固态变压器 SST 产业趋势凸显，多厂商布局看好应用前景- 新能源 20250824 摘要 固态变压器（SST）通过集成变流器，实现 10 千伏交流电到 800 伏直 流电的转换，简化链路并提高效率，满足 AI 数据中心日益增长的功率需 求，尤其适用于英伟达等高功率密度应用。 国内外企业在固态变压器领域均处于早期阶段，中国西电已在数据中心 应用 2.4 兆瓦 SST，运行良好。阳光电源、金盘科技等公司正进行研发 和试点，预计 2027-2028 年实现规模化部署。 固态变压器当前价格较高（海外每瓦 7-14 元人民币），但随着技术进 步和规模化生产，成本有望下降。AI 数据中心对大功率供电的强劲需求 推动市场潜力，但年化 100GW 规模尚难准确判断。 固态变压器通过半导体元件替代传统铁芯绕组，实现电压变换和能量控 制，工作频率高达上千赫兹，体积缩小至 1/5，转换效率高达 98%以上， 功率密度超过 10 千瓦/公斤，是传统变压器的十倍以上。 预计 2025 年全球人工智能数据中心（AIDC）市场将达到十几吉瓦的部 署量，未来可能接近二十几吉瓦，市场规模将超过 1,000 亿元人民币， 算力需求和大模型变化 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the advancements in the **800V HVDC** technology and its implications for the **AIDC (Artificial Intelligence Data Center)** supply architecture, highlighting a significant opportunity for domestic suppliers in China to meet overseas demand [1][2][5]. Core Insights and Arguments - **Adoption of 800V HVDC**: Nvidia plans to gradually adopt 800V HVDC to address the increasing power density in AI computing, which will lead to energy savings and reduced copper usage [1][2][4]. - **Investment Trends**: Major tech companies like Meta and Alphabet are increasing capital expenditures, indicating a strong focus on AIDC investments. Meta's capital expenditure was raised from $64 billion to $66 billion, while Alphabet's was increased to $85 billion [5]. - **Advantages of HVDC**: HVDC systems eliminate the need for AC-DC and DC-DC conversions, resulting in energy savings and reduced losses compared to traditional UPS systems [3][4]. - **Solid-State Transformers (SST)**: SSTs are being developed as future power solutions, currently in pilot testing, with potential applications in data centers and renewable energy generation. Full-scale deployment is expected to take three years [1][7][8]. - **Solid-State Battery Development**: Focus on key components such as dry electrodes and insulation materials, with significant orders already placed for equipment [9][10]. - **Photovoltaic Industry**: The solar industry is in a transitional phase, with clear price recovery trends and a recommendation to focus on silicon materials and auxiliary materials [11]. Additional Important Content - **Investment Opportunities**: Companies like McMitter, Zhongheng Electric, and Shenghong Co. are highlighted as key players in the HVDC space. In the UPS sector, companies like Kstar and Kehua Data are also noted for their technological capabilities [6]. - **Future of SST**: SSTs are expected to play a crucial role in the evolution of power supply systems, particularly in high-power AIDC applications [8]. - **Wind Power Market**: The wind power sector is showing signs of recovery, with a focus on key components and offshore wind developments, indicating strong growth potential [14][15]. - **Investment Strategy**: Current investment strategies should prioritize IDC power systems, solid-state batteries, and the photovoltaic sector, as these areas present significant growth potential [18].

