Guolian Minsheng Securities·2025-11-19 09:03Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The AI power supply is achieving "military-grade" efficiency improvements, indicating a significant potential for onboard power systems [1]. - The report highlights that the traditional power supply models for AI cabinets may be approaching physical limits, suggesting that military power supply vendors are well-positioned to enter the AI power market [30][45]. - The overall market for power supplies is expansive, with rapid growth driven by investments in new energy generation, storage, and applications in various sectors [11]. Summary by Sections Section 1: Overview of Power Supply Characteristics Across Industries - The power supply industry has a total market size exceeding 500 billion, with a growth rate of 32.33% in 2022, reaching a total output value of 517.4 billion [11]. - Key downstream applications include consumer electronics, industrial control, new energy vehicles, and medical devices, with IT and consumer electronics holding the largest market shares [11]. - The competitive landscape is fragmented, with over a thousand domestic companies in the switching power supply sector, leading to a low concentration of market share [12]. Section 2: Power Supply Requirements in Various Applications - Military power supplies have the highest requirements for power, temperature adaptability, and reliability compared to other sectors [25]. - AI power supplies are evolving, with current architectures requiring multiple voltage conversions, which may soon shift to a more efficient two-stage process with the adoption of 800V DC systems [57][61]. - The report discusses the specific power requirements for medical devices, communication equipment, and new energy vehicles, highlighting the varying demands across these sectors [13][20][21]. Section 3: Future Trends and Market Opportunities - The transition to 800V DC power supply architecture is expected to simplify power distribution in data centers, potentially leading to significant market growth [50][57]. - New Ray Energy is actively developing AI power solutions, leveraging its expertise in military-grade power supplies to tap into the growing AI market [47][49]. - The report emphasizes that as AI cabinet power approaches traditional physical limits, military power supply technologies will be crucial in meeting future demands [45][46].