CICC published a research report stating that the booming construction of AI computing centers, combined with the resonance between Nvidia's 800V HVDC architecture and direct green power connection demand, supports the outlook for solid-state transformers (SST). SST is expected to become the preferred solution for future data center power supply architecture due to advantages including high efficiency, compact size, high flexibility, and prefabricated design. Compared to traditional UPS power supply chains, SST can improve full-chain efficiency by more than 3 percentage points, reduce floor space by more than 60%, reduce installation and commissioning cycles by 75%, offer multi-functional integration, accommodate green power access, and provide strong advantages in total lifecycle costs. CICC's main viewpoints are as follows:
AI Power Supply Architecture Upgrading to 800V HVDC, SST Expected to Become Optimal Technology Route Long-Term
CICC notes that in recent years, leading cloud providers have raised capital expenditure expectations, accelerating AIDC construction. On one hand, as the AI era develops to MW-level racks, Nvidia plans to fully deploy 800V HVDC architecture by 2027. Vertiv Technologies believes SST applications may commence by 2030. The SST technology route demonstrates outstanding comprehensive advantages and shorter delivery cycles, potentially replacing traditional transformers as the optimal technology route in the future. On the other hand, SST is compatible with "solar-storage-direct-flexible" systems, and the development of direct green power connection and integrated source-grid-load-storage systems is expected to create new promotion opportunities for SST.
SST Solution Performance Advantages Prominent, Significant Cost Reduction Potential Remains Under Technology Development
Compared to traditional UPS power supply chains, SST can improve full-chain efficiency by more than 3 percentage points, reduce floor space by more than 60%, reduce installation and commissioning cycles by 75%, offer multi-functional integration, accommodate green power access, and provide strong advantages in total lifecycle costs. Currently, SST initial investment costs are relatively high, but future costs still have significant reduction potential as core component power semiconductor devices and magnetic core materials like amorphous nanocrystalline become more mature in processing.
Domestic and International Manufacturers Actively Deploying SST Technology
Global AIDC leaders Eaton and Delta have established early reserves for SST solutions. Domestic companies entering the market primarily come from three categories: traditional power equipment, AI power supply, and solar-storage-charging companies, each with their own advantages. Currently, some companies already have SST products applied in AC/DC hybrid microgrid and other projects, with China XD having products applied in data center projects. Companies with deep understanding of power electronics, high-frequency transformers, medium-voltage processing technologies, and rich data center project experience are expected to stand out.
Recommended targets include Jiuzhou Electric (601126.SH), China XD (601179.SH), Jinpan Technology (688676.SH), and other related companies in the industrial chain.
Risk factors include demand falling short of expectations, commercialization pace below expectations, and changes in technology routes.