Megmeet(SZ:002851) 21世纪经济报道·2025-11-04 12:31Core Viewpoint - The article highlights the growth and resilience of MagmiTech (麦格米特), a Chinese electrical automation giant, which has evolved from a small company to a key player in the AI server power supply market, particularly as the only A-share company collaborating with NVIDIA on their latest AI systems [1][12]. Company Development - Founded by Tong Yongsheng, who left a promising career at Huawei to take over a struggling company in 2005, MagmiTech has a strong foundation in technology and innovation, with a core team largely composed of former Huawei employees [7][8]. - The company quickly expanded from a focus on television power supplies to various sectors, including smart appliances, renewable energy, and industrial automation [8]. Market Position - As of November 4, 2023, MagmiTech's market capitalization reached 42.7 billion yuan, with a stock price increase of over 943% since its IPO [1]. - The company is recognized as the only mainland Chinese power supplier for NVIDIA, participating in the design and construction of the Blackwell GB200 AI acceleration systems [12][11]. Financial Performance - In the first half of 2025, MagmiTech reported a revenue of 1.157 billion yuan from power products, marking a year-on-year growth of 5.48% [13]. - Despite revenue growth, the company faced significant challenges in profitability, with a net profit decline of 48.29% year-on-year in the first three quarters of 2025 [14][16]. R&D and Product Development - MagmiTech has invested heavily in R&D, establishing 10 research centers and 9 manufacturing bases globally, employing over 2,800 R&D personnel, with R&D expenses amounting to 514 million yuan, a 15.24% increase year-on-year [13]. - The company has launched several products tailored for AI data centers, including high-power server power shelves and high-voltage DC transmission systems [12][17]. Challenges and Future Outlook - The company is currently facing challenges in scaling its AI server power orders, with most client demands still in the R&D phase and not yet reaching mass production [18]. - The global AI server power market is projected to grow significantly, from $2.846 billion in 2024 to $60.810 billion by 2031, with a compound annual growth rate of 45% from 2025 to 2031, indicating a substantial opportunity for MagmiTech [18].