Core Insights - The Chinese redundant power system industry is experiencing strong demand driven by AI computing power and "new infrastructure," with a projected market size of approximately 30.8 billion yuan in 2024, reflecting a year-on-year growth of 8.83% [1][8] - The growth is attributed to the rigid demand for high reliability in power supply for key infrastructures such as data centers, communication networks, and industrial internet, as well as the direct pull from high-power density loads like AI servers [1][8] - The focus of competition in the industry has shifted from traditional general-purpose products to customized and intelligent solutions such as high-voltage direct current (HVDC) and liquid-cooled power supplies [1][8] Industry Overview - Redundant power systems (RPS) are designed to achieve load balancing, automatic fault switching, and continuous power supply through parallel or backup designs of multiple power modules, ensuring seamless operation even during main power failures [2] - The systems typically utilize chip-controlled modules for load distribution and health monitoring, supporting hot-swappable functionality to allow for module replacement without service interruption [2] Industry Value Chain - The upstream of the redundant power system industry includes raw materials and components such as MOSFETs, IGBTs, diodes, chips, sensors, and various protective devices [4] - The midstream involves the production and manufacturing of redundant power systems, while the downstream applications span data centers, industrial automation, communication, transportation, medical, and aerospace sectors [4] Market Size - The market size of the Chinese redundant power system industry is expected to reach approximately 30.8 billion yuan in 2024, with an 8.83% year-on-year growth, driven by the demand for high reliability in power supply for critical infrastructures [1][8] - The industry is witnessing a transition towards customized and intelligent solutions that cater to high-efficiency computing clusters [1][8] Key Companies Performance - The industry has a high concentration of market players, with companies like Eurotech deeply integrated with major clients such as Inspur and Alibaba, and their 800V HVDC solution passing tests by Meta [8] - Megmeet has entered the Nvidia supply chain and co-developed an immersion liquid-cooled power supply, supporting a power density of 300kW per cabinet [8] - Zhongheng Electric provides deep service in the HVDC market for internet giants like Tencent and Alibaba [8] Industry Development Trends 1. **Technological Evolution**: The industry is evolving towards AI-driven intelligent redundancy, enhancing energy efficiency and smart development, with power conversion efficiency exceeding 96% and modular designs supporting high power density [11] 2. **Rising Market Demand**: The demand for redundant power modules is increasing significantly, particularly in data centers, driven by projects like "East Data West Computing" and the growth of 5G and industrial automation [12] 3. **Policy and Industry Synergy**: National goals for carbon neutrality and the "14th Five-Year Plan" are pushing the industry towards greener and more autonomous upgrades, with an increasing penetration of domestic power management chips [13]

证券日报网讯12月15日，麦格米特（002851）在互动平台回答投资者提问时表示，新一代半导体技术的 应用有助于推动电力电子技术变革，公司已在多行业产品中应用第三代半导体部件，并有相关投资布 局。 ...

证券日报网讯12月15日，麦格米特（002851）在互动平台回答投资者提问时表示，截至2025年12月10 日，公司股东人数为70000+户。 ...

证券日报网讯12月15日，麦格米特（002851）在互动平台回答投资者提问时表示，公司新能源交通相关 业务2025年进展良好，市场化落地及财务兑现速度均实现加速，且随着规模化的逐步兑现，公司自年初 起已同步开展降本增效、成本管理等一系列有关工作，正在持续重点推进中。 ...

证券时报·数据宝统计，截至发稿，麦格米特最新股价为79.44元，上涨0.09%，本期筹码集中以来股价 累计上涨11.32%。具体到各交易日，6次上涨，5次下跌。 公司发布的三季报数据显示，前三季公司共实现营业收入67.91亿元，同比增长15.05%，实现净利润 2.13亿元，同比下降48.29%，基本每股收益为0.3911元，加权平均净资产收益率3.46%。 机构评级来看，近一个月该股获2家机构买入评级。预计目标价最高的是华泰证券，12月12日华泰证券 发布的研报给予公司目标价93.64元。（数据宝） （文章来源：证券时报网） 麦格米特12月15日披露，截至12月10日公司股东户数为70000户，较上期（11月30日）减少12000户，环 比降幅为14.63%。 ...

