国君新能源|受益算力功耗提升,电源迎来通胀行情

Investment Rating - The report maintains a "Buy" rating due to the strong demand for AI high-power power supplies driven by AIDC construction and major manufacturers' capital expenditure expansion [1]. Core Insights - The high-power power supply market is experiencing inflation, with domestic manufacturers benefiting from customization and timely delivery capabilities. The next-generation GB200 cabinet power supply from NVIDIA will utilize a 5.5kW power supply, and the anticipated GB300 will adopt 12kW or higher power supplies, leading to an overall increase in power demand by 40-50% [2][3]. - The global high-power power supply market is oligopolistic, with domestic manufacturers poised to gain from the upward trend in AIDC capital expenditure. Previously, Taiwanese companies like Delta Electronics and Lite-On Technology dominated the market, but domestic firms like Magtech and Oulu Tong have entered NVIDIA's whitelist, presenting new opportunities [1][2]. Summary by Sections - Investment Recommendation: Maintain a "Buy" rating due to the anticipated increase in power supply demand driven by advancements in AI technology and capital expenditures from major companies [1]. - Market Dynamics: The high-power power supply market is projected to reach nearly 40 billion yuan by 2025, with significant growth expected as the GB300 is set for mass delivery in 2026 [2]. - Competitive Landscape: Domestic manufacturers are expected to thrive in a market previously dominated by Taiwanese firms, as they adapt to the evolving needs for high-power supplies [1][2].