电新行业：乘AIDC浩荡东风，探服务器电源长远空间

Investment Rating - The report maintains a positive outlook on the AIDC industry, particularly favoring power supply manufacturers with supply chain advantages in mainland China [2][7]. Core Insights - The AIDC industry is poised for significant growth, with an expanding demand for power supply systems as servers become the primary energy consumers in AI data centers. The report highlights the increasing power requirements of servers, with single cabinet power expected to rise from current levels of 130-250 kW to over 1000 kW in the long term [2][4][6]. Summary by Sections AIDC Industry Growth and Power Supply Demand - The AIDC industry is on the verge of expansion, driven by the increasing computational power requirements of AI models, leading to a substantial rise in data center energy consumption. Major tech companies are ramping up capital expenditures, with projections indicating that leading firms will collectively invest over $300 billion by 2025 [4][22][24]. Server as Core Component of AIDC - Servers are identified as the main source of energy consumption in AI data centers. The report notes that the average power usage effectiveness (PUE) of data centers has stabilized around 1.55 to 1.59 since 2020, indicating a focus on energy efficiency [25][30]. Power Supply Demand Drivers - The demand for server power supplies is underpinned by total computational power, chip power consumption, and redundancy factors. The report cites that the power consumption of NVIDIA's GB200 NVL72 cabinet can reach approximately 120-130 kW, necessitating robust power supply configurations [6][48]. Supply-Side Barriers - High power density and efficiency create significant barriers to entry in the power supply market. The report anticipates that the average power density of AI servers will continue to increase, with future designs requiring up to 900 kW per cabinet [51][55]. Long-Term Outlook for Mainland Power Supply Manufacturers - The report expresses optimism for mainland Chinese power supply manufacturers, particularly Megmeet, which is noted for its strong R&D investment and growing market presence. The report suggests that these companies could capture a larger market share due to their cost control and service capabilities [7][67].