华泰证券研报指出，麦格米特稳步推进定增项目，已通过交易所上市审核，有助于完善公司全球产能与 研发布局。虽短期业绩受传统家电业务影响有所承压，但该行看好公司综合竞争力不断提升，数据中心 电源、新能源汽车、储能充电、智能家电等业务规模效应显现，带动公司整体盈利能力持续修复。维 持"买入"评级。 ...

Core Viewpoint - The power equipment sector is experiencing significant strength, with notable stock price increases among key companies [2] Group 1: Company Performance - Aikosai Bo has seen its stock price rise over 9%, reaching a new high during intraday trading [2] - Hailu Heavy Industry and Dongfang Electric have hit the daily limit up [2] - Other companies such as Xizi Clean Energy, Oulu Tong, Rongfa Nuclear Power, Magpower, and Xinle Energy are also experiencing upward momentum [2]

Group 1 - The power equipment sector experienced a significant rise in early trading on December 9, with European mainland stocks increasing by over 10% [1] - Companies such as KOTAI Power, Newray Energy, Magpower, Zhongheng Electric, and Aikaisibo also saw gains alongside the leading stock [1]

Group 1 - The power equipment sector experienced a rise in early trading, with European Continental rising over 10% [1] - Other companies such as KOTAI Power, Newray Energy, Magpower, Zhongheng Electric, and Aikoseibo also saw increases [1]

Core Insights - The overall judgment indicates that both domestic and overseas AI-driven demand will continue to grow, leading to stock price performance in the AIDC industry. The overseas market, particularly in the U.S., is experiencing tight supply and demand for power equipment, which presents opportunities for domestic supply chains to expand internationally. Additionally, domestic capital expenditure on power grids is steadily increasing [3]. AIDC Power Supply: Continuous Beta and Clear Industry Trends - The capital expenditure of major overseas cloud service providers (CSPs) is expected to continue increasing, driving high demand for AIDC. The total capital expenditure of the four major overseas CSPs (Amazon, Google, Microsoft, Meta) is projected to grow at rates of 34% in 2021, 20% in 2022, -7% in 2023, and 55% in 2024, with a significant increase of 71% in the first three quarters of 2025 [11]. - Domestic CSPs have also seen a resurgence in capital expenditure, with a staggering 184% year-on-year growth in 2024 and 87% in the first three quarters of 2025 [13]. - The power consumption of AI servers is expected to rise significantly, with cabinet power levels projected to exceed 200kW in the near future, indicating a need for technological upgrades in both internal and external power supplies [20][25]. - The transition from three-level to two-level voltage reduction in internal power supplies is anticipated, which will streamline power supply processes [28]. - External power supplies are shifting from UPS to HVDC and SST solutions, reflecting a clear trend towards direct current and medium voltage systems [32]. Power Equipment Export: Continuous High Demand - The U.S. has seen a rapid increase in new power installations since 2020, with growth rates of 1.20%, 2.42%, 0.98%, 2.14%, and 3.47% from 2020 to 2024, indicating a robust demand for power equipment [59]. - China's transformer exports reached 46.5 billion yuan in the first nine months of 2025, marking a 40.20% year-on-year increase, with other power equipment exports also showing significant growth [77]. Domestic Power Grid: Continued Investment and Recovery - The approval of ultra-high voltage direct current projects is progressing steadily, with a rich pipeline of projects expected to drive growth during the 14th Five-Year Plan [81]. - The total bidding amount for power grid projects has reached 78.7 billion yuan, reflecting a nearly 20% year-on-year increase, significantly surpassing the 7.61% growth rate of 2024 [84]. - The domestic smart meter replacement cycle is expected to smooth out, with a projected increase in bidding quantities in 2026-2027 as new standards are introduced [90].