CICC: AI server power surges, vehicle power expected to decrease dimensionality and expand

CICC released a research report stating that the demand for AI server power supplies is increasing, with local suppliers accelerating their layout. Continuous optimism for the downsizing and expansion of car power supply related companies in the field of AI server power supplies. The AI server power supply and the car power supply system of new energy vehicles have many similarities in terms of system structure, technological upgrades, system iterations, etc. The AI server power supply is expected to become an important expansion scene for the horizontal extension of car power supplies, and some companies have already accelerated their transformation. Key points of CICC's research: The demand for AI server power supplies continues to rise, and car power supplies are expected to expand into new markets. As the core of the power supply system for data centers, with the rapid development of AI technology, the demand for AI server power supplies continues to rise, and advanced GPUs have higher requirements for power and power density. The power system of AI servers mainly includes PDU, AC/DC, and DC/DC, which is similar to the car power supply system (small three-electric) of new energy vehicles. The two are highly similar in terms of system composition, underlying principles, technological upgrades of core components, and the direction of system iteration. Industrial-grade AI server power supplies are expected to become a new market for car-grade car power supply manufacturers to achieve product downsizing and expansion. Similarities between car power supply systems and AI server power supplies 1. Similar system architecture: Both include PDU, AC/DC, and multiple DC/DC modules to achieve AC/DC conversion, high/low voltage conversion, with consistent topology and component composition. 2. Consistent trend of high power: Car power supplies have been continuously upgraded from the earliest single module 3.3kw to 22/33kw; currently, the power of a single module of AI server power supplies is mostly between 2-5kw, and the Infineon power shelf roadmap also shows a plan for upgrading to 12kw and higher power. 3. High demand for thermal management: Car power supplies have completed upgrades from air cooling to liquid cooling, achieving a high degree of integration between power supply systems and vehicle thermal management; high-power AI server power supplies also require efficient heat dissipation, currently transitioning from air cooling to liquid cooling, such as the NVIDIA GB200 equipped with a liquid cooling plate; following the car power supply trend, it is expected that it will evolve into a highly integrated liquid cooling system. 4. Silicon carbide iteration: Upgrading from IGBT to silicon carbide in car power supplies has been completed, with process maturity. For example, Shinry Technologies' car power supply products all use silicon carbide modules. Currently, power components in server power supplies are mainly IGBTs, but with the high demand for power density, efficiency, etc. of AI servers, they are accelerating upgrades to silicon carbide, gallium nitride, etc. 5. High requirements for electromagnetic shielding, stability, etc.: Car power supply systems need to meet strict car-grade requirements such as electromagnetic shielding, salt spray testing, anti-vibration stability, etc.; AI server power supplies also need to meet industrial-grade requirements for related parameters, with standards slightly lower than car-grade. Investment advice: With the rise of the AI server market, it is worth tracking the downsizing and expansion of car power supply companies represented by Shinry Technologies (300745.SZ), Shenzhen VMAX New Energy (688612.SH), and Zhejiang EV-Tech (301607.SZ) in the field of AI server power supplies. Risk warning: AI computing power demand does not develop as expected, and the business expansion of car power supplies does not meet expectations.