半导体销售处于复苏状态，1H25 收入0.15 亿元，同比增长90%。氢能业务1H25 收入0.08 亿元，同比下 滑82%，我们认为氢能各企业短期均处于亏损状态，受资本市场融资困难及国家补贴力度有限影响，行 业新增订单有限，但中长期看，随行业持续降本增效，氢能行业仍具有广阔前景。 布局AI 服务器电源测试设备，市场空间广阔。公司推出针对于AIDC 各类电源的测试设备，包括PSU、 HVDC-PSU、Power Shelf、Power ShelfRack、BBU、UPS 等电源测试设备，我们预计该领域25 年市场 空间或超20 亿元，台湾企业致茂电子占据主要份额，我们认为公司有望凭借产品性价比优势，逐步进 行国产替代，未来增长潜力较大。 毛利率环比改善，费用率基本稳定。2Q25 公司毛利率44.4%，环比增长6.8ppt，主因行业价格竞争减缓 产品价格有所修复；2Q25 公司销售/管理/研发/财务费用率分别为13.7%/9.9%/17.0%/-0.8%，分别环比 +0.8ppt/-0.9ppt/+0.6ppt/+0.2ppt，费用率基本稳定。2Q25 公司净利润率9.0%，环比下降10.0ppt，主因 1Q2 ...

固态变压器 SST 产业趋势凸显，多厂商布局看好应用前景- 新能源 20250824 摘要 固态变压器（SST）通过集成变流器，实现 10 千伏交流电到 800 伏直 流电的转换，简化链路并提高效率，满足 AI 数据中心日益增长的功率需 求，尤其适用于英伟达等高功率密度应用。 国内外企业在固态变压器领域均处于早期阶段，中国西电已在数据中心 应用 2.4 兆瓦 SST，运行良好。阳光电源、金盘科技等公司正进行研发 和试点，预计 2027-2028 年实现规模化部署。 固态变压器当前价格较高（海外每瓦 7-14 元人民币），但随着技术进 步和规模化生产，成本有望下降。AI 数据中心对大功率供电的强劲需求 推动市场潜力，但年化 100GW 规模尚难准确判断。 固态变压器通过半导体元件替代传统铁芯绕组，实现电压变换和能量控 制，工作频率高达上千赫兹，体积缩小至 1/5，转换效率高达 98%以上， 功率密度超过 10 千瓦/公斤，是传统变压器的十倍以上。 预计 2025 年全球人工智能数据中心（AIDC）市场将达到十几吉瓦的部 署量，未来可能接近二十几吉瓦，市场规模将超过 1,000 亿元人民币， 算力需求和大模型变化 ...

Core Viewpoint - The company, Weilan Lithium, reported a stable growth in its main business and highlighted the potential of new business segments in the coming years [1] Group 1: Business Performance - The main business of Weilan Lithium shows a relatively certain and sustained support for growth [1] - The company held a conference call with over 200 participants, including analysts from Tianfeng Securities, to discuss its operating conditions for the first half of the year [1] Group 2: Future Prospects - New business segments such as BBU, robots, robotic dogs, and eVOTL are expected to gradually manifest their potential in the coming years [1] - The company plans to continue its proactive layout in these emerging areas [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [4]. Core Viewpoints - The AIDC electrical equipment export market has significant upside potential due to the high construction costs of overseas data centers compared to domestic markets [25]. - Major cloud service providers (CSPs) are increasing their capital expenditures (Capex), which is expected to drive demand for AIDC equipment [11][18]. - The trend towards higher voltage and power levels in AIDC equipment is likely to enhance the unit value of products [29]. - There is a notable supply shortage in the electrical equipment sector, which may lead to an increase in domestic market share for local manufacturers [30]. - Technological advancements in areas such as HVDC and battery technology present opportunities for domestic companies to capture market share [34]. Summary by Sections Demand - CSPs like Google, Amazon, and Microsoft have reported significant year-on-year growth in cloud revenues and capital expenditures, indicating a robust demand for AIDC equipment [11][18]. - The expected Capex for 2025 from major CSPs is projected to reach approximately $85 billion for Google, $118 billion for Amazon, and $80 billion for Microsoft, reflecting a substantial increase from previous forecasts [13][18]. Value - The construction costs for overseas data centers are significantly higher than those in the domestic market, with large-scale greenfield developments costing between $7 billion to $12 billion per GW [25]. - The unit value of AIDC equipment is expected to rise due to trends in high voltage and high power requirements, with server power supplies projected to increase from 800W to 5.5kW and beyond [29]. Market Share - The supply shortage in the electrical equipment sector is becoming more pronounced, with major companies like Vertiv and Siemens reporting substantial backlogs in orders [30]. - Domestic manufacturers are positioned to benefit from technological advancements and the increasing demand for high-density power solutions, potentially leading to an increase in market share [34][50]. Investment Recommendations - The report suggests focusing on segments experiencing supply shortages, technological iterations, and incremental demand growth, particularly in high voltage and high power applications [54].

