液冷专题：数据中心液冷渗透率有望大幅提升

Summary of Conference Call on Liquid Cooling Market Industry Overview - The global liquid cooling market is rapidly expanding, expected to reach 30 billion yuan by 2025 and potentially exceed 100 billion yuan by 2027 when NVIDIA's N172 ships 100,000 units, indicating significant growth potential [1][2] Key Insights and Arguments - The cost breakdown of liquid cooling systems shows that primary side equipment accounts for approximately 1 yuan per watt, while secondary side equipment is valued higher, with cold plates making up 33% and CDU 24% of the total system value [1][3] - The domestic data center construction landscape is diverse, with over 30% of investments coming from internet and cloud companies, 23% from the three major telecom operators, and 30% from AI enterprises and state-owned enterprises [1][5] - Capital expenditures (CAPEX) for major internet companies are expected to rebound in Q3, with leading IDC firms experiencing a 77% increase in CAPEX in Q1 [1][5] - The three major telecom operators have conservative growth forecasts for computing power investments, with China Telecom at 22%, China Unicom at 28%, and China Mobile flat, leading to an overall growth rate of 15% [1][6] - Domestic CAPEX for new data centers is projected to grow by 37% from 2024 to 2027, with AI computing centers expected to add 3.6 GW of power in 2025, a year-on-year increase of over 200% [1][7] Market Trends and Projections - The penetration rate of liquid cooling technology in domestic data centers is currently low, at about 10% in 2024, with expectations to rise to 40% by 2027, leading to a market size exceeding 180 billion yuan [1][9] - The global data center power is expected to reach approximately 120 GW in 2024, with significant capital expenditure increases from major players like Meta and Microsoft [1][10] - By 2027, the global AI data center market is anticipated to adopt liquid cooling technology almost entirely, with a market size projected to reach 100 billion yuan [1][10] Opportunities and Challenges for Domestic Companies - There is explosive growth in overseas demand for liquid cooling, but North America and Europe are experiencing slow capacity expansion, creating opportunities for Chinese companies to enter the global supply chain [1][11] - Companies like Yingwei and Tongfei are positioned well for growth, with Yingwei being a leading player with comprehensive capabilities and Tongfei focusing on breakthroughs in domestic server manufacturing [1][12] Additional Important Points - The liquid cooling market in China was valued at less than 2 billion yuan in 2024, expected to approach 5 billion yuan in 2025 and nearly 10 billion yuan in 2026 [2][9] - The overall system value of liquid cooling is projected to increase to 5.1 yuan per watt in the future due to advancements in technology [4]