Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage with a current price of 27.44 yuan [1]. Core Insights - The company, Shuguang Data Infrastructure Innovation Technology (Beijing) Co., Ltd., focuses on liquid cooling data center products and has seen significant growth in its cold plate liquid cooling segment, with a revenue increase of 430.66% year-on-year in 2023 [1]. - The liquid cooling technology is becoming a mainstream solution in the industry, with the Chinese liquid cooling data center market projected to grow from 26.09 billion yuan in 2019 to 128.32 billion yuan by 2025, representing a CAGR of 30.41% [1][29]. - The company is actively expanding into overseas markets, having established a wholly-owned subsidiary in Singapore and winning contracts for data center projects in Malaysia [1]. Company Overview - The company was established in January 2002 and is headquartered in Beijing, focusing on the research, development, production, and sales of liquid cooling data center products [5]. - As of August 30, 2024, the controlling shareholder is Shuguang Information Industry (Beijing) Co., Ltd., holding a 62.07% stake, with the actual controller being the Institute of Computing Technology, Chinese Academy of Sciences [1][8]. Industry Analysis - The data center infrastructure industry is regulated by several national authorities, and there is a strong push from government policies to adopt energy-efficient liquid cooling technologies [13]. - The cooling technology landscape includes both air cooling and liquid cooling, with liquid cooling expected to replace traditional air cooling due to increasing power density in data centers [18]. - The report highlights that the liquid cooling market is expected to see substantial growth, with the infrastructure market projected to expand from 6.47 billion yuan in 2019 to 24.53 billion yuan by 2025, reflecting a CAGR of 24.87% [29].
曙光数创：发力冷板和海外市场，下半年业绩有望改善（首次覆盖）