蔚蓝锂芯 20250703 摘要 公司低倍率容量型产品出货量显著增加，2025 年出货量较 2024 年实 现数倍增长，支撑了旧动能的增速，同时公司已成为全球第五家 PBO 供 应商，为未来业绩增长提供重要抓手。 下游客户广泛采用 BBU，尤其是在 GV300 和鲁冰架构中，单个 GPT300 的 PSU 功率约为 5.5 千瓦，Rubin 架构可能达到 8.5 千瓦或 10 千瓦，BBU 瓦数与 PSU 一一对应，推动了 BBU 和 PSU 功率的整体 上升。 英伟达欧姆龙机架约有 48 个 PSU，对应 48 个 BBU，约需 3,500 颗 1,860 电芯（2.5 容量），Rubin 架构或将设计边舱方案以堆积更多算 力及 PSUs 和 BBUs。 电芯定价略有回调，工具市场售价约为三倍。供应链中，CSP 掌握最终 决策权，但电芯厂、pack 厂、电源厂、服务器厂商等共同组成方案建议 权，各环节均需重视。 公司已推出三到四款 BBU 电芯产品，并正在进行验证，计划在未来两到 三年内抓住新一代 BBU 转换契机，扩大市场份额，同时已有两款产品覆 盖 5.5 千瓦领域，另有两款覆盖 8.8 千瓦以上领域。 ...

AIDC 观点更新&数据中心电源深度汇报 20250608 摘要 应流股份受益于燃气轮机产业高景气度，西门子能源和 GEV 订单创新高， 核电需求持续增长，美国核电站与 Meta、亚马逊等签约供电，公司航 发燃机业务弹性大，财务状况修复，成长空间打开。 麦格米特在数据中心基础设施领域（服务器电源、HVDC、电容 BBU、 风光储设备）保持 20%-30%增长，值得关注。AI 数据中心需求旺盛， 英伟达一季度财报超预期，全球 IDC 需求景气度高，欧洲、日本等市场 需求或超预期。 数据中心直流化是未来发展方向，看好科华恒盛、科士达、盛弘及海外 HVC 等 ARAD 相关投资机会，以及正泰、良信、宏发、明阳智能和金盘 科技等变压器、开关、继电器及低压设备公司。 数据中心电源正从集中式交流供电向直流 HVDC 转变，腾讯、阿里巴巴 已采用，效率可达 97%。固态变压器（SST）也在示范应用，英伟达推 动下一代数据中心全面匹配直流供配方案，国内供应商如迈米、台达等 推出 HVDC 产品。 Q&A 长江机械组对 IDC 板块的整体观点是什么？ 长江机械组延续了两个思路：一方面基于成长股的思路，关注电源环节和燃气 轮机环 ...

Core Insights - The demand for Backup Battery Units (BBU) is expected to rise significantly due to the transition from traditional Internet Data Centers (IDC) to Artificial Intelligence Data Centers (AIDC), with a projected need for over 600 million high-rate cylindrical batteries by 2030 [1][2] Industry Overview - The BBU supply chain consists of battery manufacturers, equipment companies, and server enterprises, with Japanese and Korean companies dominating over 80% of the market share [2] - Domestic companies such as Weilan Lithium Chip, Yiwei Lithium Energy, and Xinneng An are beginning to supply samples, while Taiwanese firms like Delta and New Power are key players in the equipment sector [2][5] - NVIDIA holds a significant market share in the server segment, integrating BBU solutions into its GB200 and GB300 models [2] Market Dynamics - The profitability of BBU batteries is notably higher than that of standard batteries, prompting many Chinese companies to focus on this sector, with several launching new products aimed at high-rate applications by 2025 [5] - Domestic companies like Weilan Lithium Chip have initiated small-scale supplies to major clients, while Yiwei Lithium Energy and Xinneng An have begun production of their full-tab batteries [5] - As demand for BBU batteries increases, Chinese battery manufacturers are positioned to rapidly capture market share [5]

