EB SECURITIES: The demand for supercapacitors has vast potential, and in the application of AIDC, both volume and price are expected to rise.

EB SECURITIES released a research report stating that the supercapacitor industry is steadily growing in areas such as wind power, rail transportation, automotive, energy storage frequency modulation, while the application in the AIDC field provides high-end scenarios and rapid growth increments for the demand of supercapacitors. With the supercapacitor becoming standard on NVIDIA's GB300, the next generation of higher power cabinets will move the supercapacitor together with the BBU to the power cabinet, and the application of supercapacitors in AIDC will see a simultaneous increase in quantity and price, making LIC the mainstream high-end. EB SECURITIES main points are as follows: Supercapacitors With the intensification of AI chip power fluctuations, the power supply architecture is evolving towards high-voltage DC, solid-state devices, microsecond response, and the transfer of value to fast response devices (MLCC, CBU, BBU, etc.) and new facility-level power electronics equipment (SST) close to the chip end. The advantages of supercapacitors in millisecond response, high cycle, and suppression of GPU pulse loads are irreplaceable, starting from NVIDIA GB300, supercapacitors have become standard inside the cabinet. The next generation architecture will integrate supercapacitor backup unit (CBU) with BBU into the power cabinet. In terms of quantity, the increase in shipments of AI cabinets, coupled with the increase in power, will result in an increase in single cabinet demand, and the demand growth slope will become steeper. In terms of technology roadmap, LIC is superior to EDLC in terms of energy density and space efficiency, and NVIDIA has prioritized the use of LIC supercapacitors in GB300. CBU and BBU are developed in parallel, and deep cooperation and understanding of customer needs in the power systems are key The CESS developed by Wu Zang and Flex integrates supercapacitors with power systems; NVIDIA's GB300 Energy Storage Tray accommodates BBU and supercapacitors concurrently; Panasonic Energy and Industry divisions jointly develop a cabinet shelf carrying CBU, and provide BBU for HVDC architecture, forming a CBU+BBU combination solution. There is a vast demand space for supercapacitors, driven by AIDC The rapid charge and discharge characteristics, as well as long cycle life of supercapacitors, are continuously increasing in applications in rail transit braking, wind power blade adjustment, automotive auxiliary power and energy recovery, energy storage frequency modulation, aerospace, and other fields. According to the bank's forecast, the global supercapacitor market space will reach approximately 44.2 billion yuan by 2030, with a CAGR of 25% from 2025 to 2030. Among them, the use of supercapacitors in AIDC will see a rapid increase in volume in 2026-2027 due to the adoption of NVIDIA GB300, reaching a market size of approximately 10 billion yuan, becoming the core driver of growth, and will reach a market size of 25.5 billion yuan by 2030, accounting for more than half. Porous carbon is the core material that determines the capacitance, performance, cycle life, and power performance of supercapacitors High-end supercapacitor carbon relies on imports, mainly from Japan's Kuraray, etc. The technical difficulties of porous carbon lie in alkali activation process and equipment, precise control of graded pore size structure of micro, meso, and macro pores, and post-pore cleaning and impurity removal processes. Dai Chao Carbon and Fujian Yuanli Active Carbon have strong potential for domestic substitution. Learn from others: Wu Zang and Panasonic Wu Zang's hybrid supercapacitors use pre-lithium doping process to increase voltage, leading in LIC technology and mass production capacity, with orders exceeding supply and actively promoting expansion, with an initial production capacity of 6.5 million pieces in early 2027. Wu Zang focuses on LIC manufacturing, cooperates with power customers such as Flex, and is the first to enter NVIDIA's supply chain, benefiting significantly. Panasonic's strategic focus is fully on AIDC, being one of the few integrated manufacturers with BBU, CBU, HVDC, and system capabilities, in addition to expertise in BBU manufacturing, they also collaborate with Panasonic Industry to develop CBU, planning mass production in FY2027. Risk warning: AI capital expenditure falls short of expectations, the introduction of supercapacitor products falls short of expectations, AIDC technology roadmap changes, supply chain risks, etc.