证券日报网讯12月1日，威尔高（301251）在互动平台回答投资者提问时表示，我司的产品认证已进入 国外前四大CSP电源供应商AVL。鉴于商业保密协议的约束，公司无法就单一客户的具体产品应用情况 予以确认。 ...

Financial Performance - The company achieved a revenue of CNY 3.387 billion in the first three quarters of 2025, representing a year-on-year increase of 27.16% [2] - The gross profit margin for the first three quarters was 20.47%, a decrease of 0.80 percentage points year-on-year [3] - The net profit attributable to shareholders for the first three quarters was CNY 222 million, up 41.53% year-on-year, with a net profit margin of 6.54% [3] Cost and Expenses - Total expenses for the first three quarters amounted to CNY 409 million, an increase of 22.98% year-on-year, with an expense ratio of 12.06% [4] - Research and development expenses reached CNY 211 million, a year-on-year increase of 38.31%, with a research expense ratio of 6.22% [5] Product Development - The company offers a range of data center power products, including various server power supplies and solutions, with a focus on high-power server power supplies [6] - The company is recognized as a leader in high-power server power supply products in China, with ongoing collaborations with major domestic server manufacturers [7] Future Business Plans - The company plans to expand its power adapter business by leveraging its leading R&D capabilities and brand reputation in the market [10] - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target global markets [11] Fundraising and Investment Projects - The company’s convertible bond fundraising projects include the construction of a new headquarters and R&D laboratory, and an annual production capacity of 1.45 million data center power supplies [12][13] - The revenue growth targets for 2025 and 2026 are set at 28%, 52%, and 72% for the respective years, with net profit growth targets of 48%, 104%, and 200% [13]

Core 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].

Core Insights - The company achieved a record high quarterly revenue of 1.267 billion yuan in Q3 2025, representing a year-on-year increase of 19.00% and a quarter-on-quarter increase of 2.81%, exceeding previous expectations of 1.0-1.2 billion yuan [1] - The net profit attributable to shareholders reached 87.95 million yuan, up 25.15% year-on-year and 4.54% quarter-on-quarter, surpassing the forecast of 60-80 million yuan [1] - The company’s net profit margin improved to 6.94%, a year-on-year increase of 0.34 percentage points, while the gross profit margin was 20.76%, down 1.02 percentage points year-on-year [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 3.387 billion yuan, a year-on-year increase of 27.16%, and a net profit of 222 million yuan, up 41.53% year-on-year [1] - The operating net profit, excluding stock incentive and convertible bond expenses, was 257 million yuan, reflecting a year-on-year increase of 57.63% [1] Industry Position - The company is a leading supplier of high-power server power supplies in China, comparable to international high-end standards, and is one of the few suppliers capable of large-scale sales of high-power server power supplies [2] - The company has entered the supply chains of major server manufacturers such as Inspur, Foxconn, and Lenovo, and maintains close cooperation with leading domestic internet companies [2] Market Expansion - The company is actively expanding its overseas business, having established a business development team in the United States to engage with server manufacturers and major cloud providers, aiming to further penetrate the global market [3] Future Outlook - The company is expected to benefit from the explosive demand driven by AI, with projections for revenue of 4.49 billion yuan, 5.36 billion yuan, and 6.33 billion yuan for 2025-2027, representing year-on-year growth rates of 18.1%, 19.5%, and 18.1% respectively [4] - The net profit forecasts for the same period are 330 million yuan, 460 million yuan, and 560 million yuan, with year-on-year growth rates of 22.2%, 39.4%, and 23.4% respectively [4]

Summary of Key Points from the Conference Call Industry and Company Overview - The discussion revolves around Delta's advancements in High Voltage Direct Current (HVDC) technology, particularly in the context of power supply units (PSUs) and their applications in data centers and IT cabinets [1][2][6]. Core Insights and Arguments - **Efficiency Improvements**: Delta has optimized its power electronics technology to reduce the conversion stages from 800V to lower voltages, enhancing efficiency and minimizing material usage and heat generation [1][2][4]. - **Mature HVDC Solutions**: Delta's HVDC solutions have matured, with confirmed orders from North American Cloud Service Providers (CSPs) and Open Compute Project (OCP) clients, indicating strong market demand [6][15]. - **Client Base**: Key clients include a major overseas metaverse CSP company, which is focused on advanced production architectures and has specific requirements for HVDC solutions [8][10]. - **Product Development Timeline**: The RUVING series will gradually adopt HVDC technology, with the current generation utilizing the SET X scheme and future iterations incorporating more advanced configurations [7]. Pricing and Market Dynamics - **Cost Structure**: The HVDC module costs approximately 0.3 to 0.5 yuan per watt, while the entire HVDC system is priced around 2.5 yuan per watt, which includes various components and Delta's markup [12][18]. - **Future Price Expectations**: As production scales up and competition increases, prices are expected to decrease, potentially falling below 0.5 yuan per watt [13]. - **Market Share Projections**: Delta anticipates capturing 40% of the HVDC market share for a projected demand of 4GW from a major North American client, translating to approximately 1.6GW to 2GW in orders [15]. Competitive Landscape - **Delta's Competitive Edge**: Delta's strong service quality, technological expertise, and innovative solutions position it favorably against competitors, despite lower-priced alternatives in the market [14][21]. - **Challenges for Traditional Companies**: Traditional power distribution companies like ABB and Schneider struggle to compete due to the specialized nature of power conversion for data centers, where Delta's expertise gives it a competitive advantage [19]. Additional Important Insights - **Technological Requirements for GPUs**: The need for clean, low-voltage DC power systems is critical for supporting advanced GPUs, with Delta positioned to meet these requirements [20][24]. - **Meta's Project Developments**: Meta is actively working on a 600MW project aimed at enhancing AI infrastructure, indicating a significant demand for Delta's HVDC solutions [22]. - **Thermal Management Solutions**: Delta's thermal management solutions, including liquid cooling systems, are essential for managing heat generated by power supplies, showcasing their comprehensive approach to data center needs [23].

