Lingyi (002600.SZ): Readore 工厂调研：AI 服务器液冷与光模块驱动未来增长

We visited Lingyi's subsidiary, Readore's, factory in Dongguan recently. Management remains positive on its business expansion from consumer electronics toward AI data centers, across liquid cooling and power management. On liquid cooling, the company maintains its strong commitments on capacity expansion, and highlights its penetration in leading global-tier CSPs, along with expansion toward other GPU or ASIC platforms, supporting its future growth. Management's positive tone on AI server chassis echoes our positive view on Global Server TAM, which we expect AI server rack (NVL72-equivalent) shipments to reach 55k/105k/163k in 2026E-28E. Key takeaways: (1) Liquid cooling in capacity expansion - management maintains its long-term capacity expansion target to become significantly larger than current levels, leveraging Lingyi's global footprints and strong automated production;