英维克20250730

Summary of the Conference Call for 英维克 Company Overview - 英维克 is a company that specializes in thermal management solutions, particularly in data centers and high-performance computing environments. The company has expanded its business into various sectors, including new energy buses, rail transit, and energy storage. Key Industry Insights - Increased Demand for Liquid Cooling: Major tech companies like Google, Meta, and Amazon are driving demand for self-developed Ethernet switches and servers, which are increasingly adopting liquid cooling technology. This trend is accelerating faster than expected, providing significant growth opportunities for 英维克 [2][4]. - Rapid Penetration of Liquid Cooling Technology: The penetration rate of liquid cooling technology is rising quickly in overseas markets, particularly due to the demand from major players. In the domestic market, high-power chips from Huawei and Alibaba are also accelerating the adoption of liquid cooling [2][5]. Financial Performance - Revenue Growth: In 2024, 英维克's room temperature control business achieved revenue of 2.441 billion RMB, a year-on-year increase of 48%. The cumulative delivery of liquid cooling equipment reached 1.2 GW by March 2025 [15]. - Impact of Accounting Changes: The company's gross margin experienced fluctuations due to changes in accounting policies, which reclassified after-sales service fees into product costs, resulting in a gross margin decline of approximately 2.36% [15]. Product Insights - Value of Liquid Cooling Products: The value of liquid cooling products is substantial, with an ML72 cabinet valued at approximately 600,000 RMB and an ASIC cabinet valued at 200,000-300,000 RMB. This provides a basis for estimating future market space, potentially reaching 30 billion RMB if 50,000 cabinets are exported [6]. - Full Chain Solutions: 英维克's competitive advantage lies in its full-chain solution capabilities, covering everything from connectors to CDU (Central Processing Unit). This positions the company favorably against competitors who focus on single products [7][13]. Research and Development - Investment in R&D: 英维克 is committed to R&D, with a doubling of PhD personnel planned for 2024. The company has a strong focus on self-developed products, which enhances its market coverage [8][9]. - Expansion of R&D Personnel: By the end of 2024, the company saw a net increase of 36.51% in R&D personnel, indicating a strong commitment to innovation and product development [16]. Competitive Position - Leading Position in Liquid Cooling Market: 英维克 holds a leading position in the domestic liquid cooling market and is the only Chinese company to enter the North American supply chain. The company is well-positioned to benefit from the growing necessity of liquid cooling due to advancements in AI technology [4][5]. - Management Expertise: The management team has extensive experience, with many executives coming from renowned companies like Huawei and Emerson, which aids in understanding market dynamics and making informed decisions [12]. Future Outlook - Growth Potential: The company is expected to benefit from increasing chip demands in both the GPU and self-developed ASIC markets. The launch of domestic chips will further drive growth [17][18]. - Market Expansion: 英维克 is actively expanding into overseas markets and enhancing its service and supply chain platforms, which will support its growth trajectory [16]. Additional Insights - Performance of Air Cooling Products: 英维克's air cooling products have shown excellent performance, with a high market share and significant growth expected from projects involving major clients like ByteDance and Alibaba [10]. - Achievements in Liquid Cooling Management: The company has made significant strides in liquid cooling management solutions, continuously improving its offerings since 2018 [14].