Summary of Conference Call Records Industry Overview - The conference call focuses on the **data center power supply and liquid cooling industry** and discusses the evolving trends and opportunities within this sector [1][2][3]. Key Points and Arguments 1. **Power Supply Demand Upgrade**: The demand for power supply units (PSUs) has significantly increased, evolving from 3.3 kW to 5.5 kW, with many companies now pushing for 12 kW or higher. This upgrade raises the technical barriers, providing opportunities for domestic companies to enter overseas markets [1][2][3]. 2. **HVDC Technology Adoption**: Meta plans to implement a ±400V HVDC solution in its Prometheus data center project by 2026, which is ahead of market expectations. This presents a significant opportunity for domestic power supply companies to penetrate the overseas market [1][2][3]. 3. **NVIDIA's Future Plans**: NVIDIA's Ruben Ultra, set for mass production in the second half of 2027, will utilize an 800V HVDC architecture. The rapid advancement in HVDC technology by overseas clients exceeds market expectations, necessitating early positioning by domestic companies [1][3]. 4. **HVAC Trends**: The trend towards HVAC systems is clear, with NVIDIA's Robin Ultra achieving over 600 kW per cabinet. The adoption of HVAC can reduce costs and current losses, indicating a shift in power supply architecture [1][6]. 5. **Solid-State Transformer (SST) Benefits**: SST technology can significantly reduce cable usage in data centers by converting 10 kV input directly to 800V DC supply, potentially saving about 50% in cable usage. SST also improves overall efficiency by approximately 0.5% compared to traditional solutions [1][8]. 6. **Liquid Cooling Technology Growth**: The penetration rate of liquid cooling technology is expected to rise from 20% to around 50% by the end of 2025, driven by high-performance chip demand, system efficiency improvements, and energy-saving needs [1][10]. 7. **Domestic Companies' Competitive Edge**: Companies like HeWang, OuluTong, and MaiMi are actively developing relevant products. Those with established high-voltage, high-power technology will have a competitive advantage in the overseas market [1][5]. 8. **Market Catalysts**: Upcoming events, such as quarterly earnings reports from major companies and the global OCP conference in October, may serve as catalysts for industry development and market confidence [1][11]. Additional Important Insights - **Domestic Policy Support**: Shanghai has introduced a 600 million yuan subsidy policy for computing power, encouraging the establishment of new data centers. This support is expected to facilitate the adoption of flexible architectures in response to demand changes [1][15]. - **Investment Opportunities**: Companies that provide advanced cooling solutions and have strong competitive positions are recommended for investment. Notable mentions include Yingweike, Sixuan New Materials, and Shenli Environment [1][17][18]. This summary encapsulates the critical insights and developments discussed in the conference call, highlighting the opportunities and challenges within the data center power supply and liquid cooling industry.

Summary of Conference Call on Solid-State Transformer (SST) Technology Industry Overview - The conference call focuses on the **Solid-State Transformer (SST)** technology and its implications for the **data center** and **power distribution** industries, particularly in the context of the explosive growth of AI data centers, which are expected to maintain a compound annual growth rate (CAGR) of over **35%** until **2030** [1][5][16]. Key Points and Arguments Growth of AI Data Centers - AI data centers are experiencing explosive growth, with a shift towards supercomputing and intelligent computing demands, leading to an increase in power consumption per cabinet from **4-6 kW** in traditional data centers to **20-40 kW** or even **120 kW** in intelligent computing centers [5][6][7]. - This trend necessitates higher voltage levels and more compact power distribution systems, with a move towards **800V DC** power supply architectures by companies like NVIDIA, planned for deployment by **2027** [5][6]. Advantages of Solid-State Transformers (SST) - SST technology offers significant advantages over traditional transformers, including: - **Size and Weight Reduction**: SSTs can reduce size and weight by at least **50%** compared to traditional transformers [12][13]. - **High Efficiency**: SSTs can achieve efficiency levels exceeding **95%** by eliminating the inverter stage found in traditional UPS systems [9][10]. - **Active Control**: SSTs utilize solid-state electronic switches for active control, allowing for direct conversion from **10 kV AC** to **800 V DC** without the need for filtering or reactive power compensation [10][11]. - **Flexibility**: SSTs can easily adapt to various power sources, including renewable energy, making them suitable for modern power grids [2][14]. Market Outlook and Production - SSTs are expected to enter small-scale production by **2027**, with a rapid increase in market penetration anticipated [3][16]. - The technology is positioned to play a crucial role in the modernization of data centers, particularly in high-performance computing and semiconductor manufacturing [12][13]. Additional Important Insights Impact on Power Distribution Systems - The shift towards AI data centers and higher power demands is driving the need for more efficient and compact power distribution solutions, with SSTs being a key player in this transition [5][15]. - The construction cycle for data centers utilizing SST technology can be reduced to **three months**, significantly shorter than traditional methods [14]. Beneficiary Companies - Several companies are poised to benefit from the growth of SST technology: - **Xidian Electronics** and its parent company **China Xidian** are already applying SST technology in projects like "East Data West Computing" [17]. - **Jinpan Technology** has strong ties with major clients in the data center sector, positioning it well for growth [17]. - Other companies with technological advantages, such as **Shenghong Sifang** and **Kelu**, along with upstream material suppliers like **Yunluo Technology** and **Antai Technology**, are also expected to benefit from the industry demand surge [18]. Conclusion - The SST technology represents a transformative shift in the power distribution landscape, particularly for data centers, driven by the increasing demands of AI and high-performance computing. The anticipated growth in this sector presents significant investment opportunities and highlights the importance of companies that are well-positioned to leverage these advancements.

