证券代码：300693 证券简称：盛弘股份 编号：2025-013 深圳市盛弘电气股份有限公司 投资者关系活动记录表 | 随着智算中心单机柜功率密度的提升，供电系统优化的 | | | --- | --- | | 关注点将转向更高电压等级，以解决导体截面积过大，更多 | | | 的材料和更大的体积的问题。同时，电压等级的升高也会带 | | | 来远距离输电的优势，这将会引发数据中心设计架构上颠覆 | | | 性的变革。传统的交流400V | UPS及直流的240、336V的HVDC虽 | | 然已经过多年的市场考验，已证明其技术可行性，市场接受 | | | 度较高，产业链较为成熟。但对于高密度、高效率的智算中 | | | 心而言，由于智算服务器之间连接的光缆已经占用过多机柜 | | | 的走线空间，探索更高电压的应用可以减少电源线占用的空 | | | 间，带来潜在的性能提升和成本节约，这也更符合可持续发 | | | 展的要求。 | | | 新一代的800V | HVDC，相比传统交流供电以及之前低电压 | | 的直流供电，可以提供系统效率能效提升；占地空间节约； | | | 铜耗降低等等特点，凭借这些优势，在海 ...

Core Viewpoint - Solid State Transformers (SST) are expected to become the ultimate solution for AIDC power management due to their high efficiency and low footprint, with Delta's 800V SST system reaching MW-level capacity and Nvidia planning full deployment of its 800V high-voltage direct current architecture by 2027 [1][2]. Group 1: Industry Trends - Data centers are moving towards higher power levels, with power supply system efficiency becoming crucial as single cabinet power has increased from 8KW to over 30KW, and Nvidia's single cabinet power reaching 120KW [2]. - Traditional DC distribution methods are facing bottlenecks due to space limitations, copper overload, and low conversion efficiency, necessitating a new power supply architecture [2]. - In typical AIDC projects, power-related equipment costs account for nearly 50% of total costs, indicating high value and continuous iteration [2]. Group 2: SST Advantages - SST achieves high efficiency by replacing traditional transformers with high-frequency power electronics, allowing for system efficiencies of up to 98% [3]. - SST's modular design significantly reduces equipment size by approximately 40%, integrating rectification, conversion, and inversion processes [3]. Group 3: Market Opportunities - The 800V HVDC is seen as a starting point for SST penetration, offering active flexibility and green electricity adaptability, which can open broader application markets [4]. - SST can actively control power quality, addressing grid disturbances and load fluctuations, while also supporting bi-directional power flow [4]. - The new grid architecture using SST can accept 50%-70% renewable energy, improving performance by 1.3-2 times compared to traditional grid structures [4]. Group 4: Related Companies - Key players in SST systems include Sifang Co., Ltd. (601126.SH), China XD Electric (601179.SH), Jinpan Technology (688676.SH), and Xinte Electric (301120.SZ) [5]. - Companies involved in SST materials include Keli (002782.SZ) and Yunlu Co., Ltd. (688190.SH), with products covering a wide frequency range [5].

