成立四年杀入全球前四，黑马铂科电子冲刺赴港

Core Viewpoint - The explosive growth in AI demand is driving the server power supply sector towards a trillion-dollar scale, with data centers becoming a core application scenario for the power equipment industry, directly influencing demand growth and technological iteration [2][3]. Group 1: Company Overview - Hangzhou Boke Electronics, established in 2021, has quickly positioned itself in the high-performance server power supply market, ranking fourth globally with an 8.9% market share and first domestically with an 18.9% share as of 2024 [2][3]. - The company is set to go public on the Hong Kong Stock Exchange, marking a significant step in its growth trajectory [2]. Group 2: Market Dynamics - The data center industry is characterized by large capital expenditures, long investment return cycles, and rapid technological iterations, with demand driven by the capital expenditures of leading cloud companies [3]. - The global market for high-performance server power supplies is projected to grow from 4.5 billion in 2024 to 147.4 billion by 2029, with a compound annual growth rate (CAGR) of 100.9% [3]. Group 3: Customer Relationships - Boke Electronics has established a strong customer base, with sales to its core customer, Shenzhen Bit Micro Group, increasing from 248 million to 509 million from 2023 to 2024, and reaching 666 million in the first nine months of 2025 [4]. - The dependency on Bit Micro, which accounted for 89.9% of revenue in 2023, raises concerns about the company's independence and transaction fairness [5]. Group 4: Risks and Challenges - The company is aware of the risks associated with related-party transactions and is gradually diversifying its customer base, with the largest customer revenue share expected to decrease from 89.9% in 2023 to 51.1% in 2024 [5]. - Boke Electronics faces significant competition in a highly concentrated global market, where the top five players hold 84.9% of the market share, and the company ranks fourth with an 8.9% share [6]. - The company's second growth curve, the ESS energy storage conversion business, is still in the layout phase, with a current global market share of only 0.4% [6]. Group 5: Industry Outlook - The industry is entering a high-growth cycle driven by both policy support and market demand, with a projected global CAGR of 26.2% from 2024 to 2029 [7]. - Boke Electronics aims to expand its business and maintain high growth, emphasizing the importance of competing effectively in the market [8].