金吾财讯 | 广发证券表示，开启对电源芯片厂商Monolithic Power Systems（MPWR）的首次覆盖，给予“买入”评级，目标价1706美元；周二盘前，MPWR股价上涨约1%。由Alicia Xia领衔的分析师团队指出，MPS在AI电源赛道占据关键位置，受益于GPU、ASIC专用芯片的旺盛需求，VPD垂直供电模块拉动单机价值提升，叠加DrMOS供给紧张带来的产品定价韧性。存储、企业数据、汽车板块持续拿到更多设计订单，公司多终端市场迎来全面复苏。随着英伟达（NVDA）从H100迭代至B200，再到Rubin新品，GPU电源需求大幅攀升，单机架GPU密度抬升带动机架功耗指数级走高。高电流AI算力负载之下，传统横向供电损耗突出，市场对12V转1V的高相数PoL负载点VRM需求爆发，显著抬升单颗GPU与ASIC对应的功率半导体单机价值。机构预计2026-2027年GPU、ASIC出货量将高速扩张，AI场景12V-1V电源转换整体市场规模将显著扩容。依托领先BCD工艺，以及Intelli Phase、DPPM自研架构，MPS可以在服务器PCB有限空间内实现更高功率密度，充分把握行业上行周期，预测企业数据业务销售额2026年同比增长153%，2027年同比增长81%，新产品落地也将驱动多终端业务持续成长。
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