YINLUN(SZ:002126)2026-02-13 02:35Company and Industry Summary Company: Silver Wheel Co., Ltd. (银轮股份) Key Points - Order Growth: Vertiv reported Q4 2025 orders of approximately $8.2 billion, significantly exceeding market expectations of $3.4 billion, representing a year-over-year increase of 252% and a quarter-over-quarter increase of 117% [1][2] - Backlog Increase: Orders for 2025 increased by 81% year-over-year, with backlog orders growing by 109%, reaching $15 billion [1][2] - Demand Surge: The demand for liquid cooling products from North American data center clients has surged, leading to a significant increase in company demand [2][3] - Competitive Advantage: The company emphasizes its competitive edge in liquid cooling CDU and heat exchanger products, with costs lower than foreign suppliers. The North American factory has achieved profitability [3] - Future Growth: The liquid cooling business segment is expected to maintain rapid growth over the next 2-3 years, with anticipated breakthroughs in 2026 for North American data center clients [3] - Revenue and Profit Forecast: The company maintains a revenue forecast of $18 billion and a profit of $1.2 billion for 2026, with a target market value of $60-70 billion, considering the growth potential of gas generators and liquid cooling [3][4] Industry: Electronics and PCB Key Points - Price Increases: There is a notable price increase in overseas electronic fabrics, with key players like Taiyo Yuden halting production of E-glass to focus on low Dk electronic fabrics [4] - Supply Shortages: The supply-demand gap for second-generation fabrics is projected to exceed 10%, while the gap for Q fabrics may reach over 15%, indicating a strong basis for price increases [5] - High Inflation Impact: The high inflation in AI hardware segments, including storage, electronic fabrics, and optical chips, is emphasized as a critical factor in the current market dynamics [5] - Demand for High-End Chips: The increasing demand for high-end chips, particularly from companies like NVIDIA and Google, is expected to further widen the supply-demand gap in critical segments such as CCL, fiberglass, and copper foil, leading to upward price pressures across the industry [5]