潍柴重机：公司发电机组产品可在数据中心用作备用电源 正在筹划收购控股股东全资子公司股权事项 智通财经7月15日电，潍柴重机(000880.SZ)公告称，公司股票于2025年7月14日、7月15日连续两个交易 日内收盘价涨幅偏离值累计超过20%，属于股票交易异常波动情况。公司正与控股股东潍柴控股集团有 限公司筹划收购控股股东全资子公司常州玻璃钢造船厂有限公司股权事宜，并正就相关事项与交易对手 方进行洽谈，经测算，本次筹划的交易未构成重大资产重组。常玻公司主要业务为30米以下复合材料、 钢质、铝质等各类船艇的研发及生产，主要产品为公务船艇、工作船艇和休闲船艇。公司关注到市场对 算力概念、数据中心电源板块关注度较高。公司主要开发、制造和销售船舶动力和发电设备市场用的发 动机及动力集成系统、发电机组及电力集成系统，主营业务未发生改变。其中，公司发电机组产品可在 数据中心用作备用电源，但算力等下游市场的规模、发展落地速度本身存在不确定性，其对公司业务的 影响亦存在不确定性。 ...

Industry Update: Solid State Transformer (SST) Outlook Industry Overview - The Solid State Transformer (SST) industry is focused on enhancing efficiency and reducing footprint in power distribution systems. SST utilizes silicon carbide or silicon-based switching devices combined with high-frequency transformation technology, achieving efficiency improvements from 95% to over 98% [1][3]. Key Insights - **Cost and Efficiency**: The SST system integrates transformers, distribution equipment, and power supplies, costing approximately 1.55 to 2 times that of North American UPS systems, but with a footprint reduction of 50% and efficiency exceeding 98%. The cost can be recouped through energy savings within 3.5 to 4 years, indicating a long-term cost advantage [1][6]. - **Market Demand**: Data center users prioritize cost, energy efficiency, reliability, and service. SST meets high voltage direct current output requirements, enhancing data center efficiency and reducing Power Usage Effectiveness (PUE), thus lowering Total Cost of Ownership (TCO) over its lifecycle [1][10][11]. - **Challenges**: Despite its advantages, SST faces reliability concerns related to silicon-based materials and heat generation. The industry must address these issues to gain wider adoption [1][9]. Market Dynamics - **Current Market Status**: The SST market is still in its early stages, with significant growth expected as major tech companies like Meta, Microsoft, and AWS plan to implement SST solutions by 2026 [3][26]. - **Supply Chain and Competition**: Key suppliers include traditional UPS and HVDC manufacturers such as Eaton, Schneider, and Delta, alongside new entrants like Xi'an Xidian Semiconductor. The competitive landscape is evolving as more companies enter the SST market [8][18]. Technical Considerations - **Design Challenges**: The design of SST involves complex power device combinations and requires significant technical expertise. The transition from traditional power systems to SST is akin to the early development of High Voltage Direct Current (HVDC) systems [22][23]. - **Heat Management**: SST systems are designed to handle heat dissipation effectively, with forced air cooling being sufficient due to the increased efficiency that reduces overall losses [19][20]. Future Outlook - **Price Trends**: The current high prices of SST are attributed to initial market entry costs and the need for higher voltage components. However, prices are expected to decrease by 30% to 50% over the next five to seven years as the technology matures and competition increases [14][16]. - **Long-term Projections**: The SST market is projected to grow significantly, driven by the increasing demand for high-density power solutions in data centers. The transition to SST is seen as a necessary evolution in power distribution technology [25][28]. Conclusion - The SST industry is poised for growth, driven by technological advancements and increasing demand for efficient power solutions in data centers. While challenges remain, particularly regarding reliability and cost, the long-term outlook is positive as the market matures and more players enter the field.

Core Viewpoint - The company has demonstrated strong growth in revenue and net profit for 2024 and Q1 2025, driven by its focus on the power supply industry and strategic product optimization. Financial Performance - In 2024, the company achieved revenue of 3.798 billion yuan, a year-on-year increase of 32.32%, marking a historical high in revenue [2] - The net profit attributable to shareholders for 2024 was 268 million yuan, up 36.92% year-on-year, with a net profit margin of 7.06% [3] - For Q1 2025, the company reported revenue of 888 million yuan, a 27.65% increase year-on-year, and a net profit of 49.57 million yuan, up 59.06% year-on-year [3][14] Business Segments - The power adapter business generated revenue of 1.673 billion yuan in 2024, a growth of 4.96%, despite a weak global consumer electronics market [4] - The data center power business saw significant growth, with revenue reaching 1.459 billion yuan, a 79.95% increase, driven by high-power server power supply sales, which surged by 536.88% to 780 million yuan [4][5] - Other power business revenue increased by 48.71% to 649 million yuan, supported by the recovery in the electric tool charger market [5] Product Development - The company offers a range of data center power products, including high-power server power supplies, with advanced technology and product offerings [6] - The company has established itself as a key domestic manufacturer in the data center power sector, gaining recognition from major server manufacturers and end customers [8] Market Expansion - The company is actively expanding its overseas business, with teams established in Taiwan and the United States to target various global clients [9] - The company has a global production capacity layout, including facilities in Shenzhen, Dongguan, Ganzhou, Suzhou, Vietnam, and Mexico [10] Future Plans - The data center power business is a strategic focus for the company, with plans to enhance market presence and expand business scale while pursuing domestic and international growth opportunities [11] - The power adapter business will continue to diversify product offerings and deepen relationships with existing clients [12] Regulatory Impact - The company has limited direct exposure to U.S. tariffs, maintaining a diversified customer base and global production capabilities to mitigate risks [13] Revenue Targets - The company has set ambitious revenue growth targets for 2025 and 2026, with specific growth rates outlined for both revenue and net profit [14] Analyst Ratings - Recent ratings from six institutions indicate a positive outlook, with three buy ratings and three hold ratings, and an average target price of 126.53 yuan [15]

