Soochow Securities released a research report stating that in current liquid cooling solutions, cold plate technology dominates, while immersion cooling is expected to emerge as the future trend. As domestic liquid cooling systems mature and cloud service providers (CSPs) prioritize cost-effectiveness, Chinese suppliers may directly enter Nvidia’s supply chain.
With surging AI server computing power demand driving increased liquid cooling adoption, data centers are entering a phase of explosive growth for efficient, energy-saving heat exchange solutions. Key stocks to watch include **Envicool (002837.SZ)**, **Shenling Environment (301018.SZ)**, **Gaolan Technology (300499.SZ)**, **Hongsheng (603090.SH)**, **Sugon (603019.SH)**, and **Jiebon Technology (301326.SZ)**.
### Key Insights: 1. **Liquid Cooling Technology: A Necessity for Data Centers** - Liquid cooling addresses heat dissipation challenges with advantages like lower energy consumption, higher cooling efficiency, reduced noise, and lower total cost of ownership (TCO). It also helps data centers meet PUE standards mandated by regulations. - As chip power density rises with each iteration, traditional air cooling becomes inadequate, making liquid cooling inevitable. Currently, cold plate systems lead the market, but immersion cooling holds long-term potential.
2. **Liquid Cooling System Composition** - The system comprises outdoor (primary) and server-room (secondary) sides. The primary side (~30% of value) includes chillers, piping, and monitoring equipment, while the secondary side (~70%) features CDUs, manifolds, quick connectors, and pumps/valves.
3. **Industry Growth & Domestic Supply Chain Opportunities** - **Value Growth with Chip Upgrades**: As chips evolve (e.g., GB300 to GB200), liquid cooling’s value per rack could rise over 20%. With Rubin architecture advancements, further growth is expected. Projections estimate liquid cooling for ASICs at ¥35.3 billion and Nvidia-related systems at ¥69.7 billion by 2026. - **Domestic Suppliers’ Entry**: Nvidia’s open supplier policy allows OEMs to choose partners, shifting from Vertiv’s sole CDU certification to multi-supplier models. Chinese firms may enter indirectly via secondary supply or directly as CSPs favor cost-efficient solutions.
4. **Rubin Architecture: New Cooling Demands** - Single-phase cold plates (150KW/rack limit) cannot support Rubin’s 2300W TDP (~200KW/rack). Two alternatives: - **Phase-Change Cold Plates**: Use fluorinated fluids to absorb heat via liquid-to-gas phase shifts, suitable for 300KW+/rack scenarios. - **Microchannel Cover Plates (MLCP)**: Embed micro-cooling channels (width: micrometers) for ultra-high-density cooling. MLCP is likely Rubin’s choice, especially for Rubin Ultra (4000W+ TDP, 600KW+/rack), where phase-change plates fall short.
### Risks: - Macroeconomic volatility; slower-than-expected liquid cooling adoption; delays in domestic supply chains entering North America.
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