Temperature control is of great significance to ensure the stability of batteries, chips, industry and commerce. Under the background of green + Intelligent upgrading, 100 billion space is accelerating. Temperature control technology is widely used in many scenarios such as industry, communication, consumer electronics, new energy and power batteries to ensure the normal and stable operation of raw devices such as batteries and the stability of industrial environment. The driving forces for the vigorous development of the temperature control industry mainly include: 1) increasing the installed capacity of new energy and opening the blue ocean market of energy storage and temperature control; 2) Under the background of stricter pue audit of data center, temperature control has become the focus of upgrading and transformation; 3) The penetration rate of new energy vehicles continues to increase, driving the volume and price of vehicle thermal management to rise simultaneously; 4) The upgrading of 4G mobile phones to 5g has driven the increase of unit value by 3-4 times. Under the background of continuous upgrading of thermal density and intelligence, enterprises have upgraded from products to services, further opening up imagination space.
According to our calculation, the market space of China's temperature control industry is expected to exceed 190 billion yuan by 2025, and the energy storage is a highly elastic track: 1) from the perspective of space, it is expected that the market space of data center, energy storage, new energy vehicle battery management and mobile phone temperature control is expected to exceed 400, 120, 175 (507 for complete vehicles) and 62 billion yuan respectively in 2025; 2) In terms of growth rate, from 2021 to 2025, the compound annual growth rates of energy storage, new energy vehicle batteries, data centers and mobile phone temperature control were 63%, 26%, 17% and 14% respectively. Other industrial fields maintained an average growth rate of 10% as a whole, and the elasticity of energy storage and temperature control was the highest.
Thermal upgrading + intellectualization, liquid cooling technology is expected to become the main trend. The underlying technology of temperature control is mainly divided into: air cooling, chilled water (indirect evaporative cooling), liquid cooling, phase change materials, electronic heat dissipation technology (heat conduction material heat dissipation, heat pipe heat dissipation, soaking sector), etc. at present, the stock scene is dominated by air cooling, and the use ratio of indirect evaporative cooling and liquid cooling technology is increasing. We believe that with the acceleration of computing power upgrading, greening and intellectualization, liquid cooling has the advantages of high heat dissipation power density, low energy consumption, low noise, stable effect, uniform heat dissipation and prolonging the service life of battery / chip, which is expected to become the main trend in the future. According to our analysis, liquid cooling is expected to realize cross industry technology sharing in IDC, power battery and energy storage battery, reduce development costs and accelerate popularization.
From the perspective of enterprise development strategy, cross application scenarios bring scale effects, platform development helps reduce costs and increase efficiency, and enables long-term growth. Enterprises choose to develop across different segments of industries, which can break the scale limit of a single industry and improve the medium and long-term space. In order to better solve the characteristics of product diversification and strong customized attributes of the temperature control industry, they can take the following measures: 1) choose to enter the industry with a certain degree of correlation; 2) Build a platform-based R & D procurement model; 3) Develop standardized technical modules; 4) Increase R & D investment and improve product value.
Long term optimistic about the high-quality enterprises with cross industry layout in the temperature controlled blue ocean track, taking into account the high elasticity stocks in the high boom track. We believe that under the background of digital wave and energy revolution, the temperature control track has a long-term and broad growth space and is worthy of key layout. With the thermal density + Intelligent upgrading, the value and share of head manufacturers are expected to be further improved. Technically, we focus on enterprises that have layout and Application of liquid cooling technology. In the long run, many leading temperature control enterprises with track layout + platform advantages take into account the high elastic stocks in high boom tracks such as data center, energy storage and new energy vehicles.
Based on the above analysis, it is recommended to focus on [ Guangdong Shenling Environmental Systems Co.Ltd(301018) ], [ Shenzhen Envicool Technology Co.Ltd(002837) ], [ Sanhe Tongfei Refrigeration Co.Ltd(300990) ], [ Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) ], [ Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) ], [ Runa Smart Equipment Co.Ltd(301129) ].
