Nvidia is expected to launch the Blackwell-based B100 GPU at GTC 2024. The cooling technology of the B100 has also been upgraded, from the original air cooling to liquid cooling. In this regard, NVIDIA CEO Jensen Huang once mentioned that he firmly believes that immersion liquid cooling technology is the future indicator, which will drive the entire heat dissipation market to usher in a comprehensive innovation.
It is reported that starting from B100, the heat dissipation technology of all future products will be changed from air cooling to liquid cooling. Taiwan's economic ** related reports pointed out that this is an epoch-making technological innovation for the overall AI server market.
Compared with traditional air-cooled and cold-plate liquid cooling, immersion liquid-cooled servers can completely remove the cooling fan and achieve 100% liquid cooling, which can greatly reduce cooling energy consumption, have good energy-saving effects, and reduce the PUE value of data centers to 113 and below, but the retrofit cost of immersion liquid-cooled servers is higher than that of cold-plate liquid-cooled servers.
At present, China's domestic liquid-cooled server industry is still in the initial stage of development, and its technical route, product structure, and industry standards are still evolving, and a unified specification has not yet been formed, but due to the surge in demand for green computing power, China's liquid-cooled server market is growing rapidly.
According to the "China Semi-Annual Liquid-cooled Server Market (First Half of 2023) Tracking" report released by IDC, the size of China's liquid-cooled server market will reach 10 in 2022$100 million, and it is expected to reach $15 million for the full year of 2023100 million US dollars, from 2022 to 2027, China's liquid-cooled server market will grow at a compound annual growth rate of 547%, and the market size will reach $8.9 billion in 2027.
1. Liquid cooling - clear upstream needs of the AI industry.
1) AI industry catalysis.
The B100 will be released at GTC on March 18, and it has been previously announced that all future products will be liquid-cooled starting with the B100. The power consumption of a single chip and the power density of a single cabinet are rapidly increasing, and the demand for heat dissipation is rapidly shifting to liquid cooling.
2) Technological development catalysis.
At present, the mainstream of liquid cooling is cold plate type, the technical solution has been relatively mature, and the gross profit margin has been basically stable. Immersion liquid cooling is more efficient in heat dissipation, and the technology is maturing at an accelerated pace. With the maturity of technical solutions, liquid cooling can meet PUE requirements more efficiently, and at the same time, the cost cycle is shorter.
3) Policy requirements catalyze.
**The Artificial Intelligence Symposium emphasized that the construction of a number of intelligent computing centers will be accelerated; All localities have introduced a PUE of less than 1 for data centers15 requirements; In 2023, the three major operators jointly released the "Liquid Cooling Technology of Telecom Operators", proposing that more than 50% of data centers will apply liquid cooling by 2025.
2. The market space is nearly 10 billion US dollars, and the penetration rate is increasing rapidly.
According to the IDC report, in 2025, the market size of China's liquid-cooled servers will reach 8.9 billion US dollars, and the penetration rate of liquid cooling will reach 20%, and 2024-2025 will be the first year of the industry with rapid expansion of liquid cooling and increased penetration.
3. The pattern of subdivision has not yet been established, and leading technology manufacturers may give priority to running out.
There are many upstream (coolant, connector, CUD, tank, Manifold, etc.) and midstream (servers, integrators) in the liquid cooling industry chain, and the competition pattern in the subdivision field is not yet clear.
A-share related core concepts (liquid cooling) combing:
Inspur Information. In the 2022 annual report, it was disclosed that in 2022, Inspur Information incorporated "all in liquid cooling" into the company's development strategy, and the full-stack layout of liquid cooling.
Sugon. As early as 2011, it started the exploration and research of energy-saving liquid cooling technology, and in 2013, it took the lead in launching the world's leading "immersion phase change liquid cooling" technology.
ZTE. In the fully liquid-cooled data center project built by the company, the proportion of liquid cooling and heat dissipation has reached 70%. The previously released new G5 series servers support liquid cooling technology and use cold plate liquid cooling for heat dissipation.
Invic. It is a leader in the field of A-share temperature control, and the company's revenue from temperature-controlled energy-saving products related to computer rooms and cabinets accounted for more than 86% last year. Previously, the company released a new generation of X Space cold power cube micromodule, which raised the energy efficiency of the computer room from ordinary level 2 to level 1 energy efficiency standard.
Carito. It has formed an integrated data center solution of water machine + terminal + RDS system, including air-cooled direct expansion fluorine pump system, air-cooled chilled water system, water-cooled chilled water system, indirect evaporative cooling system, intelligent cooling station solution, etc.
Gaolan shares. The company has realized the supply of samples and small batches of server liquid cooling related products, and the company can provide cold plate and immersion liquid cooling server thermal management solutions and container liquid cooling data center solutions.
Finally, the following company is still the author's more optimistic company in the medium term, and it also gives you a new opportunity for the following reasons:
1. The company stands under the current multi-industry tuyere, with the blessing of various concepts such as auto parts + robot + liquid cooling, and the company's fundamentals are good, and the performance of the 23-year annual report is also a substantial increase (net profit increased by 211% year-on-year).
2. Technically, the company is also adjusted from the previous high, and is currently in a medium-term strong stage, with a high concentration of short-term chips and a huge space for subsequent outbreaks.
3. The company's stock price is not high, more than 10 yuan, small plate, small volume, and market value of less than 10 billion, which is a potential company with high growth and low valuation.
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