Envicool(SZ:002837)2025-09-15 14:57Summary of Liquid Cooling Technology Conference Call Industry Overview - The focus is on liquid cooling technology innovations primarily in the server and data center sectors, with existing solutions including cold plate, spray, and silent cooling methods. The unidirectional cold plate method is highlighted as the mainstream solution due to its high thermal efficiency and cost-effectiveness [1][4]. Key Points and Arguments - Drivers of Liquid Cooling Technology Development: 1. Continuous increase in chip and cabinet power consumption, with CPUs now exceeding 10 kW and cabinet peak power reaching 120-130 kW [5]. 2. Strict PUE (Power Usage Effectiveness) requirements, with new data centers needing to maintain a PUE below 1.25 [5]. 3. Total Cost of Ownership (TCO) considerations, where unidirectional cold plate systems show significant economic advantages over traditional air cooling [5]. - Market Growth Projections: - The domestic market is expected to reach 4-5 billion yuan in 2025 and grow to 7-8 billion yuan by 2026. The global market is projected to approach 100 billion yuan by 2026 [1][10]. - Key Components of Liquid Cooling Systems: - Liquid cooling plates and CDU (Central Distribution Unit) each account for approximately 30% of the system's value. Other components like manifolds and quick connectors contribute an additional 10-20% [9]. - Challenges for Silent Cooling Solutions: - Silent cooling methods face challenges due to high costs and environmental concerns regarding refrigerants, limiting their market viability [8][6]. - Opportunities for Chinese Companies: - Chinese firms are gaining ground in the global liquid cooling supply chain, with some technologies now comparable to international competitors. There is potential for increased orders, especially in high-value segments [11]. Additional Important Insights - Liquid Cooling System Components: - The liquid cooling system includes critical components such as liquid cooling plates, CDU, and quick connectors, which are essential for effective thermal management [9]. - Future Trends: - The liquid cooling industry is expected to experience a steeper growth trajectory compared to other segments like optical modules by 2026, with a focus on companies that can achieve order breakthroughs [16]. - Competitive Landscape: - Companies like Invec are noted for their comprehensive capabilities in both server and data center liquid cooling solutions, positioning them well for future growth [17]. - Research and Development: - Ongoing exploration of integrating microchannels into cooling plates is underway, which could enhance thermal performance, although this is still in the research phase [7]. This summary encapsulates the key discussions and insights from the conference call regarding the liquid cooling technology sector, highlighting its growth potential, challenges, and the competitive landscape.