Summary of Conference Call Notes Industry Overview - The data center infrastructure is undergoing significant technological upgrades, including transitions from UPS to HVDC, traditional transformers to solid-state transformers, and cooling systems from air cooling to liquid cooling, influenced by technological advancements and inflation [1][3] - The domestic HVDC technology is developing rapidly, with companies like Tencent and Alibaba adopting low-voltage HVDC systems, while overseas companies lag behind in HVDC applications [1][5] - The distribution segment of data centers is evolving towards intelligence and modularity, leading to increased capital expenditures and greater market opportunities for components, power module cabinets, and transformers [1][6] Key Points on Circuit Breakers - Circuit breakers are utilized in data centers for low-voltage distribution cabinets, dual power transfer switches, and UPS systems, providing segmentation protection [1][7] - The value of DC circuit breakers is higher than that of AC circuit breakers, and as voltage levels increase, the value will further rise. Currently, the value of domestic AC circuit breakers is approximately 0.3 yuan per watt, while DC circuit breakers are about 30% more expensive [7][10] - The trend towards DC in data centers is driving demand for DC circuit breakers, which typically have a higher value than AC circuit breakers [10] Company Insights - Liangxin Electric has established partnerships with major clients like Huawei and Vidi, successfully entering the North American Vidi supply chain and launching rapid circuit breaker products, indicating significant potential for domestic substitution [2][12][13] - Liangxin Electric is focusing on R&D to meet new technological requirements and has shown strong market positioning in the DC trend, with a competitive edge due to its collaborations and innovation capabilities [12][16] Market Dynamics - The voltage levels in overseas data centers are generally higher, leading to a proportional increase in the value of circuit breakers. The construction costs in North America are significantly higher than in China, influenced by exchange rates and certification fees [9] - The domestic circuit breaker market is approximately 90 billion yuan, while the overseas market is three times larger, with a global total market size of about 400 billion yuan [16] Future Outlook - The data center industry is experiencing rapid growth and technological changes, similar to the previous boom in the renewable energy sector, presenting new opportunities for domestic companies like Liangxin Electric [17][18]

Summary of Conference Call Records Industry Overview - The conference call discusses the data center power supply industry and the gas turbine sector, highlighting the high demand and growth potential in these areas [1][2]. Key Companies Mentioned - **应流股份 (Yingliu Co.)**: Benefiting from the high demand in the gas turbine industry, with record orders from Siemens Energy and GEV. The company is also seeing growth in its aerospace engine business and financial recovery [1][2]. - **麦格米特 (Magnum Power)**: Maintaining a growth rate of 20%-30% in data center infrastructure, including server power supplies and HVDC systems [1][3]. - **科华恒盛 (Kehua Tech)**, **科士达 (Kstar)**, **盛弘 (Shenghong)**: Companies expected to benefit from the shift towards direct current (DC) power supply in data centers [1][6]. - **正泰 (Chint)**, **良信 (Liansheng)**, **宏发 (Hongfa)**, **明阳智能 (Mingyang Smart Energy)**, **金盘科技 (Goldwind)**: Key players in transformers, switches, relays, and low-voltage equipment, positioned to gain from the transition to DC power [1][6]. Core Insights and Arguments - The data center power supply is transitioning from centralized AC supply to DC HVDC systems, with major companies like Tencent and Alibaba already adopting these technologies, achieving efficiency rates of up to 97% [1][7]. - The global data center market is expected to maintain a high compound annual growth rate (CAGR) of 30%, driven by increased capital expenditure from major internet companies and the growing demand for AI data centers [2][11]. - The shift towards DC power is primarily driven by efficiency advantages, compatibility with renewable energy sources, and enhanced safety [9][10]. - The market for DC power supply is projected to double, while AC power supply will continue to grow at a double-digit CAGR [11]. Additional Important Points - The domestic and international diesel generator market is seeing increased activity, with significant tenders from major companies like Tencent and ByteDance [4]. - The technology level of domestic data center power supply companies is comparable to international standards, with domestic firms poised to capture market share due to slower innovation from overseas competitors [14]. - The integration of renewable energy and storage solutions in data centers is becoming a critical trend, supported by policy initiatives [15]. - The transition from AC to high-voltage DC will enhance the value of components, providing opportunities for domestic leaders in low-voltage circuit breakers and relays [16][17]. Conclusion - The data center power supply industry is on the cusp of significant transformation, with a clear trend towards DC systems driven by efficiency, safety, and the integration of renewable energy. Key players in this space are well-positioned to capitalize on these changes, making it a critical area for investment consideration [17].