中恒电气（002364）：通信电源龙头，受益AIDC算力提升

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [6]. Core Views - The company is a leader in the communication power supply industry, benefiting from the increase in computing power in AI data centers [1][15]. - The growth in data center power supply is driven by the rapid increase in computing power and the expansion of 5G networks, which significantly boosts energy demand [2][31]. - The company has a strong position in the HVDC market, which is expected to see accelerated penetration due to its advantages over traditional UPS systems [2][36]. - The renewable energy installation in China is projected to reach new heights, driving demand for new power systems [3][51]. - The company is well-positioned to benefit from the growth in electric vehicle charging infrastructure, with a significant increase in the number of new energy vehicles [3][56]. Summary by Sections Communication Power Supply Industry - The company has been focused on the power supply sector for 29 years and is recognized as a leader in the industry [15]. - The revenue from data center power supply is expected to grow significantly, with a projected increase of 111.05% year-on-year [17]. - The company maintains a stable shareholding structure, reflecting management's confidence in future growth [20]. Data Center Power Supply & Site Energy - The global computing power scale has grown rapidly, with a CAGR of 46.5% from 2020 to 2023, reaching 1369 EFLOPS [2][31]. - The number of 5G base stations in China is expected to reach 4.251 million by the end of 2024, with a CAGR of 53.24% [2][43]. - The power consumption of 5G base stations is significantly higher than that of 4G, necessitating upgrades to power systems [2][47]. Power Supply & Charging Piles - The new energy installation capacity in China is projected to reach 358 million kilowatts in 2024, accounting for 82.6% of new energy installations [3][51]. - The number of new energy vehicles registered in China is expected to grow by 51.49% in 2024, driving demand for charging infrastructure [3][56]. - The company is one of the earliest players in the new energy vehicle charging pile market, with a comprehensive product line [3][58]. Financial Forecast and Valuation - The company is expected to achieve total revenues of 28.47 billion, 38.91 billion, and 47.96 billion yuan from 2025 to 2027, with year-on-year growth rates of 45.1%, 36.7%, and 23.3% respectively [3][68]. - The net profit attributable to the parent company is projected to be 1.57 billion, 2.13 billion, and 2.76 billion yuan for the same period, with growth rates of 43.2%, 36.0%, and 29.5% respectively [3][68].