Sinolink Securities: Suggest paying attention to enterprises that have actively positioned themselves in graphene thermal pads and possess first-mover advantages.

Guojin Securities pointed out that AI computing power construction continues to drive the upgrading of chip heat dissipation demand, with the power consumption of a single GPU rising from 400W to 1400W. TIM has become a key material for ensuring the performance and reliability of high-power chips, and the carbon-based route is expected to open a window for domestic breakthroughs. The industrialization opportunity for graphene thermal pads is clear, and it is recommended to pay attention to enterprises that have actively laid out graphene thermal pads and have first-mover advantages.