260602_gs_auras

PDF 原檔：260602_gs_auras_original.pdf

原始內容

Auras (3324.TWO): Computex 2026: Liquid cooling total solution with in-row CDU showcased; Buy

We visited Auras' booth on June 2 at our Computex tour in Taipei. Auras showcased its liquid cooling and air cooling solution, covering components across CDU (Cooling Distribution Unit), UQD (Universal Quick Disconnect), cold plate, manifold etc. Management highlighted the rising adoption of liquid cooling solution, driven by the AI infrastructure requiring higher e ffi ciency and lower power consumption. The company has launched in-row CDU to work under 3 degree ATC (Approach Temperature Di ff erence) environment, and a water pump product to support PWM (Pulse Width Modulation) demand. We expect to see triple digit YoY earnings growth in 2026E, with rising contribution from liquid cooling and higher blended GM. Maintain Buy.

Key takeaways

1. Rising liquid cooling penetration: Overall, management is positive on the rising adoption of liquid cooling solutions to lower the power consumption of AI infrastructure and the total operational cost. The company has expanded from GPU / CPU cooling solution to ASIC, and the company's CPU / DIMM (Dual In-line Memory Module) dual cooling module is featured with high accuracy and reliability, supporting rising CPU workload and AI data management.
2. Cooling products in expansion: The company showcased its liquid cooling total solutions for AI servers across various architectures. Management highlighted the in-row CSU could support up to 2MW cooling e ffi ciency under 3 degree ATC (Approach Temperature Di ff erence) environment. Besides o ff ering UQD and MQD (Multiple Quick Disconnect), mgmt noted Auras also develops the water pump products for PWM (Pulse Width Modulation) to balance the performance and power consumption, which is used across AI data center, work station and Notebook.

Verena Jeng

+852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.

Allen Chang

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.

Ting Song

+852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C.

e92c7a75ab8b4efbba794e6b187208c8

Cxmoit o. Aulds Idck Mlldmlora

High-Performance Computing (HRC)

malia miles mensolation ormance Computing (HPO)

Hyperscale Data Genters

Exhibit 1: Auras UQD solution

Source: Company data

Exhibit 3: Auras rack manifold

Source: Company data

Exhibit 2: Auras MQD solution

Source: Company data

Exhibit 4: Auras liquid cooling solution

Source: Company data

Price Target Risks and Methodology - Auras

Our 12m target price for Auras is based on a near-term P/E, consistent with our Taiwan Technology coverage. We base our 12-m TP of NT$1,283 on a target P/E multiple of 17.9x forward year EPS (2027E). Our target P/E is derived from the correlation between P/E and EPS growth of its peers in technology hardware, based on the company's 2027E-28E EPS YoY growth at 23%. Key downside risks: 1) Slower-than-expected liquid cooling penetration; (2) Soft AI server demand; (3) Weaker-than-expected PC market; and (4) Potential competition from existing and new suppliers.

e92c7a75ab8b4efbba794e6b187208c8

3324.TWO

12m Price Target:

NT$1,283.00

Price:

NT$1,165.00

Upside:

10.1%

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 2 Jun 2026 close.

e92c7a75ab8b4efbba794e6b187208c8

圖片清單（已驗證 2026-07-02）

回補驗證：僅涵蓋已被 lib 頁嵌入的圖片，非全量驗證。