Zhongin: AI power supply architecture upgrading to 800V HVDC, in the long term, SST is expected to become the best technology route.

Zhongjin released a research report stating that the prosperous construction of AI computing power centers combined with Nvidia's 800V HVDC architecture and the demand for direct connection to green electricity are resonating. It is believed that solid-state transformers (SST) are expected to become the preferred solution for future data center power supply architecture due to their high efficiency, small size, high flexibility, and prefabricated design. Compared to traditional UPS power supply chains, SST can increase the overall efficiency by more than 3 percentage points, reduce the footprint by more than 60%, reduce installation and commissioning cycles by 75%, integrate multiple functions, adapt to green energy access, and possess strong advantages in overall lifecycle costs. Key points from Zhongjin include: Upgrading AI power supply architecture to 800V HVDC, with SST expected to become the optimal technology route in the long term Zhongjin points out that in recent years, leading cloud companies have raised their capital expenditure expectations, accelerating the construction of AIDC. On one hand, as the AI era develops to the MW level rack, Nvidia plans to fully deploy the 800V HVDC architecture by 2027. With the potential application of SST by 2030, SST technology has outstanding comprehensive advantages and a shorter delivery period, making it likely to replace traditional transformers as the optimal technology route. On the other hand, with SST adapting to "light storage flexibility," it is optimistic about the direct green connection and the integrated development of source-grid-load storage, which may bring new opportunities for the promotion of SST. The performance advantages of the SST solution are highlighted, with significant room for cost reduction in technology development Compared to traditional UPS power supply chains, SST can increase the overall efficiency by more than 3 percentage points, reduce the footprint by more than 60%, reduce the installation and commissioning cycle by 75%, integrate multiple functions, adapt to green energy access, and possess strong advantages in overall lifecycle costs. Although the initial investment cost of SST is high, there is still significant room for cost reduction in the future as core components, such as power semiconductor devices and amorphous nano-crystalline magnetic core materials, mature further. Domestic and foreign manufacturers actively deploying SST technology Global AIDC leaders such as Eaton and Delta have made early reserves for the SST solution. Domestic manufacturers entering the field mainly come from three categories: traditional power equipment, AI power supply, and light storage companies, each with their own advantages. Some companies already have SST products applied in projects such as hybrid AC/DC microgrids, and China XD Electric has products applied in data center projects. Leading manufacturers with a deep understanding of power electronics, high-frequency transformers, medium-voltage processing technologies, and rich experience in data center projects are expected to stand out. Recommended targets Beijing Sifang Automation (601126.SH), China XD Electric (601179.SH), Hainan Jinpan Smart Technology (688676.SH), and other related companies in the industry chain. Risk factors Demand lower than expected; commercialization pace slower than expected; changes in technology route.