电力设备&AIDC 中报总结 202509004 摘要 2025 年，无论是国内还是海外，AI 应用端需求持续增长。国内日均 TOKEN 消耗量从去年初到现在翻了 300 多倍，其中企业级大模型日均消耗量达到 10.2 万亿 TOKEN，占整体消耗量三分之一以上，主要由阿里通义、字节豆包 和 Diverseca 等大模型贡献。海外方面，CHATGPT 用户活跃度虽有所放缓， 但 TOKEN 消耗量仍在加速增长。这表明 AI 应用端需求强劲，并有望出现现象 级应用和指数级增长。 云厂商资本开支对 AIDC 市场有何影响？ 云厂商资本开支显著增加，对 AIDC 市场产生积极影响。2025 年二季度，亚马 逊、Meta、谷歌等公司的资本开支同比增幅达两位数甚至三位数，环比一季度 也有 30%的增长。尽管年初预期今年四个季度同比有所增长，但实际环比增速 超出预期，并预计到 2026 年仍将保持快速增长。此外，从 NV 出货预期和服 务器厂商对 NV GPU 卡出货预期来看，明年可能会实现翻倍以上的增长。 AI 应用端需求强劲增长，国内企业级大模型 TOKEN 消耗量显著，海外 CHATGPT 的 TOKEN 消耗量也 ...

AIDC 核心公司最新更新 20250828 摘要 集中式算力市场中，HVDC 相较于 UPS 具有更高可靠性、更优效率和更 小占地空间，且维护扩展兼容性强，国内 CSP 厂商如阿里巴巴和腾讯已 大规模采用 HVDC 集成系统，但海外市场渗透率仍处于初期阶段。 SST（固态变压器）被视为 HVDC 的升级版，其核心在于电力电子技术。 虽然短期内不会大量应用，但其发展方向值得关注，是巴拿马集成系统 的一种潜在升级路径。 电能变换领域，特别是 UPS 和 HVDC 板块近期表现强劲，相关公司股 价普遍上涨约 30%。北美市场 HVDC 渗透率预计将从目前的 3-5%迅速 提升至 50%以上，预计 2026 年下半年开始落地，该领域具有显著投资 潜力。 海外 UPS 市场近期价格和盈利呈现正向变化，主要受益于稳定的市场格 局和供需关系变化。中国公司如科华数据、胜宏股份和禾望电器等正积 极切入海外 UPS 市场，为后续 HDC 业务打下基础。 科华数据在数据中心领域布局广泛，拥有亚洲领先的 UPS、HVDC 和液 冷系统技术，在腾讯系统中占据重要市场份额，液冷技术已在美国市场 落地，ITC 订单高速增长，业绩拐点或在 ...

AI"探电"系列：如何看待 HVDCSST 以及服务器电源板 块？20250828 服务器电源市场的主要驱动因素可以分为通胀逻辑和迭代逻辑。在通胀逻辑方 面，服务器电源的价值量逐层上升，由多重因素共同推动。首先，从量的角度 来看，服务器电源作为典型的开关电源，其需求往往比整柜本身功率要高。例 如，英伟达 GB200 服务器机架功耗为 120 千瓦，但其整体电源需求达到 198 千瓦；而英伟达 GPU300 机柜功耗为 140-150 千瓦，但其电源需求达到 264 千瓦。这种双倍荣誉特性使得算力增长时，电源需求也呈双倍增长。 从价格角 度来看，随着芯片功率提升，对电源要求也随之提高。例如，从 2024 年使用 3 千瓦和 3.3 千瓦的电源，到现在使用 5.5 千瓦甚至更高规格的模块，这导致 单瓦价格进一步提升。此外，由于机柜体积有限，需要在有限空间内提高功率 密度，同时提高效率。因此，高效率、高功率密度成为必然要求，使得产品难 度和壁垒增加，从而推动价值量上升。 在迭代逻辑方面，包括扩展逻辑和技术 英伟达定义电力电子领域，要求供应商快速迭代，麦格米特作为大陆唯 一进入英伟达供应序列的服务器电源厂商，具备高稀 ...

