中金 • 联合研究 | 高端电源观察（一）：如何看待AI浪潮下的服务器电源？

AI Server Power Demand and Market Trends - The importance of advanced AI server power is increasing due to the rise in AI computing power, with higher demands on power and power density [1] - AI server power density can reach 100W/cubic inch, compared to traditional server power density of less than 50W/cubic inch [1] - The AI server power market is expected to grow, with AC/DC demand projected to reach 10.2GW/11.8GW and DC/DC demand to reach 3GW/4GW by 2024/25 [2] - The AC/DC market size is expected to reach 15.6~27.2 billion yuan by 2025 [2] AI Server Power Architecture - AI server power architecture consists of three levels: UPS, AC/DC, and DC/DC, with voltage reduction from 10-30kV to 0.5-1V [19] - AC/DC power involves converting AC to DC, with voltage output increasing from 12V to 50V to reduce power loss [29] - DC/DC power further reduces voltage to levels usable by chips, with challenges in minimizing board losses [19] - Redundant design in server power ensures stable operation and high efficiency, with optimal efficiency achieved at 50-60% load [32] AI Server Power Efficiency and Cooling - AI server power efficiency needs to reach 97.5%98%, compared to traditional server power efficiency of around 96% [23] - Advanced GPUs like NVIDIA's B100 have reduced power consumption per unit of computing power by 40% annually over eight years [24] - Liquid cooling is becoming essential for high-power servers, especially when rack power exceeds 20kW, as air cooling becomes ineffective [46][67] AI Server Power Market Competition - The AI server power market is dominated by Taiwanese manufacturers like Delta and Lite-On, with Delta's AI server power revenue estimated at 1.81.9 billion yuan in 2023 [78] - Domestic manufacturers like Megmeet and Aipower are making strides in the AI server power market, with potential for further breakthroughs [20][71] - The market is seeing increased competition, with traditional power suppliers entering the cooling market and vice versa [72] AI Server Power Density and Future Trends - AI server power density is expected to reach 100W/cubic inch by 2025, with potential for further increases to 180W/cubic inch [64] - The use of advanced materials like GaN in power modules can increase power density by 25% and improve conversion efficiency [64] - The demand for high-power AI servers is driving the need for more efficient power solutions, with a focus on reducing power loss and improving cooling efficiency [23][67]