Solid-state transformers (SSTs), with their high efficiency and compact footprint, are emerging as the ultimate solution for AI data center (AIDC) power management. Delta's 800V SST system has already achieved megawatt-level capacity, with potential for gigawatt-scale applications. NVIDIA has also announced plans to fully deploy its 800V high-voltage DC architecture by 2027.
In China, national hub nodes now require new data centers to source over 80% of their power from renewable energy. However, the reliability of green energy remains a challenge. SST-based grid architectures can integrate 50%-70% renewable energy—1.3-2 times more efficient than traditional grids—enabling seamless transitions between renewable generation and grid supply.
Key insights from Guosheng Securities include: 1. **Rising Power Demands in Data Centers**: With CPU and GPU power consumption escalating, single-rack power has surged from 8KW to over 30KW, with NVIDIA's racks reaching 120KW. Traditional DC power distribution faces bottlenecks in space, copper overload, and inefficiency, driving urgent demand for new power architectures. Power-related equipment now accounts for nearly 50% of AIDC project costs. 2. **Efficiency Gains**: Early HVDC systems improved reliability over UPS but still suffered multi-stage energy conversion losses. SSTs achieve 98% efficiency—surpassing HVDC (95.1%) and Panama (97.5%) solutions—potentially saving tens of millions annually in gigawatt-scale data centers. 3. **SST Advantages**: - **High Efficiency**: SSTs replace conventional transformers with high-frequency power electronics, enabling higher voltage tolerance and 98% system efficiency. - **Compact Design**: High-frequency magnetic materials and modular integration reduce SST size (inversely proportional to frequency squared) and cut equipment count by ~40%, replacing transformers, UPS, and harmonic filters. 4. **Market Expansion**: - **800V HVDC Adoption**: SSTs' active flexibility allows real-time voltage/frequency/phase adjustments and bidirectional power flow, addressing grid instability. - **Renewable Integration**: China's 80% green energy mandate for new data centers aligns with SSTs' programmable voltage adaptability, eliminating major hardware upgrades.
**Related Stocks**: - **SST Systems**: Sifang (601126.SH, 98.5% efficiency in national projects), China XD Electric (601179.SH, 2.4MW operational), Jinpan Tech (688676.SH, 10kV/2.4MW prototype), and Xinte Energy (301120.SZ, developing SST-compatible transformers). - **SST Materials**: Click (002782.SZ, high-frequency transformers for Delta) and Yunlu (688190.SH, global leader in amorphous alloys covering 50Hz-100MHz).
**Risks**: Technology iteration, demand volatility, and competition.
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