Financial Data and Key Metrics Changes - ProPetro generated total revenue of $294 million, a decrease of 10% compared to the prior quarter [29] - Net loss totaled $2 million or $0.02 loss per diluted share, compared to a net loss of $7 million or $0.07 loss per diluted share for the second quarter of 2025 [29] - Adjusted EBITDA totaled $35 million, representing 12% of revenue, and decreased 29% compared to the prior quarter [29] - Free cash flow for the completions business was $25 million [29] Business Line Data and Key Metrics Changes - The completions business continues to generate sustainable free cash flow despite a decline in activity and related revenue [30] - Capital expenditures incurred were $98 million, with approximately $79 million supporting ProPWR orders [30] - The company anticipates full-year 2025 capital expenditures incurred to be between $270 million and $290 million, down from the previous range [32] Market Data and Key Metrics Changes - Approximately 70 full-time frac fleets are currently operating in the Permian, down from 90 to 100 fleets at the beginning of the year, indicating depressed activity levels [14] - The company expects the challenging operating environment to persist into 2026 due to tariffs and OPEC production increases [15][26] Company Strategy and Development Direction - ProPetro is focusing on capital light investments and the development of its ProPWR segment, which is expected to drive future growth [15][20] - The company has secured contracts for seven frac fleets, with 75% of the fleet consisting of next-generation gas-burning equipment [20] - ProPetro aims to deepen existing relationships and expand its reach to new partners in the power generation market, targeting at least 220 megawatts contracted by the end of the year [23] Management's Comments on Operating Environment and Future Outlook - Management believes the current market conditions present valuable opportunities, and the company is well-positioned to navigate the market [19] - The company expects to maintain 10 to 11 active fleets in the fourth quarter, with a sequential improvement anticipated in the ProPWR segment [26][27] - Management remains confident in the strategy and future of ProPetro, emphasizing the importance of a strong balance sheet and disciplined capital allocation [38] Other Important Information - ProPetro has executed a letter of intent for a $350 million leasing facility to support growth in the ProPWR business [24][34] - The company plans to reach a total of 750 megawatts delivered by year-end 2028, with a focus on long-term take-or-pay contracts [24][33] Q&A Session Summary Question: Details on the 60 megawatts data center contract - The contract involves reciprocating engines and battery energy storage systems, with potential for future capacity expansion [49] Question: Future funding structures and liquidity runway - The company prioritizes organic free cash flow for funding, with the leasing facility providing flexible capital as needed [58][60] Question: Contract term preferences in the current environment - The company evaluates each deal on a case-by-case basis, considering both long-term and shorter-term contracts based on market conditions [75] Question: Equipment cost differential for data centers versus Permian microgrids - The average cost of equipment is about $1.1 million per megawatt, with similar economics across both sectors [78][95] Question: Deployment of megawatts across different markets - The current distribution of contracted megawatts is expected to remain similar in the near term, with potential shifts as more data center contracts are pursued [84]

Summary of the Earnings Call for 阳光电源 (Sungrow Power Supply) - Q3 2025 Company Overview - **Company**: 阳光电源 (Sungrow Power Supply) - **Period**: First three quarters of 2025 Key Financial Metrics - **Revenue**: 664 billion CNY, up 33% year-over-year [3] - **Net Profit**: 118.8 billion CNY, up 56% year-over-year [3] - **Earnings per Share**: Increased from 3.7 CNY to 5.7 CNY [3] - **Gross Margin and Net Margin**: Both improved [3] - **Return on Equity (ROE)**: 28.3%, up 3.8 percentage points year-over-year [10] Core Business Performance - **Core Businesses**: Photovoltaic inverters and energy storage systems continue to show strong growth [2][3] - **R&D Investment**: Over 31 billion CNY, up 32% year-over-year, with more than 7,000 R&D personnel [2][8] - **New Product Launches**: Multiple new products released, including a 400 kW inverter [8] Industry Insights Photovoltaic Industry - **Global Installed Capacity**: Approximately 380 GW added in the first three quarters, up over 30% year-over-year [4] - **China's Contribution**: 240 GW added, up 49%, accounting for 63% of global additions [4] - **Market Dynamics**: Domestic competition is fierce with low prices, while overseas markets are growing at about 11% [4] Energy Storage Market - **Global Lithium Battery Storage**: Over 170 GWh installed, up 68% year-over-year [6] - **Domestic and Overseas Growth**: Domestic additions of 82 GWh (up 61%) and overseas additions of 94 GWh (up 74%) [6] - **Regional Growth Rates**: Middle East and North Africa show the fastest growth, with increases of over 9 times [6] Regional Revenue Distribution - **Overseas Revenue**: 408 billion CNY, over 60% of total revenue, up 83% year-over-year [9] - **Key Growth Regions**: Middle East, Americas, and Asia-Pacific all showing significant growth [9] Future Outlook - **Market Growth Drivers**: Carbon neutrality goals, low primary energy consumption, and decreasing cost per kilowatt-hour are expected to drive growth in wind, solar, and storage sectors [10] - **Energy Storage Demand**: Expected to grow 40-50% globally, with significant demand from data centers and renewable energy integration [15][24] Financial Management - **Accounts Receivable Management**: Improved collection efficiency leading to a reduction in accounts receivable balance to 271.8 billion CNY [11] - **Inventory Management**: Inventory increased to 299.3 billion CNY, attributed to project deliveries and increased demand [11] Cost Management - **Sales Expenses**: Increased to 35.3 billion CNY, up 27.3% due to global sales network expansion [12] - **R&D and Management Expenses**: R&D expenses rose to 31.4 billion CNY, while management expenses increased to 12.7 billion CNY [12][12] Risks and Challenges - **Asset Impairment Losses**: Totaling 19.6 billion CNY due to increased competition and product iteration [14] - **Financial Costs**: Significant improvement in financial net income due to favorable currency exchange rates [13] Conclusion - **Overall Performance**: 阳光电源 has demonstrated strong growth in revenue and profit, driven by robust demand in the photovoltaic and energy storage markets, alongside effective financial management and strategic investments in R&D. The company is well-positioned to capitalize on future growth opportunities in the renewable energy sector.

