SST四问四答： 下一代AIDC供电方案，0-1进程 有望加速 长江证券研究所电新研究小组 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SFC执业证书编号：BQK482 SFC执业证书编号：BVD284 %% %% 2026-02-02 %% %% %% %% research.95579.com %% %% research.95579.com 2 01 SST是什么？ 02 SST为何必要？ 03 SST有何壁垒？ 04 SST进展几何？ 目 录 % research.95579.com 3 01 SST是什么？ %% %% %% %% research.95579.com 4 01 SST是什么：基于电力电子的高集成度供电架构 ➢ 固态变压器（SST, Solid-State Transformer）是基于电力电子技术的高频、高效率电能变换装置，可替代传统工频变压器，实现电压变换 ...

Wall Street analysts expect Eaton (ETN) to post quarterly earnings of $3.33 per share in its upcoming report, which indicates a year-over-year increase of 17.7%. Revenues are expected to be $7.11 billion, up 13.9% from the year-ago quarter.The current level reflects a downward revision of 0.9% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Prior to a company's ...

Together, Eaton and Flexnode will offer turnkey, prefabricated IT infrastructure purpose-built for high power density data halls from 3.5 to 35 megawatts, and the ability to deploy multiple data halls onsite. The collaboration couples Eaton's technologies and 800 VDC power infrastructure with Flexnode's modular construction from design to deployment. Eaton technologies will be integrated into the Flexnode NX Compute Module, for rapid deployment to support the most demanding compute requirements. Learn more ...

Core Insights - Eaton's $4.3 billion business in electrical products is crucial for managing power in data centers, which are essential for the functioning of artificial intelligence [1][4]. - The company is focusing on data center construction and has recently acquired Boyd Thermal, a $1.5 billion business specializing in liquid-cooling technology for data centers [4]. - Eaton's sales increased by 10% and adjusted earnings rose by 8% in Q3 2025, with a backlog growth of 51% over the past two years, indicating strong future growth potential [5]. Company Overview - Approximately 75% of Eaton's revenue is derived from electrical products, with the remainder coming from automotive and aviation sectors [2]. - The company's offerings are designed to manage power, which is increasingly vital as global electricity demand rises [3]. Financial Performance - Eaton's stock has seen a price-to-earnings ratio of 33x, slightly above its five-year average of 32x, indicating that the stock may be considered expensive by value investors [6]. - Despite being 15% below recent highs, the stock's price-to-sales and price-to-book value ratios are also above long-term averages [6]. Investment Considerations - Eaton is viewed as a strong investment opportunity, particularly for aggressive growth investors who see potential in the expanding AI market [7]. - A significant pullback of 25% could present a more attractive buying opportunity for investors [7].

据彭博社援引知情人士消息，全球动力管理巨头伊顿公司正联合顾问机构，为旗下汽车业务部门评 估多项战略选项，正式探索出售或分拆该业务的可能性，该业务部门的潜在出售估值或高达 50 亿美 元。伊顿此次启动汽车业务战略评估，恰逢其传统汽车业务增长疲软，而电气、宇航等核心业务保持高 速增长的阶段，此举被视为公司优化业务结构、聚焦高增长赛道的重要布局。 ...

