Megmeet(SZ:002851) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-04 08:47Core Viewpoint - Magpower's growth story reflects the resilience and foresight of the Huawei entrepreneurial spirit, transitioning from a small company to a global leader in electrical automation, while currently facing profitability challenges despite revenue growth [1][2]. Company Overview - Founded by Tong Yongsheng, who has a strong background in electrical engineering and experience at Huawei, Magpower has evolved from a struggling company to a significant player in various sectors, including power supply for smart appliances and industrial automation [2][3]. - The company has expanded its product offerings significantly, moving beyond its initial focus on TV power supplies to include smart home products, renewable energy components, and industrial automation solutions [3]. Recent Developments - Magpower became the only Chinese mainland power supply company to participate in the innovation design and collaboration for NVIDIA's GB200 AI acceleration card, positioning itself among top global suppliers [4][5]. - The company has launched several high-power server power supply products aimed at the AI data center market, indicating a strategic shift towards AI applications [5][6]. Financial Performance - For the first three quarters of 2025, Magpower reported revenue of 6.79 billion yuan, a year-on-year increase of 15.05%, but net profit fell by 48.29% to 210 million yuan, highlighting a significant profitability challenge [1][7]. - The gross margin for the first three quarters was 21.83%, down 3.83% year-on-year, with accounts receivable reaching 2.479 billion yuan, a 7.99% increase [7]. Market Position and Future Outlook - The global AI server power supply market is projected to grow from $2.846 billion in 2024 to $60.810 billion by 2031, with a compound annual growth rate of 45% from 2025 to 2031, indicating a substantial market opportunity for Magpower [9]. - The company is focusing on leveraging its technological advantages and strong customer service capabilities to capture market share in the burgeoning AI infrastructure sector [10].