液冷行业展望

Company and Industry Summary Industry Overview - The company operates in the liquid cooling industry, focusing on products such as heat sinks and liquid cooling plates, which are utilized in servers, aerospace, 5G communication, data centers, and energy storage batteries [2][3][5]. Company Profile - Established in 2009, the company has experienced a sales growth rate of 20%-50% from 2013 to 2022, increasing revenue from 170 million to 650 million RMB [2][5]. - The company is expanding its production lines to enter new markets, including electric vehicles, energy storage batteries, and renewable energy sectors [2][5]. Key Clients and Partnerships - Major clients include Huawei, ZTE, DJI, Dell, and BYD, with long-term collaborations with Hikvision and Dahua [2][4]. - The company has become a core supplier for Huawei, with several products exempt from inspection [5][12]. Product and Technology Advantages - The company has its own mold manufacturing and R&D centers, along with multiple production bases equipped for metal processing [3][5]. - It offers advanced thermal management solutions, including stamped lead welding and diffusion black cooling plates [3]. - The company is expected to achieve sales of 900-1,000 million RMB by the end of 2025, with a gross margin of 15%-20% and a profit margin above 5% [3][9]. Market Challenges - Entering the data center liquid cooling market poses significant challenges due to high technical requirements and stringent quality standards set by major clients like Huawei [7][8]. - The company faces competition from established suppliers such as Inke and Dongchuang, which currently dominate the market [8]. Future Outlook - The company anticipates that NVIDIA orders will contribute 300-500 million RMB to its revenue in 2026, representing 20%-30% of total sales [11]. - The company is also exploring further development in liquid cooling technology and products to meet market demands [14][15]. Product Customization - Liquid cooling plates are customized for different clients, ensuring unique design solutions rather than standardized modules [17]. Cost and Profitability - The cost of a single liquid cooling plate accounts for approximately 5% of the total cost in intelligent computing centers, indicating a significant investment in cooling technology [18]. - The company aims for a profit margin of at least 20% on its liquid cooling products, reflecting its focus on high-value offerings [19]. Market Trends - There is an increasing demand for dual-sided cooling plates, which can enhance cooling efficiency by 30%-50%, making them more favorable among users [19][20]. - The second half of the year has seen accelerated data center construction and equipment procurement, indicating a robust market demand [21].