新股消息 | 铂科电子递表港交所 为中国第一大高性能算力服务器电源供应商

Company Overview - The company, Placo Electronics, is a leading high-performance power supply provider for computing servers globally and the largest in China, holding a market share of 8.9% globally and 18.9% in mainland China as of 2024 [2] - The products cater to specialized computing and AI computing, meeting strict requirements for output power, efficiency, power density, and reliability [2] - The company has expanded into energy storage solutions, providing power conversion systems for portable and residential energy storage products, serving top brands like Huabao New Energy [2] Research and Development - The company has invested significantly in R&D to maintain and enhance product competitiveness, focusing on next-generation power supplies and microgrid systems [3] - Key projects include a 20 kW liquid-cooled unit supporting 70°C inlet temperature, a cost-optimized 10 kW oil-cooled model, and high-density AI power supplies [3] - The company is also developing a 1 MW photovoltaic, energy storage, and load integrated computing microgrid system for distributed green computing power systems [3] Financial Performance - The company reported revenues of approximately RMB 261.19 million for 2023, RMB 555.88 million for 2024, and RMB 751.40 million for the nine months ending September 30, 2025 [6] - The net profit for the same periods was RMB 4.24 million, RMB 39.60 million, and RMB 76.11 million respectively [7] - Gross profit figures were RMB 59.15 million for 2023, RMB 122.02 million for 2024, and RMB 178.06 million for the nine months ending September 30, 2025 [8] Industry Overview - The power supply industry for computing servers has experienced significant growth, with a market size of RMB 54.8 billion globally and RMB 13.3 billion in mainland China expected in 2024, reflecting a compound annual growth rate (CAGR) of 16.7% and 11.8% from 2020 to 2024 [9] - The high-performance power supply segment is projected to grow at a CAGR of 182.3% globally and 162.1% in mainland China from 2021 to 2024, with market sizes reaching RMB 45 billion and RMB 18 billion respectively [12] - By 2029, the global market for computing server power supplies is expected to reach RMB 323.3 billion, with mainland China reaching RMB 55 billion, indicating a CAGR of 42.6% and 32.8% from 2024 to 2029 [9]