锐明技术 20260205 摘要 锐明技术海外市场营收占比 70%，北美占比超三分之一，欧洲占 25%，南美占 15-18%，亚太、中东和非洲均衡发展，全球拥有 180 人 的 BD 和技术服务团队，三分之一为本地员工，为业务拓展提供有力支 撑。 公司计划 2026 年在商用车自动驾驶领域布局，初期落地巴士自动驾驶 项目，通过标杆项目试点，预计三年内实现端到端的中级自动驾驶，并 结合商务车型特征形成产品力，迎接产业爆发。 新成立的数字装备事业部探索代工业务与数据中心相关产品，越南工厂 承接 UPS、高压平台 HVDC 等 OEM 订单，但订单尚处早期阶段，存在 不确定性，未来将探索更多产品线及客户，并提升自身研发能力。 客户选择锐明技术进行电源类产品代工，主要基于越南工厂的承接能力 和品质控制优势，合作始于 2025 年二季度关税动荡期间，目前整体仍 处于早期阶段。 公司无人矿卡业务发展迅速，2025 年营收达数千万元，主要客户为头 部金属矿企业，产品根据矿山场景需求不断优化，积累了大量管理和需 求经验，有助于未来切入矿卡自动化领域。 Q&A 数字装备事业部方向包括代工业务与数据中心相关产品。越南工厂自 20 ...

2026 年 AIDC 年度策略：智算风起，启航未来 20260205 预计到 2026 年下半年，服务器电源 PSU 功率将提升至 8 千瓦甚至 12 千瓦，带动碳化硅和氮化镓用量增加。塞达卡（SAD CAR）方案也将在 2026 年实现渗透率提升，通过 HVDC 高压直流架构降低线路损耗、提 高能源效率。 液冷技术已成为数据中心必不可少的解决方案，目前基本上能够实现 100%的全液冷方案，全液冷设计可使散热效率提高约 40%。单机柜液 冷成本约为 8 万至 10 万美元，其中 CDU 和冷板占据主要成本，Ruby 有望在今年下半年实现规模化应用。 北美数据中心储能需求快速增长，预计到 2028 年将达到 30-40 吉瓦时， 到 2030 年有望达到 100 吉瓦时。阳光、阿塔斯等公司已接到北美数据 中心储能项目订单，这将进一步提振储能行业的发展。 摘要 数据中心行业正处于快速发展前期，受益于下游大模型训练与推理需求 提升，GPU 快速迭代推动机柜功率密度增加，人工智能数据中心耗电量 快速增长。北美四大云厂商 2025 年资本开支同比增长约 86%，国内头 部企业同比增长超 80%，表明对数据中心建设的积 ...

格隆汇2月5日丨科士达(002518.SZ)在互动平台表示，公司为数据中心基础设施建设提供UPS、高压直流 电源（HVDC）、温控及蓄电池等核心产品，目前不涉及AI智能体相关业务。 ...

证券研究报告 | 2026年02月05日 AIDC与电力设备2026年度投资策略 国内需求确定性夯实，出海与AIDC发展空间可期 行业研究 · 行业投资策略 电力设备新能源 · 电力设备 投资评级：优于大市 | 证券分析师：王蔚祺 | 证券分析师：王晓声 | 证券分析师：袁阳 | | --- | --- | --- | | 010-88005313 | 010-88005231 | 0755-22940078 | | wangweiqi2@guosen.com.cn | wangxiaosheng@guosen.com.cn | yuanyang2@guosen.com.cn | | S0980520080003 | S0980523050002 | S0980524030002 | 请务必阅读正文之后的免责声明及其项下所有内容 摘要 u "十四五"电力设备行业复盘：网内外需求景气共振，龙头企业出海加速 "十四五"以来，在新能源装机放量带动下，电源投资高速增长；电网投资保持稳健增长，但增速显著低于电源投资。在电源和电网投资带动下，"十四五"国内电力设备需求呈现网内外景 气共振态势。网内市场方面，变压器、组合电 ...

