智通财经APP获悉,国泰君安发布研究报告称,维持电源行业“增持”评级。受益AIDC建设及大厂资本开支扩张,对AI高功率电源需求旺盛。叠加英伟达下一代产品GB300预期电源功率大幅提升,有望带动电源板块量价齐升。普通服务器电源采用的是ORV3架构的3kW/3.3kW电源,而对应GB200的Nvl72的机柜采用的是5.5kW的电源,之后的GB300将采用12kW乃至更高功率的电源,电源行业功率在通胀。电源功率提升意味着拓扑结构设计和功率器件材料体系发生改变,这将进一步带来电源价值量的提升。
国泰君安主要观点如下:
全球高功率电源市场寡头垄断,国内电源厂受益AIDC上行迎来机会。
在之前的供应格局中,主要是台资公司台达电、光宝科技等供应全球服务器电源,台达电在全球市场份额约为40%。而在新一代的机柜电源供应中,国内厂商麦格米特进入英伟达白名单,欧陆通成功开发出该产品,国内电源厂将在AIDC资本开支上行中受益。
高功率电源市场迎来通胀行情,国内厂商具备定制化和及时交付能力。
英伟达新一代GB200机柜电源将采用5.5kW电源,对应单个PSU33kW的模组,机柜内高功率电源产品是从0到1的突破,预计2025年国外AI高功率电源市场空间接近400亿元。预计下一代GB300将在2026年批量交付,根据英飞凌技术路径预计采用12kW乃至更高功率的服务器电源,整体电源需求将提升40-50%,市场空间预计同倍增长。高功率电源市场迎来通胀行情,国内厂商兼具及时响应和定制化能力,在服务器电源需求多样化的机会中将充分受益。
催化剂:GTC大会,GB300顺利交付。
风险提示:国际贸易摩擦,竞争格局恶化。
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