Summary of SST System Industry Conference Call Industry Overview - The conference focused on the SST (Solid State Transformer) system industry, discussing its cost structure, market trends, and competitive landscape in both domestic and overseas markets [1][2][3]. Key Points and Arguments Cost Structure of SST Systems - The cost composition of SST systems includes rectifier modules (40%-50%), high-frequency transformers (approximately 25%), control and distribution (15%), energy storage (11%), and structural cooling (8%) [1][2]. - Current single watt cost of SST systems is around 5 RMB, with total system costs reaching 8-10 million RMB. By 2028, costs are expected to drop to below 1 RMB per watt, with total system costs around 2 million RMB, but large-scale application is anticipated only by 2030 [1][4]. Price Trends and Market Dynamics - There is a significant price disparity between domestic and overseas SST systems, particularly in North America, where prices are expected to remain around 4-5 RMB per watt until 2027-2028, with limited reduction [5]. - Domestic market competition is intense, with expectations that prices could fall below 1 RMB per watt by 2030 [5]. Technical Standards and Design Differences - North America tends to adopt higher input voltage SST systems (35 kV or 20 kV), which enhances renewable energy integration efficiency but also increases costs. Differences in design standards between North America and China contribute to cost variations [6][8]. - Domestic companies can enter the SST supply chain by exporting components like high-frequency transformers and rectifier modules, capturing growth opportunities despite slower rack power increases compared to North America [9]. Market Opportunities and Challenges - Companies like Jinpan and Sungrow, which have comprehensive system integration capabilities, are better positioned to enter the SST supply chain [3][16]. - The domestic market's ability to reduce SST product prices significantly is attributed to lower value differences compared to overseas products, reflecting market maturity and demand [23]. Future Prospects - The SMT (Solid State Transformer) AC-DC hybrid system market is expected to grow faster than the data center market due to lower energy continuity and stability requirements, making it more cost-sensitive [24]. - The demand for silicon carbide (SiC) in charging stations and data centers is increasing, but the complex production process may lead to supply constraints and price increases [26]. Additional Important Insights - The integration capabilities of domestic companies lag behind those of leading overseas firms like Delta, Schneider, and Eaton, which have dedicated departments for each segment of the SST system [22]. - The competitive landscape in the HVDC (High Voltage Direct Current) sector shows that traditional power distribution companies in China have advantages, but emerging electronic companies are rapidly advancing [18]. This summary encapsulates the critical insights from the SST system industry conference call, highlighting the cost structures, market dynamics, technical standards, and future prospects within the industry.

Group 1: Company Overview and Business Segments - Antai Technology focuses on advanced powder metallurgy, rapid solidification, additive manufacturing, and other core material preparation technologies, establishing a complete industrial platform from materials to products [1] - The company operates four main business segments: high-end powder metallurgy materials and products, advanced functional materials and devices, high-speed tool steel, and energy-saving environmental protection materials [1][2] - In 2024, the revenue breakdown was as follows: advanced functional materials and devices generated 2.803 billion CNY (37.01%), special powder metallurgy materials and products generated 2.962 billion CNY (39.10%), and high-quality special steel and welding materials generated 1.651 billion CNY (21.80%) [2] Group 2: Strategic Focus and Market Development - In 2025, the company aims to strengthen its unique advantages in niche markets, focusing on high-end medical equipment, semiconductors, and aerospace [3] - Antai Technology plans to cultivate a "second growth curve" by developing strategic emerging industries such as special powders and controlled nuclear fusion materials [3] - The company is actively participating in the development of the rare earth permanent magnet materials sector, with a focus on high-performance NdFeB materials [6][7] Group 3: Nuclear Fusion Technology and Competitive Edge - Antai Zhongke is the first company globally to mass-produce tungsten-copper divertors, essential components for tokamak devices used in nuclear fusion [5] - The company has been involved in the ITER project since 2008, leveraging 70 years of research in tungsten-molybdenum processing [5] - The divertor and first wall materials are critical for maintaining plasma purity and ensuring efficient nuclear fusion reactions [5] Group 4: Non-Crystalline Motor Market and Industry Standards - The non-crystalline motor market is emerging, with applications in distribution transformers and motors, but lacks established industry standards [8] - Collaboration among companies, research institutions, and material suppliers is necessary to develop industry standards and enhance the reliability of non-crystalline motors [8] Group 5: Investment in Research and Development - Antai Technology has invested 3 million CNY in Hefei Steel Research Institute for Rare Earth Permanent Magnet Materials, acquiring a 10% stake [6][7] - This investment aims to enhance the company's capabilities in rare earth permanent magnet technology and secure priority in the commercialization of research outcomes [7]