CLICK(SZ:002782) Zheng Quan Shi Bao Wang·2025-10-26 12:20Core Insights - The company reported a revenue of 4.105 billion yuan for the first three quarters of 2023, representing a year-on-year growth of 24.86%, and a net profit of 232 million yuan, up 52.51% year-on-year [1] - In Q3 2023, the company achieved a revenue of 1.438 billion yuan, a 24.10% increase year-on-year, with a net profit of 81.59 million yuan, reflecting a 65.95% year-on-year growth [1] Company Overview - The company specializes in the development, production, and sales of magnetic components such as electronic transformers and inductors, as well as switch power products including power adapters and battery chargers [1] - Its magnetic components are primarily used in sectors like new energy vehicles, photovoltaic energy storage, charging piles, UPS power supplies, AI server power supplies, industrial and consumer power supplies, and medical applications [1] - The company's chargers and switch power products are utilized in network communication, power tools, garden tools, computing servers, industrial equipment, robotics, smart home LED lighting, and instrumentation [1] Market Potential - Research institutions indicate that power supply is a key direction for AI server upgrades, with a market exceeding 15 billion yuan for power magnetic components combined with UPS power supplies [1] - Magnetic components are crucial components in power distribution, accounting for 7% to 8% of power supply costs, with the overall market for server power magnetic components exceeding 5 billion yuan [1] - The data center UPS market is essential, with a market space nearing 10 billion yuan [1] Client Base and Acquisitions - The company has a strong client base, including industry leaders, and expanded its application fields and customer base after acquiring a controlling stake in Haiguang Electronics in 2022 [2] - Haiguang Electronics, established in 1988, specializes in the R&D, manufacturing, and sales of magnetic components, and has been a key supplier for major companies like Huawei for over 20 years [2] - The company’s magnetic components are categorized into three main types: power transformers, switch power transformers, and inductors, with electronic transformers being the leading products [2] R&D Investment - The company is committed to continuous investment in technology R&D, with an allocation of 135 million yuan for R&D in 2024 and 109 million yuan spent in the first three quarters of this year [2]