Northeast Securities: The computing power supply architecture was upgraded three times, and the power supply welcomed a double increase in volume and price and a domestic import window
The Zhitong Finance App learned that Northeast Securities released a research report saying that the architecture upgrade promotes collaborative development of power levels, magnetic devices, decoupling capacitors and PCBs, and that suppliers with high-density integration and system adaptability are expected to benefit, focusing on the incremental increase in core devices and domestic introduction opportunities brought about by the VPD architecture upgrade.
The main views of Northeast Securities are as follows:
VPD: Verticalize the power supply path and start the near-end power supply upgrade of AI chips
AI chip power and power supply current continue to increase, and traditional horizontal power supply faces transmission loss, transient voltage drop, and board space constraints. VPD moves the final power module below the processor, shortens the low voltage and high current path, reduces power distribution losses, and frees up wiring space around the chip. It is expected to evolve integrated into motherboards and packaging substrates in the future. The architecture upgrade promotes the collaborative development of power levels, magnetic devices, decoupling capacitors and PCBs. Suppliers with high-density integration and system adaptability are expected to benefit, focusing on the incremental increase in core devices and domestic introduction opportunities brought about by the VPD architecture upgrade.
DrMOS: Co-upgrade of high current and high power density, domestic manufacturers accelerate breakthroughs
DrMOS integrated drivers and upper and lower bridge MOSFETs are core power devices for multi-phase step-down power supply. Increased chip power drives an increase in the number of power supply phases and device demand, and VPD further increases the requirements for conversion efficiency, package height, and heat dissipation performance. According to the bank's estimates, the global DRMOS market space for AI chips in data centers is expected to exceed 45 billion yuan in 2030 (established under the pre-estimated calculation conditions in the text). The high-end server sector is still dominated by international manufacturers. Domestic manufacturers such as Jingfeng Mingyuan and Jiewalt are accumulating customer verification and batch supply capabilities through high-current power levels and multi-phase controllers.
Inductance: VPD promotes the integration and upgrading of magnetic devices, and TLVR penetrates to expand value space
Vertical power supply concentrates the power module below the processor, placing higher demands on thinner inductors, current carrying capacity, and transient response, and driving the product's evolution from traditional discrete to multi-phase integration and TLVR solutions. The amount of inductance usually matches the number of power supply phases, and AI chip power growth supports demand; TLVR accelerates current response through cross-phase coupling, reduces the output capacitance required to meet the same transient indicators, and adapts to high-density power supply requirements within the limited space of VPD. According to the bank's estimates, the global market space for TLVR inductors used to power AI chips is expected to exceed 35 billion yuan in 2030 (established under the pre-measured conditions in the text). Manufacturers such as Platinum New Materials and Shunluo Electronics rely on magnetic materials, precision manufacturing, or multi-phase integration capabilities to speed up product verification and batch delivery.
High-frequency capacitors: migration to the proximal end of the decoupling chip, and silicon capacitors are expected to usher in an increase in the package
VPD shortens the power supply path, and the layout under the processor tends to be compact, promoting the upgrade of capacitors to low parasitic parameters, thinness, and board embedding. Low ESLMLCC and silicon capacitors are expected to form a division of labor. With their three-dimensional structure, high capacity density, and package adaptability, silicon capacitors expand the application space in advanced packages. According to the bank's estimates, the global AI chip silicon capacitor market space is expected to exceed 20 billion yuan in 2030 (established under the measurement conditions set in the text), and manufacturers with accumulated device processes and customer verification are expected to occupy a leading position.
Risk warning: Capital expenditure falls short of expectations, product implementation progress falls short of expectations, customer verification and domestic substitution progress falls short of expectations, risk of declining market competition and profitability.