Guangfa Securities: SST market is expected to reach billions of RMB in size, focusing on power equipment companies entering related industry chains through technological advantages.

Guangfa Securities research report stated that GPU iteration is driving the AIDC power supply architecture UPS-HVDC-SST three-level transition, and SST may become the ultimate solution. In recent years, the AI market in North America and the Asia-Pacific region has grown rapidly, and the construction of intelligent computing centers has ushered in a heat wave, with high-density GPU deployment and high cabinet power becoming a development trend. Increased capital investment from cloud providers and increased penetration of SST are expected to drive the SST market to reach a scale of billions. Domestic enterprises are expected to actively enter the SST market, especially power equipment companies worth noting the intervention in the relevant industrial chain through technological advantages.