随着新能源汽车、数据中心、储能系统等领域的爆发式增长，水冷板（液冷板）的散热性能直接决定了设 备运行的稳定性和寿命。不同流道结构的液冷单元对电池模组散热性能的影响非常大，一个结构设计优良 的液冷单元可以明显提升电池模组的散热均温性能。不同的加工工艺直接影响水冷板的流道设计、耐压性 和成本效率。 液冷板工艺主要为原材料准备—流道成型加工—清洗与预处理—盖板焊接与密封—后处理与整形—质量检 测与测试等主要过程；本文全面梳理水冷板制造的主流工艺、关键技术及质量管控要点，为行业提供专业 参考。 01 材料选择与预处理 1.1 主流材料 1.2 预处理工艺 铝合金：当前动力电池水冷板的主流材料，主要是因为它较好地均衡了导热、轻量、强度、工艺和成 本；3003铝合金因综合性能良好且技术成熟应用广泛。 铜合金：紫铜（导热系数 401W/m.K）用于高功率场景（如 800V 高压平台），但需通过镀镍或阳极 氧化解决腐蚀问题。 复合材料：对强度有更高要求时，会采用高强度铝合金复合材料（通常为三层结构：芯材+钎焊层+牺 牲层）。 表面脱脂：采用超声波清洗（频率 28-80kHz）去除油污，确保后续焊接或钝化效果。 钝化处理 ：通 ...

Core Insights - Investors should focus on companies that deliver strong returns after considering both operating and non-operating expenses, making profitable businesses more appealing than those with losses [1] - The net income ratio is a key measure of profitability, reflecting the percentage of net income relative to total sales revenues, indicating a company's effectiveness in managing expenses [3] Company Highlights - Micron Technology, Inc. (MU) has a net profit margin of 28.2% and an expected earnings growth rate of 307.5% for the current year, making it a top pick for profitability [6][8] - Ralph Lauren Corporation (RL) has a net profit margin of 11.7% with an expected earnings growth rate of 30.5% for the current year, positioning it as a strong candidate for investment [7][8] - Modine Manufacturing Company (MOD) has a net profit margin of 3.4% and an expected earnings growth rate of 18.8% for the current year, also qualifying as a profitable investment option [9][8] Screening Criteria - The screening process identified stocks with a Zacks Rank of 1 (Strong Buy), indicating a history of outperformance regardless of market conditions [4] - Companies with trailing 12-month sales and net income growth higher than their industry are likely to perform well, alongside those with a net income ratio exceeding their industry average [5] - A strong buy percentage rating greater than 70% indicates that a significant majority of broker recommendations favor these stocks [5]

This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. Dive Brief: Johnson Controls on Wednesday announced an agreement to acquire Alloy Enterprises, a Boston-based company providing a thermal management platform for high-performance data centers and other mission-critical industrial applications. The Boston-based company’s platform uses direct liquid-cooling components to enable up to a 35% improvement in therm ...

AI芯片及功率器件热管理大会暨展览会 2026年6月10-12日 上海新国际博览中心 01 大会信息 人工智能大模型、新能源汽车、储能系统及具身智能等新兴产业加速落地，算力密度与功率密度的同步跃 升，正将热管理推向前所未有的工程高度。一方面， AI服务器与专用芯片持续突破单芯片与单机柜功耗 上限； 此外 功率器件在新能源汽车、电力电子与储能系统中的高频、高压、高集成化应用，使系统发热 集中度与热失控风险显著上升。 在此背景下 ，本届 " AI芯片及功率器件热管理大会暨展览会 " 将聚焦高热流密度场景下的热管理系统工 程问题，围绕 高性能 导热材料、封装基板、液冷技术等方向 ， 系统性探讨 材料层面 、模块级、系统级 的关键技术路径与工程实践。 同期 "FINE2026 AI芯片及功率器件热管理 展区 " 将汇聚上下游材料、设备、产业链资源，精准对接市场 需求，全力助推液冷产业的高质量发展。 扫码报名参展参会 主题 ： 中国未来产业崛起引领全球新材料创新 时间 ： 2026年6月10-12日（6月8-9日布展） 地点 ：上海新国际博览中心 N1-N5 规模： 50,000平 ,10W+观众 02 组织机构 主办 ...

