800V 高压直流（HVDC ）电源解决方案的价值升级路径

Summary of Delta Electronics Inc. Conference Call Company Overview - Company: Delta Electronics Inc. (2308.TW) - Industry: Greater China Technology Hardware - Location: Taiwan - Date of Call: June 4, 2025 Key Points Industry and Market Dynamics - 800V HVDC Power Solution: The transition to 800V HVDC power architecture is driven by increasing data center power demands, particularly for AI applications. This upgrade addresses limitations of the current 54V systems, including space constraints and inefficiencies in power conversion [4][13][14]. - Efficiency Improvements: The new 800V system is expected to enhance end-to-end power efficiency by up to 5%, reduce copper cable usage by 45%, and lower maintenance costs by up to 70% [4][6]. Financial Projections and Estimates - Price Target Increase: The price target for Delta Electronics has been raised from NT$440.00 to NT$485.00, reflecting anticipated growth in AI data center offerings [2][6]. - Earnings Estimates: Earnings estimates for 2026 and 2027 have been increased by 5% and 10%, respectively, due to the expected value upgrade potential of AI server power solutions [6][39]. - Revenue Growth: Delta is projected to grow its AI data center offerings to 35-40% of total revenue in 2025, increasing to over 40% in 2026-2027, compared to approximately 30% in the previous year [6]. Technological Advancements - Power Solution Value: The power solution value per AI server rack is estimated to exceed 10 times that of the current GB200 server rack, with power value per watt expected to more than double by 2027 [11][39]. - Collaboration with NVIDIA: Delta has engaged with NVIDIA for the development of new power solutions tailored for future AI factories, which is anticipated to solidify its market leadership [11]. Deployment Timeline - Phased Implementation: The deployment of the 800V HVDC power solution will occur in stages, with standalone power racks expected by the end of 2025, followed by 800V DC power racks in 2026, and native 800V DC servers hitting the market in 2027 [5][14]. Valuation Methodology - Valuation Model: The price target increase is based on a multistage residual income valuation model, assuming a cost of equity of 8% and a medium-term growth rate of 14% [42][43]. - Bull and Bear Scenarios: The bull-case scenario value is NT$593.00, while the bear-case scenario value is NT$271.00, both reflecting higher EPS estimates compared to previous scenarios [44]. Additional Insights - Power Rack Design: The design of the 800V HVDC power rack includes features for high efficiency and reliability, such as a power capacitance shelf and e-Fuse for enhanced protection [32][36]. - Market Positioning: Delta's technology leadership and integrated power solutions are expected to drive significant project wins and earnings growth in the coming years [2][6]. Conclusion Delta Electronics Inc. is positioned to capitalize on the transition to higher voltage power solutions in AI data centers, with strong financial projections and technological advancements supporting its growth strategy. The company's collaboration with NVIDIA and phased deployment of the 800V HVDC power solution further enhance its competitive edge in the market.