A server power leader poised to ride AI demand: Overseas production ramp-up and mix upgrade underpin long-term growth

研报英文原文证据摘录

A server power leader poised to ride AI demand: Overseas production ramp-up and mix upgrade underpin long-term growth

Global Markets Research

Shenzhen Honor Electronic 300870.SZ 300870 CH 17 July 2026

EQUITY: Electrical Equipment

A server power leader poised to ride AI demand RatingStarts at Buy

Overseas production ramp-up and mix upgrade underpin Target price

Starts at CNY 348.40long-term growth

High-power server PSUs: AI demand and Vietnam capacity open a new growth runway Closing price CNY 236.00 16 Jul 2026Shenzhen Honor Electronic has built a broad data center power portfolio spanning multiple

wattage classes. According to its 3 July 2026 IR record, the company has established

customer relationships with several leading domestic and overseas players. Its 2023-2025 Implied upside +47.6%

annual reports show that high-power products rose from 15% of data center power revenue

in 2023 to 64% in 2025, highlighting a rapid mix shift toward higher-wattage models. As 800 Market Cap (USD mn) 5,304.7

VDC power architectures gain traction in global AI data centers, we expect sustained ADT (USD mn) 266.8

demand growth for high-power server power supply units (PSUs). As one of the few

domestic suppliers capable of volume shipments, Honor is well placed to benefit, in our view.

Its Vietnam plant has completed the installation and commissioning of general-purpose and Relative performance chart

high-power server PSU lines, according to its 26 June 2026 IR record. The company targets % Price CSI300

pilot production by end-2026 and volume production in 2027, which we believe should 280

enhance its ability to win and fulfil overseas orders.

Power adapters: Broader applications may cushion consumer-electronics weakness

Power adapters remain the company’s established core business.