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Vertiv Holdings Co-A：受益AI趋势，散热、电源管理产品有望持续增长
VRTVertiv(VRT)2024-05-30 06:01

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 130.03[23][33].CoreInsights−ThecompanyispositionedtobenefitsignificantlyfromtheAItrendandthedualcarbonstrategy,whichisdrivingupgradesindatacenterpowermanagementandthermalmanagementproducts.Approximately75130.03 [23][33]. Core Insights - The company is positioned to benefit significantly from the AI trend and the dual carbon strategy, which is driving upgrades in data center power management and thermal management products. Approximately 75% of the company's revenue in 2023 is derived from data centers, with around 30% from thermal management products [33][101]. - The global data center infrastructure market is projected to grow at a CAGR of 9-12% from 2023 to 2028, with AI-related infrastructure expected to grow at a higher CAGR of 14-17% [114]. - The company has a strong order backlog, reaching 6.3 billion as of Q1 2024, up from 4.8billioninQ12023,indicatingrobustdemandforitsproducts[133][146].SummarybySectionsSection1:AIEraandLiquidCooling−TheriseofAIapplicationsisincreasingthepowerdensityindatacenters,necessitatingadvancedcoolingsolutions.LiquidcoolingtechnologyisexpectedtoseesignificantadoptionasAIserversrequirehighercoolingcapabilitiescomparedtotraditionalservers[26][80].−ThecompanycollaborateswithNVIDIAtodevelopliquidcoolingsystems,whichareanticipatedtogainmarketshareasthenewGB200NVLsystemsarereleased[90][93].Section2:ComprehensivePowerProductsandStableServiceGrowth−Thecompany’spowermanagementproductsarecrucialaselectricalsystemsaccountfor40−454.8 billion in Q1 2023, indicating robust demand for its products [133][146]. Summary by Sections Section 1: AI Era and Liquid Cooling - The rise of AI applications is increasing the power density in data centers, necessitating advanced cooling solutions. Liquid cooling technology is expected to see significant adoption as AI servers require higher cooling capabilities compared to traditional servers [26][80]. - The company collaborates with NVIDIA to develop liquid cooling systems, which are anticipated to gain market share as the new GB200 NVL systems are released [90][93]. Section 2: Comprehensive Power Products and Stable Service Growth - The company’s power management products are crucial as electrical systems account for 40-45% of data center infrastructure costs. The demand for power products is expected to rise due to increasing AI workloads [105][127]. - Service revenue has shown steady growth, reaching 1.592 billion in 2023, with a year-on-year increase of 7.52% [147]. Section 3: Financial Projections and Valuation - The company forecasts net profits of 633million,633 million, 993 million, and 1.167billionfor2024,2025,and2026,respectively,withcorrespondingP/Eratiosof64,41,and35[33][114].−Thetargetpriceof1.167 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 64, 41, and 35 [33][114]. - The target price of 130.03 is based on a comparison with peer companies, which have an average P/E of 50 for 2025 [33][114].