Core Thesis - Thermon Group Holdings, Inc. (THR) is positioned to benefit from the electrification and infrastructure capital expenditure cycle, with a significant upside potential to a $55 price target, representing a 12% internal rate of return (IRR) over four years [2]. Company Overview - THR provides engineered industrial process heating solutions, including thermal management products and services such as electrical heat tracing systems and industrial process-heating equipment, serving various end markets including industrial, oil & gas, and chemical/petrochemical [3]. Market Dynamics - The company is shifting focus from oil and gas to growth drivers like data centers, utilities, and the re-shoring of U.S. manufacturing, where temperature control and process heating are increasingly important [4]. - Regulatory standards, such as NERC and FERC cold-weather reliability standards, are creating additional demand for heat-tracing and thermal commissioning work in high-risk regions [4]. Growth Opportunities - THR is entering the liquid load bank (LLB) market, aiming for a 20-25% market share, which could add $60 million in incremental gross profit over the next four years [5]. - The heat-tracing market is estimated at approximately $3 billion, growing at an 8% compound annual growth rate (CAGR) through 2030, supporting THR's organic growth [5]. Financial Outlook - The company expects to generate over $300 million in cumulative free cash flow through FY30, driven by higher-margin LLB sales and strong EBITDA-to-CFFO conversion rates [6]. - THR's stock presents limited downside risk due to low leverage, high free cash flow margins, and potential margin expansion from product mix [6].

Financial Data and Key Metrics Changes - Modine reported a 31% increase in total sales for Q3, driven primarily by growth in the Climate Solutions segment [17] - Adjusted EBITDA improved by 37%, with a margin increase of 70 basis points to 14.9% [18] - Adjusted earnings per share rose by 29% to $1.19, excluding a $116 million non-cash settlement loss related to the termination of the U.S. pension plan [18] Business Line Data and Key Metrics Changes - Performance Technologies revenue increased by 1% year-over-year, with a 3% decrease in heavy-duty equipment sales offset by a 6% increase in on-highway product sales [15] - Climate Solutions segment saw a 51% increase in revenues, with data center sales growing by 78% [8][16] - Adjusted EBITDA margin for Climate Solutions improved to 17.9%, reflecting strong top-line growth [17] Market Data and Key Metrics Changes - The data center market is projected to deliver over $1 billion in sales this fiscal year, with expectations of reaching $2 billion by fiscal 2028 [12] - Record order intake in the data center segment indicates strong demand, primarily from existing customers [38] Company Strategy and Development Direction - The company is focusing on high-margin, high-growth businesses, with plans to spin off the Performance Technologies segment and merge it with Gentherm [3][4] - Modine aims to become a pure-play, diversified climate solutions company, concentrating on investments in growth and capacity expansion [5] - The company is committed to innovation in data center cooling solutions, addressing energy consumption and water usage challenges [71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the Climate Solutions segment, particularly in data centers, with expectations for continued revenue growth [12][19] - The company anticipates a sequential ramp in revenue for Q4, driven by typical seasonal patterns and increased data center volumes [15][22] - Management raised the fiscal 2026 revenue outlook to a growth range of 20%-25%, with Climate Solutions expected to grow 40%-45% [21][22] Other Important Information - Free cash flow was negative $17 million in Q3, primarily due to inventory builds and higher capital expenditures [19] - The company expects to generate positive free cash flow in Q4 and anticipates capital expenditures to be in the range of $150 million-$180 million for the full fiscal year [20] Q&A Session Summary Question: Can you discuss the margin outlook for Climate Solutions and Performance Technologies in Q4? - Management expects Climate Solutions to achieve a margin improvement of 200+ basis points in Q4, while Performance Technologies may see a temporary dip in EBITDA margin [26] Question: What defines the high and low end of the 50%-70% CAGR for data center revenue? - The growth range is influenced by capacity expansion and demand, with confidence in achieving the higher end as capacity comes online [30][31] Question: Can you provide details on the record order intake in data centers? - The majority of growth is driven by existing customer relationships, particularly with hyperscalers, indicating strong demand and potential for future orders [38] Question: How is the company managing working capital and free cash flow? - Management indicated that working capital ratios are expected to normalize, with a return to positive free cash flow anticipated next year [40] Question: What is the company's strategy regarding long-term agreements (LTAs)? - The company is open to structuring LTAs to secure capacity and reduce risk, aligning with strategic customers [84]

