电力设备行业：AIDC建设景气无虞，关注电源设备需求增长

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The stability of energy supply is crucial for the reliable operation of data centers, and the improvement of energy density is an important trend [4][14] - The demand for power supply equipment is expected to grow significantly due to the construction of AI data centers, with the AC/DC power supply market projected to reach 25.625 billion yuan in 2025, representing a year-on-year growth of over 80% [2][36] - The market for transformers is anticipated to reach a demand of over 10 billion yuan by 2025, driven by the rapid growth of AI data centers [2][39] Summary by Sections 1. Energy Stability and Energy Density Improvement - Energy supply stability is the foundation for the reliable operation of data centers, which typically utilize municipal power transformed through transformers and power electronics [4] - The power supply for servers is divided into three levels, with the first level commonly using UPS systems to stabilize voltage and reduce harmonics [5][19] - The enhancement of energy density is a core direction for power supply iteration, as servers account for 40% of data center energy consumption [14][15] 2. Market Space: Focus on Technological Iteration Opportunities - The global AI first-level power electronics market is expected to reach 19.342 billion yuan by 2025, accounting for over 20% of the total UPS and HVDC market size [31] - The AC/DC power supply market is projected to grow significantly, with a forecasted market size of 25.625 billion yuan in 2025, driven by the demand for higher energy density and power capacity [36][38] - The transformer market is expected to see a demand of over 10 billion yuan by 2025, although its impact on the overall transformer market is limited [39] 3. Investment Recommendations - Recommended companies in the transformer segment include Mingyang Electric and Jinpan Technology, while AC/DC power supply segments to watch include Magpowr and Oulu Tong [41] - In the HVDC segment, companies such as Zhongheng Electric and Hewei Electric are suggested for attention [41]