IPO Outlook | Left-handed computing power, right-handed energy storage: How far can Platco Electronics' “two-wheel drive” strategy go?

At a time when artificial intelligence is reshaping the global technological landscape, computing power has become the “oil” of the new era. However, in addition to the core GPU chip, what supports the efficient operation of this huge computing power engine is another critical but often overlooked aspect — a high-performance server power supply. As the “heart” of electric energy, the stability and efficiency of the power supply system directly determines the life and death of the data center.

Recently, Hangzhou Platinum Electronics Co., Ltd. (hereinafter referred to as “Platco Electronics”) once again submitted a prospectus to the Hong Kong Stock Exchange to be listed on the main board. This company, which has been deeply involved in the computing power server power supply field for many years, is trying to stand on the cusp of the AI explosion and further strengthen its position in the global supply chain through the power of the capital market.

What are the chances of winning Platco Electronics in the next table?

Standing at the “cusp” of AI computing power explosion

The rise of Platco Electronics is inseparable from the blowout in global demand for AI computing power. According to Frost & Sullivan data, with the spread of generative artificial intelligence and big model training, the scale of global computing power is expanding at an alarming rate. It is estimated that by 2030, the global computing power will reach 50,542 EFLOPS, while mainland China will also reach 8,965 EFLOPS.

In this context, the computing power server power industry has ushered in a golden period of development. Unlike traditional server power supplies, AI servers place almost stringent requirements on power supplies: higher power density, higher conversion efficiency, and ultimate stability. According to the prospectus, the market size of high-performance computing power server power supplies (defined as a single rated power greater than 3,000W) is experiencing explosive growth. From 2025 to 2030, the global market segment's compound annual growth rate (CAGR) is expected to reach 110.5%, and the market size will surge from 10.5 billion yuan (RMB, same below) to 433.6 billion yuan.

Platco Electronics is a leader in this segment of the circuit. In terms of earnings in 2025, Platinum Electronics ranked second in the high-performance computing power server power supply market in mainland China, with a market share of about 15.8%; ranked fifth in the global market, with a market share of about 6.9%. This data shows that Platco Electronics is not only a core force in replacing imports from mainland China, but has also taken a place in the global supply chain.

The company's core competitiveness lies in its technical barriers. Today, when AI servers generally pursue high power density, Platinum Electronics has successfully developed high-density AI power supplies with a power density of 100 watts/cubic inch and 5,500 watt power units that meet OCP (Open Computing Project) Ruby standards, with peak efficiency as high as 97.5%. These technical indicators mean that at the same size, Platco Electronics' products can provide stronger power support and generate less heat. This has extremely high commercial value for AI data centers that are small in size and have huge cooling pressure.

In addition to the core computing power supply business, Platinum Electronics has also keenly captured opportunities in the energy storage (ESS) market. Relying on its homogenous advantage in electric energy conversion technology, the company has successfully expanded into the field of portable and household energy storage, serving leading global brands such as Huabao New Energy. This “computing power+energy storage” two-wheel drive model not only smoothed out cycle fluctuations in a single industry, but also opened up more room for the company to grow.

The growth logic and hidden worries behind the financial “boom”

If the future of the industry is the “face” of Platco Electronics, then financial data is its “inside.” Reading through the prospectus, what is most remarkable is undoubtedly the explosive growth curve shown by the company in the past three years.

Judging from the scale of revenue, Platco Electronics is in a typical period of rapid growth. In 2023, the company's revenue was 261 million yuan; by 2024, this figure doubled to 556 million yuan; by 2025, revenue jumped further to 1,045 million yuan. In just three years, revenue grew by nearly 300%, with an impressive compound annual growth rate. Entering 2026, the growth momentum is still strong. In the first quarter alone, revenue reached 215 million yuan, an increase of 35.3% over the previous year.

