Huatai Securities: AIDC power supply architecture continues to evolve, presenting development opportunities for domestic test power supply manufacturers

With the explosive growth in training and inference demands for large AI models, the global computing power scale is expanding at an unprecedented rate. As the core infrastructure that hosts computing power, the construction of AI Data Centers (AIDC) is driving the acceleration of power supply architecture upgrades. The latest research report from Huatai Securities points out that under the wave of AIDC construction, test power supplies are expected to usher in historic development opportunities. As the power supply architecture of data centers continues to evolve from traditional UPS to HVDC (High Voltage Direct Current) and SST (Solid State Transformer), the test objects are extending from a single PSU (Power Supply Unit) to Power Shelf (cabinet-level centralized power supply unit), BBU (cabinet-level short-term backup power supply), and complete rack systems. At the same time, the continuous improvement in cabinet power levels is expected to drive test power supplies to achieve both volume and price increases. We are optimistic about domestic manufacturers achieving rapid growth in the context of industry expansion and technological upgrades, leveraging their deep accumulation of high-power technology and the window of domestic substitution.

Architecture upgrade: Accelerating the implementation of HVDC and SST technology routes

The rapid increase in power density of AIDC single cabinets has increasingly highlighted the bottlenecks of traditional power supply solutions in terms of energy efficiency, floor space, and high-current transmission losses. To address this challenge, the power supply architecture of data centers is undergoing profound changes. Huatai Securities believes that the current power supply architecture is evolving from UPS to HVDC and SST. Among them, 800V HVDC, as a high-voltage direct current power supply architecture for AI data centers, is gradually entering the prototype testing and small-scale introduction phase, with 2026 being seen as a turning point for the implementation and application of this architecture.

As the ultimate solution for AIDC power supply, SST (Solid State Transformer) utilizes third-generation semiconductor technologies such as silicon carbide to directly convert medium-voltage AC into 800V high-voltage DC. This not only achieves a system efficiency of over 98.5%, but also significantly reduces equipment size and copper usage. Currently, SST is in the research and development verification and small-batch shipment stages, and is expected to reach a turning point for mass production in 2027 to 2028. The rapid iteration of power supply architecture poses higher requirements for the research, development, verification, and production testing of power conversion devices. As the core equipment responsible for high-precision power supply, operating condition simulation, and performance verification, test power supplies are expected to benefit significantly from this demand.

Demand expansion: extension of test objects and leap in power level

The upgrade of power supply architecture directly drives the diversification and complexity of test power supply application scenarios. On the one hand, the test objects are significantly expanding. Taking the new generation of AI servers such as NVIDIA GB200 as an example, multiple Power Shelves are configured in a single cabinet, and each Power Shelf integrates multiple high-power PSUs. The complexity of the power supply system far exceeds that of traditional servers, and the testing process has expanded from the previous single PSU to include HVDC, Power Shelf, BBU, DCDC, and even the entire rack system.

On the other hand, the continuous improvement in cabinet power levels has driven the explosion of high-power testing demand. The power density of traditional data center cabinets is usually between 10-30kW, while the power density of the new generation of AI cabinets has reached 120kW, and it is even expected to exceed 600kW in the future. This leap in power not only imposes stringent requirements on the power density, dynamic response, and reliability of test power supplies, but also significantly increases the technical barriers and unit value of test power supplies. These two trends together constitute the core driving force behind the rapid expansion of the AIDC test power supply industry.

Domestic opportunities: Accumulation of high-power technology builds core barriers

Amidst the dual resonance of industry expansion and technological upgrading, domestic test power supply manufacturers are embracing a rare opportunity for domestic substitution. Test power supply falls under the category of technology-intensive industries, and especially when dealing with new-generation architectures such as 800V HVDC and SST, there are extremely high demands for high-power power electronics technology, high-precision control algorithms, and complex operating condition simulation capabilities.

Huatai Securities points out that domestic manufacturers, leveraging their years of accumulated high-power technology expertise in the field of power electronics, are gradually breaking the monopoly held by overseas manufacturers. Compared to the longer R&D and verification cycles of overseas enterprises, the domestic supply chain demonstrates advantages in rapid iteration and response, and is expected to penetrate the supply chains of global leading cloud vendors and AI chip giants through OEM/ODM or direct supporting methods. Against the backdrop of industry expansion and technological upgrading, domestic enterprises with high-power technology accumulation are expected to achieve a leap from supporting to leading in this round of technological transformation, ushering in rapid growth in performance.