Huatai Securities: AI server power supply testing may usher in opportunities for domestic replacements

Huatai Securities pointed out that AIDC construction is driving the accelerated upgrade of power supply architecture, and testing power supplies are expected to usher in development opportunities. Huatai Securities believes that as the power supply architecture of data centers continues to evolve from UPS to HVDC and SST, it will drive testing objects to extend from a single PSU to Power Shelf, BBU, and complete rack systems. At the same time, the power levels of cabinets continue to increase, which is expected to drive the price and quantity of testing power supplies to rise together. It is optimistic about domestic manufacturers achieving rapid growth in the context of industry expansion and technological upgrading, thanks to their accumulation of high-power technologies and opportunities for domestic substitution.