从CES看液冷-冷水机组变化

Summary of Conference Call Records Industry Overview - The conference call discusses the liquid cooling and chiller unit market, particularly in relation to the advancements presented by NVIDIA at CES, which indicates a significant shift towards liquid cooling solutions in data centers and high-power computing environments [1][2]. Key Points and Arguments - Liquid Cooling Adoption: NVIDIA's new platform will fully adopt liquid cooling designs for high-power computing and networking units, continuing the trend established by the 300 series cabinets, which are predominantly liquid-cooled [1][2]. - Market Penetration: The penetration rate of liquid cooling in switches is expected to significantly increase by 2026-2027, with the cold plate value in single cabinets reaching approximately 8% [1][2]. - Optical Modules: The 1.67G optical module is anticipated to enter mass production in the second half of 2026, with its liquid-cooled single-port value being 3 to 4 times higher than traditional air-cooled solutions [1][2]. - Secondary Component Optimization: There is a continuous improvement in the unit power value of secondary components, with designs evolving to enhance heat exchange capabilities [1][3]. - Warm Water Cooling Technology: This technology allows for higher inlet water temperatures and can utilize outdoor dry coolers for natural cooling, achieving a PUE close to 1.05. However, its effectiveness is limited by external temperatures, making it most efficient in climates where temperatures do not exceed 27°C [4]. - Impact of Increased Inlet Water Temperature: Higher inlet water temperatures reduce the temperature difference between primary and secondary sides, necessitating increased contact area and flow rates to dissipate the same amount of heat [5]. - Cooling Solutions for Builders: Builders will ultimately decide on cooling solutions, balancing reliability, efficiency, and cost. Even with the recommendation for warm water cooling, traditional chiller units are likely to remain prevalent due to their reliability [6]. Company-Specific Insights - Ice Wheel Environment's Performance: The company is expected to see a gradual recovery in its industrial refrigeration business, with a projected net profit of 850 million RMB in 2026, reflecting a growth of no more than 20% year-on-year. The current valuation corresponds to a PE ratio of less than 20 times for 2026, indicating a favorable investment opportunity [7][9]. - Market Position: Ice Wheel Environment maintains a leading market share in the domestic industrial refrigeration sector, with a stable and concentrated industry landscape. Orders in the food sector are growing due to increased demand for cold chain logistics, while the chemical sector is also showing signs of recovery [9]. Additional Important Content - Environmental Considerations: The increased demand for water and cooling liquids due to natural cooling methods poses challenges in terms of cost and land requirements, particularly in areas with limited water supply [5]. - Competitor Landscape: Competitors like York and Trane are experiencing tight production capacities, which may provide Ice Wheel Environment with opportunities to capture market share and secure new clients [7][9].