天风证券：随着规模化降本成本优势有望进一步体现。全球SOFC进入加速扩产阶段

Core Viewpoint - The development of Solid Oxide Fuel Cells (SOFC) is gaining momentum due to the electricity shortages in the U.S., driven by power construction cycles and transmission capacity limitations [1] Group 1: Market Opportunities - The high reliability requirements for power supply in data centers, coupled with significant load fluctuations, create a favorable environment for SOFC technology [1] - SOFC's low redundancy configuration and power tracking advantages make it particularly suitable for meeting the demands of data centers [1] Group 2: Cost Competitiveness - The Levelized Cost of Energy (LCOE) for SOFC is approaching that of gas-fired power generation, indicating a competitive edge as scaling reduces costs further [1] - The global SOFC market is entering a phase of accelerated capacity expansion, suggesting strong future growth potential [1]