Sunlord(SZ:002138)2026-02-13 01:55Summary of Conference Call Notes Industry Overview - The focus is on the power supply upstream sector, particularly related to AI inductors and tantalum capacitors [1] - The tantalum capacitor industry is projected to have a market space of 170 billion, with 150 billion attributed to consumer electronics and automotive sectors remaining stable [2] Key Points and Arguments - For the G200 graphics card, each GPU requires approximately 80 tantalum capacitors (priced at 4 yuan each) and 40 AI inductors (priced at 7 yuan each), leading to a total component value of 700 yuan per chip [1] - The power requirements for graphics cards have increased by 40% from the H100 to the GB200, with the number of inductors increasing from 30 to 40, representing a 33% increase [1] - The company is positioned in the first tier of AI inductors, with secondary and tertiary power supplies already in mass production through partnerships with Inf and MPS [1] - Revenue guidance for the current year is projected between 6 to 8 billion [1] Market Dynamics - The AI server market is expected to expand from 8 billion in 2025 to over 70 billion by 2027, indicating significant growth potential [2] - The ESSD market is anticipated to grow from 27 billion in 2025 to 63 billion by 2027, marking an increase of approximately 80 billion over two years [2] - There is a notable supply-demand mismatch in the tantalum capacitor market, leading to significant price increases [2] Customer Developments - The company has secured a product code from Client A, previously supplied by Yageo, with expectations of receiving orders in the second half of the year [2] - Hynix is expected to finalize orders by the end of 2026, while Kioxia and Sandisk have completed their factory audits [2]