2025-05-26-Jefferies-杰富瑞瑞典中型股之旅反馈-第二天_数据中心聚焦_10页_223kb

• Equity Research Summary:
  • Market Focus: European mid-cap companies.
  • Key Theme: Focus on data center sector.
  • Investor Key Questions Addressed:
    1. Demand Durability: Underlying growth drivers for data centers remain strong due to cloud computing, AI, and increased reliance on digital infrastructure. Niche players (e.g., liquid cooling) may have better positioning due to less saturation.
    2. Supply Constraints: Power, land, and regulatory hurdles pose challenges. Opportunities exist in modular/edge data centers and innovative technologies (e.g., renewable energy, circular economy practices).
    3. Regulatory Impact: Energy efficiency mandates and data localization policies are pushing towards decentralized infrastructure and influencing investment strategies.
    4. Sustainability: Integrated throughout data center lifecycle, balancing resource consumption with environmental goals.
  • Company Highlights:
    • Munters: Diversified provider of thermal solutions; strategic acquisitions and engineering excellence; strong US growth vs. longer European projects.
    • AFRY: Engineering firm positioned for energy transition; expertise in grid modernization and project planning.
    • Conapto: Leading colocation provider; focus on AI demands, liquid cooling, and sustainability; major facility in Stockholm.
    • Skanska: Construction leader; emphasis on speed, quality, and technical expertise; key in strategic site selection.

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# Summary