AIDC电源管理终极方案，SST趋势明显

Investment Rating - The report provides a "Buy" rating for the companies involved in the AIDC power management solutions and SST technology [8]. Core Insights - The data center industry is transitioning to higher power levels, with cabinet power increasing from an average of 8KW to over 30KW, and Nvidia's single cabinet power reaching 120KW. This shift necessitates new power supply architectures due to the limitations of traditional DC power distribution systems [1]. - Solid State Transformers (SST) are positioned as the ultimate solution for AIDC power management due to their high efficiency (up to 98%) and compact design, which can significantly reduce equipment count by approximately 40% [2][3]. - The 800V HVDC system is identified as a starting point for SST penetration, offering active flexibility and compatibility with green energy, which is crucial as new data centers in China are required to have over 80% green energy usage [3]. Summary by Sections AIDC Power Management - The cost of power-related equipment in typical AIDC projects accounts for nearly 50% of total costs, highlighting the importance of efficient power solutions [1]. - SST technology is expected to evolve towards gigawatt-level applications, with Delta's 800V SST system already reaching MW-level capacity [1]. SST Technology - SST replaces traditional transformers with high-frequency power electronics, achieving higher efficiency and smaller size, which is essential for modern data centers [2]. - The modular design of SST integrates multiple functions, reducing the need for various traditional devices [2]. Market Opportunities - Companies such as Sifang Co., China West Electric, Jinpan Technology, and Xinte Electric are highlighted as key players in the SST system and materials market, with significant advancements in efficiency and application [3].