AIDC 投资热潮下，电气设备行业的新机遇 联合资信 工商评级部 冯磊 随着 AI 的快速发展，作为 AI 的基础设施，AIDC 也迎来了大规模的投 资热潮。而 AIDC 投资中，电气设备占有重要的地位，AIDC 投资的加速也 将带来对于电气设备的需求增量，进而拉动行业的发展。 电力是目前 AI 发展的主要耗费和瓶颈，降耗对于降低 IDC 的成本具有 重要影响，供电体系对于降耗则具有决定性意义。目前的 AIDC 的供电方案 仍存在较大的改进空间。 www.lhratings.com 研究报告 1 全球范围内，人工智能的快速应用方兴未艾，推动全球数据中心快速扩张。国内 也随之掀起了 IDC，尤其是 AIDC 的建设热潮。 数据中心已经成为电力设备行业核心增量，AIDC 的发展将直接影响电力设备需 求的增量和电力设备的更新换代。 下文将就 AIDC 投资对于电力设备行业的影响进行探讨。 一、国外及国内 AIDC 建设投资情况分析 目前，AI 大模型已经成为未来产业体系与技术生态的战略制高点，AI 的发展已 经成为国际竞争的重要部分。参与竞争的主体，一旦放缓技术进步速度，就可能在模 型能力、生态构建和应用场景占领上 ...

2026 年 3 月 24 日 公司研究 业绩稳健增长，持续推进 AIDC 新产品布局 ——金盘科技（688676.SH）2025 年年报点评 要点 事件：公司发布 2025年年报，2025年实现营业收入72.95亿元，同比增长5.71%； 归母净利润 6.60 亿元，同比增长 14.82%；扣非归母净利润 6.10 亿元，同比增 长 10.60%。2025Q4 公司实现营业收入 21.01 亿元，同比减少 0.08%，实现归 母净利润 1.74 亿元，同比增长 1.91%。 外销保持强劲，在手订单充足。受益于全球新能源行业及 AI 人工智能蓬勃发展， 25 年公司数据中心领域销售收入同比增长 196.78%至 13.37 亿元，风电领域、 发电及供电领域销售收入分别实现同比增长 39.63%、16.83%。此外，在全球 AI 用电需求激增、新能源快速发展、欧美电网建设滞后与设备老化等刺激电力 设备需求增长的背景下，公司外销保持强劲，25 年外销销售收入同比增长 16.01%至 22.98 亿元。截至 2025 年底，公司在手订单保持充足，同比增长 10.72%至 72.07 亿元，其中外销在手订单 34.9 ...

报告导读： 热点主题交易热度连续回落，电力运营 / 新能源 / 银行与光通信主题强势而 金属与周期品回调。市场波动与分歧中布局， 能源转型与构建智能经济新形态 是两大主 线。 主题温度计：热点主题交易热度连续回落，电力运营 / 新能源 / 银行与光通信主题强势而金属与周期品回调。 上周热点主题日均成交额平均 9.14 亿元，日 均换手率 3.26% ，连续两周回调。 中东战局焦灼， 能源链预期博弈激烈，电力运营 / 新能源 / 银行与光通信主题延续强势， PTA/ 农化 / 工业金属主题 跌幅居前，主题资金净流入光通信与算力基建方向。 市场波动与分歧是布局机会， 美以伊冲突的复杂性仍将影响风险资产，非战争相关资产具备稳定性。聚 焦强需求与技术变革的新兴产业方向， 能源转型与构建智能经济新形态是两大主线 。 主题一：能源转型。 安全与转型共振，新型能源体系构建有望加速。"十五五"规划纲要指出加快构建清洁低碳安全高效的新型能源体系，建设能源强国。实 施非化石能源十年倍增行动，并在保障国家经济安全章节提出强化能源资源供应保障。地缘冲突扰动关键能源供应安全，政策聚焦新型能源体系建设与培育发 展未来能源。把握新型能源基 ...

