证券研究报告 点评报告 2025 年 3 月 12 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、策略和先进制造组： 禾赛科技发布了 2024 年第四季业绩情况，营收 7.2 亿元，同比增长 28%，第四季 度净利润 1.47 亿元，同比扭亏为盈。2024 年全年，禾赛营收：20.8 亿元，同比 增长 10.7%，首次实现全年 Non-GAAP 净利润 1370 万元，成为全球首家全年盈利 的上市激光雷达企业。预计 2025 年营收将达到 30 亿至 35 亿元，激光雷达总出 货量为 120 万至 150 万台。禾赛的主机厂客户主要是理想和小米。从 2025 年营 收指引看，激光雷达 2025 年的销量将翻倍增长，这与 2025 年 3 月以来大量整车 厂将高阶智能辅助驾驶下方到 10~20 万车型的战略相关，因此两者可以相互印证 2025 年国内激光雷达行业将高景气。由于 2024 年国内头部的激光雷达厂商禾赛 科技、速腾聚创、华为等的市占率相差不大，因此也看好港股速腾聚创的投资机 会。 分析师：郭强 英伟达GPU的核心电源参展商台湾台达首次公布19英寸72kW800VHVDC电源机架， 采用 ...

Summary of Conference Call on Data Center Power Supply Systems Industry Overview - The conference call focuses on the data center power supply systems, specifically comparing two main solutions: UPS (Uninterruptible Power Supply) and HVDC (High Voltage Direct Current) [1][3][4]. Key Points and Arguments - **Main Solutions**: The primary power supply solutions in data centers are UPS and HVDC, with UPS being complex but effective against power fluctuations, while HVDC is more efficient and cost-effective, becoming the mainstream choice for new data centers, especially in China [1][3]. - **Market Growth**: The HVDC market in China is projected to grow significantly, with an estimated market size of approximately 1 billion RMB in 2023, indicating substantial future growth potential [1][17]. - **Efficiency and Cost Advantages**: HVDC systems offer significant advantages over UPS in terms of efficiency, structure, and cost, particularly in the context of increasing AI computing power demands [1][12][13]. - **Market Concentration**: The HVDC market in China is highly concentrated, dominated by companies like Zhongheng Electronics, Delta Electronics, and Weidi, which collectively hold about 90% of the market share [1][18]. - **Transition from UPS to HVDC**: Companies such as Kehua Data and Kstar are transitioning from UPS to HVDC, indicating a shift in market dynamics and potential investment opportunities [2][20]. Additional Important Insights - **Historical Context**: HVDC technology was initially developed by Alibaba in collaboration with Delta, and its penetration in the domestic market remains low despite its advantages [10][15]. - **Future Trends**: The data center power supply market is transitioning from ACDC to DCDC, with HVDC expected to play a crucial role as AI technology advances and data center construction accelerates [17]. - **Emerging Technologies**: The potential for energy routers, which integrate power conversion, control, and communication functions, is highlighted as a future trend in data centers, although they are not yet widely adopted [11]. - **Competitive Landscape**: While the HVDC market has low technical barriers, companies that traditionally focused on UPS are now entering the HVDC space, increasing competition but also opportunities for growth [18][19]. Conclusion - The data center power supply industry is undergoing a significant transformation with the increasing adoption of HVDC systems, driven by efficiency needs and the rise of AI technologies. Companies transitioning to HVDC and those already established in the market present potential investment opportunities as the sector continues to evolve.