Summary of Conference Call Notes Industry Overview - The data center infrastructure is undergoing significant technological upgrades, including transitions from UPS to HVDC, traditional transformers to solid-state transformers, and cooling systems from air cooling to liquid cooling, influenced by technological advancements and inflation [1][3] - The domestic HVDC technology is developing rapidly, with companies like Tencent and Alibaba adopting low-voltage HVDC systems, while overseas companies lag behind in HVDC applications [1][5] - The distribution segment of data centers is evolving towards intelligence and modularity, leading to increased capital expenditures and greater market opportunities for components, power module cabinets, and transformers [1][6] Key Points on Circuit Breakers - Circuit breakers are utilized in data centers for low-voltage distribution cabinets, dual power transfer switches, and UPS systems, providing segmentation protection [1][7] - The value of DC circuit breakers is higher than that of AC circuit breakers, and as voltage levels increase, the value will further rise. Currently, the value of domestic AC circuit breakers is approximately 0.3 yuan per watt, while DC circuit breakers are about 30% more expensive [7][10] - The trend towards DC in data centers is driving demand for DC circuit breakers, which typically have a higher value than AC circuit breakers [10] Company Insights - Liangxin Electric has established partnerships with major clients like Huawei and Vidi, successfully entering the North American Vidi supply chain and launching rapid circuit breaker products, indicating significant potential for domestic substitution [2][12][13] - Liangxin Electric is focusing on R&D to meet new technological requirements and has shown strong market positioning in the DC trend, with a competitive edge due to its collaborations and innovation capabilities [12][16] Market Dynamics - The voltage levels in overseas data centers are generally higher, leading to a proportional increase in the value of circuit breakers. The construction costs in North America are significantly higher than in China, influenced by exchange rates and certification fees [9] - The domestic circuit breaker market is approximately 90 billion yuan, while the overseas market is three times larger, with a global total market size of about 400 billion yuan [16] Future Outlook - The data center industry is experiencing rapid growth and technological changes, similar to the previous boom in the renewable energy sector, presenting new opportunities for domestic companies like Liangxin Electric [17][18]

Investment Rating - The report does not provide a specific investment rating for Super X AI Technology [2] Core Insights - Super X AI Technology is a leading provider of AI infrastructure solutions, headquartered in Singapore, and has recently rebranded from Junee Limited to focus on integrated AI infrastructure solutions to meet the growing global demand for AI computing [2][3] - The company plans to establish its first regional supply center in Japan, which will enhance its global strategy and production capabilities [3][4] Company Overview - Super X AI Technology specializes in high-performance AI servers, high-voltage direct current (HVDC) systems, and high-density liquid cooling solutions, catering to the needs of enterprises, research institutions, and cloud/edge computing [3] - The company has a market capitalization of $512 million and has issued 22.1699 million shares, with a 52-week high/low of $29.64/$2.75 [3] Competitive Advantages - The appointment of Kenny Sng as the new Chief Technology Officer, who has over 20 years of experience in enterprise technology and AI architecture, is expected to drive technological innovation and implementation [3][4] - The establishment of the Japanese supply center, located in the AI computing corridor near Osaka and Nagoya, will significantly reduce delivery times and enhance supply chain stability [4]