The Zhitong Finance App learned that Dongwu Securities released a research report saying that SST machines focus on recommending Sunshine Power (300274.SZ), Sifang (601126.SH), Jinpan Technology (688676.SH), China Western Electric (601179.SH), and Igor (002922.SZ). It is recommended to focus on Teruide (300001.SZ) and New Scenery; high-frequency isolation has become a core component of SST. It is recommended to focus on Colic, Jingquanhua, and Xinte Electric; capacitors are valuable in SST and are expected to further open up market space. Follow Farah Electronics and Jianghai Co., Ltd.
The main views of Dongwu Securities are as follows:
Decades of technology and project accumulation and AI have driven SST into a period of large-scale application. Solid-state transformers (SST) are next-generation power electronic power supply systems with high power density and high efficiency based on power semiconductors and high-frequency magnetic components. Since it was proposed by GE in 1970, after decades of precipitation+AI driving demand for high-power density DC power distribution, the SST industry is expected to usher in an inflection point period of commercialization. Combined with the rapid development of electric vehicles and new energy power generation technology, SST is expected to usher in a golden period of development.
The core components still need to be iterated, and the technical barriers to the whole machine are high. SST is mainly composed of hardware and control systems. The high value of the hardware part is mainly high-frequency power devices, high-frequency isolation variables, capacitors, etc., with BOM accounting for about 15%/25%/12%, respectively. Among the core hardware, SiC MOS is best suited to SST requirements, and is currently developing towards 3.3 kV or even 10 kV high voltage resistance. The bank believes that overseas companies still have great advantages in this process; high-frequency isolation is a part of the current SST hardware technology stuck in the neck, which determines the reliability and operating life of SST. Currently, there is still room for improvement in high-frequency isolation technology, insulation, heat dissipation, etc., and domestic industrial chain projects have rich experience+talent dividends, and are expected to become internationally competitive products; aluminum electrolytic capacitors are currently the main capacitor in SST. As the power and frequency of single modules increase, the penetration rate of film capacitors is expected to increase and become the mainstream solution for front-level DC-Link. System integration design and control systems will be the core competitiveness of OEMs. They will determine future reliability, economy, and performance after large-scale application of SST. They are also the winners and losers of leading companies in competition, and they need to be focused on.
Domestic manufacturers are in full swing and are expected to quickly seize the 100 billion blue ocean market. The SST industry has entered a stage of rapid development. The pace of domestic industrialization is leading. Overseas Delta and Eaton are leading. Most of the other manufacturers are mainly startups, and may have supply chain and customer advantages but lack engineering application experience; domestic manufacturers benefit from advanced grid-side project cultivation. Sifang (601126.SH), Western Electric (601179.SH), Weiguang, etc. have many project engineering experiences. Sunshine (300274.SZ) has launched prototypes and obtained orders based on power electronics R&D and talent advantages. Domestic flowers are in full bloom, and it is expected that AIDC and supercharge new energy With rapid expansion in various fields such as power grids, the bank estimates that the global SST market is expected to exceed 270 billion yuan by 30 years, and there is plenty of room for future growth.
Looking at the future of SST from the development of inverters: from special equipment to large-scale scaling in multiple scenarios. Reviewing the development history of the inverter industry, the bank believes that the development of the SST industry is the same but different: At the level of the pattern, the bank believes that it will draw on the development rules of the entire power electronics industry. The future market pattern is expected to move from fragmentation to a high degree of concentration. Among them, the Matthew effect of the leading company is particularly remarkable. However, since SST has extremely high requirements for R&D, customer channels, and quality control, the bank believes that the risk of worsening competition in the industry is relatively low. In terms of pace, the bank judged that it is currently in a demonstration and exploration period. It is expected that 27-29 will usher in a project promotion period, and that it will officially enter the large-scale expansion stage after 29 years.
[Investment advice]
SST machines focus on recommending Sunshine Power (300274.SZ), Sifang Co., Ltd. (601126.SH), Jinpan Technology (688676.SH), China Xidian (601179.SH), Igor (002922.SZ). It is recommended to focus on Teruide (300001.SZ) and New Scenery; it is recommended to focus on Click, Jingquanhua, and Xinte Electric; Capacitors are valuable in SST and are expected to further open up market space.
[Risk Reminder]
End customer tenders fell short of expectations, AIDC construction progress fell short of expectations, tariff policies fell short of expectations, competition intensified, etc.