从海外大厂财报看AIDC电气设备景气

Investment Rating - The report maintains a "Positive" investment rating for the AIDC electrical equipment sector [4]. Core Viewpoints - The demand for cloud services from overseas CSP giants is experiencing significant growth, driven by AI revenue and increased capital expenditure (Capex) [11][12]. - Major CSPs like Google, Amazon, and Microsoft are showing optimistic Capex guidance for 2025, indicating a robust outlook for data center infrastructure [16]. - The report highlights the acceleration of AI applications and the need for advanced infrastructure, which is expected to drive high demand for electrical equipment [38]. Summary by Sections Demand Insights - Overseas CSPs reported substantial growth in cloud revenue and Capex in Q2 2025, with Google at $13.62 billion (up 31.67%), Amazon at $30.87 billion (up 17.47%), and Microsoft at $25.54 billion (up 18.67%) [11]. - The total Capex for major CSPs reached $8.794 billion in Q2 2025, reflecting a 66% year-on-year increase [11]. - CSPs are optimistic about future Capex, with Microsoft raising its 2025 guidance to over $80 billion, Google to $85 billion, and Amazon to approximately $118 billion [16]. Supply Insights - The report notes a significant supply gap in electrical equipment due to rising overseas demand, with Vertiv's backlog orders increasing to $8.5 billion, a 21% year-on-year rise [29]. - Domestic manufacturers are positioned to capitalize on this supply gap, as they can potentially fill the void left by longer delivery times from overseas suppliers [29]. Technological Developments - The report discusses advancements in AI models and their applications, indicating a shift towards multi-modal capabilities that enhance the performance of AI agents [19]. - The introduction of new power architectures, such as the 800V system, is expected to improve energy efficiency and support the growing demands of AI data centers [28]. Policy and Market Trends - The Chinese government is actively promoting AI commercialization, which is anticipated to accelerate investments in data centers and electrical equipment [20]. - The report emphasizes the importance of top-level guidance in fostering a conducive environment for AI applications, which will further stimulate demand for related infrastructure [21].