Core Viewpoint - Eaton Corporation plans to spin off its Vehicle and Vehicle Electrification Group into an independent publicly traded company as part of its new 2030 growth strategy, "Lead, Invest, Execute for Growth" [1][3] Group 1: Strategic Focus and Growth - The spin-off aims to enhance Eaton's focus on its core electrical and aerospace businesses while responding to industry trends such as electrification, digitalization, artificial intelligence, and increased infrastructure spending [3] - The company is confident that it can leverage its market advantages to capture growth opportunities and accelerate profit margins, thereby creating long-term value for shareholders [3] - The spin-off is seen as the right timing to allow the Vehicle and Vehicle Electrification Group to continue its leadership as a global supplier, with a concentrated strategic direction and flexible resource allocation [3] Group 2: Business Optimization and Acquisitions - Post-spin-off, Eaton will optimize capital allocation, focusing on high-growth, high-margin businesses with stable profitability [4] - Recent acquisitions, including Ultra PCS and Boyd Thermal, will help Eaton achieve a highly focused business portfolio to better meet strong demand in data centers, utilities, and aerospace markets [4] - The spin-off continues Eaton's successful practices in value creation and business transformation, following the sale of its lighting and hydraulic businesses in 2020 and 2021 [4] Group 3: Vehicle and Vehicle Electrification Group Overview - The Vehicle and Vehicle Electrification Group provides critical engineering solutions for power generation, distribution, and optimization across various vehicle types [6] - This business is a leading supplier in the commercial truck transmission and clutch market in the Americas and has significant advantages in high-voltage electric vehicle (EV) fuses and engine drive technologies globally [6] - The spin-off will enhance the strategic flexibility of the Vehicle and Vehicle Electrification Group, allowing it to effectively seize both short-term and long-term growth opportunities [6] Group 4: Transaction Details - The spin-off is expected to benefit both Eaton and the Vehicle and Vehicle Electrification Group by allowing for a more focused core business and strategic priorities [8] - A more targeted capital allocation strategy will enable flexible investments in profitable organic and inorganic growth opportunities [8] - The transaction is anticipated to be completed in the first quarter of 2027, subject to customary legal and regulatory approvals, and is expected to be tax-free for Eaton shareholders at the federal level [8]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the U.S. Semiconductors industry, particularly the AI value chain and its implications for various companies involved in hardware and semiconductor verticals [1][2] Core Insights and Arguments - A top-down framework is constructed to dimension the AI upside across sectors from 2025 to 2027, aimed at simplifying comparisons across different companies [2][19] - The analysis updates the breakdown of data center capital expenditures (capex) to reflect rising prices for DRAM and NAND, estimating an increase of approximately $70,000 per rack for server DRAM and $35,000 per rack for storage costs, raising all-in capex from $5.9 million to $6.0 million per rack [3][21] - Incremental revenue estimates per gigawatt (GW) of capacity are derived from market share estimates across nine key hardware/semiconductor verticals, with a regression analysis used to estimate margins on incremental AI revenue [4][23] Company-Specific Insights - **Unimicron and Ibiden** are highlighted as having significant upside potential, particularly in ABF substrate and HDI, with Unimicron expected to benefit from large opportunities [5][27] - **Nvidia (NVDA)** and **Broadcom (AVGO)** are identified as industry favorites, with Nvidia's AI substrate upgrade expected to double content generation [5][27] - **Intel (INTC)** and **Cisco** are noted to have lower exposure to AI opportunities compared to their market prominence, with Intel facing challenges in capturing market share [6][28][31] - **Delta Electronics** is rated as outperforming, with a price target of NT$1,300, benefiting from increased electrical content in AI data centers [13][30] - **MediaTek** is expected to see growth from the TPU ramp, while memory/storage players like **SanDisk**, **Samsung**, **Micron**, **SK Hynix**, and **KIOXIA** are projected to benefit from rapid memory price surges [6][30] Financial Metrics and Valuations - The report includes a detailed ticker table with performance metrics for various companies, including EPS and adjusted P/E ratios, indicating that Unimicron has room for growth while Intel appears expensive relative to its AI opportunities [9][29] - **Nvidia** is rated outperform with a target price of $275, while **AMD** is rated market perform with a target of $225, reflecting high expectations for AI growth [11][12] Additional Considerations - The analysis acknowledges that estimates of AI upside are imprecise and that valuations are influenced by various non-AI factors, suggesting that investors should consider their own assumptions for more accurate estimates [20][26] - The report emphasizes the importance of understanding the nuances of each company's position within the AI landscape, including their ability to adapt to evolving data center requirements [20][30] Conclusion - The semiconductor industry is poised for significant growth driven by AI, with specific companies like Unimicron and Ibiden positioned to capture substantial market share. However, challenges remain for established players like Intel, highlighting the dynamic nature of the sector and the need for careful analysis of individual company prospects [5][6][27][30]

据追风交易台，伯恩斯坦Chad Dillard领导的分析师团队在最新研报中指出，当美国预计2030年将面临50吉瓦电力供应缺口时，一场覆盖全球电 力行业的超级周期已全面拉开序幕。但资本市场的反应暗藏明显的认知偏差：过去12个月，卡特彼勒、康明斯等发电端企业股票相对标普500 指数暴涨80%，而伊顿、施耐德、ABB等聚焦配电及电力管理的企业股价却逆势下跌10%，显著跑输大盘。 这场估值分化折射出市场对电力超级周期的理解局限。多数投资者执着于"建更多电厂"的蛮力扩张逻辑，却忽略了破解电力短缺的最优解：在 不增加发电容量的前提下，通过技术创新提升电力效率。 电力超级周期的核心矛盾，已从 "如何增加发电产能" 转向 "如何提升电力使用效率"。 伯恩斯坦研报指出，800伏数据中心架构和765千伏输电线路这两项高电压技术，每项都能将电力效率提升高达5%。这一数字看似温和，却能 在不新增发电容量的情况下，有效填补供需缺口。 随着电力周期从"产能扩张"的第一阶段进入"效率提升"的第二阶段，此前被低估的配电及电力管理企业有望收复失地，重塑市场格局。 需求爆发与供给瓶颈下的认知偏差 电力超级周期的驱动逻辑，本质是需求爆炸与供给瓶 ...

Eaton Stock Rises On Spin-Off News. It's Going Big on Planes, AI Data Centers. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Eaton Stock Rises as Spin- Off Revealed. Why It's Going All-In on Planes and AI Data Centers.By [Al Root]ShareRes ...

Core Viewpoint - Eaton has announced plans to spin off its mobility businesses, indicating a strategic shift to focus on its core operations and enhance shareholder value [1] Group 1: Company Strategy - The spin-off is aimed at creating two independent companies, allowing each to pursue its own growth strategies and operational efficiencies [1] - This move is expected to unlock value for shareholders by enabling more targeted investments and management focus [1] Group 2: Market Implications - The separation of the mobility segment may lead to increased competitiveness in both the mobility and core Eaton businesses [1] - Investors may view this spin-off as a positive development, potentially leading to a revaluation of both entities in the market [1]