Core Viewpoint - Huazhu Technology has established a subsidiary, Huzhou Huazhu Power Technology Co., Ltd., focused on the research, production, and sales of overseas commercial and industrial energy storage systems [1] Group 1: Company Strategy - The company's strategic core is based on battery safety management, aiming to become a significant player in the critical digital infrastructure sector through vertical integration of the industry chain [1] - The product offerings primarily cover data centers and renewable energy generation, providing a one-stop solution from batteries, BMS, UPS to dynamic environment monitoring systems [1] Group 2: Product Offerings - In renewable energy generation systems, the company provides a complete energy storage system for photovoltaic and wind energy generation, including self-developed PCS, BMS, EMS, and integrated energy storage systems [1] Group 3: Business Development - Huzhou Huazhu Power Technology Co., Ltd. is in the early stages of business expansion, and it is not expected to have a significant impact on the company's financial status in the short term [1] - The company acknowledges the uncertainty in related developments and will continue to monitor industry opportunities while steadily advancing its strategic upgrades [1]

ab 19 January 2026 Global Research First Read China Data Center Equipment Takeaways from post-GCC tour: Accelerating AIDC power equipment shipment growth from 2026 Yishu Yan Analyst yishu.yan@ubs.com +86-21-3866 8782 Anna Yuan Positive on accelerating shipment growth from 2026 During our post-GCC tour last week, we visited Kstar and Megmeet. Both companies provided positive guidance on accelerating AIDC power equipment shipment growth from 2026, driven by AIDC capex boom. Notably, management teams highlight ...

Core Viewpoint - The report from Guosheng Securities highlights AIDC and power shortages as the main investment themes leading up to 2026, driven by increasing demand for HVDC solutions due to major internet companies' investments [1] Group 1: AIDC and HVDC Market Trends - The UPS market is steadily growing, with HVDC high-voltage direct current solutions identified as a definitive industry trend, and SST technology expected to accelerate the implementation of 800V HVDC systems [2] - By 2028, the power demand for data centers in the U.S. and globally is projected to reach 81GW and 125GW, respectively [2] - Nvidia plans to promote an 800V HVDC architecture starting in 2027 to support higher power density IT racks, utilizing solid-state transformers (SST) as a future distribution solution [2][3] Group 2: Power Supply and Demand Dynamics - The U.S. is facing a power shortage, with data center electricity demand expected to surge from 200 TWh to 640 TWh by 2035, equivalent to Germany's annual electricity consumption [4] - In Texas, there are numerous applications for data center electricity demand, but the grid can only accommodate about 1GW, indicating a significant gap in supply [4] - The aging U.S. transmission lines, many over 40 years old, require urgent upgrades and renovations to meet increasing demand [4] Group 3: Gas Turbine and Transformer Opportunities - The three major gas turbine manufacturers have orders extending to 2028, with a focus on components such as turbine blades and combustion chambers, indicating strong demand for these suppliers [5] - The global upgrade of electrical grids and the rising AI electricity demand are driving continuous demand for transformers, with China holding 60% of global transformer production capacity [5] Group 4: Diesel Generator Market - Diesel generators are becoming essential for data centers to maintain power continuity during outages, with a shift towards a seller's market for diesel generation as new infrastructure develops [6] - Domestic manufacturers are poised to seize opportunities as overseas diesel generator companies adopt a more conservative expansion strategy [6]

Core Insights - The report identifies AIDC (Artificial Intelligence Data Center) and power shortages as the main investment themes for 2026, with the power equipment sector significantly outperforming the market in 2025, rising by 33.6% compared to a 17.7% increase in the CSI 300 index [1][10]. - The demand for power in data centers is expected to surge, with projections indicating that by 2035, the electricity demand from U.S. data centers will increase from 200 TWh to 640 TWh, equivalent to Germany's total annual electricity consumption [2][49]. Group 1: AIDC and HVDC Opportunities - The UPS market is steadily growing, and the HVDC (High Voltage Direct Current) solutions are seen as a definitive industry trend, with SST (Solid State Transformer) compatible with 800V HVDC expected to accelerate implementation [1][20]. - BCG consulting forecasts that by 2028, the power demand for data centers will reach 81GW in the U.S. and 125GW globally, driven by the increasing AI computing needs [29][32]. Group 2: U.S. Power Shortages and Market Dynamics - The U.S. is facing a critical power shortage, with many transmission lines over 40 years old, necessitating urgent upgrades and renovations to the grid [2][48]. - The report highlights that the demand for gas turbines and transformers is expected to rise due to the urgent need for power infrastructure improvements in the U.S. [3][50]. Group 3: Investment Recommendations - The report recommends focusing on companies like Zhongheng Electric and Kehua Data in the HVDC space, as well as Jinpan Technology and Igor in the transformer sector, due to the anticipated growth in global power infrastructure [3][58]. - The gas turbine market is also highlighted, with major manufacturers' orders extending to 2028, indicating strong demand for components such as turbine blades and combustion chambers [3][52]. Group 4: Diesel Generator Market - The diesel generator market for data centers is transitioning to a seller's market, with domestic manufacturers poised to replace foreign brands due to supply constraints and increasing demand [56][57]. - The global market for data center diesel generators is projected to grow from $6 billion in 2023 to $12 billion by 2030, driven by the rapid expansion of data centers and AI infrastructure [56][57].

