Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11]. Core Insights - The company focuses on the overseas transformer market, benefiting from significant advantages in product technology, overseas production capacity, and downstream customer relationships. Given the current tight supply of transformers abroad and the anticipated widening supply gap due to AI development, the company is expected to benefit from this trend, with an increasing proportion of overseas customers driving operational growth. A turning point in operations has already been observed [2][9]. Summary by Sections Overall Business Focus - The company has accelerated its business expansion since its IPO in 2017, focusing on digital transformation and expanding production bases both domestically and internationally. The core business has shifted towards energy products, particularly transformers, which are expected to see a significant increase in revenue share from 56% in 2021 to 73% in 2024 [5][25][20]. Main Business: North America Focus - The company has strategically positioned itself in the North American market, where the construction speed of power supply and grid infrastructure does not match the rapid development of AI data centers, leading to potential electricity shortages. The company has established a competitive edge in overseas production capacity and customer relationships, with plans for production bases in Malaysia, Thailand, the USA, and Mexico [6][74][82]. New Business Ventures - The company is actively developing new areas in AIDC high-voltage direct current power products, particularly in Panama, where it has established a leading position in phase-shifting transformer technology. This segment is expected to contribute additional growth if successful [8][91][107]. Investment Recommendations - The report anticipates that the company's net profit attributable to shareholders will reach 500 million yuan by 2026, corresponding to a PE ratio of approximately 28 times. The ongoing tight supply of transformers and the expected increase in overseas customer share are expected to enhance profit growth elasticity [9][12].

行业点评：国内 AI 资本开支加速，AIDC 需求强化 [Table_Industry] 电力设备与新能源 [Table_ReportDat] 2025 年 12 月 5 日 证券研究报告 行业研究 [行Tabl 业点评报告 e_ReportType] [电Table_StockAndRank] 力设备与新能源 投资评级 看好 上次评级 看好 胡琎心 电新行业首席分析师 执业编号：S1500525080001 联系电话：010-83326711 姚云峰 电力设备与新能源行业联系人 联系电话：18840829584 邮 箱：yaoyunfeng@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 [国内Table_T AI 资本开支加速， itle] AIDC 需求强化 [Table_ReportDate] 2025 年 12 月 5 日 本期核心观点 事件：11 月 25 日，阿里巴巴集团发布 2026 财年第二季度业绩，在旺盛的 AI 需求推动下，阿里云整体收入同比强劲增长 34%，其中 ...

Group 1: Company Overview and Operations - Igor Electric Co. has established overseas factories with significant production capacities, including a Thai factory capable of producing 700 units of new energy transformers per month and a Mexican factory expected to reach a capacity of 500 units per month by mid-next year [3] - The company is expanding its product offerings in the data center sector, including phase-shifting transformers, dry-type transformers, and oil-immersed transformers, with sales extending to markets such as Japan, the USA, and Malaysia [4] Group 2: Market Expansion and Client Engagement - Igor Electric has formed partnerships with leading North American clients for EPC cooperation, driven by the increasing demand for transformers in the renewable energy sector [3] - The company aims to enhance its brand recognition and support overseas business expansion through its planned H-share listing, with funds allocated for R&D, production facility development, and global manufacturing layout [5] Group 3: Future Goals and Strategic Focus - The company is focused on building and releasing domestic and international production capacities, enriching its product matrix, and enhancing product competitiveness [6] - Igor Electric plans to continue investing in the data center power equipment sector, leveraging its digital manufacturing advantages to create reliable and energy-efficient solutions [4]

Core Insights - Nvidia has introduced an 800VDC external solution to address the increasing power density issues in cabinets, effectively reducing power loss [1] - The report emphasizes the benefits for terminal manufacturers, the significance of transformers, the growth potential for Delta Electronics as a PCB supplier, and the importance of changes within cabinets [1] Group 1: Nvidia's Proposal - Nvidia's high-voltage direct current (HVDC) system is proposed as a future power supply reference, with medium-voltage rectifiers and solid-state transformers (SST) as ultimate solutions [1][2] - The hardware technology direction of Nvidia is evolving towards efficiency and speed, with the HVDC system addressing the exponential growth in GPU computing power and power density [1] Group 2: Efficiency and Market Trends - Medium-voltage rectifiers convert medium-voltage AC (typically 1kV to 35kV) directly to DC, achieving over 98% efficiency and reduced footprint compared to traditional UPS and HVDC solutions [2] - Major companies, both domestically and internationally, are advancing HVDC technology commercialization, with notable initiatives from Alibaba, Tencent, Meta, and Google [3] Group 3: Industry Chain Dynamics - The core distinction in the industry chain lies in the transformers used, with medium-voltage rectifiers utilizing phase-shifting transformers and solid-state transformers employing high-frequency transformers [4]