3 月 20 日，公司披露 2025 年年报，2025 年实现营收 72.9 亿 元，同比+5.7%，归母净利润 6.6 亿元，同比+14.8%，毛利率 25.9%， 同比+1.5pct；其中 Q4 实现营收 21.0 亿元，同比-0.1%；归母净 利润 1.7 亿元，同比+1.9%，毛利率 25.3%，同比+0.7pct。 数据中心业务增长显著，前瞻布局 SST/HVDC 技术。 受益于全球 AI 算力需求，公司数据中心（含 AIDC）业务实现收入 13.4 亿元，同比+197%，已完成包括百度、阿里巴巴、中国移动等 约 400 个数据中心项目。公司前瞻性布局 HVDC、SST 等新一代电 源技术,已完成 SST 样机的设计及生产，以自研 HVDC 产品正式点 亮金盘科技 AI Factory 智慧工厂，完成核心算力基础设施全面部 署，率先打造"AI+制造"的实体范本。 海外业务成效显著，在手订单储备充足。 公司始终坚持全球化发展战略，不断深化全球业务发展布局，25 年 马来西亚工厂投产，海外业务实现收入 23.0 亿元，同比+16.0%， 截至期末公司在手外销订单高达 34.9 亿元，订单储备充足。 传统 ...

Summary of Conference Call Notes Company Overview - The company has started UPS (Uninterruptible Power Supply) OEM production in 2025 and has engaged in HVDC (High Voltage Direct Current) projects since Q3 2025. The prototype certification has been completed, and it is currently in the trial production stage, with mass production expected around mid-year and shipments aligned with customer needs in Q3. The company anticipates a significant increase in unit price and profit compared to UPS products [1][2][3]. Core Business and Revenue Streams - The company's main business focuses on edge visual AI products, primarily serving fleet IT service providers, with end users in freight, passenger transport, and mining sectors. Approximately 70% of the company's revenue is generated from overseas markets [1][2][3]. Growth Drivers - The company's growth is driven by: 1. Increased levels of autonomous driving and penetration rates, leading to rapid revenue growth from visual products. The Robobus, equipped with environmental perception hardware, is expected to commence operations within the year. 2. Expansion into new scenarios such as mining transportation, which presents additional revenue opportunities [1][2][3]. Research and Development Focus - The company has established a dedicated division and plans to enhance its R&D team, with a strong focus on the development of next-generation power supply technologies [1][2][3]. Additional Insights - The company is strategically positioning itself to leverage advancements in autonomous technology and expand its market presence in various transportation sectors, indicating a proactive approach to future growth [1][2][3].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the North American AI power supply industry, particularly focusing on data center construction and power supply systems from 2025 to 2027, with an expected annual increase of over 20GW in data center capacity [1][2][3]. Core Insights and Arguments - **Data Center Growth**: North American cloud service providers (CSPs) are expected to invest over $100 billion in data center construction, with individual data center capacities typically exceeding 1GW to 2GW [2]. - **Power Supply Evolution**: The power supply architecture is evolving, with significant changes expected in power supply units (PSUs) and configurations. For instance, the Nvidia VR200 cabinet's power capacity has increased to 220kW, with PSU capacity rising from 5.5kW to 18kW [1][3]. - **HVDC Implementation**: Google and Meta are set to implement ±400V HVDC by the second half of 2026, while Nvidia plans to adopt 800V HVDC by the second half of 2027 [1][4]. - **PSU Market Dynamics**: Delta remains the leading supplier of PSUs, with Lite-On gaining market share due to its collaboration on the GB300. Megmeet maintains a third-place position [1][5]. - **SST Development**: The next-generation solid-state transformer (SST) is still in the R&D phase, with commercial deployment expected to begin in the second half of 2027 [1][5]. Additional Important Insights - **Supply Chain Constraints**: Power availability and supply chain issues (transformers, liquid cooling components) are critical constraints affecting the pace of data center construction [1][2][3]. - **Market Entry for Domestic Companies**: Domestic companies like Megmeet and BYD Electronics have entered Nvidia's supply chain, while other domestic firms may enter through OEM/ODM partnerships [1][12]. - **Pricing Trends**: Current estimates for HVDC pricing are around 1.0 to 1.5 RMB per watt, with potential for price reduction as the technology matures and scales [13][16]. - **Component Technology**: The use of GaN and SiC in AI power supplies is highlighted, with SiC expected to replace silicon-based devices in UPS systems due to higher efficiency and frequency capabilities [17]. This summary encapsulates the key points discussed in the conference call, providing insights into the evolving landscape of the AI power supply industry and the anticipated developments in data center infrastructure.

