电力设备行业深度报告：高功率密度智算数据中心资本开支扩张，供配电系统迎来升级迭代

Investment Rating - The investment rating for the power equipment industry is "Positive" (First time) [1] Core Insights - The global data center capital expenditure is expected to continue expanding, driven by the AI wave and increasing demand for computing power, with significant growth in both North America and China [11][14] - The average power density of global data centers is projected to rise significantly, from 5.6 kW/rack in 2017 to 20 kW/rack by 2026, indicating a trend towards higher energy consumption [4][28] - The HVDC (High Voltage Direct Current) systems and lithium batteries are anticipated to see increased penetration rates, with market opportunities expanding significantly by 2030 [5][39] Summary by Sections 1. Data Center Capital Expenditure - Global internet capital expenditure is entering a new upward cycle, with North American companies like Microsoft, Meta, Amazon, and Google showing a significant increase in capital spending [11][12] - In China, major internet companies are also ramping up their capital expenditures, with a notable increase in spending from Baidu, Alibaba, and Tencent [11][14] 2. Power Distribution System Upgrades - The trend towards higher power density in server cabinets is leading to increased energy consumption in data centers, necessitating upgrades in power distribution systems [26][32] - The focus on reducing non-IT load energy consumption and improving overall efficiency is critical for lowering the Power Usage Effectiveness (PUE) of data centers [32][35] 3. HVDC and Lithium Battery Market Potential - The global market for HVDC systems is projected to reach 4.4 GW in shipments by 2025, with a market size of 4.17 billion yuan, and is expected to grow to 9.3 GW by 2030 [5][39] - The lithium battery market for data centers is also expected to grow significantly, with shipments projected to reach 3.9 GWh by 2025 and 7.1 GWh by 2030, indicating a shift from lead-acid batteries [5][39] 4. Beneficiary Companies - Recommended companies benefiting from these trends include Hezhong Electric, Igor, Kehua Data, and Hewa Electric, among others [4][5][39]