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call primarily discusses **Huawei** and its developments in the **data center** and **high-performance computing** sectors, particularly focusing on the **384 node system** and advancements in **liquid cooling** and **high voltage direct current (HVDC)** technologies. Core Insights and Arguments - **384 Node System**: The 384 node system is considered a transitional product with performance improvements over the 920B model, but still lacking in certain precision operations. Future products like the 950 and 960 are expected to enhance performance further [1][3][5] - **HVDC Adoption**: Huawei plans to adopt **800V or higher HVDC** systems to improve power supply efficiency and reduce energy consumption. A mixed mode of AC to DC UPS and HVDC is anticipated to be implemented by 2025-2026 [1][4][10] - **Liquid Cooling Technology**: Liquid cooling has become a standard configuration, with the 920C model reaching a maximum power of **600W**, while the upcoming 950 and 960 models are expected to reach **1,000W** and **1,200W** respectively. Liquid cooling is deemed necessary for high power density applications despite its higher cost compared to air cooling [1][11][14] - **Cost Analysis**: The cost of a liquid cooling system is approximately **20,000 yuan per square meter**, with a total cabinet cost around **120,000 yuan**. In contrast, air cooling systems cost between **15,000 to 20,000 yuan per square meter**, totaling around **80,000 yuan** for a cabinet [14][15] - **Market Projections**: Expected shipments for the 920C model in 2025 are around **300,000 units**, while the 920B is projected at **600,000 units**. The 950 model is set to launch in Q1 2026, but with lower yield rates [3][24][25] Additional Important Insights - **Partnerships**: Huawei's SVDC project collaborates with partners like **Kehua** and **Bank of China** to advance project development [7] - **UPS Systems**: The company utilizes both international brands like **Schneider**, **ABB**, and **Vertiv**, as well as domestic brands like **Kehua** in its UPS solutions, aiming for localization [8] - **Microchannel Technology**: This technology is being explored for high heat dissipation needs, particularly in the 950 series chips, although it currently has high material costs [20][22] - **Future Trends**: The data center industry is expected to gradually transition to liquid cooling systems, especially as power demands increase beyond **30 kW** per cabinet [28][29] - **Reliability Measures**: The 2N configuration in data center power systems ensures high reliability, with a design that allows for 99.9% uptime even in dual power failure scenarios [30][31] This summary encapsulates the key points discussed in the conference call, highlighting Huawei's strategic direction in the data center and cooling technology sectors.

Core Insights - Bloom Energy's management announced plans to deploy on-site fuel cell systems for Oracle's data centers in the U.S. during the Q2 2025 earnings call [1] - The company has previously established agreements with Equinix, American Electric Power (AEP), and Quanta Computing [1] - Bloom Energy has deployed over 400 MW of power for data centers globally [1] Industry Outlook - The Solid Oxide Fuel Cell (SOFC) systems are expected to become a new solution for data center power supply [1] - The annual average installed capacity of SOFC in North American data centers is projected to reach between 0.5 GW and 1.25 GW from 2026 to 2030 [1] - SOFC technology is characterized by strong fuel adaptability, environmental friendliness, and flexible deployment, showing potential in fixed power generation, residential micro-cogeneration, transportation, and portable applications [1] - The current economic viability remains a bottleneck for the application of SOFC in data centers [1]

