亚洲电力设备：美国 AI 数据中心发展与电力约束专家电话会要点-Asia Power Equipment_ Expert call takeaways on AI DC development in the US and power constraints

Summary of Key Points from the Conference Call on AI DC Development and Power Constraints Industry Overview - The discussion focused on the data center (DC) industry in the United States, particularly regarding power constraints and the development of AI data centers. Core Insights 1. Grid Connection Delays: - Grid connection issues for data centers have worsened, with waiting times extending to approximately 5-6 years in regions like Silicon Valley and Virginia [2][15][20]. 2. Onsite Power Generation: - Due to insufficient utility-scale base-load power capacity, hyperscalers are increasingly relying on onsite power generation. The proportion of power sourced from onsite resources is expected to rise significantly over the next three to five years [2][15][20]. 3. Natural Gas as Primary Source: - Natural gas remains the most critical power source for supporting data center consumption, with both large and smaller-sized gas turbines being utilized [2][15][20]. 4. Supply Chain Considerations: - Given the tight supply of power equipment, hyperscalers are considering importing products from Asia, particularly from Korea and China [2][15][20]. 5. Emerging Technologies: - The increasing demand for onsite generation may drive the demand for technologies such as fuel cells, solid oxide fuel cells (SOFC), and battery energy storage systems (BESS) [2][15][20]. 6. Future Power Demand: - The U.S. team forecasts that around 100 GW of new generation capacity will be needed to meet data center power demand by 2028, while base-load power capacity is expected to remain largely flat [2][15][20]. 7. Interconnection Queues: - Interconnection queues for data centers are reported to be between three to seven years in certain clusters, indicating a tight reserve margin in the electricity market [2][15][20]. Potential Solutions and Strategies 1. Alternative Locations: - Some data center developers are exploring locations outside traditional clusters like Texas and Virginia, seeking states with better power supplies [15][20]. 2. Hybrid Power Solutions: - The introduction of onsite generation to complement grid supply is being considered, with a mix of power from both the grid and onsite resources [15][20]. 3. Nuclear Power: - Small modular reactors (SMRs) and increased power from existing nuclear plants are being discussed as potential long-term solutions [15][20]. Key Companies Mentioned - Hyundai Electric, Sieyuan Electric, LS Electric, and Hyosung Heavy are highlighted as top picks in the Asian market that could benefit from the tight power supply in the U.S. [2][15][20]. Financial Metrics of Key Companies - HD Hyundai Electric: Market Cap: 20,183 million USD, PE (2025E): 41.1, ROE (2025E): 40.3% [17]. - Hyosung Heavy Industries: Market Cap: 12,053 million USD, PE (2025E): 36.1, ROE (2025E): 22.9% [17]. - LS Electric: Market Cap: 9,781 million USD, PE (2025E): 44.0, ROE (2025E): 16.5% [17]. - Sieyuan Electric: Market Cap: 16,270 million USD, PE (2025E): 38.9, ROE (2025E): 21.8% [17]. Conclusion - The conversation underscores the significant challenges facing the data center industry in the U.S. due to power constraints, while also highlighting potential opportunities for Asian companies to gain market share and expand margins in this evolving landscape [2][15][20].