2025-12-12 02:19Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is experiencing significant growth driven by the surge in data center cooling demands and stricter PUE (Power Usage Effectiveness) regulations. The global AIDC (Artificial Intelligence Data Center) liquid cooling market is projected to reach approximately 110-115 billion RMB by 2026 [1][9]. Key Points and Arguments - Market Dynamics: The cost of cooling systems is expected to double to around 10% of total costs due to rapid server iterations. For instance, the value of server modules increased from $75,000 to $95,000, a 20% rise, as the GB300 phase introduced independent cold plates for each GPU [9][10]. - Liquid Cooling Technology: The technology is categorized into indirect contact, direct contact, and spray cooling. The single-sided cold plate is dominant in the North American market, while the Inrow model is suitable for new data centers, and the Inrack model is for retrofitting existing centers [2][6][7]. - Key Components: Liquid cooling plates are critical components, with significant technical barriers in the design and manufacturing of microchannel plates. These plates enhance heat transfer but require high stability and leak-proof performance [3][8][12]. Emerging Opportunities - Domestic Supply Chain: The opening of supplier permissions by NVIDIA in the GB300 phase allows domestic suppliers to enter the market, increasing the demand for cost-effective solutions as NVIDIA shifts towards cloud services [10][11]. - Company Performance: Leading companies like Yingwei and Hongsheng are expected to achieve significant performance milestones by 2026. Yingwei's market value is projected to reach 150 billion RMB, while Hongsheng's profits are expected to exceed 300 million RMB [3][5][14]. Additional Insights - Technological Challenges: The manufacturing of microchannel plates faces challenges such as low yield rates and high costs due to complex processes. Companies are actively experimenting to find efficient and cost-effective solutions [12][13]. - Competitive Landscape: Yingwei is recognized as a leading player with substantial orders from major clients like Google, while Hongsheng is positioned well within the supply chain, indicating a competitive edge in the liquid cooling market [14]. Conclusion - The liquid cooling industry is poised for rapid growth, driven by technological advancements and market dynamics. The shift towards domestic supply chains and the performance of key players will be crucial in shaping the future landscape of this industry [4][10].