GF SECURITIES·2026-02-28 08:24Investment Rating - The report recommends a "Buy" rating for companies involved in the AIDC and related sectors, highlighting potential growth opportunities driven by advancements in AI and data center infrastructure [4]. Core Insights - The AIDC sector is experiencing rapid growth, with significant increases in power consumption and infrastructure upgrades driven by AI applications. The global AI market is projected to grow from $25.86 billion in 2024 to $803.9 billion by 2033, reflecting a compound annual growth rate (CAGR) of 46.5% [14][20]. - The power density of AI cabinets is expected to rise significantly, with single cabinet power reaching over 100 kW by 2025 and potentially exceeding 1 MW by 2030. This trend necessitates a shift towards high-voltage direct current (HVDC) systems for efficient power delivery [3][27]. - The evolution of power supply architecture is marked by a transition from traditional discrete components to highly integrated, modular designs. This includes vertical power delivery (VPD) systems that minimize power distribution network (PDN) losses and enhance efficiency [3][27]. - The report emphasizes the importance of companies like Hewei Electric, Zhongfu Circuit, and others that are positioned to benefit from these trends in high-density power integration and HVDC technology [3][4]. Summary by Sections Section 1: Growth in CSP Capital Expenditure and AIDC Power Demand - The North American and Asia-Pacific AI markets are rapidly expanding, leading to increased investment in AIDC infrastructure. The AIDC market in China is expected to exceed 100 billion CNY in 2024, reaching approximately 288.6 billion CNY by 2028, with a CAGR of around 30% [14][18]. Section 2: AI Cabinet Power Density and Electrical Architecture Upgrades - The report discusses the anticipated upgrade of AIDC electrical architecture to 800V HVDC systems, which can significantly enhance power transmission efficiency compared to traditional AC systems. This transition is driven by the increasing power demands of AI servers and the need for more efficient cooling solutions [3][27]. Section 3: Onboard Power Supply Architecture Upgrades - The report outlines the trends in onboard power supply systems moving towards high integration and modular designs. The shift from discrete components to integrated power modules is essential to meet the demands of high-performance AI chips, which are increasingly operating at lower voltages and higher currents [3][27]. Section 4: Investment Recommendations - The report suggests focusing on companies that are leading the charge in high-density power integration and HVDC technology, such as Hewei Electric and Zhongfu Circuit, as they are well-positioned to capitalize on the growing demand for advanced data center infrastructure [3][4].