与维谛技术（VRT）管理层会议要点：800V直流利好单机价值量，订单延迟而非消失

Quick Take: Recap of our meeting with management (VRT) investors.Paraphrased highlights arebelow; please reachout to your Bernsteinsalescontact / the authors if you'd like to discuss this in more detail. increases the complexity of the data center which helps Vertiv, and they do see that as apositive on content per unit capacity. Messaging was also that this is very early days and thetechnology has not achieved its final form; but given Vertiv's position as an innovator (they dogenerallylaunchproductsfasterthanmostotherplayers)complexity isseenasapositive.Management also highlighted that 80OV DCis likely not an immediate driverof revenue,they expect early adoption to ramp next year before it becomes more prevalent in 2028. Inaddition, a lot of focus on the integrated power + cooling story being sold as a package andhow very few players can do that today. demand is that they can simply re-assign so even if one company delays an order there issomeone willing to pick it up early.It is more demand delay vs.destruction (as customerscontinue to manage very aggressive build timelines). Backlogs remain the same, rangingbetween 12-18 months depending on the component although more of the backlog isstartingto concentrate atthe back half ofthis range as customers provide Vertiv morevisibility. Management highlighted appetiteto do M&Abut at the right price;there is an aversion tooverpaying for assets (which other players in the market do not seem to have at the moment)Very open tomaking acquisitions regardless of size that fits the bill; could be a small asset ortech.that needs to rampvs.a larger book of business) Only touched upon pre-fab as an opportunity; clearly solves a customer problem which Vertivlikes. Comes down to whether or not you think there will be enough skilled labor in the US topositive for anyone in thepre-fab space. On market share,re-iteratedthat Vertiv is#1 in thermal managementmore broadly and #1on the power side in 3-phase UPS and PDUs.No concerns on price-cost in the near-term;supply-constrained market makes it easier to pass on any increases References to"Bernstein"or the"Firm" in these disclosures relate to the following entities: Bernstein Institutional Services LLC (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1,2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordAfrica Technologies &Services to produce Bernstein research under a Global Services Agreement inplace between BernsteinandSocieteGenerale otherwise, for purposes of these disclosures, references to Bernstein's“affiliates" relate to both SG and AB and their respectiveaffiliates. Vertiv Holdings Co RISKS Vertiv Holdings Co Downside: (i) Efficiency increasing to the point where less cooling needed, (ii) Unexpected slowing of data center expansion, (ii)Faster than expected shift away from NViIDIA chips to custom silicon (impacts Vertiv because of strong relationships), (iv) Tech.shift awayfromDTC/800VDC if Vertivcan't reactfast enough RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernstein brand The Bernstein brand rates stocks based onforecasts of relativeperformance for the next 12 months versus the S&P500 forstocks listed on the U.S.and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Largeand Mid CapPrice Return Index USD (JPL)for stocks listed on the Japaneseexchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX)for stocks listed on the Asian(ex-Japan)exchanges-unless otherwise specified. The Bernstein brand has three categories of ratings: .Outperform:Stockwill outpace themarket indexbymore than 15pp : Market-Perform: Stock will perform in line with the market index to within +/-15 pp :Underperform: Stock will trail theperformanceof themarket indexbymore than 15pp are suspendedtemporarily,are nolonger current, and should therefore notbe relied upon. Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted,atthepresenttime.Thecovering analystmay continueto publishresearchreports onthecompanytoupdateinvestorson events and developments. Not Covered (NC)denotes companies that are notunder coverage. Bernstein brand stock ratings are based on a 12-month time horizon. The Autonomous brand rates common stocks as indicated below. As our benchmarks we use the Bloomberg Europe 5oo Banks AndFinancialServices Index(BEBANKS)and Bloomberg Europe DevMktFinancials LargeandMidCapPriceRet IndexEUREDMFl)indexfordevelopedEuropeanbanksandPayments,theBloombergEurope5OOInsuranceIndex(BEINSUR)forEuropeaninsurers,the S&P 5O0 and S&PFinancials for US banks and Payments coverage, S