公 司 研 究 / 公 司 深 度 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 3.24 | | 资产负债率% | 65.52 | | 总股本/流通 A 股（百万） | 3,010/3,002 | | 流通 B 股/H 股（百万） | -/- | 买入（维持） | 市场数据： | 2026 年 03 月 30 日 | | --- | --- | | 收盘价（元） | 30.56 | | 一年内最高/最低（元） | 41.58/8.73 | | 市净率 | 9.4 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 91,728 | | 上证指数/深证成指 | 3,923.29/13,726.19 | 注："股息率"以最近一年已公布分红计算 一年内股价与大盘对比走势： -200% 0% 200% 400% 03-31 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 东阳光 沪深300指数 (收益率) 相关研究 《东阳光（600673） ...

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 ...

【GS化工】成长观点：继续看好算力链成长0329 秦淮中国股权上翻，上市公司将直接及间接持有国内头部IDC企业秦淮数据100%股权。 公司为OLED有机发光终端材料龙头，25Q3净利率高达43%。 秦淮中国是国内头部IDC厂商，2025年EBITDA接近40亿元，在运数据中心容量达799MW，在建及短期储备容量约 690MW，远期规划容量约4GW。 液冷方面，公司是行业稀有一体化全套解决方案厂商，目前一期项目已投放，伴随客户的验证导入有望开启全新 增长 【GS化工】成长观点：继续看好算力链成长0329 秦淮中国股权上翻，上市公司将直接及间接持有国内头部IDC企业秦淮数据100%股权。 秦淮中国是国内头部IDC厂商，2025年EBITDA接近40亿元，在运数据中心容量达799MW，在建及短期储备容量约 690MW，远期规划容量约4GW。 液冷方面，公司是行业稀有一体化全套解决方案厂商，目前一期项目已投放，伴随客户的验证导入有望开启全新 增长曲线 SST是800VDC的最佳电源方案，其主要优势体现在：AC-DC一次变换效率高（系统效率98%）、体积小（为UPS 的40%）、预制化（快速部署）、光储直连（DC母线直 ...

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 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights the implementation of the CSP self-supply agreement and the North American ultra-high voltage planning exceeding expectations, focusing on three main lines: grid equipment, gas turbines, and high-voltage direct current power supply [1][6] - The demand for transformers is expected to remain high due to the growth of large data centers, with orders for transformers from leading overseas companies already booked for three years ahead [6] - The report anticipates significant market opportunities in the global market for SST and HVDC power systems, with projections indicating a market size exceeding 100 billion yuan by 2030 [6] Summary by Sections Industry Trends - The North American grid expansion projects have been approved, totaling $75 billion, focusing on 765 kV ultra-high voltage lines, which will expand the total new line mileage to 10,000 miles, quadrupling the existing mileage [6] - The trend towards self-supply in data centers is confirmed by major companies like Microsoft and Google, which will drive demand for gas turbines as the primary power generation equipment [6] Investment Recommendations - For transformers and grid equipment, the report recommends companies such as Si Yuan Electric, Jin Pan Technology, and Igor, while also suggesting to pay attention to companies like Shima Power, Baiyun Electric, and TBEA [6] - In the power generation equipment sector, Oriental Electric is highlighted for its gas turbine products, with a focus on G50 and G15 models, which have secured export orders to high-profit markets in North America and the Middle East [6] - For AIDC direct current power supply, the report recommends companies like Sifang Co., Sunshine Power, and others involved in HVDC technology [6]

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.