Investment Rating - The report maintains an "Accumulate" rating for the industry, specifically in the power equipment sector [5]. Core Insights - The intelligent computing center industry is experiencing rapid expansion driven by a combination of policy support, local government initiatives, and surging market demand. The investment scale in China's intelligent computing center market reached 87.9 billion yuan in 2023, representing a year-on-year growth of over 90%. It is projected to reach 288.6 billion yuan by 2028 [1][20]. - Local governments and basic telecom operators are the primary participants in the construction of intelligent computing centers, accounting for over 50% of the projects in operation, under construction, or planned as of August 2024. Internet and cloud service providers contribute approximately 17.7% of the projects [20][21]. Summary by Sections 1. Demand Driven Growth in AIDC - The investment scale of intelligent computing centers is significantly increasing due to the resonance of policy support and the demand for large models. The rapid growth in data volume driven by large model applications is pushing the intelligent computing center into an expansion phase [16][17]. - Major telecom operators and internet companies are ramping up their investments in computing power. For instance, China Mobile plans to invest 37.3 billion yuan in computing power, which will constitute 25% of its capital expenditure in 2025 [2][27]. 2. Evolution of Data Center Power Supply Architecture - The current power supply systems in data centers primarily utilize UPS, but there is a gradual shift towards HVDC and Panama power systems. HVDC systems offer significant advantages in reliability, efficiency, and economic viability compared to traditional UPS systems [3][26]. - The Panama power system demonstrates clear advantages in investment costs and operational efficiency, achieving a conversion efficiency of 97% [3][26]. 3. Future Trends in Power Supply Architecture - The transition towards medium and high voltage power supply systems is becoming a trend, with a focus on high-density and energy-efficient solutions in the AIDC era [3][38]. - The report suggests that companies like Kehua Data and Kstar, as well as leaders in HVDC and Panama power systems like Zhongheng Electric, are well-positioned to benefit from the increasing capital expenditures by internet companies [4][38].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **High Voltage Direct Current (HVDC)** technology and its implications for the **data center** industry, particularly in the context of the growing demand for **AI computing power** and related infrastructure investments [1][2]. Core Insights and Arguments - **AI Computing Demand Surge**: By 2030, AI computing load is expected to increase from 5.5 GW in 2024 to 24.6 GW, representing an annual growth rate of 28%. This will drive capital expenditures for data center construction from $80 billion in 2025 to $200 billion in 2030 [1][2]. - **HVDC Technology Advancements**: Companies like NVIDIA are pushing for voltage upgrades to 800V, enhancing power density and efficiency in data centers. The penetration rate of HVDC technology is projected to rise significantly [1][2][6]. - **Solid-State Transformer (SST) Market Potential**: Demand for SSTs in data centers is expected to exceed $20 billion by 2030, a substantial increase from $2 million in other applications last year [1][4]. - **Data Center Power Equipment Market Growth**: The global market for data center power equipment (excluding diesel engines) is projected to exceed $10 billion by 2030, comparable to the current inverter market size [1][5]. - **Domestic vs. International Data Center Capital Expenditure**: The cost of building data centers in China is approximately $4 billion per GW, while in overseas markets, it can reach $10 billion per GW, indicating significant market potential [1][8]. Additional Important Insights - **Traditional UPS Market Decline**: The UPS market is expected to shrink from over $20 billion in 2025 to around $4 billion by 2030 due to the rise of HVDC technology [3][17]. - **Impact of New Energy Sector Fluctuations**: The uncertainty in the new energy sector and changes in U.S. policies may affect the growth and valuation of companies like Jinpan Technology and Mingyang Electric [3][27]. - **Investment Opportunities in Domestic Power Electronics**: Domestic companies with experience in energy storage and renewable energy are increasingly entering the data center market, with potential market size expected to reach over $100 billion [9]. - **Key Players in the Market**: Leading companies in various segments include Jinpan Technology, Delta Electronics, and others, with significant market shares in transformers and UPS systems [19][20]. Investment Recommendations - **Valuation Considerations**: The value of equipment companies is closely tied to their customer base and reputation. Jinpan Technology, for instance, has a strong brand presence in both domestic and overseas markets [21][22]. - **Short-term Investment Focus**: Companies like Shenghong, Hewei Electric, and Megmeet are highlighted as having strong short-term trading potential due to their involvement in high-demand sectors like charging stations and HVDC technology [28][29]. This summary encapsulates the critical insights from the conference call, focusing on the HVDC technology's impact on the data center industry and the associated investment opportunities and risks.