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the AIDC (Artificial Intelligence Data Center) industry in China and overseas, focusing on construction plans, policies, and market dynamics related to power supply and energy efficiency. Key Points Domestic AIDC Construction - The total domestic AIDC construction volume for 2026 is expected to be revised upwards to approximately 1.4GW, primarily awarded to two companies, each with a scale of about 500MW [1][2] - The 2026 domestic construction includes cross-year projects, necessitating a distinction between annual construction metrics and cross-year bidding metrics [1][4] - An additional 500MW is anticipated for 2027, with the first quarter of 2026's bidding covering most of the planned capacity [2][4] Overseas AIDC Construction - The overseas AIDC construction scale has been revised upwards to approximately 550MW to 600MW, influenced by chip policies, with Southeast Asia being the primary region and Brazil accounting for about 60% of this total [1][5] - Current overseas projects are entirely built on a contract basis, with Malaysia being the primary focus, followed by Thailand and Indonesia [8][9] Policy and Regulatory Environment - In China's northwest regions, policies for green electricity direct connection are becoming increasingly stringent, with Inner Mongolia's requirements rising from 60%-80% to 100% [1][6] - The actual configuration of energy storage remains low due to high costs, impacting the implementation of green electricity direct connection [1][6] Project Types and Profitability - In the 2026 domestic AIDC projects, approximately 1.2GW will be through leasing/contracting, while about 200MW will be self-built [1][7] - The profitability of green electricity direct connection for leasing projects primarily resides with the customer side, while self-built projects face complexities in implementation [1][7] Regional Dynamics in Southeast Asia - The electricity supply situation in Southeast Asia varies by country, with Malaysia tightening policies and Thailand remaining relatively lenient [8][10] - The cost pressures from electricity shortages are expected to stabilize rental prices, creating a balance between rental prices and electricity approvals [8][10] Power Supply Unit (PSU) Trends - The overseas AR servers are primarily using 5.5kW PSUs, accounting for about 70%-80% of the market, while domestic projects are mainly at 4kW [3][11] - The transition to 5.5kW PSUs in domestic projects is anticipated but is currently dominated by 4kW configurations [12] Capital Expenditure and Investment Trends - Alibaba's capital expenditure is projected to be in the range of 120-130 billion, with potential shifts in investment focus towards chips rather than IDC, possibly reducing construction scale by about 200MW [3][18][19] - The core constraint for domestic AIDC expansion is the difficulty in obtaining energy consumption indicators, leading companies to shift operations to regions with less stringent requirements [20][21] Cost Comparisons and Supplier Selection - The cost of constructing AIDC overseas is approximately 1.45 times higher than in China, primarily due to supply chain and labor costs [21][22] - Standardized products in overseas markets are about 1.4 times more expensive than in China, influenced by logistics, local after-sales service, and installation costs [21][22] Future Outlook - The deployment of 800V HVDC technology is primarily led by ByteDance and Alibaba, with no large-scale deployment planned for 2026, focusing instead on research and small-scale trials [15][16] - The supply of domestic computing cards is constrained, with compliance channels for NVIDIA cards effectively closed, leading to a strategy of using domestic alternatives [17] This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state and future outlook of the AIDC industry.

Summary of Conference Call for Shenghong Co., Ltd. Company Overview - Shenghong Co., Ltd. operates in a diversified business model with key segments including charging piles (40%), energy storage (30%), traditional power quality (20%), and battery formation and capacity (10%) [2][3][6]. Core Business Insights - The company has benefited from the explosive growth in the new energy vehicle and energy storage markets, with charging piles and energy storage being the main growth drivers from 2022 to 2023. The overall gross margin remains above 40%, with a net margin around 12%, indicating strong profitability [2][6]. - The data center market for low-voltage power quality is projected to reach approximately 1.6 billion yuan domestically and 5 billion yuan globally by 2024, representing about 10% of the global APF+SVG market [2][9]. - The company is actively developing HVDC (High Voltage Direct Current) and SST (Solid State Transformer) technologies, leveraging its existing UPS (Uninterruptible Power Supply) capabilities [4][12]. Market Dynamics - The energy quality product technology is evolving towards silicon carbide, which offers advantages such as higher switching frequencies and reduced equipment size [11]. - The competitive landscape for low-voltage power quality products is fragmented, with domestic players like Ailinco and Delta having a competitive edge over foreign brands due to pricing advantages [10]. Financial Projections - Revenue projections for 2025 estimate around 3.6 billion yuan, with energy quality contributing approximately 800 million yuan, energy storage around 850 million yuan, and charging piles between 1.5 to 1.6 billion yuan [3][17]. - For 2026, the company anticipates a revenue growth rate of about 25%, with charging piles expected to grow by 20%-30% and energy storage recovering to a similar growth rate [19][20]. Challenges and Risks - The narrowing of peak and valley electricity price differentials poses a challenge to independent energy storage profitability, requiring more sophisticated operational capabilities to manage price fluctuations effectively [13][14]. - Changes in the pricing mechanism for commercial energy storage may lead to increased operational demands, necessitating a deeper understanding of regional load fluctuations [14]. Strategic Initiatives - The company is focusing on expanding its overseas market presence, particularly in Europe and North America, and is enhancing its partnerships with global oil giants like BP for charging pile projects [17][22]. - The company aims to leverage its strong product performance and overseas certifications to enhance its competitive position in the energy storage market [15]. Conclusion - Shenghong Co., Ltd. is positioned as a leading player in the power electronics sector, with a robust growth trajectory driven by its diversified business model and strategic focus on emerging markets. The company faces challenges related to market dynamics and pricing mechanisms but is well-equipped to navigate these through innovation and operational excellence.