Summary of Conference Call Records Industry Overview - The focus is on the North American data center industry and its power supply solutions, particularly the transition from traditional power sources to alternative energy solutions like fuel cells and gas turbines [1][2][3][4]. Key Points and Arguments 1. **Current Power Supply Preferences**: - Diesel generators remain the preferred backup power source for North American data centers due to a CAPEX of approximately $1 per watt, significantly lower than alternatives like gas turbines and fuel cells [1][3]. - The shift towards off-grid power systems is driven by resource scarcity and extended approval processes for grid connections [1][4]. 2. **Emerging Technologies**: - Small gas turbines are becoming a popular alternative for off-grid power, despite their costs rising to $2 per watt, due to their favorable LCOE (Levelized Cost of Energy) [1][5]. - Fuel cell technology, particularly from suppliers like Bloom Energy, is gaining traction with significant orders, although their CAPEX remains higher than diesel generators even with ITC subsidies [6][11]. 3. **Market Dynamics**: - There has been a surge in gas turbine orders, with Q1 and Q2 of 2025 seeing around 20 GW each, leading to capacity saturation and extended delivery times of over three years for large turbines [8][9][10]. - Data centers are increasingly opting for smaller gas turbines with shorter delivery times, despite higher unit costs [10]. 4. **Regulatory and Economic Considerations**: - The U.S. energy regulatory body (FERC) has paused large nuclear projects due to ethical concerns, impacting the energy mix for data centers [5]. - Over 50% of new data center projects are developed by major cloud providers with strong ESG commitments, necessitating zero-carbon power sources [2]. 5. **Future Projections**: - The long-term goal is to reduce fuel cell CAPEX to below $1 per watt and LCOE to $50 per MWh by 2030, which would significantly enhance market potential [13][17]. - The anticipated annual off-grid power demand for data centers is projected to be around 5 GW, considering a 50% off-grid adoption rate among new projects [13]. Additional Important Insights - **Fuel Cell Viability**: - Fuel cells are seen as a viable option due to their operational efficiency, but their high initial costs remain a barrier without subsidies [11][12]. - The potential for hydrogen fuel cells exists, but current LCOE remains too high for widespread commercial adoption [12]. - **SOFC Technology**: - Solid Oxide Fuel Cells (SOFC) are gaining attention for their high efficiency and versatility, with Bloom Energy leading the market [14][18]. - Challenges for SOFC commercialization include improving system reliability and reducing costs, with a target to achieve $1 per watt by 2030 [17]. - **Competitive Landscape**: - Companies like 易时通 are making strides in the SOFC market, aiming for significant cost reductions and market expansion by 2026 [20][21]. This summary encapsulates the key discussions and insights from the conference call, highlighting the evolving landscape of power supply solutions for North American data centers.

Core Insights - The report from CICC indicates a shift in the power supply systems for North American data centers, moving from operational nuclear power to new heavy-duty gas turbines, small gas turbines, and now to new SOFC fuel cells and SMR, with a notable reduction in delivery times [1] Group 1: Market Trends - The expected annual average installation scale of SOFC in North American data centers from 2026 to 2030 could reach between 0.5 to 1.25 GW [1] - Currently, there are approximately 68 GW of data center projects under construction, planned, or in early stages in the U.S., with a projected production capacity of around 50 GW from 2025 to 2030 [1] Group 2: SOFC Characteristics - SOFCs are characterized by high efficiency, cleanliness, and flexible deployment, making them suitable for various applications including fixed power generation, micro-CHP for homes, transportation, and portable fields [2] Group 3: Economic Challenges - The current bottleneck for SOFC applications in data centers lies in economic viability, requiring improvements in system lifespan, power generation efficiency, and production cost reduction [3] - The U.S. Department of Energy's Solid State Energy Conversion Alliance (SECA) has set long-term cost reduction targets for SOFC systems to below $225/kW and $900/kW by 2025 and 2030, respectively [3] Group 4: Relevant Companies - Companies involved in the SOFC industry include Yishitong (688733.SH), Sanhuan Group (300408.SZ), Fuan Energy (002911.SZ), Bloom Energy (BE.US), and FuelCell Energy (FCEL.US) [4]

