Soochow Securities·2026-03-09 04:26Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1]. Core Insights - The report highlights the implementation of the CSP self-power supply agreement and the North American ultra-high voltage planning exceeding expectations, focusing on three main lines: grid equipment, gas turbines, and high-voltage direct current power supply [1][6]. - The demand for transformers is expected to remain high due to the growth of large data centers, with orders for transformers from leading overseas companies already booked for three years [6]. - The report anticipates significant market opportunities in the global market for SST and HVDC power systems, with projections indicating a market size exceeding 100 billion yuan by 2030 [6]. Summary by Sections Industry Trends - The North American grid is set to expand with a total of $75 billion approved for transmission expansion projects, focusing on 765 kV ultra-high voltage lines, which will quadruple the existing mileage [6]. - The trend towards self-supply in data centers is leading to increased demand for gas turbines, with major orders already secured until 2030 [6]. Investment Recommendations - For transformers and grid equipment, the report recommends companies such as Si Yuan Electric, Jinpan Technology, and Igor, while also suggesting to monitor Shima Power, Baiyun Electric, and others [6]. - In the power generation equipment sector, Oriental Electric is highlighted for its gas turbine offerings, with additional recommendations for Hailianxun [6]. - For AIDC direct current power, the report recommends Sifang Co. and Sunshine Power, while also highlighting Megmeet, Zhongheng Electric, and others for HVDC solutions [6].