Core Viewpoint - The report from Guohai Securities highlights the increasing electricity demand driven by the rapid development of AI Data Centers (AIDC), with projections indicating a significant rise in electricity consumption in the U.S. data centers from 196 TWh in 2023 to 672 TWh by 2028, increasing its share from 4.5% to 14.6% [1][2]. Group 1: Data Center Development and Electricity Demand - The construction of data centers is booming, leading to heightened requirements for power stability. The combined capital expenditure (CAPEX) of the four major cloud providers in North America (Amazon, Microsoft, Google, Meta) and domestic companies like Alibaba and Tencent is expected to grow by 57% and 169% respectively in 2024, with further increases anticipated in 2025 [1]. - The AIDC trend is characterized by large-scale, high power density, and high energy consumption, which is driving continuous growth in electricity demand [1][2]. Group 2: Impact on Power Supply and Storage Needs - The concentrated construction of AI data centers in North America is expected to create regional shocks to the power grid, exacerbated by a tight supply of gas turbines and mismatched electricity supply and demand, leading to increased risks of power outages [2]. - The demand for energy storage has shifted from being an optional configuration to a necessity for data centers, with battery energy storage systems (BESS) being crucial for stabilizing load fluctuations [3]. Group 3: Market Potential for Energy Storage - The global and Chinese data center energy storage market is projected to reach 212 GWh and 98.8 GWh respectively by 2030, with a compound annual growth rate (CAGR) of approximately 49% from 2023 to 2030 [4]. - In the U.S., the demand for energy storage in data centers is expected to increase from 11 GWh in 2025 to 116 GWh by 2030, reflecting a CAGR of 62% from 2025 to 2030 [4]. Group 4: Key Companies to Watch - CATL (300750.SZ) is recognized as a leader in the lithium battery industry, with global capacity expansion driving growth in data center energy storage [5]. - EVE Energy (300014.SZ) has a forward-looking layout in energy storage, providing comprehensive backup solutions for AIDC [5]. - Sungrow Power Supply (300274.SZ) is experiencing strong growth in its energy storage business, with synergies in power electronics technology expected to enhance its future positioning in HVDC/SST power supply [5]. - Aotes (688472.SH) is noted for its stable operations and strong breakthroughs in photovoltaic strategies and energy storage, benefiting from the growing demand for data center energy storage [5]. - Tongrun Equipment (002150.SZ) focuses on high-profit markets, with accelerated replacement of string inverters in the U.S. opening up future growth opportunities in energy storage systems [5].