Investment Rating - The report indicates a positive outlook for the server power supply industry, with a projected market size of 316 billion yuan globally and 91 billion yuan in China by 2025 [4][12][8]. Core Insights - The server power supply market is expected to grow significantly, with a CAGR of 11.7% from 2021 to 2025 globally and 11.4% in China [12][4]. - Major players in the server power supply market include Delta and Lite-On, with Taiwanese companies holding a significant market share [4][12]. - The report highlights two key directions in the power supply industry: ACDC modules and DCDC power management chips, emphasizing the rise of mainland Chinese manufacturers [4][5][41]. Summary by Sections ACDC Power Supply - The ACDC power supply segment is witnessing rapid growth, with mainland Chinese manufacturers like Megmeet entering the top ten globally [4][12]. - The report notes that the value of server power products increases with power capacity, indicating a trend towards higher wattage solutions [4][12]. DCDC Power Management Chips - DCDC power management chips are crucial for high-performance computing, combining multi-phase controllers with DrMOS to meet the demand for high current outputs [4][47]. - The report anticipates a significant increase in the market size for domestic AI server DrMOS, projected to exceed 4 billion yuan in the next three years [4][47]. Key Investment Targets - Recommended investment targets for ACDC modules include companies like Eurotech, Megmeet, and Aohai Technology [4][60]. - For power management chips, key players include Jiewa Technology, Xilian Integrated, and Jin Feng Ming Yuan [4][60].