2026-02-13 01:55Summary of Conference Call Notes Industry Overview - The focus is on the liquid cooling market, which is expected to be a key growth area by 2026, with significant market expansion anticipated [1] - The liquid cooling market is projected to experience a compound annual growth rate (CAGR) of 51%, as per recent updates from UBS [1] Company Highlights - Weidi (维谛): - Reported better-than-expected performance, leading to a historic high in stock price - As a core overseas liquid cooling integrator, Weidi's performance reflects the rapid growth in the overseas liquid cooling market - Expected revenue for 2026 is projected to be between $2.8 billion and $3 billion, representing a year-on-year increase of 45-50% - Direct chip cooling is anticipated to account for 60% of the revenue [1] Key Recommendations OEM (Original Equipment Manufacturer) - Xingrui Technology (兴瑞科技): - Identified as a major supplier for Danfoss, with strong ties to NV [1] - Kexin New Source (科创新源): - Noted as an OEM for AVC and Coolermaster cooling plates [1] Direct Supply - Recent audits by Amazon and Google have focused on domestic suppliers such as Invec (英维克) and Shenling Environment (申菱环境) for external cabinet equipment - Domestic suppliers are expected to gain more overseas orders, particularly in the primary side of liquid cooling infrastructure, including CDU (Cooling Distribution Unit) [1] - Invec: Recognized as a leader in liquid cooling with rapidly growing CDU orders [1] - Shenling Environment: Recently secured CDU orders from Google and Amazon [1] Additional Insights - NV (NVIDIA) has indicated a tightening of supplier certification, which may lead to increased outsourcing demand for liquid cooling equipment, especially within servers [1] - Established suppliers are believed to have a competitive advantage over new entrants in maintaining market share [1]