AIDC：NV入局，SST最新观点及投资建议

Summary of Conference Call Records Industry Overview - The data center power distribution system is evolving towards High Voltage Direct Current (HVDC) and Solid State Transformer (SST) technologies to address challenges posed by increased computing density. Traditional low-voltage solutions face issues related to heat dissipation and energy loss, making HVDC and SST critical solutions [1][4]. Key Insights and Arguments - SST Technology Potential: SST technology has significant application prospects in data centers due to its higher power density compatibility and ease of integration with renewable energy sources. China West Electric has implemented SST in a data center in Guizhou, showcasing its comprehensive advantages, with expectations for large-scale deployment around 2027, earlier than previously anticipated [1][5]. - Market Trends: The global demand for computing is driving the need for data center construction, with an increasing requirement for all-DC architectures to accommodate renewable energy integration. NVIDIA's plans for megawatt-level single cabinet power and an upgrade path from 415V to 800V highlight the necessity for high-frequency, efficient power distribution solutions [2][8]. - SAD Solution Advantages: The SAD solution optimizes the footprint of core IT equipment in data centers by reducing energy conversion losses and risks through a single-step integration process, enhancing efficiency [9]. - SST in Addressing Grid Issues: SST technology offers significant advantages in addressing aging overseas power grids and stabilizing energy shortages. It enhances high-voltage direct conversion capabilities and supports 100% renewable energy integration, which is crucial given the projected increase in data center energy consumption [10]. Company-Specific Insights - Jingfang Technology: Leads in providing comprehensive SST solutions, with a North American market share of 25% and a domestic share of about 15%. Expected profits are projected at 700 million yuan in 2025 and 1 billion yuan in 2026, aiming for a 20%-30% market share in a trillion-yuan market [3][13]. - Xinte Electric: Recently faced challenges due to delayed payments from Russian projects but is recovering as traditional business normalizes. The company is exploring high-barrier growth sectors like data centers and ship shore power, with expectations of maintaining a gross margin above 35% [14]. - Sifang Co., Ltd.: Experienced significant pressure in the past two years due to its high correlation with the power grid. However, it is expected to recover with a projected revenue growth of 10%-15% and profit growth of 15%-20% as its traditional business stabilizes [15]. - Other Beneficiaries: Companies like Shenghong Co. and Sunshine Power, along with upstream material suppliers like Yunlu Co. and Antai Technology, are expected to benefit from the growth in the SST market [6][7]. Additional Important Points - Efficiency Improvements: SST technology can achieve over 98% efficiency, with potential improvements to 99%, and significantly reduces construction time to under 90 days, making it suitable for rapid data center deployment [11]. - Unique Features of SST: SST technology features real-time control through five-level voltage regulation, self-isolation capabilities, and compatibility with both rectification and inversion functions, making it a flexible and reliable power distribution solution [12]. This summary encapsulates the critical insights from the conference call, highlighting the evolving landscape of data center technologies and the competitive positioning of key companies within the industry.