20230616_招商证券_通信行业数字经济“算力网络”系列9：AI推动液冷从0到1产业链共振迈入新技术周期_32页.pdf
|2023 06 16 9 TMT/IDC PUE CPU GPU Intel NVIDIA CPU GPU Intel 2022 5 NVIDIA A100 H100 A100 80GB PCIe AI IDC IDC-2025 IDC 132.8 AI 100 32.8 2028 IDC 250 AI 212 37.7 1 0-1 2 IDC/%189 3.8 30278 3.6 21768 3.1%1m 6m 12m 18.5 38.9 39.4 20.3 39.6 47.7 1 2023-05-23 2 4 2023-05-08 3 8 AI 2023-04-18 S1090522060001 S1090523040001-40-200204060Jun/22 Oct/22 Jan/23 May/23(%)通信 沪深300AI 0 1 2.6 1 CPU/GPU/.6 2.6.8 1.8 2.9.10 1.10 2.11 IDC.17 1.17 2.23.24 1.24 2 2025.25 3.28.29 1.29 2.30 1.5 2 Intel CPU.6 3 Intel.7 4 Intel Sumber.7 5 NVIDIA A100 H100.7 6 A100 GPU A100 GPU.7 7“”.10 8“+”.10 ZXBYwPsPnOmNqOmPrMqPrQ8O9R6MoMqQsQpMeRmMrPeRqRvM6MqQvMwMqQxPwMoPoM 3 9 CPU.10 10“”.10 11.11 12.11 13 ParaStor.12 14.12 15.13 16 ICT.13 17.13 18 R4900LC G5.14 19.14 20 B5000 G4 LP CDU.15 21.17 22.17 23.18 24.18 25.19 26.19 27.19 28+.20 29.20 30/.20 31.20 32.21 33.21 34.21 35 GRC.22 36.22 37 kW.23 38.23 39.24 40.24 4 41 Immersion DC 1000.25 42 FusionServer CH140L V3.25 43 FusionServer Pro CH121L V5.25 44.26 45.27 46 5G.27 47 5G BBU.27 48.27 49.29 50.29 51 PEBand.31 52 PBBand.31 1 Intel.6 2 NVIDIA A100 PCle GPU.7 3.8 4.9 5.9 6.12 7.14 8.15 9.20 10.21 11.22 12.24 13.26 14.27 15/.29 16.30 5 KEYPOINTS ICT IDC 1 CPU GPU 2 AI 3 IDC IDC PUE 4 1 6 1 CPU/GPU/CPU GPU CPU GPU CPU Intel CPU CPU AIO CPU IHS IHS GPU NVIDIA A100 80GB PCIe A100 80GB PCIe GPU HGX A100 SXM 2 Intel CPU Intel 2 1 CPU Intel 2023Q1 350W 2023 1 Intel 1 Intel Platinum 8454H 32 3.40 GHz 2.10 GHz 270W Platinum 8458P 44 3.80 GHz 2.70 GHz 350W Platinum 8460H 40 3.80 GHz 2.20 GHz 300W Platinum 8462Y+32 4.10 GHz 2.80 GHz 300W Platinum 8468 48 3.80 GHz 2.10 GHz 350W Platinum 8468H 48 3.80 GHz 2.10 GHz 330W Platinum 8468V 48 3.80 GHz 2.40 GHz 330W Platinum 8470 52 3.80 GHz 2.00 GHz 350W Platinum 8470N 52 3.60 GHz 1.70 GHz 300W Platinum 8470Q 52 3.80 GHz 2.10 GHz 350W Platinum 8471N 52 3.60 GHz 1.80 GHz 300W Platinum 8480+56 3.80 GHz 2.00 GHz 350W Platinum 8490H 60 3.50 GHz 1.90 GHz 350W 7 Intel Intel Intel Intel 2021Q2 Intel Intel Turbo TDP RAS Intel 1 2021 Intel Sumber CPU 2 2022 GRC Green Revolution Cooling Intel 3 2023 Intel Intel 3 Intel 4 Intel Sumber Intel 2 GPU 2022 5 A100 H100 Direct to Chip A100 80GB PCIe Equinix NVIDIA NVIDIA A100 PCle