This growth does not rely solely on “price for volume.” The Zhitong Finance App notes that the company's gross margin has always remained at a relatively healthy level. From 2023 to 2025, gross margins were 22.6%, 22.0%, and 22.7%, respectively. Although gross margin fell slightly to 18.2% in the first quarter of 2026, this level is still competitive in the hardware manufacturing industry considering fluctuations in raw material prices and cost factors during the introduction of new products.

At the same time, the increase in profitability was even more significant. In 2023, the profit attributable to company owners was only 4.24 million yuan; in 2024, it quickly climbed to 39.6 million yuan; in 2025, it reached 97.13 million yuan. The net interest rate increased from 1.6% in 2023 to 9.3% in 2025, showing that with the release of scale effects, the company's ability to control expenses and profit quality are improving significantly.

However, behind the bright growth data, there is no escape from the risks.

The first is the issue of high customer concentration. According to the prospectus, Platco Electronics is highly dependent on major customers. From 2023 to 2025, the top five customers contributed 94.8%, 91.6%, and 86.7% of revenue, respectively. Among them, the related party Shenzhen Bitwei Group (mainly engaged in blockchain computing power equipment) contributed most of the revenue in the early stages. Although this ratio has been declining year by year (down 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 process of the customer structure will take time to verify.

The second is a game between R&D investment and short-term profits. As a technology-driven company, Platco Electronics is uncompromising in research and development. From 2023 to 2025, R&D expenses were 42.3 million yuan, 63.2 million yuan, and 83.3 million yuan, respectively, and the revenue ratio remained high at 8% to 16%. Although high investment in R&D has built a technical moat, it has also directly dragged down short-term net profit. For example, in the first quarter of 2026, the company lost 5.32 million yuan, mainly due to increased R&D expenses and exchange losses. For investors, how to balance long-term technology investment with short-term performance fluctuations is the key to evaluating its value.

Furthermore, the cash flow situation is also worth paying attention to. Although the cash flow from operating activities was positive and increased significantly from 2023 to 2025, the operating cash flow for the first quarter of 2026 was -79.8 million yuan. This is mainly related to changes in working capital, particularly increases in accounts receivable and inventory. As the scale of revenue expands, the company's ability to continuously optimize upstream and downstream bargaining power will directly affect its capital turnover efficiency.

The development prospects are highly anticipated

Looking forward to the future, the development prospects of Platco Electronics are worth looking forward to.

Judging from industry trends, the popularity of liquid cooling technology will be the next key variable. As the power consumption of AI chips has broken through the 1000W mark, traditional air cooling has reached the physical limit. Platco Electronics said it is promoting the development and commercialization of 20 kW liquid cooling units and 800V HVDC solutions. At present, the company has delivered a 200-kilowatt integrated computing power supply system and a 1-megawatt integrated computing power supply system to customers. If the card liquid cooling power market is successful, the company will usher in a new round of value revaluation.

The global layout is another major highlight of Platco Electronics. Faced with the complex international trade environment, the company is actively “going overseas”. Starting in 2025, the company began exporting to markets such as Singapore and Malaysia, and deployed OEM production capacity in Vietnam and other places. This not only helps to avoid tariff risks in the single market, but also gets closer to overseas customers and improves response speed. According to the prospectus, the share of revenue from outside mainland China continues to rise, showing that its internationalization strategy is beginning to bear fruit.

For Platco Electronics, the capital raised in this IPO will mainly be used to enhance R&D capabilities, upgrade intelligent manufacturing facilities, and expand the global sales network. This is not only a round of financing, but also a strategic upgrade.

In summary, Platco Electronics, as the core target in the AI computing power industry chain, has a solid performance base and broad room for growth. Its leading position in the high-performance power supply market in mainland China and the layout of cutting-edge technologies such as liquid cooling and energy storage make it have the potential to cross the industry cycle. Despite facing risks such as customer concentration, with the continued release of AI computing power demand and the implementation of the company's globalization strategy, Platco Electronics is expected to grow from an “invisible champion” in mainland China to a power conversion giant with global influence with the help of the capital market. For investors, this is not only an investment in a hardware manufacturing company at a time, but also the underlying logic of investing in infrastructure construction in the AI era.