[XN Auto / Sichuan-Chongqing Team] Multiple Inflection Points in Liquid Cooling + AI PC + Main Business - Key Points from Jiebang Technology Research Visit on 20260729

English summary

Core Highlight 1: Liquid cooling with dual drivers enters Taiwan-based core supply chain, 2027 target of 2-2.5 billion yuan. The acquisition of Hengju Electronics binds AVC (top tier in Taiwan-based liquid cooling). Orders on hand in 2026 are 400-500 million yuan; in 2027, Hengju targets 1.5 billion yuan + Taisuo 500 million yuan + CDU 100-300 million yuan, for a total liquid cooling revenue target of 2-2.5 billion yuan. DIMM memory module liquid cooling is a new explosive market. AVC shipments: about 4,000 sets/month in 2026 -> target of 80,000 sets in 2027; in 2028, CPO co-packaging adds new increment. CDU occupies the high ground of liquid cooling technology. Ran Qikun, former VP of Vertiv Greater China, leads the team (holding 35% stake). Samples are expected by end of 2026, with unit prices ranging from several hundred thousand to 1.2 million yuan. With 1,000 units, that's 1 billion yuan in revenue, with huge elasticity. A Vietnam plant addresses North American customers' overseas capacity concerns. Industry supply-demand tension will persist for 1-2 years; stainless steel vacuum welding has high technical barriers, with few stable mass-production manufacturers, giving a competitive landscape better than ordinary machining. ...