Guojin Securities: GB300 pushes supercapacitors into the standard installation era, domestic manufacturers welcome a replacement window

The Zhitong Finance App learned that Guojin Securities released a research report saying that the shift in AIDC computing power density is driving changes in the power supply architecture, and supercapacitors have become a structural necessity. GB300 pushes supercapacitors into the standard era, and domestic manufacturers ushered in a compensation window. Assuming that GB300 NVL72 racks will be shipped in 2026 to 60,000 units, and that a single GB300 cabinet requires 5 BBU modules and more than 300 supercapacitors, the GB300 is expected to require 15-18 million supercapacitors in 2026, while Musashi's planned annual production capacity by 2026Q3 is 6.5 million units. Domestic manufacturers are expected to benefit from the industrial opportunities brought by the AI power supply architecture upgrade.

Changes in AIDC computing power density are driving changes in power supply architectures, and supercapacitors have become a structural necessity. The AI load shifts from a steady state to a millisecond step pulse, and the traditional three-level backup system is fully pressurized in terms of response speed, cycle life, and energy loss. Supercapacitors use double layer physical adsorption or lithium ion embedding mechanisms to achieve microsecond response and ultra-long cycles. Among them, the LIC route adapts to AI cabinet space constraints with higher energy density and compact size, making it the mainstream choice. Since GB300, NVIDIA has integrated electrolytic capacitors into power racks, which can reduce peak grid demand by about 30%; the next-generation Rubin platform will significantly increase energy storage capacity compared to the previous generation, marking the upgrade of energy storage components from ancillary functions to core system components. Domestic manufacturers such as Jianghai Co., Ltd. have made it clear that MLPC and supercapacitor products are compatible with the GB300 scheme and are speeding up the connection with the server supply chain. Supercapacity, lithium batteries, and diesel fuel form a multi-level complementary system of “fast but short — slow but long — long but slow”. The three are indispensable. Guojin Securities believes that supercapacitors have moved from laboratory solutions to cabinet-level standards, and Rubin platform volume in the second half of 2026 will be a key window for achieving performance in related industrial chains.

The LIC/EDLC dual routes run in parallel, with Musashi and Maxwell leading each other. Currently, supercapacitors are mainly divided into two routes: EDLC (double electric layer capacitor) and LIC (lithium ion capacitor/HSC): EDLC relies on pure physical double layer energy storage and has the advantages of long life, high ratio, and strong pulse response; LIC combines a lithium-ion embedding mechanism with higher energy density and smaller volume, making it more suitable for high-density AI server scenarios. Currently, the Nvidia GB200/GB300 AI server industry chain is rapidly introducing the LIC/HSC route. Among them, Japan's Musashi (Musashi) relies on the HSC product system as a core supplier; while Maxwell has long been deeply involved in the EDLC route and has a leading edge in the field of high power transient response. Overall, LIC and EDLC will coexist for a long time in scenarios such as AI servers, energy storage, and power grid frequency modulation in the future, and form alternative relationships in some applications.

GB300 pushes supercapacitors into the standard era, and domestic manufacturers ushered in a compensation window. With the increase in the power of the GB300 NVL72 single cabinet, the AI server's requirements for transient power supply stability have increased significantly. The supercapacitor and BBU are being upgraded from “optional” in the GB200 stage to standard power supply architecture components in the GB300 era, and are uniformly integrated into the Energy Storage Tray system. Currently, the mainstream solutions in the industrial chain are dominated by Musashi's CESS system in cooperation with Flex, but in the context of the explosion in AI server demand, there is an obvious gap on the supply side: GB300 has a large demand for supercapacitors, and the current production capacity may not be met. Assuming that GB300 NVL72 racks are shipped in 2026 to 60,000 units, and a single GB300 cabinet requires 5 BBU modules and more than 300 supercapacitors. In 2026, GB300 is expected to require 15-18 million supercapacitors, while Musashi's until 2026Q3 The planned annual production capacity is 6.5 million pieces. Domestic manufacturers are expected to usher in important supplementary opportunities, including Dongyangguang, Jianghai Co., Ltd., Siyuan Electric (a subsidiary of Alkenyl Carbon Energy), etc., which are all actively positioned in the EDLC/hybrid supercapacitor direction, and are expected to benefit from the industrial opportunities brought about by the AI power supply architecture upgrade.