Hu Xiu·2025-11-19 03:17Group 1: AI Market Growth - The global AI market is experiencing rapid growth, with a projected market size of approximately $23.4 billion in 2024 and an expected increase to $274.5 billion by 2032, reflecting a CAGR of 36% [1] Group 2: Power Supply Challenges in the US - The current power capacity of data centers in the US is nearing its limit, with over 400 GW of power supply requests reaching 57% of the national peak load, but the actual implementation rate is only about 20% [4] - Microsoft CEO Nadella highlighted that a significant amount of AI chips (GPUs) are idle due to insufficient power and cooling capacity in data center rack space, rendering high-performance chips ineffective [4] Group 3: Investment in Power Distribution Systems - For a 5MW data center, the distribution system accounts for 55% of the construction cost, while the cooling system represents 19% [7] - The power supply system is evolving towards 800V/±400V high voltage direct current systems due to increased IT load power and limited physical space in data centers [9] Group 4: Company Performance - Siyi Electric - Siyi Electric, established in 1993, has become a leading private power equipment manufacturer in China, with a diverse product range and strong EPC capabilities [11] - In 2023, Siyi Electric achieved overseas revenue of 2.158 billion yuan, a year-on-year increase of 15.71%, with new overseas orders reaching 4.01 billion yuan, up 34% [14] - The company is expected to reach overseas revenue of 3.122 billion yuan in 2024, a growth of 44.67%, with overseas orders accounting for 20.2% of total revenue [14] Group 5: Company Performance - Jinpan Technology - Jinpan Technology's dry-type transformers are key products for the AI data center market, meeting the stringent power supply stability and efficiency requirements [23] - In the first three quarters of 2025, Jinpan Technology's revenue from AIDC and IDC sectors surged to 974 million yuan, a year-on-year increase of 337%, making it a significant part of the company's total revenue [23] - The company reported a revenue growth of 8.25% in the first three quarters of 2025, with net profit growth reaching 20.27%, indicating improved profitability [26]