New stock outlook | On one hand, computing power, on the other hand, energy storage: How far can PT Electronic's "dual-drive" strategy go?

In the current era where artificial intelligence is reshaping the global technology landscape, computing power has become the new "oil" of the new era. However, in addition to the core GPU chips, there is a crucial but often overlooked factor that supports the efficient operation of this massive computing power engine - high-performance server power supplies. As the "heart" of electrical power, the stability and efficiency of the power supply system directly determine the life and death of data centers. Recently, Hangzhou Bok Electronic Co., Ltd. (referred to as "Bok Electronic") once again submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the main board. This enterprise, which has been deeply rooted in the field of server power supplies for many years, is trying to take advantage of the AI boom and further consolidate its position in the global supply chain through the power of the capital market. What are the odds for Bok Electronic in this re-submission? Standing at the "crest" of the AI computing power explosion The rise of Bok Electronic is closely related to the surge in global demand for AI computing power. According to data from Frost & Sullivan, with the popularity of generative artificial intelligence and large-scale model training, the global scale of computing power is expanding at an astonishing rate. It is estimated that by 2030, the global scale of computing power will reach 50,542 EFLOPS, with Mainland China also reaching 8,965 EFLOPS. In this context, the industry of AI server power supplies is experiencing a golden period of development. Different from traditional server power supplies, AI servers have almost harsh requirements for power supplies: higher power density, higher conversion efficiency, and extreme stability. The prospectus shows that the market size of high-performance computing server power supplies (defined as single-rated power 3,000W) is experiencing explosive growth. It is estimated that from 2025 to 2030, the compound annual growth rate (CAGR) of this submarket worldwide will reach as high as 110.5%, with the market size increasing from 10.5 billion RMB to 433.6 billion RMB. Bok Electronic is a leader in this specific sector. Based on revenue calculations for 2025, Bok Electronic ranked second in the Mainland China high-performance computing server power supply market with a market share of approximately 15.8%; globally, it ranked fifth with a market share of around 6.9%. This data indicates that Bok Electronic is not only a core force in replacing imports in China but also has established a place in the global supply chain. The company's core competitiveness lies in its technological barriers. In today's AI server landscape where high power density is a common pursuit, Bok Electronic has successfully developed high-density AI power supplies with power density of up to 100 watts per cubic inch, as well as 5,500-watt power units that meet the OCP (Open Compute Project) Ruby standard, with a peak efficiency of up to 97.5%. These technical indicators mean that Bok Electronic's products can provide stronger power support and generate less heat in the same volume, which has high commercial value for AI data centers where space is precious and there is immense cooling pressure. In addition to its core computing power supply business, Bok Electronic has also keenly seized the opportunity in the energy storage (ESS) market. Leveraging its advantage in energy conversion technology, the company has successfully expanded into the portable and household energy storage field, serving global leading brands such as Shenzhen Hello Tech Energy. This "computing power + energy storage" dual-drive model not only smoothes out the cyclic fluctuations of a single industry but also opens up a broader growth space for the company. The growth logic and hidden risks behind the financial "surge" If industry prospects represent the "face" of Bok Electronic, then financial data represents its "substance". Upon reading the prospectus, the most striking aspect is undoubtedly the explosive growth curve that the company has shown in the past three years. In terms of revenue scale, Bok Electronic is currently in a typical period of rapid growth. In 2023, the company's revenue was 261 million RMB; by 2024, this number doubled to 556 million RMB; and by 2025, revenue further jumped to 1.045 billion RMB. In just three years, revenue has achieved nearly 300% growth, with a remarkably impressive annual compound growth rate. As of 2026, the growth momentum remains strong, with revenue reaching 215 million RMB in the first quarter alone, a year-on-year growth of 35.3%. This growth is not simply relying on "quantity over quality". It is worth noting that the company's gross profit margin has been maintained at a relatively healthy level. From 2023 to 2025, the gross profit margin was 22.6%, 22.0%, and 22.7%, respectively. Although the gross profit margin slightly decreased to 18.2% in the first quarter of 2026, considering the fluctuation of raw material prices and the cost factors of introducing new