According to the Zhitong Finance APP, Minsheng Securities released a research report stating that the NVIDIA GTC conference is approaching, and Delta has officially announced the LIC lithium supercapacitor solution, which can quickly execute rapid charge and discharge power conversion, ensuring stable power supply for AI and cloud computing servers and improving the reliability of power systems. The generational power increase of AI servers has become inevitable, raising higher requirements for power compensation, and supercapacitors have become a new increment for GB300. Following Flex, Delta has also officially announced its solution. JHCC (002484.SZ), as a leader in capacitors, has a platform advantage with a multi-category layout and is deeply engaged in the supercapacitor field, expected to turn supercapacitors into a new growth pole for the company, and is recommended for key attention.

Main viewpoints of Minsheng Securities are as follows:

The NVIDIA GTC conference is approaching, and Delta officially announces the LIC lithium supercapacitor solution

The NVIDIA GTC conference will be held from March 17 to 21. Delta recently disclosed on its official website that it will showcase the Power Capacitance Shelf at the GTC conference. This rack is equipped with the LIC (lithium-ion supercapacitor) solution, which can quickly execute rapid charge and discharge power conversion, ensuring stable power supply for AI and cloud computing servers and improving the reliability of power systems. The lithium-ion supercapacitor used in this solution combines the characteristics of lithium-ion batteries and traditional EDLC supercapacitors, featuring high energy density and power density, as well as long lifespan and high reliability. The continuous increase in power of AI servers raises higher requirements for power compensation, and supercapacitors have become a new increment for GB300. Previously, Flex announced plans to start producing racks equipped with lithium-ion hybrid supercapacitors in the first half of 2025. Following FLEX, the lithium-ion supercapacitor solution has also been recognized by Delta, a global power leader.

JHCC is deeply engaged in supercapacitors and is expected to benefit significantly

As a leading enterprise in the domestic supercapacitor field, JHCC's lithium-ion supercapacitors have begun to be applied in various fields such as frequency modulation on the power generation side, user side, oil exploration, and oil-to-electricity conversion, with good online operational results. Many applications have chosen JHCC's lithium-ion supercapacitor products in their initial procurement, giving the company an advantage in subsequent maintenance, updates, and solution promotion, which is conducive to accelerating the penetration of the company's supercapacitor products. From the perspective of underlying technology routes, JHCC's lithium-ion supercapacitor technology originates from the complete transfer of intellectual property rights from the Japanese company ACT in 2013. Starting in 2016, JHCC utilized 800 million yuan of raised investment to transform its existing supercapacitor technology and production processes. Currently, the company has discussed technical solutions with relevant manufacturers, fully meeting the performance and functional requirements of GB300, and has advantages such as large production capacity, short expansion cycle, and particularly low costs; under the AI wave, supercapacitors are expected to become a new growth pole for the company.

Stable progress in main business, consolidating the leading position in capacitors

JHCC is a platform-type enterprise for capacitors, with its main business centered on aluminum electrolytic capacitors, while also offering film capacitors and supercapacitor products, and laying out upstream aluminum foil raw materials. Aluminum electrolytic capacitors are expected to improve in applications such as artificial intelligence and small power supplies, and the cost of aluminum foil materials is expected to gradually decrease after matching with green electricity. Meanwhile, the company's MLPC products have achieved technological innovation in terms of technology and materials, reaching international standards, and are widely used in power supply filtering scenarios for mid-to-high power chips in servers, especially for the core voltage supply of CPUs and GPUs, allowing key chips in servers to operate at higher temperatures Under low ripple voltage, the company's MLPC products have passed relevant tests and certifications from Inspur Information and have begun to receive orders.

Risk Warning: Changes in supercapacitor solutions, AI server demand falling short of expectations, intensified industry competition