Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is a leading domestic supplier of high-power server power supplies, benefiting from the high-density development of AI. It has a rich product matrix including power adapters, data center power supplies, and other power solutions, which are widely used across various sectors [5][24]. - The company is expected to see significant growth in net profit, with projections of CNY 322 million, CNY 445 million, and CNY 547 million for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 71.5, 51.8, and 42.2 times [5][8]. Summary by Sections Company Overview - The company has been deeply rooted in the power supply sector since its establishment in 1996, expanding its product offerings to include power adapters, server power supplies, and battery chargers for electric tools. It has established overseas production bases in Taiwan and Vietnam [15][24]. - The company has launched several high-power server power supply products, including 3200W titanium M-CRPS and 3300W-5500W GPU server power supplies, which meet the growing demands of AI applications [15][51]. Financial Performance - The company’s total revenue grew from CNY 1.313 billion in 2019 to CNY 3.798 billion in 2024, with a compound annual growth rate (CAGR) of 23.67%. Net profit increased from CNY 112 million to CNY 268 million during the same period, with a CAGR of 19.06% [24][25]. - In the first half of 2025, the company achieved total revenue of CNY 2.120 billion, a year-on-year increase of 32.59%, and net profit of CNY 134 million, up 54.86% year-on-year, driven by the rapid growth of data center power supply business [24][25]. Market Opportunities - The demand for AI servers is expected to grow significantly, with the global AI server market projected to increase from USD 19.5 billion in 2022 to USD 34.7 billion by 2026, representing a CAGR of 17.3% [39]. - The company is well-positioned to capture the growing demand for high-power server power supplies, particularly as AI applications accelerate [26][39]. Product Development - The company is actively expanding its product lineup, with ongoing research and development for a 5.5KW server power supply and other high-efficiency products aimed at meeting the needs of AI servers [51][56]. - The company has a strong focus on R&D, with R&D expenses increasing from CNY 52 million in 2019 to CNY 213 million in 2024, reflecting a CAGR of 32.58% [34]. Competitive Position - The company has established a stable market position with a market share of approximately 0.73% to 1.46% globally and 2.56% to 5.10% domestically in the server power supply market [52]. - The company is expanding its global footprint, with significant sales to North American clients and a focus on increasing its overseas market share [28].
欧陆通(300870):公司首次覆盖报告:AI高密化发展,国产高功率服务器电源龙头崛起