"All-in-one": The battery liquid cold plate is a part of the battery thermal management system that directly exchanges heat with the battery.
In the field of new energy vehicles, the battery liquid cold plate is a component that directly exchanges heat with the battery in the battery thermal management system, and the heat generated by the battery is transferred to the cooling device through the coolant in the flow channel of the liquid cold plate or the heat is transported to the battery through the coolant, so as to maintain the battery temperature in the range of 20 -35 that is most suitable for its working efficiency.
The industry barriers are high, and the scale advantage of the head enterprises is significant
The material barrier of liquid cold plate is high, mainly in three aspects: complex process, long chain certification cycle, and large investment in factory construction. In terms of process barriers: the aluminum brazing composite material has a long manufacturing process, which needs to go through multiple rolling processes, and the theoretical yield is 70%, and the actual yield is about 67-68%.
Referring to the Technical Characteristics and Development Trend of Aluminum Base Alloy Rolling Composite for Heat Transfer, the composite heat transfer composites should not only be cleaned at the composite interface to fully remove the oxide layer and surface oil stains during the composite processAt the same time, the design of the pass processing rate when the hot rolling composite is also deeply studied, and the processing rate of the pass is too small, so that the desired deformation is only produced in the leather layer, so that the leather extends upwards and cannot realize the combination of the leather and the core materialExcessive pass processing rate will make the deformation zone go deep into the depths, and the fresh metal can not be fully exposed on the composite interface, so that it is difficult to realize the effective combination of leather and core material;
The heating process and the opening temperature, if the temperature is too high, may melt the leather;The heating time is too short, and the temperature of the billet may be uneven, and the metal extension is uneven due to the temperature difference during rolling, and the rolling phenomenon will occur and scrap in serious casesIn addition, the control of the final rolling temperature and the condition and performance of the material will also have an impact on the product quality and production yield, and the composite production process is complex and detailed.
The market for liquid cold plates driven by battery thermal management of new energy vehicles is growing rapidly.
1.Liquid cooling is the main solution for battery thermal management systems in power vehicles. For new energy vehicles, battery thermal management system (BTMS) technology is mainly divided into air cooling, liquid cooling, phase change material cooling and heat pipe cooling. NE Times expects the proportion of liquid cooling in the passenger car market to reach more than 80% by 2025. 
2.In 2027, the demand for liquid cold plates for new energy vehicles is expected to reach 36180,000 tons. In 2023, the global new energy vehicle liquid cold plate market will reach 1450,000 tons, a year-on-year increase of 6296%；With the slowdown in the growth rate of passenger car sales and the gradual penetration of new energy vehicles, it is expected that the growth rate of the new energy vehicle liquid cold plate market will gradually slow down in the future and stabilize at the level of 20-25%.It is expected that the new energy vehicle liquid cold plate market will reach 36 in 2027180,000 tons, with a compound growth rate of 32 from 2022 to 202738%。
"Two wings": The AI industry and lithium battery energy storage liquid cooling are expected to open up new growth space
1.The rapid development of the AI industry has driven the penetration rate of liquid-cooled servers to gradually increase. Limited by the construction area of data centers and environmental protection requirements, traditional air cooling is difficult to meet the heat dissipation requirements, and liquid cooling technology is needed to improve the efficiency and stability of servers. From the perspective of development trends, it is expected that the penetration rate of liquid-cooled servers will remain at the level of about 20%-30% by 2025.
2.As an important component of the liquid cooling solution, the temperature control of lithium battery energy storage is expected to become a new growth pole for liquid cold plates. The lithium battery energy storage liquid cooling system mainly includes liquid cold plates, liquid cooling hosts, pipelines, joints, evaporators, etc. As an important component of the liquid cooling solution, the liquid cold plate accounts for 16% of the cost, second only to the host, and the energy storage temperature control is expected to become a new growth pole for the liquid cold plate. 
3.It is estimated that the compound annual growth rate of AI server liquid cooling market demand from 2022 to 2025 is 2150%, the compound annual growth rate of the market demand for new lithium battery liquid cold plate is 13341%。It is estimated that the market size of AI server liquid cooling will be 66 from 2023 to 202587/ 81.29/ 106.1.2 billion yuan, including 24 cold plate schemes88/28.64/35.3.7 billion yuan, and the compound annual growth rate of AI server liquid cooling market demand from 2022 to 2025 is 2150%。It is estimated that the new lithium battery energy storage liquid cold plate market in 2022-2025 will be 027/0.97/1.70/3.4.9 billion yuan, assuming that the value of liquid cold plate remains unchanged, the compound growth rate of the liquid cold plate market from 2022 to 2025 is 13341%。
Investment suggestion: The liquid cold plate market driven by new energy vehicles is growing rapidly, and the AI industry and lithium battery energy storage liquid cooling are expected to open up new market space, and the volume of liquid cold plates can be expected. It is recommended to focus on Huafon Aluminum and Yinbang shares.
This is an abridged excerpt from the report, the original PDF of the report
In-depth report on electronic equipment-liquid cold plate industry: "one body and two wings", the demand for liquid cold plate is large-people's livelihood**-20231227 [48 pages]".
Report**: Value Catalog