2025-08-18 01:00Summary of Key Points from Conference Call Records Industry Overview - The focus is on the power supply market, particularly in data centers, with a significant emphasis on high voltage direct current (HVDC) technology and its advantages over traditional systems [1][3][5]. Core Insights and Arguments - Importance of Power Supply in Data Centers: Power supply reliability and performance are critical in data centers, with ongoing technological advancements aimed at optimizing efficiency and reducing losses [3][5]. - Market Growth Projections: The domestic HVDC market penetration is currently around 20%, expected to double from 2023 to 2028, with a projected global market size exceeding $10 billion by 2026 [1][6]. - Key Players: Major global players in the HVDC market include Vidi and Delta, holding over 50% market share, while domestic companies like Zhonghong Electric are also significant contributors [7]. - Trends in Server Power Supply: The trend is towards higher power density and efficiency, with third-generation semiconductors like silicon carbide and gallium nitride replacing traditional silicon components [9]. - Market Size for Wireless Power Supply: By 2026, the domestic wireless power supply market is expected to reach between 5 billion to 6 billion RMB, while the overseas market could exceed 40 billion RMB [10]. Additional Important Content - Technological Innovations: Future developments include 800V HVDC products and solid-state transformers (SST), which are anticipated to enhance performance in data centers [1][3]. - BBU and Supercapacitor Applications: Battery Backup Units (BBUs) and supercapacitors are crucial for addressing high energy demands in data centers, with BBU demand projected to reach 700-800 million units by 2025 [11]. - Domestic Supplier Outlook: Domestic suppliers are expected to expand their international presence, particularly in the smart automotive sector, leveraging technological advancements in HVDC and server power supplies [8]. - Performance of Leading Domestic Companies: Key domestic players like Macomit and Oulutong are experiencing rapid growth, with Oulutong achieving nearly 800 million RMB in revenue last year, reflecting over 500% year-on-year growth [12].