing down, raising concerns about liquid cooling progress [1][4] - Major players like NVIDIA and ASIC manufacturers are leading the development of liquid cooling technology, with NVIDIA's GB200 NVR72 cabinet explicitly adopting liquid cooling, and future products expected to follow suit [1][6][7] - Large data center infrastructure upgrades are supporting the adoption of liquid cooling, with companies like Microsoft announcing that all their data centers will support liquid cooling, indicating readiness for infrastructure changes [1][8] Key Trends and Drivers - The core supporting factors for the liquid cooling industry's trend include increased power consumption, the demand for Power Usage Effectiveness (PUE), and IDC manufacturers' pursuit of total lifecycle cost efficiency [3] - The liquid cooling sector is currently in an accelerated development phase, with significant opportunities for investment as the penetration rate is expected to rise rapidly next year [1][9] Market Dynamics - Domestic liquid cooling companies have advantages in performance realization, particularly in the CDU and manifold segments, which are primarily led by domestic manufacturers like Invec and Shining [1][12] - The overseas market presents challenges, but lower expansion willingness from European and American manufacturers provides opportunities for domestic companies [2][12][17] Competitive Landscape - In the liquid cooling market, the liquid cooling plate holds a crucial position, with increasing design requirements due to rising chip power consumption and a stable five-year server replacement cycle [11] - Invec's competitive advantage lies in its full-chain layout, including self-developed liquid cooling plates, CDU, manifold, and quick connectors, which is rare globally and positions it well for breakthroughs in overseas markets [18] Investment Opportunities - The next one to two years are critical for breakthroughs in the liquid cooling sector, and investors should focus on companies with strong domestic performance and potential for overseas success, such as Invec [19][20] - Current market conditions suggest that now is an important time to recognize and seize investment opportunities in the liquid cooling sector [9] Recommendations for Companies - Potential overseas companies should be given some performance tolerance and focus on those capable of achieving both domestic and overseas performance breakthroughs [20] - Domestic chain companies are expected to see clear performance realization within the year, making them attractive for investment [20]