Guohai Securities: Maintains "Overweight" rating on Shenling Environment, convertible bonds to increase liquid cooling capacity.

According to the research report by Guohai Securities, Shenling Environment is expanding its AI liquid cooling market in North America, with convertible bonds further enhancing liquid cooling capacity. Overseas operations are currently a key focus of the company's business expansion. The company's data service liquid cooling series products mainly include CDU, Manifold, integrated cooling sources, dry coolers, prefabricated primary and secondary side pipe networks, liquid cooling doors, cooling source modules, hydraulic modules, integrated liquid cooling modules, quick connectors, and cold plates, among others. Based on the recognition of the company's technological innovation capabilities, quality assurance capabilities, and rapid delivery capabilities, the cooperation stickiness with major clients, including H Company, ByteDance, Tencent, Alibaba, and major COLO providers, has further strengthened. With capacity and delivery capabilities prioritized, the proceeds from the convertible bonds will help meet the high demand for AI computing power. The rating is maintained at "Buy."