Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Views - The company is positioned as a leader in the HVDC (High Voltage Direct Current) supply technology, with an overall efficiency exceeding 97.5%. It has a complete supply chain system and the capability for large-scale production and delivery [3][62]. - The company has established a strong foothold in the data center power supply sector, widely used across various industries including internet, finance, and telecommunications. Its international market presence is expanding, with operations in regions such as Africa, West Asia, and Southeast Asia [3][62]. - The report anticipates explosive growth in AI computing demand, which will accelerate the iteration of intelligent computing infrastructure. The company is expected to benefit significantly from this trend, especially as it strengthens ties with major internet giants and national computing hubs [3][62]. Summary by Sections Financial Forecast and Valuation - The company is projected to achieve total revenue of 19.62 billion yuan in 2024, a year-on-year increase of 26.13%. The net profit attributable to shareholders is expected to reach 1.10 billion yuan, reflecting a growth of 178.52% [3][25]. - The earnings per share (EPS) are forecasted to be 0.19 yuan in 2024, with a price-to-earnings (P/E) ratio of 82.56 based on the latest diluted EPS [3][25]. Competitive Advantages - The company has a strong competitive edge due to its early entry into the HVDC market and its ability to meet the growing demand for efficient power solutions in data centers. Its products are already integral to the operations of major clients like Alibaba and Tencent [3][62]. - The company is actively pursuing international expansion, with plans to leverage its Singapore subsidiary to enhance its global footprint in technology and product offerings [3][62]. Market Outlook - The global HVDC market is expected to reach 17.7 billion dollars by 2027, with a compound annual growth rate (CAGR) of 121% from 2024 to 2027. The report highlights that the domestic market is currently concentrated, with the company holding a significant market share [3][56]. - The report emphasizes the increasing adoption of HVDC technology as a replacement for traditional UPS systems in AI data centers, driven by the rising power density of AI servers [3][56].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 HVDC产业趋势进一步得到验证，未来渗透率有望持续提升 HVDC未来有望逐步替代UPS，主要有以下几点原因：1）AI技术发展推动服务器机架功率持续提升，随着机 架功率超过300kW，HVDC技术通过减少铜材使用量、降低电流以及减少热损耗，能够实现更高效、集中化的 电力输送；2）HVDC相较于交流UPS省去了逆变环节，有利于降低电能损耗、提高可靠性；3）HVDC系统在 占地面积、建设成本、运营成本上均优于UPS。我们认为，随着AI迅猛发展和算力需求急剧增加，AI数据中心 供配电系统面临着效率和节地等指标进一步提升的迫切需求，以上因素将持续推动数据中心供电技术方案由 UPS向HVDC发展，未来HVDC在AI数据中心的渗透率有望持续提升。 风 ...

行业报告： 行业深度研究 AIDC行业深度：通胀的机会在哪里？ 作者： 证券研究报告 2025年03月2日 请务必阅读正文之后的信息披露和免责申明 2 AIDC相较传统IDC算力指数级提升及功耗大幅上升：传统IDC单机柜功率密度通常在3-8kW,可装载的服务器设备数量有限，算力密度相 对较低；而AIDC单机柜功率密度通常在20-100kW之间，算力密度指数级增长。 国内外主要厂商均有大规模AIDC资本开支：国内的腾讯、阿里巴巴、字节跳动在2024年均有大规模的AIDC资本开支，其中字节跳动 2024年的AIDC资本开支预计达到800亿，2025年增至1600亿元。同时，美国四大科技巨头微软、Meta、谷歌和亚马逊也在AI数据中心 建设上持续加大投入。国内外的大规模资本开支将给AIDC基础设施行业带来显著的增量。 AI服务器电源：主要指应用于AI服务器中的AC-DC（220V-48V）电流转换的高功率电源，相较于普通服务器电源，其功率密度大幅提 升、转换效率&冗余度提升，进而价值量有显著提升，26年全球市场规模有望超50亿美元。重点推荐进入国际头部AI公司GB系列服务器 供应链的相关标的【麦格米特】，建议关注受 ...