Investment Rating - The report maintains a positive investment rating for the industry, suggesting a focus on specific companies that are expected to benefit from the advancements in HVDC technology and related solutions [5]. Core Insights - The report highlights that NVIDIA has introduced an 800VDC solution to address the increasing power density in data centers, which is expected to significantly reduce power loss [2][20]. - The transition from traditional UPS systems to HVDC and solid-state transformer (SST) technologies is seen as a critical evolution in the power supply landscape, with efficiencies exceeding 98% for these new systems [30][34]. - The demand for HVDC technology is accelerating, with major companies like Tencent and Alibaba actively pursuing projects that incorporate these advancements [52][54]. Summary by Sections 1. Power and Efficiency as Core Issues - NVIDIA is leading a new industry direction with its advancements in GPU technology, which has seen a dramatic increase in computational power and energy requirements [11][15]. - The architecture of 800VDC is identified as a key solution to meet the rising demands of AI infrastructure, enhancing efficiency and reducing costs [18][19]. 2. HVDC as the Future Industry Evolution Direction - NVIDIA's white paper promotes the adoption of mid-voltage rectifiers and SSTs as future power supply solutions, moving the industry towards more efficient high-voltage direct current (HVDC) systems [20][21]. - The report outlines various transitional power supply solutions, including the white space retrofit and hybrid power systems, leading to the ultimate 800VDC distribution solution [20][21]. 3. HVDC Supply and Demand Assessment - The report notes that both domestic and international leading companies are pushing for the commercialization of HVDC technology, with significant projects planned for 2025 and beyond [52][54]. - Domestic companies like Delta and Eaton are making rapid progress in HVDC technology, with notable advancements in solid-state transformer solutions [54][55]. 4. Investment Recommendations - The report suggests focusing on terminal manufacturers such as Zhongheng Electric, Kehua Data, and Sunshine Power, which are expected to benefit first from these technological advancements [74]. - It also highlights the importance of transformer technology, recommending companies like Jingquanhua and Igor for potential investment opportunities [74].

Industry Rating - The industry investment rating is maintained as "Outperform" [1] Core Viewpoints - The demand for AI computing power is increasing, leading to a transition from traditional UPS power supply to HVDC due to efficiency, cost, and reliability challenges [2][3] - The global power supply solutions are rapidly evolving towards ±400V and 800V HVDC systems led by tech giants like Microsoft, Google, and Nvidia, aiming to support 1MW power per rack [2] - The market is expected to see gradual volume growth starting in 2026, driven by increasing AI computing power demand and infrastructure investments from major cloud service providers [3] Summary by Sections 1. Why HVDC is Promising? - The technology evolution path is clear, with major players accelerating their layouts in HVDC systems [2] - The industry trend has shifted from concept to large-scale implementation, with significant projects expected to launch in 2026 [2] 2. Market Situation - The demand for IT power in global data centers is expected to rise significantly, with a projected increase from approximately 49GW in 2023 to 96GW by 2026, reflecting a CAGR of around 25% [7] - Major cloud service providers are increasing capital expenditures, providing strong momentum for infrastructure development [3] 3. Investment Recommendations - The HVDC industry is characterized by high concentration and significant barriers to entry, with three main domestic players: Zhongheng Electric, Delta Electronics, and Vertiv [4] - Investment opportunities include: - Domestic leaders expanding overseas: Zhongheng Electric is positioned to leverage its HVDC technology and products in international markets [4] - Companies utilizing ODM strategies to enter overseas markets: Kehua Data and Kstar are focusing on HVDC product development and international expansion [5] - New players in the module sector seeking growth: Tonghe Technology and Youyou Green Energy are developing HVDC product lines and targeting key industry clients [5] 4. HVDC Advantages Over UPS - HVDC systems offer higher safety, stability, and energy efficiency compared to traditional UPS systems, addressing issues related to power consumption, space, and reliability [6][16] - The modular structure of HVDC allows for better utilization rates and reduced redundancy compared to UPS systems [16] 5. Domestic and International Layouts - Domestic HVDC solutions are primarily focused on 240V/336V systems, with significant market share held by Zhongheng Electric, Delta Electronics, and Vertiv [68] - Internationally, major tech companies are pushing for the adoption of ±400V and 800V HVDC systems, with Meta and Nvidia leading the charge [68][72] 6. Future Market Potential - The penetration rate of HVDC in the domestic market is currently low at around 15%, but is expected to rise rapidly due to increasing demand for computing power [72] - The market for 800V HVDC is anticipated to see significant growth starting in 2028, driven by infrastructure projects and technological advancements [72]

