国数据中心设备：GCC 会议后走访要点-2026 年起AIDC电力设备出货量加速增长-China Data Center Equipment_ Takeaways from post-GCC tour_ Accelerating AIDC power equipment shipment growth from 2026

Summary of Key Points from the Conference Call Industry Overview - Industry: Data Center Equipment in China - Key Companies: Kstar and Megmeet Core Insights 1. Accelerating Shipment Growth: Both Kstar and Megmeet expect significant growth in AIDC power equipment shipments starting from 2026, driven by an increase in AIDC capital expenditures [2][3] 2. Market Share Gains: There is potential for both companies to gain market share from US hyperscalers due to slow capacity expansion among global power equipment manufacturers and the introduction of new power technologies [2] 3. Next-Generation Technology: The ramp-up of 800VDC technology is anticipated to begin by the end of 2026, with commercialization of SST expected around 2028 [2] Company-Specific Insights Kstar 1. US Orders Growth: Kstar is experiencing positive progress in US-related UPS orders, which are expected to contribute to earnings in 2026 [3] 2. Product Demand: The company anticipates a strong demand for UPS systems, particularly the 600kW models, while also expecting to increase shipments of products over 1MW starting in 2026 [3] 3. New Customer Acquisition: Kstar plans to expand its customer base domestically, targeting companies like Bytedance, Kuaishou, and JD [3] 4. HVDC Prototype: A HVDC prototype is expected to be delivered in February 2026, with validation and delivery commencing in the second half of 2026 [3] 5. BESS Shipment Recovery: Kstar expects a recovery in BESS shipments and margins into 2026, driven by demand in Europe and Southeast Asia [3] Megmeet 1. Strong Order Backlog: Megmeet has a solid order book, which supports its optimistic outlook for overseas shipment growth and market share gains starting in 2026 [4] 2. Supplier Selection Involvement: US CSPs are increasingly involved in the supplier selection process for AIDC power equipment, which could benefit Megmeet [4] 3. Cost Management: Management expects R&D and SG&A expenses as a percentage of revenue to decrease as the AIDC power equipment business scales, leading to a recovery in net margins [4] 4. 800VDC Product Showcase: Megmeet showcased its 800VDC product at the 2025 OCP, with plans to send a prototype for trial testing in mid-2026 [4] Risks and Considerations 1. Downside Risks: Major risks for the data center equipment sector include slower-than-expected growth in AI data center capacity, slower penetration of high-power density products, and challenges in gaining market share in the overseas AIDC equipment supply chain [6]