CITIC Securities: Power Device Makers Enter Second Price-Hike Cycle; Trend May Last Until 2027

China’s CITIC Securities said the power semiconductor device sector is being driven by confirmation of a second round of price increases and a surge in demand for AI power supplies, according to 36Kr. In the near to medium term, based on company announcements, domestic and overseas power device manufacturers are expected to roll out a second round of price hikes, further clarifying the current upcycle. Over the medium to long term, CITIC Securities forecasts that AI power supply demand will continue to strengthen the pull on power devices, and that the HVDC/SST trend will gradually open up additional long-term growth potential. The brokerage expects the current price-hike trend could extend through 2027, with related manufacturers potentially entering a new phase of rapid revenue growth and a marked recovery in profitability.