Summary of Key Points from the Conference Call Industry and Company Involved - The discussion revolves around the **data center industry** and **NVIDIA**'s new **800V DC power supply white paper**. Core Insights and Arguments - **Power Supply Challenges**: Traditional 48V power supply solutions face issues such as heat dissipation and high current in large-scale applications. NVIDIA recommends an **800V power supply solution** which has been successfully applied in charging stations and energy storage sectors, indicating a level of maturity [1][2] - **Proposed Power Supply Solutions**: The white paper outlines four main power supply solutions: 1. **Existing 50V Architecture**: Utilizes UPS and PSU to convert AC to 48-54V DC for server power [2] 2. **Modification of Existing Solutions**: Retains UPS while adding rectifiers to convert mains power to 800V DC [6] 3. **New Data Center Solutions**: Eliminates UPS, using energy storage systems for backup and load smoothing [6] 4. **Centralized Power Supply Solutions**: Employs larger power modules (60kW to over 100kW) for efficiency and reduced cabinet numbers [6][11] - **Energy Storage Systems**: These systems play a crucial role in smoothing load fluctuations, reducing electricity costs, and addressing carbon emissions. NVIDIA suggests two complementary energy storage systems for data centers [10] - **Solid-State Transformers (SST)**: SSTs are highlighted for their compact size and high efficiency, although they face risks due to high voltage modules. Companies like Jindian Technology are collaborating with NVIDIA for prototype development [3][7][15] Additional Important Insights - **Panama Power Solution**: This solution is noted for its maturity and reliability compared to competitors like Siercon, indicating potential for expansion in the North American market [12][13] - **Impact of AI Data Center Construction**: The acceleration of AI data center construction in the U.S. is expected to significantly increase energy storage demand, benefiting companies like Sierce, Magmite, and Oton [14] - **Future of SST in Data Centers**: While SSTs are not yet widely adopted, their advantages suggest a gradual integration into data centers as the technology matures [8][16] - **Market Competitors**: Companies such as Jindian Technology, Igor, Sifang Co., and Xinte Electric are noted for their competitive advantages in the SST field, with Jindian Technology projected to achieve significant revenue from data center applications by 2026 [17] This summary encapsulates the key points discussed in the conference call, focusing on the advancements in power supply solutions for data centers and the implications for the industry and related companies.

Core Insights - The article highlights the performance of stocks on the institutional leaderboard, with 32 stocks listed, 16 bought, and 16 sold by institutions. The top three stocks with the highest institutional purchases are Jinpan Technology (1.93 billion), Sunflower (1.31 billion), and Meili Technology (915.7 million) [1][2]. Group 1: Stock Performance - Jinpan Technology (688676.SS) saw a price increase of 20.00% with 2 buyers and 1 seller [2]. - Sunflower (300111.SZ) experienced a price increase of 19.97% with 3 buyers and 1 seller [2]. - Meili Technology (300611.SZ) also had a price increase of 20.00% with 4 buyers and 2 sellers [2]. Group 2: Industry Trends - Nvidia's recent release of the "800VDC Architecture White Paper" has drawn attention to the high-voltage direct current (HVDC) sector, emphasizing the importance of medium-voltage rectifiers (MV Rectifiers) for deploying 800VDC systems [2]. - The white paper outlines three evolution directions for the 800VDC technology: transitional solutions using external AC/DC racks, hybrid power solutions for 800VDC output, and ultimate solutions utilizing medium-voltage rectifiers or solid-state transformers (SST) [2]. Group 3: Data Center Power Supply - The development direction for data center power supply is identified as UPS → HVDC → Panama Power → SST direct current architecture, with the Panama Power concept proposed by Delta in collaboration with Alibaba, offering higher efficiency and lower investment [3]. - Solid-State Transformers (SST) utilize power electronics for high-frequency power conversion, providing advantages such as high efficiency and space optimization [3]. Group 4: Company Updates - A company reported a revenue of 407 million for its data center power supply business in the first half of the year, marking a year-on-year growth of 60.6%. Their third-generation HVDC product matrix meets the high power density needs of intelligent computing centers, serving major clients like Alibaba, Tencent, and Kuaishou [5]. - Another company, known for its power supply business, is involved in data center construction and operation [5].