Summary of Key Points from the Conference Call Transcript Industry Overview - **Industry**: China Data Center Equipment - **Key Focus**: Power and cooling upgrades, particularly related to NVIDIA's Vera Rubin platform launch in 2026 [2][3] Core Insights and Arguments - **NVIDIA's Rubin Platform**: - The Rubin platform is set to double the rack power compared to the previous Blackwell platform, moving from 80% to 100% liquid cooling [2] - Rubin is currently in full production [2] - **VR200 NVL72 Specifications**: - Delivers approximately 3.5x to 5x the training/inference AI computing power compared to GB300 NVL72, significantly increasing rack-level power demand [3] - Upgrades power shelves to a 3*3U 110 kW configuration, compared to the GB300's 8*1U 33 kW shelves [3] - Introduces a 3+1 redundancy design for power shelves [3] - **Future Developments**: - Anticipation of transitioning to the next-generation Kyber rack design, which will support 800V HVDC to meet rising power requirements driven by AI compute scaling [3] - Potential launch of Rubin Ultra in 2027 could further unleash HVDC demand [3] Investment Opportunities - **Stock Picks**: - **Kstar and Kehua**: Expected to benefit from stronger UPS demand and potential upgrades to HVDC and SST [4] - Kstar is anticipated to have strong order intake from US hyperscalers due to strategic partnerships [4] - Kehua's domestic GPU ramp-up and H200 shipment could enhance order intake from domestic hyperscalers [4] Risks and Valuation - **Downside Risks for Data Center Equipment Sector**: - Slower-than-expected AI data center capacity growth [6] - Slower penetration of high-power density products [6] - Challenges in gaining market share in the overseas AIDC equipment supply chain [6] - **Kehua's Price Target and Risks**: - Price target based on DCF methodology; downside risks include slower IDC capacity expansion and lower overseas shipment expectations [7] - Upside risks include faster IDC capacity expansion and stronger relationships with hyperscalers [7] - **Kstar's Price Target and Risks**: - Similar DCF methodology for price target; downside risks include slower IDC capacity expansion and new entrants in the market [8] - Upside risks include faster IDC capacity expansion and higher overseas shipments [8] Additional Important Information - **Analyst Team**: The report was prepared by UBS Securities Asia Limited, with analysts Yishu Yan, Anna Yuan, and Ken Liu involved [5] - **Valuation Methodology**: The report emphasizes the use of DCF methodology for price targets and highlights the importance of understanding risks before making investment decisions [7][8] This summary encapsulates the critical insights and data from the conference call, focusing on the developments in the China data center equipment industry, particularly regarding NVIDIA's advancements and the implications for investment opportunities in Kstar and Kehua.

Core Viewpoint - The company has established a close partnership with Tencent Cloud in the data center sector, providing comprehensive lifecycle services tailored to Tencent Cloud's specific needs [1] Group 1: Partnership and Collaboration - The company has designed, built, and operated four customized data centers in Zhangjiakou, Guangzhou, and Qingyuan for Tencent Cloud, offering services from consulting and planning to operation management and value-added services [1] - The company collaborates with Tencent Cloud on an elastic resource pool model, integrating Tencent Cloud resources into data centers in Shanghai and Guangdong to enhance user convenience [1] Group 2: Product Application - The company's products, including UPS, high-voltage direct current, precision distribution, dynamic environment monitoring, MDC integration products, and TB container data centers, are utilized in multiple projects within Tencent's data centers [1] Group 3: Future Outlook - The company aims to continue collaborating with Tencent Cloud and other industry partners to create value, enhance product and service quality, and contribute to the innovative development across various industries [1]