GPU 28%NVIDIA GPU PUE 1.15 1.6 2 NVIDIA A100 PCle GPU A100 80GB PCIe GPU 80GB HBM2e GPU 1935GB/s TDP 300W PCIe NVIDIA 5 NVIDIA A100 H100 6 A100 GPU A100 GPU NVIDIA NVIDIA 8 1 2025 IDC 132.8 AI 100 32.8 2028 IDC 250 AI 212 37.7 3 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 391.1 400.0 350.0 371.0 389.6 405.1 417.3 429.8 yoy%2.3%-12.5%6.0%5.0%4.0%3.0%3.0%AI 5 6.0 14.0 20.0 25.0 30.8 36.9 43.5 yoy%20.0%133.3%42.9%25.0%23.0%20.0%18.0%AI%1.3%1.5%4.0%5.4%6.4%7.6%8.8%10.1%AI%5%6%20%40%50%60%70%75%AI kW 5.5 6.0 6.5 8.0 10.0 12.0 13.0 13.0 AI kW 1.3 1.2 1.0 0.9 0.8 0.6 0.6 0.50 AI 1.8 2.6 18.2 57.6 100.0 132.8 184.7 212.3 yoy%45.0%602.2%216.5%73.6%32.8%39.0%14.9%386.1 394.0 336.0 351.0 364.6 374.4 380.4 386.3 yoy%2.0%-14.7%4.5%3.9%2.7%1.6%1.5%5%5%8%10%15%20%22%25%kW 0.6 0.8 0.9 1.1 1.2 1.25 1.3 1.3 kW 0.7 0.7 0.6 0.5 0.5 0.3 0.3 0.3 8.1 11.0 14.5 19.3 32.8 28.1 32.6 37.7 yoy%36.1%31.6%33.0%70.0%-14.4%16.2%15.4%9.9 13.6 32.7 76.9 132.8 160.9 217.3 249.9 yoy%37.7%140.1%135.1%72.7%21.2%35.1%15.0%IDC 9 2 4 主要组件 Manifold CDU TANK CDU 英维克 申菱环境 高澜股份 同飞股份 佳力图 网宿科技 银轮股份 CDCC 5 英维克 Intel 500MW 申菱环境 高澜股份 2022 8 GPU 同飞股份 2022 7 2022 11 佳力图 CPU 网宿科技 银轮股份 依米康 2023 飞龙股份 GPU AI 川润股份 IDC 北特科技 10 1 1 CDU Manifold CPU DIMM+CPU GPU+CPU GPU CDU 7 8+2019 2019 9 CPU 10 2021 2019 11 2 1 2 3 5 CPU GPU 11 12 2020 2 AI IDC 2022 AI 202 29.8%16.4%1.2pct AI NVIDIA DGX A100 640GB AMD Rome 7742 8 NVIDIA A100 80GB Tensor Core GPU 6.5kW 1 2011 2015 2019 C7000 12 C8000 TC4600E-LP C7000 TC4600E-LP CPU 6 C7000 CPU 42U 9 C8000 420kW TC4600E-LP CPU AI 160kW 30 2022 11 ParaStor AI 2023 2 AI AI 2023 3“”13 ParaStor 14 13 2 ICT ICT IT CT DC 2023 1 5 G5 4 80W 15dB PUE 1.1 3 Intel Whitley 3 15 16 ICT Intel CPU 3DVC 20%CPU MMC-17 36 3 ICT 2017 14 R4900 G2 B16000 49.85W CPU 23 235W CPU PUE 1.2 2022 5 UniServer R4900LC G5 NVIDIA A100 80GB PCIe GPU 21.3%PUE 1.042 ICT Manifold/CDU AI 2023 AI 18 R4900LC G5 19 H3C 2023 4 2022 All in 300 CPU GPU-150%2022 3 ORS3000S NF5260FM6 NF5260M6 NF5280M6 45%2022 6 AI AI 5-7 10 7 NF5280M6 Intel 270W NF5260M6 I/O 15 i24LM6 2U 4 5%ORS3000S 50%N+N AI NF5688M6 8 NVIDIA A800 GPU 500W A800 GPU CPU 13 PCIe 5 2022 3 EVAC 40%2022 B5000 G4 LP+CPU CPU 80%-90%20 B5000 G4 LP CDU 2023 1 12 G50 Intel B7000 Intel PUE 1.05 3%B7000 8 16 R620 G50 LP