联合研究丨行业深度 [Table_Title] "源"启新章，直流迭代——数据中心电源深度 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 数据中心功率密度提升趋势下，智算集群供电架构正在从交流向直流升级。直流架构凭借效率 高、故障率低、节省空间与材料等优势，契合大型智算中心需求，渗透率预计显著提升。国内 厂商凭借研发领先与交付能力优势，份额有望提升，相关电源标的投资价值凸显；同时，直流 化趋势也有望带动源网荷储配套、继电器及低压电器等环节的需求增长和价值量提升。 分析师及联系人 [Table_Author] 邬博华 赵智勇 曹海花 SAC：S0490514040001 SAC：S0490517110001 SAC：S0490522030001 SFC：BQK482 SFC：BRP550 司鸿历 屈奇 SAC：S0490520080002 SAC：S0490524070003 SFC：BUD284 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 [Table_Title2 ...

现在，对于汽车来说，800V架构几乎已经成了标配。更有甚者，将高压母线提高到了1000V这一等级。 之所以提高电压，是因为汽车需要更快的充电速度，同时在相同功率下，800V架构的电流相比400V架构减半。根据焦耳定律 Q=I^2Rt，电流越小，热损 耗就越小，从800V到400V热损耗能降低至原来的四分之一。所以，800V不仅更省电，还能使温度更好控制，提升了能量利用效率。 在AI数据中心领域，传统机架多为48V/54V。随着IT机架电力需求突破200kW并向MW级规模演进，空间约束与母线（busbar）可扩展性问题，使得 48V/54V供电模式的局限性日益凸显。为突破这些瓶颈，行业正加速探索高压直流（HVDC）架构。 最近，巨头们就纷纷宣布自己的计划：谷歌、微软、亚马逊、Meta等巨头开始借鉴最初为EV开发的技术，更保守地推动数据中心向+/-400VDC演进。英 伟达则更为激进，联合一众电源大厂，共同开发推进另一条对器件应力要求更高的AI电源架构路线——800V HVDC（高压直流电）架构，并准备在2027 年与NVIDIA Kyber机架系统同步量产。 可以说，在AI数据中心，也要掀起800V的革命了。 ...

插播： 英诺赛科、能华半导体、致能科技、 万年晶半导体、京东方华灿、镓奥科技、鸿成半导体及中科无线半导体等企业已参编《2024-2025 氮化镓 （GaN）产业调研白皮书》，参编咨询请联系许若冰（hangjiashuo999）。 最近，英伟达发起了数据中心的第二次电源架构革命，并与英飞凌和纳微达成了相关合作，意图进一步降低数 据中心电源能耗。 据"行家说三代半"了解，这次电源架构的革新将需要采用大量的碳化硅和氮化镓器件，规格包括6500V、 3300V、2300V、1200V和650V的碳化硅器件，以及650V和1200V的氮化镓器件。 5月20日，英伟达在其官网宣布，"从2027年开始，英伟达将率先向800V HVDC 数据中心电力基础设施过 渡。 同一天，英飞凌也宣布，他们正与英伟达合作，开发基于全新架构的800V高压直流（HVDC）系统，英飞凌将 该系统提供硅、碳化硅和氮化镓器件解决方案。 5月22日，纳微半导体也宣布，他们与英伟达合作开发下一代800V HVDC架构，以支持为英伟达GPU供电 的"Kyber"机架级系统，该系统由GaNFast和GeneSiC电源提供技术支持。 据英伟达披露，其800V ...

Core Viewpoint - The data center power concept stocks are experiencing a strong upward trend, with significant gains observed in several companies [1] Group 1: Stock Performance - Zhongheng Electric (002364) has reached the daily limit increase [1] - Other companies such as Power Source (600405), Tonghe Technology (300491), Yinkeri (300713), Aotuxun (002227), Hewei Electric (603063), Shenghong Shares (300693), and Oulu Tong (300870) are also seeing increases [1] Group 2: Market Activity - There is a notable influx of dark pool funds into these stocks, indicating increased investor interest and potential market activity [1]