金吾财讯 | 中信证券研报指，SOFC（固体氧化物燃料电池）具有高效、环保、节税、适合800VDC架构等优点，是最适合AIDC的主电源形式，有望在2027-2028年伴随AIDC高压直流架构的普及而快速上量。综合因素考量下SOFC已具有经济性，且后续有望持续降本。技术路线上，研报认为金属支撑技术路线有着最低的材料BOM成本和最大的降本潜力。
本轮SOFC行业量产的龙头企业，已经通过巨量的订单和快速的商业化能力证明了行业的需求前景。SOFC的逻辑为海外投资人所熟悉，但由于中国本身电力供应并不稀缺，因此中国投资人普遍对SOFC的价值尚未充分认识。根据的深度研究，研报认为中国在SOFC行业上游材料具备绝对领先的供应链地位，制造成本和加工工艺也具备很强的快速迭代能力，中国预计将是SOFC行业未来降本、量产和技术进步的最核心的主战场。因此看好SOFC行业的发展前景。
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