证券日报网讯1月16日，新雷能（300593）在互动平台回答投资者提问时表示，公司数据中心业务为子 公司深圳雷能承担，就历史来看，深圳雷能在通信模块电源领域就与国际一流电源厂商处于同一梯队， 技术水平基本持平，部分产品处于领先水平；针对数据中心领域深圳雷能二次电源产品技术水平与国际 厂商处于同一起跑线，部分产品已经处于领先水平。 ...

Core Insights - The focus of capital markets is shifting from GPU chips to the underlying support systems as AI computing power becomes a core asset of global infrastructure [1] - Hangzhou Boke Electronics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the expanding AI computing infrastructure [1] - Boke Electronics is positioned as the largest high-performance power supply provider for computing servers in China by revenue in 2024 [1] Group 1: Market Dynamics - The global power supply market for computing servers is projected to reach approximately 54.8 billion yuan in 2024, with the high-performance segment experiencing a compound annual growth rate (CAGR) exceeding 180% globally and 160% in mainland China from 2021 to 2024 [2] - Boke Electronics' revenue is expected to grow significantly, reaching 556 million yuan in 2024, representing a year-on-year increase of 112.8%, and further increasing to 751 million yuan in the first nine months of 2025, with a year-on-year growth rate of 126.2% [2] Group 2: Product and Technology - Boke Electronics has developed a product line that includes liquid cooling and high-density CRPS, with over 50% of its power supplies for computing servers being liquid-cooled designs by September 30, 2025 [3] - The company's high-performance products can meet single-machine rated power of over 3000 watts, with some samples achieving a full-load efficiency of 97.5%, leading to significant savings in electricity and cooling costs for clients [3] Group 3: Business Strategy and Client Diversification - Boke Electronics has been reducing its dependency on its major client, Shenzhen Bit Micro Group, with sales to this client accounting for 89.9% of total revenue in 2023, decreasing to 51.1% in 2024, and further to 23.5% in the first nine months of 2025 [6] - The company has successfully entered markets outside mainland China, with revenue from these regions increasing from 1.5% in 2023 to 34.8% in the first nine months of 2025, indicating a growing global delivery capability [6] Group 4: Future Growth and Challenges - Boke Electronics' energy storage solutions (ESS) business is expected to grow from 10.72 million yuan in 2023 to 152 million yuan in 2024, contributing 33.8% to total revenue in the first nine months of 2025 [7] - The company plans to use IPO proceeds to enhance R&D capabilities, upgrade smart manufacturing facilities, and expand its global supply chain, including establishing a new R&D center in Hangzhou and increasing its overseas production capacity in Southeast Asia [7][8]

We are most constructive on export‑aligned Chinese power solution providers positioned to solve the tightest bottleneck of the AI buildout: time‑to‑power. This sets up a rerating opportunity for qualified Chinese suppliers that can deliver at scale, shorten lead times, and support the data center electrical architecture pivot to 800V DC. In our view, Chinese firms with advanced HVDC (High-Voltage Direct Current) expertise, proven high-density power conversion capabilities, and established OEM/ODM relationsh ...

Summary of Megmeet (002851.SZ) Conference Call Company Overview - **Company**: Megmeet Electric Co., Ltd. - **Founded**: 2003 - **Listed**: 2017 - **Market Share**: 3% in global embedded power supply market as of 2024 - **Key Competitors**: Delta Electronics, Lite-On - **Recent Performance**: Share price increased by 260% since October 2024 due to recognition as an NVIDIA MGX ecosystem partner [21][30] Key Industry Insights - **Transition**: Megmeet is shifting from automation and control to becoming a global player in AI server power supply [1] - **Market Potential**: Expected to capture 5% of the global AI server power supply market by 2030, with 8% in custom ASIC supply chains and 3% within the NVIDIA ecosystem [22][39] - **Growth Forecast**: Anticipated total sales CAGR of 28% from 2025 to 2030, primarily driven by server power supply breakthroughs [10][29] Core Investment Debates 1. Market Share Potential - **Forecast**: 5% global market share by 2030, with a focus on custom ASICs [22][39] - **NVIDIA Ecosystem**: Positioned as a secondary supplier to mitigate risks associated with single suppliers [22][39] - **800V DC Architecture**: Transition starting in 2027 may favor established players due to reliability and trust [22][39] 2. Valuation Check - **Current Valuation**: Trading at 79x 12-month forward P/E, higher than the average of 72x since October 2024 [2][23] - **Earnings Forecast**: Projected earnings CAGR of 58% from 2025 to 2030, but 6-19% below consensus for 2025-2027 due to manufacturing challenges [2][26] 3. R&D and Product Cycle - **Product Gaps**: Significant gap in high-efficiency product portfolio compared to tier-1 peers [3][24] - **Competition**: Increasing entrants in the market may intensify competition for next-gen products [3][24] - **Monitoring**: Close observation of product iterations and customer validation is essential [3][24] Financials & Valuation - **Target Price**: Set at Rmb 86.8, implying a 14% downside from current levels [4][26] - **Long-Term Growth**: Expected 27% LT earnings CAGR from 2028 to 2030 [4][26] - **Risk-Reward Profile**: Balanced, with upside potential contingent on faster order wins and production [4][26] Additional Insights - **R&D Focus**: Higher percentage of sales allocated to R&D compared to global peers, though absolute expenditure remains small [30][36] - **Capital Expansion**: Plans to raise Rmb 2.7 billion for production upgrades, particularly in Thailand [48][49] - **Management Team**: Experienced leadership with backgrounds in major companies like Huawei and Emerson [30][35] Conclusion - **Investment Outlook**: While Megmeet shows potential for growth in the AI server power supply market, challenges in execution and competition must be closely monitored. The current valuation reflects optimistic market share expectations that may not align with projected growth rates.