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]

Core Viewpoint - A UK regulatory body reports that the total power requested for new data center projects in the UK will exceed the country's current peak electricity usage [1] Group 1: Industry Trends - The global AI investment boom is rapidly driving the demand for power infrastructure in AIDC (Artificial Intelligence Data Centers) [1] - The IEA predicts that from 2025 to 2030, the global IT load will add a cumulative total of 106 GW [1] Group 2: Power Supply Models - Due to differences in grid structures and expansion difficulties, overseas AIDC projects prefer the BYOG (Bring Your Own Generation) model for faster operational deployment [1] - Power generation equipment primarily includes gas turbines and SOFC (Solid Oxide Fuel Cells) [1] Group 3: Distribution System Upgrades - The distribution system is crucial for ensuring efficient and stable power supply to AIDC [1] - With the upgrade of computing chips and servers, there is a trend towards reducing losses, minimizing substation stages, and better adapting to power fluctuations in AIDC distribution systems [1] - Currently, AIDC distribution systems mainly use UPS (Uninterruptible Power Supply) solutions, but future HVDC (High Voltage Direct Current) and SST (Solid State Transformer) solutions are expected to gradually gain traction [1]

Group 1: Global AIDC and CAPEX Trends - The global demand for intelligent computing (AIDC) is experiencing significant growth, with major cloud companies increasing their capital expenditures (CAPEX). The top three global cloud providers are expected to cumulatively spend nearly $300 billion in CAPEX for the fiscal year 2025. Domestic companies in China are also accelerating their CAPEX, with Tencent's forecast raised from 300 billion yuan to 350 billion yuan for the fiscal years 2025-2027, and Alibaba's forecast increased to 460 billion yuan for the same period [1][2] Group 2: High Voltage Direct Current (HVDC) Technology - High Voltage Direct Current (HVDC) is emerging as a superior solution for powering next-generation data centers. The shift towards high-density and high-energy consumption data centers is driving the upgrade of power distribution systems. The expected market size for global HVDC is projected to reach 2.45 billion yuan, 14.49 billion yuan, and 30.26 billion yuan for the years 2025-2027 respectively [2][3] Group 3: Photovoltaic Industry Developments - The photovoltaic (PV) industry is transitioning towards high-quality development, with domestic PV installations reaching a record high in 2025. The cumulative new PV installations in China from January to November 2025 amounted to 274.89 GW, a year-on-year increase of 33.2%. However, global installation growth is expected to slow down after 2026, with projections indicating a decrease of 6 GW in global installations from 655 GW in 2025 to 649 GW in 2026 [3][4] Group 4: Industry Price Trends and Supply Chain Adjustments - The PV industry is witnessing a price turning point, with new technologies still commanding a premium. After a period of price fluctuations, the prices of PV products began to stabilize in late 2025. The price of BC components is currently at 0.76 yuan/W, showing a premium over TOPCon technology. The upstream segment is expected to benefit first, with significant profit recovery potential in the mid and downstream segments [4][5] Group 5: Investment Recommendations - The focus is on recommending investments in the AIDC sector, particularly in HVDC, SST, and energy storage solutions. Key recommended companies include Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others. In the PV sector, recommendations include supply-side improvements and new BC technologies, with key companies such as Flat Glass and Quartz Shares highlighted [5][6]

Group 1: AIDC and Power Supply Innovations - The global AIDC demand is experiencing significant growth, with major cloud companies increasing their capital expenditures. In FY2025, the top three global cloud providers are expected to collectively spend nearly $300 billion [3][19] - High Voltage Direct Current (HVDC) is becoming the preferred solution for next-generation data center power supply, as it enhances power efficiency and reduces material usage. The global HVDC market is projected to reach approximately $30 billion by 2027 [4][59] - Key recommendations for HVDC and Storage Solutions include companies like Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others [10][65] Group 2: Photovoltaic Industry Trends - The photovoltaic industry is transitioning towards high-quality development, with supply-demand dynamics expected to gradually improve. In 2025, domestic photovoltaic installations are projected to reach a record high, although global installation growth is anticipated to slow down post-2026 [5][6] - The industry is actively reducing operating rates to improve supply-demand structures, with significant declines in operating rates for polysilicon and other segments noted [6][7] - Key recommendations in the photovoltaic sector focus on supply-side improvements and new technologies, with companies like Flat Glass and Quartz Holdings highlighted for their potential [11][10]