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the power supply market, particularly in data centers, with a significant emphasis on high voltage direct current (HVDC) technology and its advantages over traditional systems [1][3][5]. Core Insights and Arguments - **Importance of Power Supply in Data Centers**: Power supply reliability and performance are critical in data centers, with ongoing technological advancements aimed at optimizing efficiency and reducing losses [3][5]. - **Market Growth Projections**: The domestic HVDC market penetration is currently around 20%, expected to double from 2023 to 2028, with a projected global market size exceeding $10 billion by 2026 [1][6]. - **Key Players**: Major global players in the HVDC market include Vidi and Delta, holding over 50% market share, while domestic companies like Zhonghong Electric are also significant contributors [7]. - **Trends in Server Power Supply**: The trend is towards higher power density and efficiency, with third-generation semiconductors like silicon carbide and gallium nitride replacing traditional silicon components [9]. - **Market Size for Wireless Power Supply**: By 2026, the domestic wireless power supply market is expected to reach between 5 billion to 6 billion RMB, while the overseas market could exceed 40 billion RMB [10]. Additional Important Content - **Technological Innovations**: Future developments include 800V HVDC products and solid-state transformers (SST), which are anticipated to enhance performance in data centers [1][3]. - **BBU and Supercapacitor Applications**: Battery Backup Units (BBUs) and supercapacitors are crucial for addressing high energy demands in data centers, with BBU demand projected to reach 700-800 million units by 2025 [11]. - **Domestic Supplier Outlook**: Domestic suppliers are expected to expand their international presence, particularly in the smart automotive sector, leveraging technological advancements in HVDC and server power supplies [8]. - **Performance of Leading Domestic Companies**: Key domestic players like Macomit and Oulutong are experiencing rapid growth, with Oulutong achieving nearly 800 million RMB in revenue last year, reflecting over 500% year-on-year growth [12].

Core Viewpoint - The report highlights the rapid growth of global AIDC capital expenditure driven by high demand in the industry, particularly due to advancements in AI technology and the increasing investment in data centers by cloud service providers (CSPs) [2] Group 1: Industry Growth and Trends - Global data center installed capacity is expected to exceed 100 GW by 2025, with projected growth rates of 21% and 15% for the periods 2024-2030 under optimistic and neutral scenarios, respectively [2] - AIDC is evolving towards direct current (DC), high voltage, and high density, moving away from traditional power supply methods [2][3] - The market for external power supply is projected to reach 99.6 billion yuan by 2030, with a compound annual growth rate (CAGR) of approximately 50% from 2024 to 2030 [2] Group 2: Technological Advancements - AI server power supplies are adhering to OCP ORV3 standards, with power density increasing as GPU power rises, leading to higher value and profit margins [3] - The introduction of high-power supplies (5.5 kW and above) is expected to coincide with the next generation of technology, enhancing market dynamics [3] - New demands are emerging in the AIDC sector, with products like supercapacitors and battery backup units (BBUs) becoming essential for stabilizing power fluctuations from AI chips [3][4] Group 3: Investment Recommendations - The report recommends focusing on companies that are well-positioned in the evolving landscape, including those in power supply, distribution, and related technologies [4] - Key companies highlighted for investment include Megmeet, Zhongheng Electric, and Keda Data, among others, across various segments such as supercapacitors and BBU [4]

Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].

Summary of Conference Call Records Industry Overview - The domestic AIDC (Artificial Intelligence Data Center) sector is expected to experience explosive revenue growth starting from Q3 due to increased orders for H20 chips from CSP (Cloud Service Providers) and rising capital expenditures in AIDC [1][4] - The liquid cooling technology in data centers has significant application prospects, with the GV300 model featuring a standard liquid cooling solution that is anticipated to enhance penetration rates [1][5] Key Points and Arguments - **Revenue Growth**: - KWH Data reported a 60% increase in data center product revenue in Q1, with further growth expected in Q2 [1][2] - CSPs like Tencent, Alibaba, and ByteDance have increased their orders for H20 chips, which is expected to drive revenue growth for related companies [2][4] - **Liquid Cooling Technology**: - Current global liquid cooling penetration is below 10%, but this is expected to rise significantly with the introduction of GV300 and NVIDIA's focus on liquid cooling [5] - The design of chips has already integrated liquid cooling layouts, indicating a shift towards more efficient and environmentally friendly solutions [5] - **Server Delivery Models**: - The future of server delivery will shift towards system solutions, starting from CDU (Cooling Distribution Unit) to chips, with CDU being the most valuable and technically challenging component [6] - The estimated cost for secondary liquid cooling systems is around 3,000 to 4,000 RMB per kW, with total costs reaching 5,000 to 6,000 RMB per kW when including primary equipment [7] - **BBU Market Growth**: - The BBU (Battery Backup Unit) market is projected to grow rapidly from 2026 to 2028, with an expected market size of 3.2 billion RMB in 2026 and nearly 8 billion RMB by 2028 [11] Additional Important Insights - **Market Competition**: - The supercapacitor market has a favorable competitive landscape with high profit margins, potentially reaching 50%, making companies like Jia Ai worth a premium valuation [3][13] - The IDC (Internet Data Center) industry in China is expected to see significant power demand growth, with projections of 3.2 GW in 2025 and over 13.6 GW by 2028 [15][16] - **Chinese Companies' Position**: - Chinese companies are making strides in the liquid cooling board market, with some already obtaining orders and certifications, indicating a strong potential for domestic players [10][20] - Companies like Yingwei and others are positioned to benefit from the growing demand for liquid cooling solutions and are recognized as partners by NVIDIA [20][24] - **Future Projections**: - The supercapacitor market is expected to reach a scale of 60 billion RMB by 2028, with significant profit potential for companies capturing market shares [14] - The IDC industry is anticipated to maintain high growth rates, with leading companies likely to outpace the overall industry growth due to their R&D and customer acquisition advantages [15][16] This summary encapsulates the key insights and projections from the conference call records, highlighting the growth potential and competitive landscape of the AIDC and related sectors.

