CICC: AI server power supply is the next hundred billion yuan market.

The research report of Zhongjin Securities Company indicates that the AI server power supply is the next hundred billion yuan market. According to calculations, the market size is expected to increase rapidly from 2025E to 2027E, with the module/chip market size CAGR forecasted to be 110%/67%. The core benefit sectors are concentrated in devices such as PSU, PDU, BBU, and DC-DC. With the penetration of GaN/SiC, the landing of 800V HVDC+SST architecture, and the popularization of intelligent power management, leading companies are expected to increase market share and performance, while second-tier companies may take on overflow orders.