CITIC Securities pointed out that the increase in cabinet power density, the standardization of liquid cooling, the relaxation of overseas entry mechanisms, and changes in technology routes are jointly driving the development of the liquid cooling pump industry. Looking at the industrial chain, the circulation pump is the core power equipment of the CDU. According to estimates, it accounts for 20% to 30% of the total BOM, which directly determines the flow rate and operation stability of the system. Liquid cooling pumps are not manufactured with basic general hardware. Their entry threshold is highly dependent on multi-disciplinary collaborative development and long-term reliability verification, and companies with substantial supply capabilities in the industry are limited. As the technological replacement of mechanical pumps to shielded pumps accelerates, suppliers with absolute sealing, high trouble-free operation times, customized development capabilities, and core customer verification history will establish significant competitive advantages.

CITIC Securities pointed out that the increase in cabinet power density, the standardization of liquid cooling, the relaxation of overseas entry mechanisms, and changes in technology routes are jointly driving the development of the liquid cooling pump industry. Looking at the industrial chain, the circulation pump is the core power equipment of the CDU. According to estimates, it accounts for 20% to 30% of the total BOM, which directly determines the flow rate and operation stability of the system. Liquid cooling pumps are not manufactured with basic general hardware. Their entry threshold is highly dependent on multi-disciplinary collaborative development and long-term reliability verification, and companies with substantial supply capabilities in the industry are limited. As the technological replacement of mechanical pumps to shielded pumps accelerates, suppliers with absolute sealing, high trouble-free operation times, customized development capabilities, and core customer verification history will establish significant competitive advantages.