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [17] Core Viewpoints - The explosive growth in Token usage abroad is driving domestic computing power demand, leading to price increases that boost the IDC and electric power equipment sectors [5][15] - The demand side shows that China's Token usage surged to 51.6 trillion in the week of February 16-22, marking a 127% increase over three weeks, surpassing the U.S. usage of 27 trillion [5][15] - The domestic AI models are leading globally, with four out of the top five models in terms of usage being Chinese, contributing to 85.7% of the total [5][15] - The tight supply of computing power is causing some manufacturers to raise prices, which is expected to improve profitability across the industry chain [5][15] Summary by Sections Investment Insights - The current domestic computing power market has shifted from "external replacement" to "demand-driven active selection" [16] - The explosive growth in Token usage is expected to drive demand for GPU servers, IDC cabinets, and high-power density data centers, enhancing the industry's outlook [16] - The report suggests focusing on AI infrastructure construction, particularly in the IDC sector, with recommended companies including Dazhi Technology, Runze Technology, and Kehua Data [6][16] Industry Dynamics - The electric power equipment sector has shown strong performance, with a 1.89% increase last week, ranking 13th among 28 sub-industries [35] - The report highlights significant investments in high-voltage projects, including a 43.74 billion yuan investment in the Daqing-Mongolia 1000 kV project [20] - The National Grid has completed investments of 12.48 billion yuan in grid production and infrastructure projects, reflecting a year-on-year increase of over 120% [20] Key Companies and Profit Forecasts - The report provides profit forecasts for key companies, with recommendations for investment: - Liangxin Co., Ltd. (Buy) with an EPS forecast of 0.28 in 2024, increasing to 0.44 in 2026 [10] - Sifang Co., Ltd. (Buy) with an EPS forecast of 0.86 in 2024, increasing to 1.19 in 2026 [10] - Jinpan Technology (Buy) with an EPS forecast of 1.26 in 2024, increasing to 2.20 in 2026 [10]

Group 1 - AIDC construction is entering a high growth phase, with projected CAGR of approximately 55% for power capacity demand in the US from AI needs between 2025-2028, leading to a cumulative demand exceeding 150GW in the next three years [2][33] - The current electricity shortage in North America is prompting a trend towards self-built power sources, with gas turbines being favored due to their rapid response, high power adaptability, lower generation costs, and high reliability [2][3][35] - The global gas turbine market is experiencing a significant supply-demand mismatch, with leading companies having order backlogs that exceed current production capacity, leading to opportunities for domestic gas turbine manufacturers and core component suppliers [4][36] Group 2 - The demand side of AIDC construction is driving the need for supporting equipment, with AI model parameter increases necessitating higher computing power, thus accelerating the growth of the AIDC market [3][34] - Major AI companies are accelerating their investments in self-built power sources due to the electricity shortage in North America, with companies like xAI, Google, and Meta ordering gas turbines for AIDC power construction [3][35] - The domestic gas turbine industry is transitioning from long-term reliance on imports to self-research and commercialization, with a focus on filling supply gaps in aviation and marine fuel applications [5][36] Group 3 - The AIDC power revolution is officially underway, with four key areas of investment opportunity identified: power supply units (PSU), energy storage, power semiconductors, and core components [8][40] - The trend towards high power, high voltage, and direct current in AIDC power supply is being driven by the continuous increase in power requirements for AI chips and computing cabinets [40][42] - Energy storage is becoming a critical solution for addressing the electricity capacity gap in North America, with projections indicating a need for 18-73GWh of new storage capacity from 2026 to 2028 [21][53]