CITIC Securities: The trend of a second round of price hikes in power devices is established, and AI power opens up long-term incremental space.

CITIC Securities pointed out that the power device sector is entering a second round of price increases confirmed by the dual catalysts of AI power demand explosion. In the short to medium term, according to various company announcements, domestic and foreign power device manufacturers will gradually start the second round of price increases, further clarifying the upward cycle of this round; in the long term, it is expected that the pull of AI power on power devices will continue to strengthen, and the long-term incremental space under the HVDC/SST trend will gradually open up. It is expected that this round of price increase trend is expected to continue until 2027, with related manufacturers expected to start a new round of rapid income growth and significant profit recovery, optimistic about the overall upward opportunities in the power device sector.