Citigroup Securities maintained "buy" ratings for Shunda (3211) and AES-KY, raising their target prices to 800 yuan and 1,680 yuan respectively. Global cloud service providers (CSPs) are accelerating second supplier strategies, enabling Taiwanese BBU manufacturers to capture market share from Japanese incumbents.
AI data center power backup supply chains are diversifying away from Japanese incumbents, creating new opportunities for Taiwanese BBU manufacturers.