- ■■- 核心摘要 2022年12月ChatGPT发布，引发全球市场对于AI发展的关注。伴随美国头部云厂商不断提升资本开 支，AI基建领域产生众多投资机会。涉及产品包括变压器、UPS（不间断电源）、服务器电源、液 冷；甚至由于AIDC（AI数据中心）建设的火爆，导致电网接入点稀缺，核电成为AIDC的优质电 源，包括核电公司以及可控核聚变公司均受到关注。 我们复盘ChatGPT发布后，海外AIDC基建类产业链股价走势，可以发现各区间段收益率靠前的细分 赛道，基本对应当时AI产业演进中的核心矛盾或进展。从规律来看，大致可以分为四个阶段：1） ChatGPT出现带来算力需求高增，期间服务器电源关注度攀升；2）算力高增推动芯片技术迭代，相 应导致功耗提升，服务器电源、液冷需求提升；3）AIDC进入实际建设阶段，AI基建（备用电源、 变压器需求增加）；4）AIDC建设导致电网接入点难寻，燃气轮机、核电相应概念热度提升。 综合以上分析，对于中国AIDC各细分产业链，我们观点如下： 传统备用电源有望享受量价齐升红利。 海外头部企业整体指引2025年营业利润率有望提升。我们认 为主要原因有（1）需求量端，AI数据中心建设浪 ...

Summary of Key Points from the Conference Call Industry Overview - The power equipment industry is viewed positively due to strong US transformer demand and increasing backlog from global suppliers, with order visibility extending to 2027 [1][22] - Taiwan's government anticipates AI power demand to reach 2GW by 2028, an increase of 8 times compared to 2023 [1][46] Company Insights Fortune Electric (1519.TW) - Recognized as a leading transformer manufacturer in the US market for nearly 30 years, with a competitive edge in high-voltage transformers [2] - Expected to benefit from the US transformer shortage, with a projected net income growth of over 40% in 2025 [19] - Revenue is anticipated to grow by approximately 25-30% year-over-year in 2025 [21] - Export revenue contribution is expected to exceed 50% in 2025 [15] - Concerns regarding potential impacts of US tariffs on profitability, although the company may transfer some costs to US clients [12][11] Chung Hsin Electric (1513.TW) - Key beneficiary of Taipower's power grid investment, holding over 50% market share in Taipower's procurement [3] - Revenue growth is expected to be milder in the first half of 2025, with a stronger second half [44] - Risks associated with potential delays in Taipower's projects, but orders are unlikely to be canceled due to government support for power grid investments [44] Hon Chuan (9939.TW) - Strong growth in the ASEAN market with stable dividend yield of approximately 4% [3] - Concerns about the impact of a rights issue and convertible bond issuance on EPS growth, with expected dilution of 2.5% and 7.4% respectively [49] - Anticipated revenue contribution from new capacity in China, expected to reach around NT$1.5 billion in 2025 [49] Financial Metrics - Fortune Electric's market cap is approximately USD 5.57 billion, with a projected PER of 30.0x for 2025 [6] - Chung Hsin's projected PER is 19.0x for 2025, with a revenue growth forecast of 12% [68] - Hon Chuan's revenue CAGR is expected to be 14% from 2024 to 2026 [52] Market Performance - In 2024, share price performance for Fortune Electric increased by 82%, while Hon Chuan saw a 25% increase [7] - Year-to-date performance in 2025 shows a 12% increase for Fortune Electric [8] Risks and Considerations - Potential risks include slower capacity expansion due to labor constraints and operational accidents affecting utilization rates [75] - The impact of US tariffs and changes in renewable energy subsidies could affect profitability for companies in the sector [12][11] Conclusion - The power equipment industry, particularly in Taiwan, is positioned for growth driven by strong demand and government support for infrastructure projects. Companies like Fortune Electric, Chung Hsin, and Hon Chuan are well-placed to capitalize on these trends, although they face risks related to tariffs, project delays, and market dynamics.