CITIC Securities: The Evolution of CDU Technology Path, Electronic Screen Pump Welcomes Historic Replacement Turning Point

CITIC Securities pointed out that the increase in cabinet power density, the standardization of liquid cooling, the relaxation of overseas access mechanisms, and the turnover of technology routes are jointly driving the development of the liquid cooling pump industry. From the perspective of the industrial chain, the circulating pump, as the core power equipment of the CDU, accounts for 20%-30% of the total BOM, directly determining the flow and operational stability of the system. Liquid cooling pumps are not basic general hardware manufacturing, and their access threshold highly depends on multidisciplinary collaborative development and long-term reliability verification. Companies in the industry with substantial supply capacity are limited. With the accelerated technical substitution from mechanical pumps to shielded pumps, suppliers with absolute sealing, high fault-free operation time, customized development capabilities, and core customer verification records will establish significant competitive advantages.