Soochow Securities Co., Ltd.: Edge AI Cooling Opportunities, Focus on awinic and Southchip for Micro Pump Liquid Cooling

According to Zhitong Finance APP, Dongxing Securities released a research report stating that the surge in demand for computing power in devices is expected to make traditional passive cooling methods such as graphene and VC effectively meet high-power cooling needs. Traditional passive cooling is expected to gradually shift towards active cooling solutions. Currently, the trend for micro-pump liquid cooling active cooling solutions is clear, with strong certainty for implementation. The technical barrier for micro-pump liquid cooling solutions lies in the micro-pump liquid cooling driver chip. Currently, foreign analog manufacturers have limited layouts for this component, resulting in a favorable competitive landscape. Domestic companies such as awinic (688798.SH) and Southchip (688484.SH) have made forward-looking layouts and are expected to benefit significantly. The main points from Dongxing Securities are as follows: AI Empowerment at the Endpoint, Power Consumption Increase Drives Cooling Demand In 25H2, with AI innovations represented by Apple, various flagship AI smartphones are expected to be launched. The surge in demand for computing power in devices is expected to make traditional passive cooling methods such as graphene and VC effectively meet high-power cooling needs. Traditional passive cooling is expected to gradually shift towards active cooling solutions. Among them, piezoelectric micro-pump liquid cooling solutions are expected to accelerate the flow of cooling liquid through driver chips, improving circulation efficiency and precisely addressing the cooling pain points in the core areas of chips. According to awinic's official WeChat account, compared to passive solutions, liquid cooling driver solutions are expected to improve thermal efficiency by more than three times. Advancement of Micro-Pump Liquid Cooling Active Cooling Solutions, Expected to Be Implemented in 25Q4 Currently, the trend for micro-pump liquid cooling active cooling solutions is clear, with strong certainty for implementation. Previously, Huawei launched a "micro-pump liquid cooling phone case" in 2023, which features an ultra-thin liquid cooling layer and is equipped with a high-precision micro-pump that circulates cooling liquid to dissipate heat from the device. It can also intelligently start and stop the liquid cooling function based on the phone's temperature and environment. Additionally, the phone case contains high-performance phase change materials (PCM) with up to 200 million microcapsules that efficiently absorb heat generated by the device. In 25Q4, the industry trend for micro-pump liquid cooling is expected to gradually migrate from phone cases to smartphones, likely being implemented in high-end models from well-known domestic smartphone manufacturers. The year 2026 is expected to mark the "year of volume" for micro-pump liquid cooling active cooling. Awinic and Southchip Take the Lead in Layout, Benefiting from the Wave of Endpoint Active Cooling The technical barrier for micro-pump liquid cooling solutions lies in the micro-pump liquid cooling driver chip. Currently, foreign analog manufacturers have limited layouts for this component, resulting in a favorable competitive landscape. Domestic companies such as awinic (688798.SH) and Southchip (688484.SH) have made forward-looking layouts and are expected to benefit significantly. Awinic: The company has launched a new domestically produced liquid cooling driver AW86320 piezoelectric driver "Static Realm · Ice Core." This solution can provide a driving voltage of over 180Vpp, providing sufficient power for controlling liquid cooling. Its power consumption is comparable to that of the top overseas competitors, greatly facilitating mass production applications for miniaturized electronic devices. In high-load scenarios, the temperature can be reduced by 10-15℃. Southchip: The company announced the launch of its self-developed 190Vpp piezoelectric micro-pump liquid cooling driver chip SC3601, which can achieve low-power liquid cooling in mobile smart terminals. The SC3601 can achieve a tenfold improvement in energy-saving efficiency, with total harmonic distortion plus noise (THD+N) as low as 0.3% and standby power consumption at microampere levels. The liquid cooling solution equipped with this chip can significantly enhance the cooling performance of mobile smart terminals, filling the gap in domestic technology Currently, SC3601 has been validated and is about to enter mass production with multiple clients. Risk Warning: AI application progress is below expectations, technological development is below expectations, market competition risks