科威尔20250810

Summary of the Conference Call on AI Server Testing Power Equipment Industry Overview - The AI server testing power equipment market is expanding significantly due to the growing demand for AI server power supplies, covering applications such as HVDC, UPS, power shelf, BBU, supercapacitors, and GPU DCDC modules [2][3][4] - The market space for AI server testing power equipment is estimated to be around 2 billion RMB, with expectations of maintaining a substantial year-on-year growth rate, potentially reaching 5 billion RMB by 2027-2028 [4][18] Key Points and Arguments - Dynamic Performance Requirements: AI server testing power equipment faces challenges in high dynamic performance and the ability to cover various types and power levels. The rapid fluctuations in working current during high-speed large model computations necessitate testing devices that can respond quickly and support multi-voltage platform testing [2][10][9] - Market Leaders: Chroma is identified as a global leader in AI power testing equipment, achieving a gross margin of 65% in Q2, with ATS business revenue growing by 50%. AI-related income is nearing half of ATS total revenue, indicating high barriers and profitability in the sector [11][19] - Application Scope: The testing power equipment is widely applicable, including front-end strong electricity (HVDC, UPS) and back-end weak electricity (power shelf, BBU, supercapacitors). The continuous upgrade of GPUs drives the demand for related power supply testing equipment [4][5][12] - Company Positioning: 科威尔 has successfully entered the data center and server market, leveraging long-term partnerships with companies like 台达 and demonstrating technical and pricing advantages. The company has also validated its solutions with major players like 长城 [15][12] Additional Important Insights - Development History: 科威尔 started in the photovoltaic sector and has expanded into electric vehicles, hydrogen fuel cells, and power semiconductors, holding about 30% market share in high-power testing [14][13] - Profitability Outlook: The company is expected to achieve a gross margin of 60% in the AI server testing equipment sector, with potential profits nearing 300 million RMB if it captures 20% of the market [19][20] - Market Challenges: The AI server testing power equipment sector is relatively new, with few domestic listed companies. The main players are 科威尔 and 艾赛博, while Chroma leads globally. The market is anticipated to grow significantly as AI server power demand increases [3][12] Conclusion - The AI server testing power equipment industry is poised for rapid growth, driven by technological advancements and increasing demand from AI applications. Companies like 科威尔 are well-positioned to capitalize on this trend, supported by strong partnerships and a focus on high-performance testing solutions [21][19]