Core Viewpoint - The article discusses the evolution of AIDC power architecture towards 800V HVDC and solid-state transformers (SST), highlighting a potential market explosion starting in 2026 as companies validate technologies and secure key customers [1] Group 1 - AIDC power architecture is gradually transitioning to 800V HVDC and SST, with a market explosion expected around 2026 [1] - SST heavily relies on key wide bandgap semiconductor devices (SiC, GaN) and specialized magnetic materials, with current production capacity concentrated among a few manufacturers [1] - High-frequency transformers are central to SST systems, and companies with traditional expertise in key subcomponents are likely to become indispensable partners for major players like Weidi and Delta [1]

Industry Update: Solid State Transformer (SST) Outlook Industry Overview - The Solid State Transformer (SST) industry is focused on enhancing efficiency and reducing footprint in power distribution systems. SST utilizes silicon carbide or silicon-based switching devices combined with high-frequency transformation technology, achieving efficiency improvements from 95% to over 98% [1][3]. Key Insights - **Cost and Efficiency**: The SST system integrates transformers, distribution equipment, and power supplies, costing approximately 1.55 to 2 times that of North American UPS systems, but with a footprint reduction of 50% and efficiency exceeding 98%. The cost can be recouped through energy savings within 3.5 to 4 years, indicating a long-term cost advantage [1][6]. - **Market Demand**: Data center users prioritize cost, energy efficiency, reliability, and service. SST meets high voltage direct current output requirements, enhancing data center efficiency and reducing Power Usage Effectiveness (PUE), thus lowering Total Cost of Ownership (TCO) over its lifecycle [1][10][11]. - **Challenges**: Despite its advantages, SST faces reliability concerns related to silicon-based materials and heat generation. The industry must address these issues to gain wider adoption [1][9]. Market Dynamics - **Current Market Status**: The SST market is still in its early stages, with significant growth expected as major tech companies like Meta, Microsoft, and AWS plan to implement SST solutions by 2026 [3][26]. - **Supply Chain and Competition**: Key suppliers include traditional UPS and HVDC manufacturers such as Eaton, Schneider, and Delta, alongside new entrants like Xi'an Xidian Semiconductor. The competitive landscape is evolving as more companies enter the SST market [8][18]. Technical Considerations - **Design Challenges**: The design of SST involves complex power device combinations and requires significant technical expertise. The transition from traditional power systems to SST is akin to the early development of High Voltage Direct Current (HVDC) systems [22][23]. - **Heat Management**: SST systems are designed to handle heat dissipation effectively, with forced air cooling being sufficient due to the increased efficiency that reduces overall losses [19][20]. Future Outlook - **Price Trends**: The current high prices of SST are attributed to initial market entry costs and the need for higher voltage components. However, prices are expected to decrease by 30% to 50% over the next five to seven years as the technology matures and competition increases [14][16]. - **Long-term Projections**: The SST market is projected to grow significantly, driven by the increasing demand for high-density power solutions in data centers. The transition to SST is seen as a necessary evolution in power distribution technology [25][28]. Conclusion - The SST industry is poised for growth, driven by technological advancements and increasing demand for efficient power solutions in data centers. While challenges remain, particularly regarding reliability and cost, the long-term outlook is positive as the market matures and more players enter the field.

Investment Rating - The report rates the industry as "Outperform the Market" [1] Core Insights - High Voltage Direct Current (HVDC) technology presents significant market opportunities for domestic equipment manufacturers [1] - The global AI data center market is expected to see substantial growth, with a projected annual compound growth rate (CAGR) of 28% for AI computing power load from 2024 to 2030 [4] - The demand for power equipment in data centers is anticipated to reach a market size of 108.7 billion yuan by 2030, driven by the increasing requirements for reliability and efficiency [5] Summary by Sections AI Data Center Growth - The global computing power scale is projected to exceed 16 ZFlops by 2030, with AI computing power accounting for over 90% [4] - The expected annual growth in AI computing power load from 2025 to 2030 is 9.7 GW, 15.9 GW, 20.2 GW, 22.3 GW, 23.4 GW, and 24.6 GW respectively [10][11] Power Equipment Demand - The demand for power equipment in data centers is expected to grow significantly, with estimates of 29 GW, 48 GW, 60 GW, 67 GW, 70 GW, and 74 GW from 2025 to 2030 [30] - The market for transformers, switchgear, UPS, and HVDC is projected to reach 85 billion yuan, 341 billion yuan, 41 billion yuan, and 380 billion yuan respectively by 2030 [5] Technology Trends - The integration and modularization of power distribution equipment are increasingly required, with HVDC technology expected to see a steady rise in penetration from the current 15%-20% [6] - The transition to 800V HVDC systems is being accelerated by major companies like NVIDIA, which aims to support ultra-high power density IT racks [6][49] Company Analysis - Key players in the data center power equipment sector include Delta, Vertiv, Schneider Electric, and domestic firms like Hezhong Electric and Mingyang Electric [7] - Investment recommendations include focusing on companies such as Hezhong Electric, Shenghong Co., Magmi Tech, Mingyang Electric, and Jinpan Technology [7]

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].