Guolian Minsheng Securities: North America Faces Power Shortage, Reshaping the Landscape, Focusing on New Opportunities in SOFC and MLCC.

Guolian Minsheng Securities released a research report stating that there is currently a tight supply of power in North America, while the construction of AI data centers is undergoing rapid expansion, leading to a continued mismatch of supply and demand. Solid Oxide Fuel Cells (SOFC) and Multi-Layer Ceramic Capacitors (MLCC) are expected to exert efforts respectively from the main power source and circuit side to collaboratively solve the power and circuit operational challenges in North American data centers, forming the core support for optimizing data center power systems. The agency is optimistic about the technological iteration in the server power field driven by AI development, and expects related industries such as SOFC and MLCC to enter a high-speed growth cycle. Major viewpoints of Guolian Minsheng Securities are as follows: Normalization of power shortage in North America, opening a new chapter in SOFC and MLCC investment The ongoing imbalance between supply and demand of electricity in North America, coupled with the rapid expansion of AI data centers, has made power shortages a core bottleneck restricting regional industrial development. In this context, the nonlinear growth planning of North American data centers is reshaping the local energy landscape, with SOFC accelerating deployment due to its unique advantages, becoming one of the important paths to solving power shortages and aligning with the reshaping of the energy landscape. Meanwhile, the development of the AI industry is driving an increase in server power consumption, where stable power supply and signal stability on the circuit side are key to ensuring the efficient operation of data centers. As a core passive component on the circuit side, MLCC plays a role in stable power supply and interference filtering, with its high efficiency, reliability, and density characteristics precisely meeting the demand of servers in the AI era. SOFC: Resolver of data center power challenges SOFC, as an efficient and clean high-temperature fuel cell, can directly convert hydrogen, natural gas, and other gases into electricity. SOFC, with its high energy conversion rate, stable power reliability, rapid deployment capabilities, low carbon emissions, and dynamic adjustable response capabilities, has become a key solution to deal with high-density loads. In terms of market space, according to Grand View Research's forecast, the global SOFC market is expected to reach around $1 billion in 2024 and is projected to reach $4.7 billion by 2033, with a compound annual growth rate of 15.7% between 2025 and 2033. Looking at the industry chain both domestically and internationally, overseas manufacturer Bloom Energy leads the global SOFC field. According to the Q2 2025 financial report, Bloom's revenue exceeded $4 billion, with a year-on-year growth rate of +19.5%, continuing its steady expansion trend from the past few quarters. At the same time, domestic SOFC manufacturers such as Chaozhou Three-Circle (Group) and Weichai Power are also accelerating the commercialization process, continuously promoting system integration and application. MLCC: Power stabilizer for circuit modules The rapid development of the AI industry has become the core driving force for the significant increase in demand for MLCC. The increase in GPU sales and computing power upgrades directly drive demand, and ultra-high-capacity MLCCs can suppress voltage drops, compensate for current fluctuations, and ensure the stable operation of high-power devices. The global MLCC market is concentrated, with Japanese and South Korean manufacturers dominating. Domestic enterprises such as Guangdong Fenghua Advanced Technology and Chaozhou Three-Circle (Group) continue to make breakthroughs in research and development and production capacity, steadily advancing domestic substitutes. Looking ahead, the agency believes that domestic MLCC enterprises are expected to seize the opportunity in the server market, catch up against the trend, break through high-end materials and processes, and join the leading global ranks. Risk warning: AI development falls short of expectations, slow penetration of new technologies, and intensified industry competition.