Market Overview - The domestic market shows significant trading activity with the Shanghai Composite Index closing at 3,853.64, up 0.83% [2] - The Shenzhen Component Index increased by 1.80%, closing at 13,356.14, while the ChiNext Index rose by 2.28% to 3,185.57 [2] Non-Bank Financial Sector - The trading activity in the non-bank financial sector has improved, with a notable increase in the average daily trading volume, which surpassed 20 trillion in August [6] - The securities transaction stamp duty reached 118.7 billion, marking an 81.7% year-on-year increase [6] - The fundamentals of brokerage firms are stabilizing and improving, with a recommendation to focus on investment opportunities in this sector [6] Biomedicine Sector - The release of the YY/T 1987-2025 standard for medical devices using brain-computer interface technology marks a significant milestone for industry standardization, expected to accelerate industrialization [7][8] - This standard aims to resolve long-standing issues of concept ambiguity and lack of standards, facilitating innovation and regulatory compliance [11] - The policy framework supporting the brain-computer interface industry is evolving, with strategic initiatives from national to local levels aimed at fostering innovation and market growth [11] Company Analysis: Fulaite (601865.SH) - Fulaite is positioned in the top tier of the photovoltaic glass industry, with expected EPS of 0.31, 0.46, and 0.84 for 2025-2027, corresponding to PE ratios of 53.9, 36.1, and 19.8 [14] - The company is anticipated to benefit from an improved supply-demand balance in the photovoltaic glass market, leading to a recovery in profitability [13][14] Company Analysis: Xianghe Industrial (603500.SH) - Xianghe Industrial reported a revenue of 3.81 billion, a year-on-year increase of 6.49%, with a net profit of 640 million, up 96.56% [20] - The company is focusing on core business areas, including rail transportation products, which have shown significant growth due to participation in major railway projects [20] - The demand for intelligent railway detection equipment is expected to grow, with the company actively developing related technologies [20]

Group 1 - The company has successfully qualified for the Beijing municipal government procurement project for power supplies, but no specific orders have been generated yet [1] - The government procurement process is characterized by strong planning and complex internal procedures, and the company is actively promoting its participation [1]

Core Insights - The recent GTC conference highlighted the update of the AIDC power architecture, marking a significant development in NVIDIA's supply chain [1][2] - Key focus areas include the independence of power units, increased usage of power shelves, and the importance of components like BBU, supercapacitors, and PDU [1][2][3] - The new power architecture is expected to enhance the value and importance of server power suppliers, with Megmeet positioned to benefit as a pioneer in the Power rack solution [1][3] Power Unit Independence - The GTC conference confirmed that Power rack will become the new generation power technology solution, addressing the increasing power demands of GPUs [1][2] - The new architecture involves moving Power shelf, BBU shelf, and supercapacitor shelf out of the IT rack to form an independent Power rack [2][3] Increased Usage of Power Shelves - Concerns about the sidecar solution reducing the usage of Power shelves were alleviated, as the new architecture actually increases their usage due to an additional power circuit [4][5] - The architecture allows for a three-tier voltage conversion process, enhancing the overall power supply reliability [4][5] Market Potential and Value - The Power rack is projected to have a total value of approximately $216,365, with significant contributions from various modules [6][7] - The introduction of the Power rack is expected to create new revenue streams for Megmeet, transitioning its role from a simple AC/DC supplier to an integrated power solution provider [3][6] Implementation Timeline - Short-term plans involve using AC PSU solutions for GB200 and GB300, while mid-term upgrades will adopt the 800V HVDC sidecar power architecture [8] - The market anticipates that by 2025, Megmeet and other suppliers will begin to see new business opportunities from BBU and supercapacitor products, with significant growth expected in 2026 [8][9] Competitive Advantage - Megmeet is currently the only supplier to have released a sidecar integrated solution, positioning it to capture a significant market share in the Power rack segment [9] - The anticipated growth in AI computing power in China is expected to further boost Megmeet's domestic business, laying a foundation for future market expansion [9]