Guotai Junan: Profits of computing power consumption are increasing, and power supply welcomes an inflationary market.

Guotai Junan released a research report stating that it maintains a "buy" rating for the power industry. The demand for AI high-power supplies is strong due to the benefits of AIDC construction and the expansion of capital expenditure by large factories. In addition, the expected significant increase in power of NVIDIA's next-generation product, GB300, is expected to drive both the volume and price of the power sector. Standard server power supplies use 3kW/3.3kW power supplies with ORV3 architecture, while the Nvl72 cabinet for GB200 uses a 5.5kW power supply. The upcoming GB300 will use power supplies of 12kW or higher, leading to an inflation in power in the power industry. An increase in power supply implies changes in the topology design and power device material system, which will further increase the value of power supplies. Key points from Guotai Junan are as follows: The global high-power supply market is dominated by a few players, and domestic power companies benefit from the upswing in AIDC. In the previous supply pattern, major Taiwanese companies such as Delta Electronics and Delta Electronics supplied global server power supplies, with Delta Electronics holding a market share of around 40%. In the new generation of cabinet power supply, domestic manufacturer Shenzhen Megmeet Electrical has entered NVIDIA's whitelist, Shenzhen Honor Electronic has successfully developed the product. Domestic power companies will benefit from the increase in AIDC capital expenditure. The high-power supply market is experiencing inflation, and domestic manufacturers have the capability for customization and timely delivery. The new-generation GB200 cabinet power supply from NVIDIA will use a 5.5kW power supply, corresponding to a module of PSU33kW. The high-power power supply product in the cabinet is a breakthrough from 0 to 1, and it is estimated that the foreign AI high-power supply market will reach nearly 40 billion yuan by 2025. It is expected that the next generation GB300 will be mass-produced in 2026, and according to the Infineon technology roadmap, it is expected to use 12kW or higher power server power supplies, resulting in a 40-50% increase in overall power demand and market space expected to double. The high-power supply market is experiencing inflation, and domestic manufacturers have both timely response and customization capabilities, benefiting fully from the diversification of server power supply demand. Catalyst: GTC conference, smooth delivery of GB300. Risk warning: International trade frictions, deterioration of competitive landscape.