Market Overview - The domestic market shows significant trading activity with the Shanghai Composite Index closing at 3,853.64, up 0.83% [2] - The Shenzhen Component Index increased by 1.80%, closing at 13,356.14, while the ChiNext Index rose by 2.28% to 3,185.57 [2] Non-Bank Financial Sector - The trading activity in the non-bank financial sector has improved, with a notable increase in the average daily trading volume, which surpassed 20 trillion in August [6] - The securities transaction stamp duty reached 118.7 billion, marking an 81.7% year-on-year increase [6] - The fundamentals of brokerage firms are stabilizing and improving, with a recommendation to focus on investment opportunities in this sector [6] Biomedicine Sector - The release of the YY/T 1987-2025 standard for medical devices using brain-computer interface technology marks a significant milestone for industry standardization, expected to accelerate industrialization [7][8] - This standard aims to resolve long-standing issues of concept ambiguity and lack of standards, facilitating innovation and regulatory compliance [11] - The policy framework supporting the brain-computer interface industry is evolving, with strategic initiatives from national to local levels aimed at fostering innovation and market growth [11] Company Analysis: Fulaite (601865.SH) - Fulaite is positioned in the top tier of the photovoltaic glass industry, with expected EPS of 0.31, 0.46, and 0.84 for 2025-2027, corresponding to PE ratios of 53.9, 36.1, and 19.8 [14] - The company is anticipated to benefit from an improved supply-demand balance in the photovoltaic glass market, leading to a recovery in profitability [13][14] Company Analysis: Xianghe Industrial (603500.SH) - Xianghe Industrial reported a revenue of 3.81 billion, a year-on-year increase of 6.49%, with a net profit of 640 million, up 96.56% [20] - The company is focusing on core business areas, including rail transportation products, which have shown significant growth due to participation in major railway projects [20] - The demand for intelligent railway detection equipment is expected to grow, with the company actively developing related technologies [20]

Financial Performance - The company's revenue for the first half of 2025 reached 1.94 billion CNY, representing a year-on-year growth of 67.43% [2] - The overall revenue increased by 20.16% compared to the previous year, while R&D investment rose by 30.20% and sales expenses increased by 43.53% [3] - Employee stock incentive costs amounted to 17 million CNY, significantly impacting current profits [2] Product Development and Market Expansion - The company is focusing on the data center transformer market, with production capacity gradually being released in the first half of 2025 [5] - The product range has expanded from phase-shifting transformers to epoxy resin cast dry-type transformers and oil-immersed transformers, with sales extending to overseas markets such as Japan [5] - The company is developing a 35KV/10MVA solid-state transformer prototype, expected to undergo testing in Q4 2025, potentially making it one of the first in China with mass production capabilities [4] Competitive Landscape - The company is analyzing its competitive position against Jinpan Technology, noting significant differences in business operations and market value [3] - The management acknowledges the need to enhance the sales team's performance to better compete in the market [3] Investment and Production Capacity - The U.S. factory is projected to produce 21,000 distribution transformers annually, while the Mexican factory is expected to produce 6,000 new energy transformers [7] - The company has invested heavily in fixed assets and construction projects, totaling around 3 billion CNY, while net assets are slightly above 3 billion CNY [8] Strategic Outlook - The company plans to continue investing in the data center power equipment sector, leveraging smart manufacturing advantages to meet domestic and international customer needs [5] - The management is optimistic about future growth opportunities in the global power equipment market, driven by increasing electricity demand and infrastructure investments [9]