Core Insights - Modine reported a strong financial performance for the third quarter of fiscal 2026, with a 31% increase in net sales to $805.0 million, driven by a 51% growth in the Climate Solutions segment, particularly from data center products [3][12][13] - The company raised its full-year outlook for revenue and adjusted EBITDA, expecting data center revenue to increase by over 70% year-over-year and projecting annual growth of 50% to 70% for the next two years [11][12] Financial Performance - Net sales increased by $188.2 million, or 31%, compared to the prior year, with the Climate Solutions segment contributing significantly due to strong demand from data center customers [3][12] - Gross profit rose by $36.5 million to $186.1 million, although gross margin decreased by 120 basis points to 23.1% due to higher temporary costs related to capacity expansion [4][12] - Operating income increased by $30.0 million to $89.3 million, primarily driven by higher revenues in the Climate Solutions segment [6][12] - Adjusted EBITDA reached $119.6 million, a 37% increase from the prior year, reflecting strong operational performance [6][12] Segment Analysis - The Climate Solutions segment reported sales of $544.6 million, a 51% increase from $360.8 million a year ago, with data center sales up 78% [13] - Performance Technologies segment sales increased by 1% to $266.0 million, driven by higher automotive sales, although offset by lower sales in other areas [13] Outlook - The company is optimistic about continued growth in the Climate Solutions segment, raising its revenue outlook for fiscal 2026 to a growth range of 20% to 25% [11][14] - Modine anticipates adjusted EBITDA for fiscal 2026 to be between $455 million and $475 million, indicating a growth of 16% to 21% [12][14]

Stocks our strategists feel are poised to deliver positive returns are featured now in their top stock picks of the week. Welcome to this week's top stock picks of the week. I'm Tracy Reinick and I'm joined by Ben Reigns this week and we're kicking off February with two hot stocks.Both are Zach's number one ranks, of course, that's why you're here, but they're in very different industries. Um, but both are areas you should not be surprised. I brought you an AI infrastructure stock and Ben is bringing you a ...

FINETalks 2026 第2期 机器人与电动汽车锂电池系统 高效热与安全综合管控研究 徐 俊 讨论话题 直播时间 2026.1.30 > 15:30-16:30 转发朋友圈 免费看直播 添加微信时,请备注"姓名+单位"邀请入群 · 西安交通大学教授 · 西安交通大学机器人研究院 副院长 · 锂电池热管理技术的机遇与瓶颈 · 人形机器人与电动汽车锂电池高效热管理 · 电池低温情况下如何自加热 · 锂电池全生命周期安全管控的落地痛点与解决方案 · 锂电池安全监测技术探索,及其在储能 / 新能源汽 车领域落地前景 回放链接：https://6ugos.xetlk.com/sl/1WSa6H 或扫码看回放 锂电池作为核心能量供给部件，已广泛渗透至 电动汽车、工业机器人、储能电站等关键场景 ，成为支撑 新兴产业发展的核心基石。尽管锂电池应用场景持续拓宽，但热失控引发的安全风险仍是制约产业高质量 发展的核心瓶颈。 无论是电动汽车快充、高功率行驶工况，还是机器人复杂作业场景下的动态负载波动，都对锂电池系统的 高效热管理、精准温控及安全预警提出了严苛要求。 如何通过热管理系统结构优化、精细调控技术升 级、安全监测体系完 ...

Core Viewpoint - Modine Manufacturing is spinning off its Performance Technologies segment and merging it with Gentherm in a transaction valued at approximately $1 billion, aimed at transforming Modine into a high-growth, pure-play Climate Solutions company [1][3][5]. Transaction Details - The deal values Performance Technologies at about $1 billion, equating to 6.8 times trailing twelve-month Adjusted EBITDA as of September 30, 2025 [1][6]. - Modine is expected to receive $210 million in cash and shareholders will receive approximately $790 million in Gentherm stock, resulting in Modine shareholders owning 40% of the combined Gentherm/PT company [1][6]. - The transaction is structured as a Reverse Morris Trust, intended to be tax-free for Modine and its shareholders [2][6]. Financial and Growth Outlook - The Climate Solutions segment generated approximately $1.6 billion in revenue with a 19.6% adjusted EBITDA margin, and management anticipates revenue growth of 35-40% to nearly $2 billion [4][10]. - Data centers are identified as a core growth driver, with a projected 50-70% annual growth over the next two years [4][13]. - Modine plans to invest $125-150 million in capital expenditures to support revenue capacity of $2-3 billion [4][14]. Strategic Outcome - The transaction will create two focused companies: a larger thermal management platform (Gentherm + PT) and a streamlined Climate Solutions Modine focused on data centers and commercial HVAC&R [5][9]. - Modine's management has been shifting towards higher-growth, higher-margin businesses, completing six divestitures and six acquisitions over the past five years [8][9]. Reporting Structure Changes - Post-transaction, Modine will operate through two primary business segments: data centers and commercial HVAC&R, with a new reporting structure expected to begin in the first quarter of fiscal 2027 [12][17]. Market Position and Future Outlook - Modine expects to replace approximately $1 billion of PT revenue with revenue from the data center market within the next 12 to 24 months [14]. - The company anticipates continued demand for thermal cooling solutions in data centers for the next 5 to 10 years, driven by evolving chip technology [15].