Investment Rating - The report maintains a "Buy" rating for the industry, specifically recommending an "Increase" for the stock of Jinpan Technology [6]. Core Insights - The global AI market is expected to grow significantly, with a projected CAGR of 19.20% from 2025 to 2034, reaching approximately $3680.47 billion by 2034. This growth is driven by the increasing demand for AI applications and infrastructure [11][12]. - Major cloud service providers are ramping up capital expenditures, with Amazon, Google, Microsoft, and Meta all reporting substantial increases in their 2025Q2 CAPEX, indicating a strong demand for data center infrastructure [17][18]. - The introduction of SST (Solid State Transformer) technology is positioned as the next-generation solution for AIDC (AI Data Center) power supply, offering significant efficiency improvements and space savings compared to traditional systems [4][25]. Summary by Sections Global AI Resonance and CSP Capital Expenditure - The AI market is experiencing explosive growth, with the U.S. market expected to reach $1460.9 billion in 2024 and $8514.6 billion by 2034. The Asia-Pacific region is anticipated to be the fastest-growing market [11]. - CSPs are increasing their capital expenditures significantly, with Amazon's 2025Q2 CAPEX at $32.1 billion (up 28% QoQ), Google at $22.4 billion (up 30% QoQ), and Microsoft at $24.2 billion (up 13% QoQ) [17][18]. Development of 800V HVDC Architecture - NVIDIA is developing an 800V HVDC architecture to support the growing power demands of AI workloads, which are expected to exceed 1MW. This new architecture aims to improve data center efficiency by 5%, reduce copper cable usage by 45%, and lower maintenance costs by up to 70% [20][22]. - The transition from traditional 54V AC power systems to 800V HVDC is crucial for meeting the high power requirements of modern AI servers [20][21]. Advantages of SST Technology - SST technology offers a high efficiency of approximately 98%, significantly reducing energy losses compared to traditional AC systems. It also requires 50% less space and simplifies installation by integrating multiple functions into a single unit [4][28]. - The modular design of SST allows for easy maintenance and compatibility with various data center power architectures, enhancing reliability and operational efficiency [4][25]. Key Players and Recommendations - Key players in the SST technology space include Delta, Eaton, and domestic suppliers like Jinpan Technology and Xidian Electric. The report suggests monitoring these companies for potential investment opportunities [5][39][41].

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q2 2025 were $1.73, reflecting an 8% growth year over year when normalized for asset sales and retirements [10] - For 2025, adjusted EPS was $4.42, representing an increase of 48% on the same basis [10] - Adjusted EBITDA for Q2 was $900 million, while adjusted net income was $339 million [22] - Free cash flow before growth was $914 million for Q2 and $1.207 billion for 2025, exceeding the same periods in 2024 by $251 million [25][26] Business Line Data and Key Metrics Changes - Texas segment produced $512 million of adjusted EBITDA in Q2 2025, an improvement of over 1320% from the same period in 2024 [24] - East segment contributed adjusted EBITDA of $99 million in Q2 2025, driven by higher margins from the natural gas business [24] - Smart Home business achieved an adjusted EBITDA of $255 million in Q2 2025, with record customer retention at over 90% [25] Market Data and Key Metrics Changes - The company announced long-term retail power agreements with a data center operator for an initial 295 megawatts, with potential growth to one gigawatt [8][14] - The Texas residential virtual power plant (VPP) program exceeded expectations, increasing the 2025 target from 20 megawatts to 150 megawatts of curtailable capacity [20] Company Strategy and Development Direction - The company is focused on expanding its footprint in attractive power markets, including PJM and ERCOT, through acquisitions and strategic partnerships [11][12] - The T.H. Wharton project is on track for mid-2026 completion, supporting reliability and strengthening the Texas grid [17] - The company is actively working to expand its data center agreements and has over 4 gigawatts of joint development agreements and letters of intent across multiple sites [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value to shareholders and reaffirmed full-year financial guidance across all key metrics [7][29] - The management highlighted the strong execution in each segment, driven by expanded margins and favorable weather [23] - The company is optimistic about the long-term demand for additionality in power supply, particularly for data centers [92] Other Important Information - The company closed the Rockland acquisition during the quarter, integrating Texas assets into its portfolio [11] - The Texas Senate Bill 6 was signed into law, providing new tools to support reliability and improve long-term planning in the ERCOT market [18] Q&A Session Summary Question: Can you talk about the structure of the 295 megawatts agreement? - Management views it as a C&I contract with premium margins, longer duration than average C&I contracts, and various mechanisms to protect margins [35] Question: What is the line of sight to convert the four gigawatts to actual ESAs? - Management is optimistic but does not want to predict specific timelines due to complexities involved [48] Question: How is the VPP opportunity shaping up? - Early results show strong uptake, but management is cautious about making long-term projections based on initial momentum [82] Question: What is the difference between the new contract and other C&I contracts? - The new contract offers a longer duration and premium pricing, providing assurance for customers [62] Question: What is the current outlook for power prices in Texas? - Management sees potential upward movement in power prices driven by large industrial loads and tight grid conditions [93]