Group 1 - The core viewpoint of the article highlights the stable growth of Liangxin Co., a leading domestic low-voltage electrical equipment supplier, in the first quarter of 2025, following performance fluctuations in 2024 [1] - Liangxin Co. reported a total operating revenue of 1.088 billion yuan, an increase of 15.53% year-on-year [2] - The net profit attributable to shareholders reached 103 million yuan, reflecting a year-on-year growth of 15.15% [2] Group 2 - The company achieved a net profit of 100 million yuan after deducting non-recurring gains and losses, marking a 15.92% increase compared to the previous year [2] - The net cash flow from operating activities was 53.89 million yuan, showing a significant increase of 86.9% year-on-year [2] - Basic and diluted earnings per share were both 0.10 yuan, representing a 25% increase from the previous year [2] Group 3 - The industry is experiencing a surge in domestic computing power demand, driven by the rapid development of the digital economy, which is becoming a powerful engine for the entire technology sector [3] - The acceleration of domestic AIDC (Artificial Intelligence Data Center) construction is creating vast market opportunities for new power distribution systems in AI data centers [3] - Liangxin Co. has been deeply involved in the data center sector for over 20 years, providing intelligent and modular power solutions, positioning itself as a key player in the evolving landscape of computing power [3]

Summary of Hezhong Electric's Conference Call Company Overview - **Company**: Hezhong Electric - **Industry**: AIDC (Automatic Identification and Data Capture) Key Points and Arguments Business Growth and Performance - Hezhong Electric has made significant progress in the AIDC sector, particularly in the renewable energy field, with notable advancements in HVDC (High Voltage Direct Current) development [3][5][12] - The company expects a growth rate of **30% to 40%** in its wind power business, with a steady recovery in gross margins [3][5] - The solar storage business is anticipated to double its growth due to recognition from top state-owned enterprises and new technology applications [3][5] - The large transmission business is expected to benefit from military procurement demand, with a potential **1 billion** level order from Chengfei Group, leading to a **20% to 30%** compound growth rate [3][4][5] Management and Governance Changes - The appointment of the CTO as president has led to comprehensive reforms in the business units, significantly boosting sales incentives across wind power, solar, storage, and large transmission sectors [3][6] - These governance changes have improved operational efficiency and market competitiveness, reflected in the strong performance in Q4 [6] Market Position and Competitive Advantage - Hezhong Electric is viewed as a preferred stock in the AIDC sector due to its enhanced comprehensive capabilities and ability to switch valuations amid high market demand [3][5] - The company is positioned to maintain its competitive edge in the wind power sector as market price competition eases [8] - In the solar storage sector, the company is leveraging bidding successes and new technology recognition for accelerated growth [8] Future Development Directions - Hezhong Electric aims to achieve a qualitative transformation in its comprehensive capabilities, similar to CATL in the lithium battery industry, maintaining strong growth post-cycle [7] - The company is expected to complete valuation switches and maintain high growth expectations beyond 2026 [7] - The focus on overseas market expansion through HVDC technology upgrades is anticipated to significantly enhance revenue and profit [8][14] Product and Technology Positioning - The AIDC product market positioning is gaining attention, with Hezhong Electric leveraging its high-power inverter technology to lead in both domestic and international markets [11] - The company has established a strong foothold in the HVDC sector, with ongoing collaborations that may facilitate breakthroughs in the U.S. market [12] Financial Projections - Hezhong Electric's traditional main business is projected to achieve revenues of **650 million to 700 million** in 2025, with a corresponding market valuation of approximately **13 billion** [15] - The HVDC business is expected to generate significant incremental revenue, with a projected market space of **7 billion** if the company captures a **50%** market share [15] Additional Important Insights - The company’s governance and management structure improvements have already shown results in Q4 performance, indicating a strong operational turnaround [10] - Hezhong Electric's strategic partnerships, particularly with companies like Vidi China, enhance its competitive positioning and product development capabilities [11][14] - The overall market for power electronics in the solar and wind sectors is expected to see substantial growth, driven by increased recognition and support for these industries [10]