2 1 Shi Ji Jing Ji Bao Dao·2025-11-04 12:41Core Viewpoint - Magpower (麦格米特) has evolved from a small company to a significant player in the global electrical automation industry, becoming the only A-share company in China to supply power components for NVIDIA's AI systems, showcasing its resilience and foresight in the tech landscape [1][12]. Company Development - Founded by Tong Yongsheng, who has a strong background from Huawei, Magpower has expanded from a single product line in TV power supplies to multiple sectors including smart appliances, renewable energy, and industrial automation [4][8]. - The company has a market capitalization of 42.7 billion yuan, with a stock price increase of over 943% since its IPO [1]. Financial Performance - For the first three quarters of 2025, Magpower reported revenues of 6.79 billion yuan, a year-on-year increase of 15.05%, but net profit decreased by 48.29% to 210 million yuan [15][16]. - The gross margin for the first three quarters was 21.83%, down 3.83% year-on-year, indicating challenges in maintaining profitability [17]. AI Market Position - Magpower is positioned as a key supplier in the AI server power market, having developed various products such as Power Shelf and BBU Shelf, but is still in the early stages of mass production for AI server power orders [12][18]. - The global AI server power market is projected to grow significantly, from $2.846 billion in 2024 to $60.81 billion by 2031, with a compound annual growth rate of 45% [18]. R&D and Innovation - The company has established 10 R&D centers and 9 manufacturing bases globally, employing over 2,800 R&D personnel, with R&D expenses reaching 514 million yuan, accounting for 11% of sales revenue [13]. - Magpower has been actively engaging with both domestic and international clients to leverage its technological advantages in the AI infrastructure demand [19].