Group 1 - The 2025 High-tech Lithium Battery Annual Conference will be held from November 18-20, 2025, at JW Marriott Hotel in Shenzhen, featuring the 15th anniversary celebration and the Golden Ball Award ceremony [2] - The cylindrical lithium batteries (18650, 21700, etc.) are widely used in various consumer markets, including 3C electronics, electric two-wheelers, and portable energy storage, due to their standardized design and scalability [2][3] - The recent resumption of H20 chip supply by NVIDIA is expected to accelerate the construction of domestic data centers and intelligent computing centers, increasing the demand for Battery Backup Units (BBUs) [2] Group 2 - BBUs generally prefer using cylindrical lithium batteries like 18650 and 21700 due to their compact size and cost-effectiveness, making them suitable for direct installation in servers [3] - Major manufacturers of BBUs include tech giants like NVIDIA, Apple, and Microsoft, with domestic battery companies such as Aibot, Yiwei Lithium Energy, and Xinnengda quickly entering this market [3] - The demand for cylindrical battery cells for BBUs is projected to reach 220 million units by 2025 and exceed 600 million units by 2030, indicating a significant growth opportunity [4] Group 3 - The all-tab technology is emerging as a new trend in cylindrical battery technology, aimed at reducing internal resistance and heat generation [4] - BBU batteries typically use high-nickel ternary cylindrical batteries, which improve energy density but may increase safety risks; however, all-tab technology enhances stability and safety for data centers [5]

Core Viewpoint - The lifting of the export ban on NVIDIA's H20 AI acceleration chips is expected to accelerate the construction of data centers, computing centers, and intelligent computing centers in China [2]. Group 1: Impact of NVIDIA's Chip Export Ban Lifting - NVIDIA has applied for the restoration of H20 AI chip exports to China and received a commitment from the U.S. government to approve the relevant licenses [2]. - Prior to the ban, major Chinese internet companies like Tencent, ByteDance, and Alibaba had ordered over 600,000 H20 chips, with about 40% of orders unfulfilled due to the ban [2]. - The interruption in chip delivery has led to delays in new or ongoing data center projects, including Alibaba's Zhangbei project and the Guiyang data center cluster [2]. Group 2: Growth in Data Center and Battery Demand - The growth in computing power will increase electricity consumption, driving demand for data center energy storage solutions and battery cells [2]. - GGII predicts that global data center energy storage lithium battery shipments will exceed 69 GWh by 2027 and grow to 300 GWh by 2030, with a compound annual growth rate of over 80% from 2024 to 2030 [2]. - CATL views the demand for data center battery cells as a new growth area, highlighting significant market potential [2][3]. Group 3: Evolution of Data Centers - As AI and big data models become more prevalent, data centers and computing centers are evolving into intelligent computing centers (AIDC), with larger scales moving towards hundreds of MW or even GW [3]. - The low PUE requirements necessitate clean energy supply, thereby increasing the demand for energy storage solutions [3]. - The Ulanqab Zhongjin Data Low-Carbon Computing Base project has been launched, integrating a diverse clean energy supply system to support low-carbon data centers [3]. Group 4: Battery Companies' Involvement - Companies like CATL, Blue Lithium, Sunwoda, Yiwei Lithium Energy, and others are actively engaging in data center-related businesses, producing products such as UPS and BBU [3][4]. - The battery cells required for UPS and BBU typically include high-rate cylindrical cells like 18650 and 21700 to meet the demands of rapid power surges and frequent charge-discharge cycles [3]. - The use of full-tab technology in cylindrical cells enhances the safety performance of UPS and BBU by significantly reducing internal resistance and heat generation [4].