Group 1 - The company has successfully qualified for the Beijing municipal government procurement project for power supplies, but no specific orders have been generated yet [1] - The government procurement process is characterized by strong planning and complex internal procedures, and the company is actively promoting its participation [1]

Core Insights - The recent GTC conference highlighted the update of the AIDC power architecture, marking a significant development in NVIDIA's supply chain [1][2] - Key focus areas include the independence of power units, increased usage of power shelves, and the importance of components like BBU, supercapacitors, and PDU [1][2][3] - The new power architecture is expected to enhance the value and importance of server power suppliers, with Megmeet positioned to benefit as a pioneer in the Power rack solution [1][3] Power Unit Independence - The GTC conference confirmed that Power rack will become the new generation power technology solution, addressing the increasing power demands of GPUs [1][2] - The new architecture involves moving Power shelf, BBU shelf, and supercapacitor shelf out of the IT rack to form an independent Power rack [2][3] Increased Usage of Power Shelves - Concerns about the sidecar solution reducing the usage of Power shelves were alleviated, as the new architecture actually increases their usage due to an additional power circuit [4][5] - The architecture allows for a three-tier voltage conversion process, enhancing the overall power supply reliability [4][5] Market Potential and Value - The Power rack is projected to have a total value of approximately $216,365, with significant contributions from various modules [6][7] - The introduction of the Power rack is expected to create new revenue streams for Megmeet, transitioning its role from a simple AC/DC supplier to an integrated power solution provider [3][6] Implementation Timeline - Short-term plans involve using AC PSU solutions for GB200 and GB300, while mid-term upgrades will adopt the 800V HVDC sidecar power architecture [8] - The market anticipates that by 2025, Megmeet and other suppliers will begin to see new business opportunities from BBU and supercapacitor products, with significant growth expected in 2026 [8][9] Competitive Advantage - Megmeet is currently the only supplier to have released a sidecar integrated solution, positioning it to capture a significant market share in the Power rack segment [9] - The anticipated growth in AI computing power in China is expected to further boost Megmeet's domestic business, laying a foundation for future market expansion [9]