万源通 20250605 摘要 万源通 2024 年多层板收入达 4.3 亿元，同比增长 18.85%，境外销售 收入增长 147%至 6,600 万元以上，主要受益于汽车电子和消费电子领 域的需求扩展，以及欧美和东南亚汽车电子订单的增长。 公司 1-5 月营收同比增长约 15%，汽车电子和消费电子占比达 80%， 汽车电子已成为营收占比最大的应用领域。公司正积极拓展海外市场， 尤其在欧美和东南亚地区的汽车电子领域。 万源通在 AI 服务器应用方面，已取得 BBU（电源管理系统）约 15%的 市场份额，预计未来渗透率将超过 90%。同时，公司已取得 5.5 千瓦、 12.5 千瓦及 8.5 千瓦主力机型的市场实际交付。 公司在交换机（光模块、光通讯）领域已在客户处进行验证，有超过三 家潜在客户，其年需求量接近 1.5 亿 PCB，目前正积极筹划准备量产阶 段，这将显著提升多层电路板增长和销售业绩。 公司计划在泰国建立生产基地，预计 2025 年第三季度开始建设，2026 年第三季度投产，主要生产消费电子、汽车电子等产品，以降低关税费 用，并满足客户在泰国生产的需求。 公司的未来发展策略是什么？ 公司计划建立泰 ...

Core Viewpoint - The company reported a significant increase in revenue and profit for 2024 and Q1 2025, driven by strong growth in lithium battery and LED businesses, with expectations for continued high growth in the coming years [1][2]. Financial Performance - For 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 6.756 billion, 488 million, and 429 million yuan, respectively, representing year-on-year growth of +29.4%, +246.4%, and +285% [2]. - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.728 billion, 142 million, and 148 million yuan, respectively, with year-on-year growth of +20.9%, +100.6%, and +204%, but a quarter-on-quarter decline of -9.9%, -31.2%, and -24.9% [2]. Lithium Battery Business - The lithium battery segment generated revenue of 2.587 billion yuan in 2024, a year-on-year increase of 58%, with a gross margin of 21.94%, up 13.5 percentage points [3]. - The company sold 442 million lithium batteries in 2024, marking a year-on-year growth of 100.7%, with expectations to reach 700 million units or more in 2025 due to recovery in the electric tool market and growth in capacity-type shipments [1][4]. Pricing and Cost Structure - The average selling price of lithium batteries decreased from approximately 7.43 yuan per unit in 2023 to around 5.85 yuan in 2024, while the profit per unit increased from 0.42 yuan to approximately 0.51 yuan [3]. - In Q1 2025, the average selling price was estimated at around 5.2 yuan per unit, slightly down by 0.2 yuan, attributed to shipment structure changes [4]. Production Capacity and International Expansion - The company's Malaysian factory commenced production in April 2024, expected to contribute over 200 million units this year, helping to mitigate tariff issues due to lower tariffs in Malaysia [5]. - The company anticipates continued growth in lithium battery shipments, with significant contributions from various sectors including electric tools and emerging applications like robotics and AI data centers [4]. Other Business Segments - The LED business is transitioning to high-value products such as miniLED and microLED, while the metal logistics business is maintaining stable growth, with expected contributions of over 150 million and 170 million yuan, respectively [6]. Profit Forecast - The company projects net profit attributable to shareholders for 2025, 2026, and 2027 to be 692 million, 859 million, and 1.09 billion yuan, with corresponding valuation multiples of 21, 17, and 13 times [7].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜，精选"光溯" 小程序本周阅读量前十研报。 No.1 行业动态 2025-05-18 洞悉光的观察 / 聆听光的声音 / 了解光的态度 No.2 餐饮行业有望复苏，关注供应链相关标的——餐饮 链板块跟踪报告 李嘉祺,叶倩瑜,董博文 行业动态 2025-05-21 根据章鱼小数据，25Q1餐饮市场热度相较24年全年呈现缓慢复 苏，门店数量有所增加。25Q1一线城市餐饮热度环比提升，政 策刺激有望带动需求改善，门店端竞争淘汰加剧。相对刚需且 客单价不高的品类依旧保持较高的开店率，平价餐饮趋势依旧 明显。考虑提振内需政策加码，餐饮消费及供应链需求后续有 望修复,龙头公司积极拥抱渠道变革、优化经营效率,建议关 注上游供应链相关 ...

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 全球AI算力和电力总需求持续向上，服务器电源迎来发展机遇 AI快速发展推动其电力需求大幅上升，IEA预计2026年AI行业的电力消耗将至少是2023年的10倍，美国能源部 预测2028年美国数据中心功率需求为74-132GW。DeepSeek高效大模型的出现使得市场担忧AI电力需求增长， 但我们认为其短期影响主要在格局层面，总量层面虽然短期算力投资或将更慎重，但长期来看更低的算力成 本、AI应用加速落地、科技巨头资本开支保持快速增长，都有望推动未来AI算力及电力总需求持续向上。全 球AI"竞赛"愈发激烈，特朗普宣布美国5000亿美元AI投资计划、欧盟宣布将推动2000亿欧元AI投资计划，均 表明全球AI投资仍在加速，将对AI电力需求形成拉动 ...

