Zhongtai Securities: SOFC has achieved a certain level of economic viability for use as primary power for AIDC; North America's AIDC power shortage opens up growth space.

Zhongtai Securities released a research report stating that solid oxide fuel cells, as a type of high-temperature fuel cell, use solid ceramic electrolyte as the core to directly convert chemical energy in fuel into electrical energy through electrochemical reactions, without combustion and without being constrained by the Carnot cycle, playing a key role as the "on-site primary power source" in the power supply system of AI data centers. Power shortages at AIDC in North America open up growth space. According to the firm's estimates, under a neutral assumption, SOFC shipments will reach 8.5GW by 2030, with a market size of approximately US$17.8 billion.