Extending 800V EV Technology into AIDC: China Autos & Shared Mobility | Asia Pacific

研报英文原文证据摘录

Extending 800V EV Technology into AIDC: China Autos & Shared Mobility | Asia Pacific

Idea

July 1, 2026 09:00 PM GMT

Morgan Stanley Asia Limited+MChina Autos & Shared Mobility | Asia Pacific Shelley Wang, CFA

Equity Analyst

Extending 800V EV Technology Shelley.Wang@morganstanley.comMorgan Stanley & Co. LLC +852 3963-0047

Andrew S Percoco

Equity Analystinto AIDC Andrew.Percoco@morganstanley.com +1 212 296-4322

Morgan Stanley Asia Limited+

What’s Changed

Daisy Dai, CFA

Suzhou Recodeal Interconnect System (688800.SS) From To Equity Analyst

Rating Underweight Overweight Daisy.Dai@morganstanley.com +852 2848-7310

Price Target Rmb42.14 Rmb121.00 Andy Meng, CFA

The earlier migration from 400V to 800V EVs in China has EquityAndy.Meng@morganstanley.comAnalyst +852 2239-7689

cultivated a cohort of high‑voltage EV component suppliers. We Morgan Stanley Taiwan Limited+

compare them with global peers and explore new opportunities Derrick Yang

in 800VDC AI data centers. We double-upgrade Recodeal from Derrick.Yang@morganstanley.com +886 2 2730-2862

UW to OW on revenue upside from AI interconnects. Morgan Stanley Asia Limited+

Tim Hsiao

Maturing 800V EV supply chain in China: 800V EV sales penetration in China has Equity Analyst

risen from 5% in 2023 to 11% in 2025, cultivating an increasingly mature 800V auto Tim.Hsiao@morganstanley.com +852 2848-1982

supply chain that could benefit from the emerging 800V high‑voltage direct current Joey Xu, CFA

(HVDC) architecture for AI data centers (AIDC). We explore the opportunities and Joey.Xu@morganstanley.com +852 3963-0337

challenges for auto suppliers in addressing 800V AIDC. Peggy Wang

Research Associate

Why few auto suppliers have won orders from 800V AIDC so far? The 800V EV Peggy.Pc.Wang@morganstanley.com +852 3963-3934