CPU 55 C 80%PUE1.15 R620 G40 LP 3 UPI 11.2 GT/s CPU B5000 G5 LP 4U8 8 PUE 1.12 B5000 LP G4 4U8 8 PUE 1.2 AI X660 G45 LP 8 NVIDIA Tesla SXM4 A800 GPU CPU 2*270W TDP GPU 8*500W TDP 17 IDC 1 1 CDU CDU CPU GPU CDU 21 CDU CDU CDU CDU 22 IT CDU IT 18 CDU IT IT 23 Intel IT/24 CDU CDU 19 25 26 12-18 30 27+/+/20 28+29 30/31 9/+2 IT HVDC CDU CDU/IT 21 32 33 34 3M 3M 10 502,000/(2)3,90025,000/(2)90/2 100150/2 4961 22 1 2/Green Revolution Cooling LiquidCool Solutions Iceotope Technologies Submer LiquidStack 3M 35 GRC 36 11 40kg50kg 23 2 IDC 2020 2025 25kW IDC 20kW 30kW 2022 2020 HVDC Distribution Redundancy AI PUE 1.0 7000 2021 5 5 5,100 10 2022 10+AHU 11 19MW PUE 1.2 50%2021 12 Smart DC Turbo D-Pre X-BP Turbo-L 2,200kW PUE 1.09 2022 6 2 3 5,200 70,000 AI PUE 1.15 WUE 1.1 37 kW 38 Colocation America 0510152025302008 2016 2020E 2023E 2025E 24 12/1 IDC IDC IT IDC 2016 2017 2018 28kW 4,000 10 PUE 1.19 2020 9 5A PUE 1.09 7000 2021 5 5 5,100 10 2021 12 22 IDC Immersion DC 1000 1.09 PUE AI 40P Flops 25.6T AI 3.4P 39 40 IDC 25 41 Immersion DC 1000 2022 3 ORS3000S 80%IT 50%40%PUE 1.1 28.6%30%10%618 2017 FusionServer FusionServer CH140L V3 HPC 2018 4 53kW 2019 FusionServer Pro FusionServer Pro CH121L V5 HPC NFV 2022 8 FusionPOD iCooling PUE 1.15 3000 1.4 42 FusionServer CH140L V3 43 FusionServer Pro CH121L V5 2 2025-2023 6 5 2023 2024 10%2025 50%26 44 2023 2023 2023 2023 30 3 7 36kW 8 40kW 1 2023 2024 2023 2024 2023 2024 13 2023 2024+2025 2023 2017 1 2017 2019-2021 5G BBU 27 45 46 5G 2023 2023 2 5G BBU 5G BBU 2020 10 5G BBU 2 PUE 1.246 PUE 1.15 2018 2 1 PUE 1.2 PUE 1.4 47 5G BBU 48 2023 2023 2022 5G CU/DU 807.12 DC R4 R6 7 5G BBU PUE 1.1 30%14 DC R4 3 4 2 1 1 R4 1 4 2 1 1 R4 2 4 2 28 1 1 R6 2 6 1 1 1 TM+3 IDC 32 2021 6 BBU 2021 10 9 5G BBU 10kW PUE 1.254 PUE 1.448 PUE BBU BBU PUE 1.16 3 IT 2022 8 15 2 1 5,000+PUE 1.25 2020 12 31 12PFlops 256Pops 15PB PUE 1.1 2020 11 100PFlops 100PB PUE 1.04 2022 11 14 120 2020 9 10/2020 400Pflops CPU+DCU CPU 7000 DCU GPU 1 29 1 49 2023 15/H3C/2023 CDU PUE 1 2 3 50 2023 30 2 1 2 3 4 TCO 2022 2022 650 134.3 21%2025 50%16/9 3 2023 31 51 PEBand 52 PBBand 0500100015002000250030003500400045005000Jun/21 Dec/21 Jun/22 Dec/220200400600800100012001400Jun/21 Dec/21 Jun/22 Dec/22 32 2022 21 IDC 6-12 A 300 500 20%5-20%5%5%