Core Viewpoint - AIDC capital expenditure is experiencing rapid growth, driven by strong industry demand, with global tech giants expected to invest over 2 trillion RMB by 2025, maintaining a growth rate of over 50% to support generative AI model training, cloud computing expansion, and real-time data processing [1] Group 1: HVDC Demand and Power Supply - Increased power demand is expected to drive HVDC demand, as data centers globally adopt UPS for power assurance, with HVDC offering advantages such as efficiency, reliability, and low cost [1] - The integration of BBU and supercapacitors in power systems is anticipated to enhance power supply safety, especially with the rise in server power requirements [2] Group 2: Energy Quality and Renewable Energy - The demand for power quality equipment is likely to increase due to the growing reliance on renewable energy in data centers, necessitating precise reactive power and harmonic management [3] Group 3: Server Power Supply Market - The value per watt of server power supplies is expected to improve due to increased power density, with potential advancements including the replacement of silicon-based devices with SiC and GaN, and the adoption of liquid cooling methods [4] - The server power supply market is becoming more concentrated, with Taiwanese companies dominating, particularly Delta holding over 50% market share, while mainland firms like Megmeet are beginning to enter the supply chain [4]

Group 1: Company Strategy and Growth Prospects - The company aims to continuously expand sales scale and enhance market share as its primary development goal, believing that a richer product range and a stronger platform will ensure long-term growth [2][15]. - The company expects significant growth in high-power AI data center power products, new energy vehicle components, light storage and charging components, and smart home products, all of which have leading technical solutions and substantial market potential [3][21]. - The company anticipates that as its revenue scale increases, its cost control capabilities, industry competitiveness, bargaining power, manufacturing platform advantages, and technical synergy efficiency will significantly improve, driving gradual enhancement in profitability [16][24]. Group 2: Financial Performance and Challenges - In Q4 2024 and Q1 2025, the company maintained a revenue growth of over 20% year-on-year, but net profit declined due to rising period expenses, asset impairment, increased income tax expenses, decreased non-recurring gains, and declining gross margins [3][32]. - The decline in net profit was primarily influenced by non-recurring gains and gross margin reductions, with the company’s core operating performance reflected more accurately in its net profit after deducting non-recurring items [3][32]. - The company’s gross margin was affected by the rapid growth of its new energy vehicle business, which has lower margins, and by competitive pricing strategies in its home appliance business to gain market share [3][32]. Group 3: Research and Development Investments - The company has not yet capitalized its R&D expenses, which include personnel costs, equipment, materials, testing fees, and depreciation [3][32]. - The company is committed to increasing R&D investments to support the development of technologies and products in the AI data center power sector, driven by surging demand for computing power and technological innovation [5][30]. - The company believes that only by solidifying its platform foundation and maintaining continuous technological innovation can it respond swiftly to industry demands and secure a competitive edge in the market [5][30]. Group 4: Market Position and Competitive Landscape - The company has launched several products, including the 800V/570kW Side Rack, which is designed for next-generation AI computing and supports green and sustainable development in data centers [6][23]. - The company is actively engaging with major industry clients both domestically and internationally, achieving positive progress in product recognition and customer cooperation needs [5][28]. - The company maintains confidence in its future development and encourages investors to rely on official announcements and investor relations activity records rather than market rumors [5][30].

2025年05月18日 证券研究报告 | AIDC电力设备/电网产业链周评（5月第3周） 国内外云厂一季度资本开支大增，国内电网投资景气度上行 行业研究 · 行业周报 电力设备新能源 投资评级：优于大市（维持评级） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：王晓声 010-88005231 wangxiaosheng@guosen.com.cn S0980523050002 请务必阅读正文之后的免责声明及其项下所有内容 摘要及投资建议 【AIDC电力设备】 【电网】 【投资建议】 【风险提示】 AI投资力度不达预期，特高压核准开工进度不达预期，行业竞争加剧，政策变动风险。 请务必阅读正文之后的免责声明及其项下所有内容 • 国内外云服务商加大AI算力投入。5月14日，腾讯集团发布2025年第一季度财报，公司研发支出达189.1亿元，同比增长21%；资本开支274.8亿元，同比增长91%，主要用于GPU及AI算力 基础设施建设。5月15日，阿里巴巴集团发布2025财年第四季度财报，公司单季度资本开支246.12亿元，同 ...