服务器电源“黑马”铂科电子冲刺赴港

Core Insights - The explosive growth in AI demand is driving the server power supply sector towards a trillion-dollar scale, with the emergence of a strong player, Placo Electronics, which submitted its IPO application to the Hong Kong Stock Exchange on January 12, 2026 [1] - Founded in 2021, Placo Electronics has quickly established 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 [1] Industry Growth - The data center industry is characterized by large capital expenditures, long investment return cycles, and rapid technological iterations, with demand driven by major cloud service providers' capital expenditures [2] - The global market for high-performance server power supplies is projected to reach 4.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 182.3% from 2021 to 2024, and expected to soar to 147.4 billion yuan by 2029, maintaining a CAGR of 100.9% [2] Company Performance - Placo Electronics has rapidly expanded its market presence, with core customer sales increasing from 248 million yuan to 509 million yuan between 2023 and 2024, reaching 666 million yuan in the first nine months of 2025 [3] - The company has established a strategic relationship with its core customer, Shenzhen Bit Micro Group, which has significantly contributed to its growth, although this dependency poses risks for its capital market ambitions [3] Related Concerns - The company faces scrutiny over related party transactions, as Bit Micro is both a shareholder and a core customer, accounting for 89.9% of Placo's revenue in 2023 [4] - Placo is aware of these risks and is gradually diversifying its customer base, with the revenue share from its largest customer expected to decrease from 89.9% in 2023 to 51.1% in 2024, and further down to 27% in the first nine months of 2025 [4] Market Challenges - The global high-performance server power supply market is highly concentrated, with the top five manufacturers holding 84.9% of the market share, and Placo, despite being fourth, faces significant competition [5] - The company's energy storage and conversion business, seen as a second growth curve, is still in the layout stage, with a current global market share of only 0.4% and a revenue share of 33.8% in the first nine months of 2025 [5] Future Outlook - The industry is entering a high-growth cycle driven by both policy support and market demand, with a projected CAGR of 26.2% from 2024 to 2029 [6] - Placo Electronics aims to maintain its growth trajectory amidst competition, emphasizing the importance of outperforming rivals in the market [6]