AI基建加速，AI电源设备需求快速增长

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The demand for AI power supply equipment is rapidly increasing due to accelerated AI infrastructure development [1][4] - The global computing power scale reached approximately 900 EFLOPS in 2022, with a CAGR of 55% from 2017 to 2022, while China's AI computing power is expected to grow at a CAGR of about 70% from 2023 to 2030 [11] - The capital expenditure (Capex) of cloud service providers is expected to grow by around 50% in 2025, indicating strong support for the industry [13] Summary by Sections AI Data Center System Architecture - The layout of computing power is driving rapid growth in equipment demand [4][43] - The increasing power density of servers is leading to a simultaneous increase in both quantity and price of server power supplies [44] Backup Power Supply - Diesel generators are the mainstream backup power source for data centers, with a significant market share held by foreign manufacturers [45][49] - Domestic manufacturers are expected to benefit from the increasing demand and potential for domestic substitution due to supply constraints faced by foreign suppliers [49][53] Uninterruptible Power Supply (UPS) - UPS remains the mainstream solution, while the penetration of HVDC (High Voltage Direct Current) is expected to accelerate [71][74] - HVDC systems are seen as more efficient and reliable compared to traditional UPS systems, with a growing trend towards higher voltage applications [80][89] Related Companies - KOTAI Power is a leading supplier of backup power solutions, focusing on the communication and data center sectors, with a significant portion of revenue coming from environmentally friendly low-noise diesel generators [54][59] - Taihao Technology is focusing on military and emergency power solutions, with a strong emphasis on high-power density and new energy systems [60] - Weichai Heavy Machinery is a leading manufacturer of large power diesel engines, with a strong presence in the generator set market [64][68]