出海掘金 | 当英伟达抢不到电，这6家中国公司迎来了戴维斯双击

源头研报哥01-19

算力的尽头是电力。在刚刚结束的一场关于全球电力基础设施的高盛闭门会上，一个共识正在华尔街迅速蔓延：AI基础设施的建设速度太快了，而电网太慢了。当我们在讨论GPU的摩尔定律时，大洋彼岸的美国正在面临一场严峻的“电力荒”。AI数据中心的建设正在倒逼电力系统进行一场史无前例的升级。而在这场长达5-10年的“电力超级周期”中，中国那些具备高压直流技术、极速交付能力以及核心零部件壁垒的供应链企业，正在成为...

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电源与温控：从交流到直流的革命AI算力密度的提升，要求电力架构从交流（AC）向高压直流（DC）转型，同时对散热提出了极致要求。科士达：拿下了美国AI数据中心的UPS（不间断电源）大单，且在800V直流研发上领先。更重要的是，它在美国的本土化制造布局，规避了贸易壁垒风险。英维克：专注于液冷。随着服务器功率密度的提升，风冷转液冷是必经之路，其在海外市场的增长空间巨大。4. 关键零部件：被忽视的“隐形冠军”江海股份：铝电解电容器。AI数据中心的高频化需求，使其薄膜电容器成为中期看点。宏发股份：高压直流继电器全球龙头。确定性极高，不仅受益于新能源车，更受益于800V直流数据中心的建设。~~估值重塑：出海带来的“戴维斯双击”~~为什么资本市场开始重新对这些公司定价？盈利能力的跃升：海外市场的毛利率普遍比国内高出25%-50%。出海不仅仅是走量，更是利润的收割。抗周期性：相比于国内光伏、锂电的惨烈价格战，电力设备的海外需求更刚性，竞争格局更优。成长天花板打开：预测显示，到2030年，海外数据中心市场份额将从1%提升至10%，这对于中国头部企业来说，是十倍级的增长空间。~~会议总结~~在这个AI狂飙突进的时代，当你还在盯着英伟达的股价感叹时，聪明的资金已经开始布局那些支撑起英伟达算力的基石。电力的“超级周期”才刚刚开始。中国的供应链企业，正凭借着高压直流、高功率密度转换以及快速交付能力，从全球产业链的“配角”走向舞台中央。对于投资者而言，寻找那些有海外产能布局、有核心技术壁垒、进入欧美核心供应链的企业，将是未来3-5年确定性最高的投资机会。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; 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