Suggest paying attention to high-quality targets with leading overseas channel layout and high multiple lithium battery technology reserves.

China Gold Securities pointed out that under the trend of increasing power density of single machine cabinets for AI globally, the industry consensus is to switch from lead backup power to lithium in data centers. Domestic lithium battery manufacturers are expected to break the monopoly of foreign capital through methods such as OEM production, LFP going abroad to replace ternary, and following Colo companies to expand globally. It is recommended to focus on high-quality targets with leading overseas channel layout and high-rate lithium battery technology reserves.