products, this level is still competitive in the hardware manufacturing industry. At the same time, the improvement in profitability is even more significant. In 2023, the company's attributable net profit was only 4.24 million RMB; by 2024, it had rapidly climbed to 39.6 million RMB; and by 2025, it reached 97.13 million RMB. The net profit margin increased from 1.6% in 2023 to 9.3% in 2025, showing that as the effects of scale are being realized, the company's cost control capability and profit quality are significantly improving. However, behind the glowing growth data lies unavoidable risks. Firstly, there is the issue of high customer concentration. The prospectus shows that Bok Electronic relies heavily on key customers. From 2023 to 2025, the revenue contribution of the top five customers accounted for 94.8%, 91.6%, and 86.7% respectively. Among them, the related party Shenzhen Bit Micro Group (mainly engaged in blockchain computing equipment) contributed the majority of revenue in the early days. Although this proportion is decreasing year by year (dropping to 9.0% in the first quarter of 2026), and the company has successfully expanded to other cloud service providers and server manufacturers, the diversification of the customer structure still needs time to be verified. Secondly, there is the tug-of-war between research and development (R&D) investment and short-term profits. As a technology-driven enterprise, Bok Electronic does not shy away from R&D. From 2023 to 2025, R&D expenditures were 42.3 million RMB, 63.2 million RMB, and 83.3 million RMB, respectively, accounting for a high proportion of 8% to 16% of revenue. While the high R&D investment has built a technological "moat," it has also directly weighed down short-term net profit. For example, the company incurred a loss of 5.32 million RMB in the first quarter of 2026, mainly due to increased R&D expenses and losses from exchange rate fluctuations. For investors, balancing long-term technological investment with short-term performance fluctuations is key to assessing its value. Furthermore, the cash flow situation is also worth monitoring. Although operating cash flow was positive and significantly increased from 2023 to 2025, the operating cash flow for the first quarter of 2026 was -79.8 million RMB. This is mainly related to changes in working capital, especially the increase in accounts receivable and inventory. As the revenue scale expands, the company's ability to optimize bargaining power with upstream and downstream partners will directly affect its cash flow efficiency. High expectations for future development Looking ahead, the future development prospects of Bok Electronic are promising. From an industry trend perspective, the popularity of liquid cooling technology will be the next key variable. As AI chip power consumption surpasses the 1000W mark, traditional air cooling has approached its physical limits. Bok Electronic has stated that it is advancing the research and commercialization of 20kW liquid cooling units and 800V high-voltage direct current solutions. Currently, the company has delivered 200kW integrated computing power supply systems and 1MW integrated computing power supply systems to customers. If Bok Electronic can successfully position itself in the liquid cooling power supply market, it will undergo a revaluation of its value. Global deployment is another highlight of Bok Electronic. Faced with a complex international trade environment, the company is actively expanding into overseas markets. Since 2025, the company has begun exporting to markets like Singapore, Malaysia, and has established OEM capacities in places like Vietnam. This not only helps mitigate the tariff risks of a single market but also allows the company to be closer to overseas customers and improve response times. The prospectus shows that the proportion of revenue from outside Mainland China is continuously increasing, indicating that its internationalization strategy is beginning to show results. For Bok Electronic, the funds raised through this IPO will mainly be used to enhance research and development capabilities, upgrade intelligent manufacturing facilities, and expand the global sales network. This is not just a fundraising event, but a strategic upgrade. In conclusion, Bok Electronic, as a core target in the AI computing power industry chain, has a solid performance foundation and broad growth potential. Its leading position in the high-performance power supply market in Mainland China, as well as its layout in cutting-edge technologies such as liquid cooling and energy storage, gives it the potential to transcend industry cycles. Despite facing risks such as customer concentration, with the continued release of AI computing power demand and the implementation of the company's global strategy, Bok Electronic is expected to leverage the support of the capital market to grow from a "hidden champion" in China to a global giant in the field of electrical energy conversion with significant global influence. For investors, this is not just an investment in a hardware manufacturing company, but an investment in the underlying logic of infrastructure construction in the AI era.