AI电源实现"军工级"效率提升， 板载电源或迎来空间跃升 国联民生证券国防军工研究团队 2025年11月19日 请务必阅读报告末页的重要声明 证券研究报告 报告评级：强于大市丨维持 目 录 第一部分 第二部分 第三部分 各行业电源特征大盘点，多角度分析军用电源 或为难度最高 AI机柜传统电源模式或已逼近物理极限，军工 电源供应商更有望切入AI电源 800V DC或将带来板载电源架构变化及市场空 间显著提升 1、各行业电源特征大盘点，多角度分析军 用电源或为难度最高 电源：将电能制式进行转换的装置 电源的分类 ◥电源行业整体规模达5000亿以上，且增速较快。随着中国宏观经济的持续高速发展及国家对新能源发电、储能、新能 源汽车、5G通信、轨道交通等电源应用行业的持续性投入，中国电源行业基本保持快速增长态势。根据中国电源学会、 中自集团的统计数据，2022年电源行业增长率为32.33%，总产值达5174亿元。 ◥消费、工控、新能源汽车及医疗为电源下游应用主要方向。随着新兴领域的快速发展,据中国电源学会数据，2020年， IT及消费类电子和工业控制两大领域市场占比最高，分别为51.5%和34.1%；其次是新能源、LE ...

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]