研报掘金丨开源证券：予欧陆通“买入”评级 国产高功率服务器电源龙头崛起

Core Viewpoint - The report from Open Source Securities highlights that Oulutong is a leader in domestic high-power server power supplies, benefiting from the development of AI high-density applications, and assigns a "Buy" rating [1] Group 1: Market Demand and Product Development - Current AI servers require power supplies of 2700W and above, with future needs projected to reach 5500W and even 8000W [1] - Products such as NVIDIA's Hopper series servers have a single PSU power of 3KW, while the Blackwell series is expected to increase to 5.5KW, indicating a potential rise in both volume and price for server power supply products [1] Group 2: Product Range and Applications - The company offers a comprehensive range of server power supply products, including those below 800W, between 800-2000W, and above 2000W [1] - Key products include the 3200W Titanium M-CRPS, 1300W-3600W Titanium CRPS, 3300W-5500W Titanium and Super Titanium GPU server power supplies, as well as immersion liquid cooling server power supplies and rack-mounted power supplies [1] - These products are primarily used in data center edge computing and GPU server scenarios, with clients including Foxconn, Inspur, Huawei, StarNet, H3C, Dahua, Lenovo, and Hikvision, while actively expanding into North American markets [1]