Centiel "Pronounced medium-term growth prospects already priced in ..."

研报英文原文证据摘录

Centiel "Pronounced medium-term growth prospects already priced in ..."

Growth strategy

Market share gains in core markets

We expect Centiel to prioritise deeper penetration of commercial and colocation data

centre markets, where replacement demand, rising power density, and increased

adoption of modular architectures act as structural tailwinds for organic growth.

While we see the global UPS market structured around a small number of large global

incumbents dominating the hyperscale and large-scale segment, competition remains

more fragmented in small and mid-scale three-phase systems, in our view. Hence, we

expect diversified electrical equipment groups such as Schneider Electric, Vertiv, Eaton,

and ABB to retain leading positions in hyperscale and large-scale data centre

deployments, supported by economies of scale, broad solution portfolios, and global

service coverage.

Moreover, we also expect specialist UPS manufacturers, such as Riello, Socomec and

Delta Electronics to compete more actively in small and mid-scale three-phase

applications, alongside global incumbents’ mid-range offerings. Key selection criteria in

these markets often include high availability, redundancy and serviceability, with

customers increasingly focusing more on total cost of ownership rather than pricing, in

our view.

Uptime availability, which we expect to be a key criteria for customers, measures

reliability of such UPS systems. It is defined as the fraction of time a UPS system is

operational during a time period (usually over one year). It is usually expressed in terms

of "nines", e.g. 4 nines mean that the systems is working 99.99% of the time, or 8,760

hours per year (which equals to a downtime of 52.6 minutes per year).

Figure 4: Uptime availability

Uptime availability