Who AVC is
Asia Vital Components (3324.TW), traded as 雙鴻, is a thermal house that started in notebook heat pipes and vapor chambers and now sells a liquid-cooling system: cold plate, internal manifold, rack manifold, quick disconnects and CDU. Management's own contrast is that in the air-cooling era it was a component maker, and in the liquid era it is a system supplier. It has stayed out of chassis and fans on purpose.
It is not on NVIDIA's published 800 VDC list. Cold-plate and manifold work is on NVIDIA and AMD recommended-vendor lists, from the May 2025 call.
Business mix
By Q3 2025 the mix had flipped toward servers and water:
- Servers — 60% of Q3 sales (water 35%, air 25%). Guided to 72% of 2026 sales.
- PC — 27%, still being tilted toward gaming notebooks.
- VGA — 11%.
- Other — 2%, now mainly automotive after phones were dropped.
Water went from 12% of 2024 sales to 17% in Q1 2025, 23% in Q2 and 35% in Q3. Full-year 2025 water mix is guided at 35%, then above 55% in 2026. Inside 2025 water revenue: cold plate plus internal manifold 50–55%, rack manifold 40–45%, CDU about 5%.
Where it sits in the NVIDIA 800 VDC stack
The liquid-cooling block on NVIDIA's diagram: cold plate, manifold, QD, CDU, 45°C loop.
Neither 2025 call said 800 V. The 800V read is the same as Auras: Vera Rubin and GB300 cabinets go liquid, some of them fanless, which AVC says makes the internal manifold larger and more valuable even if the cold plate itself is under cost pressure. GB300 cold plates and MGX-platform plates were the Q4 2025 volume story. ASIC programmes at existing CSP accounts — some converting from air, some born liquid — are the 2026 growth story.
Self-made content: cold plates and rack manifolds 100%. In-house QDs are being designed into GB300 and ASIC, with a ~30% attach target, not a 100% replacement of customer-specified QDs.
Coverage note
Two notes: Q1 2025 (23 May) and Q3 2025 (25 November). The November call is the one with the 35% / 55% water-mix path, the fanless-tray value argument, and the capacity numbers. The May call is the one that named NVIDIA and AMD RVL status and the earlier 40–50% 2025 water target, which November restated at 35%.