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission of Hong Kong take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Hangzhou BOCO Electronics Co., Ltd. 杭州鉑科電子股份有限公司 (A joint stock company incorporated in the People's R ...

截至2025年12月25日0时，贵安新区2025年用电量突破50亿千瓦时大关，达50.16亿千瓦时，再创历史新高。相较2024年37.63亿千瓦时的用电量，一年增长 超10亿千瓦时。 用电量是区域经济社会发展的"晴雨表"，这串跃动的数字，正是贵安新区高质量发展的生动注脚。从产业园区到数据中心，从居民小区到商业场景，电流 的轨迹串联起贵安新区的蓬勃生机，勾勒出高质量发展的精彩画卷。 俯瞰贵安华为云数据中心。石照昌/摄 产业集聚 "电亮"高质量发展多元业态 大数据是贵安新区最鲜明的产业底色，更是驱动其他产业迭代升级的核心底座。 近日，在第二十届中国IDC产业年度大典上，贵安新区全国一体化算力网络国家(贵州)主枢纽中心项目斩获2025年度中国IDC产业高可靠数据中心奖，彰 显其数据中心建设质量与全国行业地位。截至2025年10月底，贵安新区已集聚华为、腾讯、苹果、三大运营商等大型及以上数据(算力)中心26个，算力总 规模突破113EFlops，智算占比超98%，已成为全国国产化智算能力最强的地区之一。 强大算力为数字经济企业注入强劲动能，数据宝、纷享销客等企业在此快速成长。数据显示，2025年前10月，贵安新区数字 ...

人工智能投资主题正在发生转移。随着大型云服务提供商向新数据中心投入数十亿美元，投资者正在抢购技术基础设施领域的"卖铲人"股票，而非此前 主导市场的芯片巨头。这一轮AI交易的受益者已从英伟达等明星公司扩散至数据存储、电力供应、建筑承包等更广泛的产业链环节。 据统计数据显示，数据存储公司在2025年主导了标普500指数涨幅榜。 闪迪股价飙升近580%，成为该基准指数表现最佳的股票 ， 西部数据公司 位列 第二， 希捷科技 排名第四。与此同时，与AI相关的电力供应商以及电缆和光纤生产商，如Amphenol Corp.、Corning Inc.、NRG Energy Inc.和GE Vernova Inc.均跻身前25名。 统计数据显示，2025年，数据存储公司领涨标普500，闪迪涨580%居首，而英伟达仅涨40%跌至第71位。数据中心建设热潮带动电力供应、建筑承包、 布线、冷却系统等基础设施股票暴涨。分析人士指出，当基准指数相当集中时，寻找能够推动销售和盈利增长的主题就变得很重要。所以投资者正在拓宽 视野，超越科技板块本身。 弱。 建筑和电力股成为新宠 这与过去几年形成鲜明对比。 作为最初的AI"卖铲人"，英伟达曾 ...

格隆汇12月18日丨新雷能(300593.SZ)在投资者互动平台表示，关于三次电源公司和ADI目前没有合作。 公司的三次电源产品包括Power Block和VPD两类产品，其中Power lock 已经处于内部测试阶段，VPD 产品已有国内客户提出需求。 ...

It's time for the big three. We've got three stocks and three charts here. Kevin Green joining us today to take us through the charts. And here to take us through the trades is Jessica Insk from stockbrokers.com. Great to have you both with us today. Jessica, I'd love a big picture thought on the market action we're seeing.We got some important data this morning. Some some of it albeit backwards looking, but you know, important numbers nonetheless. that it was the quality of the data is certainly important ...

Core Viewpoint - The company, Xinle Energy, is collaborating with ADI in the data center sector to enhance its competitive edge in the high-end power supply market through technology synergy [1] Group 1: Collaboration and Product Development - Xinle Energy is working with ADI to utilize ADI chips and engage in joint development [1] - The collaboration has led to the small-scale production of secondary power supply products, with expectations for multiple additional products to enter small-scale production next year [1] - The company is also in discussions to advance the development of tertiary power supply products [1]