New Stock Preview | Leading the way in Hong Kong stocks with "computing power + energy storage", How will Boke Electronics seize the AI computing power supply blue ocean?

With the AI computing power repeatedly proven to be the core asset of global infrastructure, the focus of capital markets is shifting from GPU chips themselves to the underlying support systems. As a leading enterprise in the field of high-performance computing power servers, Hangzhou Boke Electronics Co., Ltd. (referred to as "Boke Electronics") recently officially submitted an application for listing on the main board of the Hong Kong Stock Exchange, entering the capital market at a golden period of continuous expansion of AI computing power infrastructure. In the current transformation from the outbreak period to normalization of AI construction, the financial data and business layout disclosed by Boke Electronics not only reveal the growth path of a "unicorn" enterprise, but also reflect the structural transformation of global computing power energy systems. So, what kind of moat does this dark horse company, which has entered the top four in the world in just four years, have to cross the industry cycle? According to the prospectus, Boke Electronics' main business focuses on providing efficient and reliable power conversion solutions for computing power servers and energy storage systems (ESS). By 2024 revenue calculation, the company is the largest high-performance computing power server power supplier in China. In this era wave driven by AI computing power demand and global energy transformation, can this leading "dark horse" leverage the capital market to transition from an industry leader to a global giant defining the future? AI computing power rising rapidly, power becoming a key bottleneck? In the past few years, the narrative of the computing power industry chain has always revolved around chip process, but in actual operation, the key limiting factor for the continuous expansion of computing power centers often lies in the limits that power systems can bear. With the expansion of AI model scale and increasing GPU power consumption, computing power centers have placed higher demands on power systems for higher output power and higher working temperature tolerance, causing high-performance computing power server power supplies to transition from "accessories" to "core components". Boke Electronics is a beneficiary of this structural differentiation. According to Frost & Sullivan data, the global computing power server power market is estimated to be around 54.8 billion yuan in 2024, with the high-performance subdivision market growing particularly aggressively. From 2021 to 2024, the global and China compound annual growth rates of this market exceeded 180% and 160% respectively, far surpassing other aspects of infrastructure. With deep cultivation in this field, as shown in the prospectus, the company's revenue reached 261 million yuan, 556 million yuan, and 751 million yuan in the first nine months of 2023, 2024, and 2025 respectively. The year-on-year revenue growth in 2024 reached 112.8%, and the year-on-year growth rate in the first nine months of 2025 was maintained at 126.2%. During this period, the company's profit surged from 423.7 million yuan in 2023 to 3.96 billion yuan in 2024, and further climbed to 7.61 billion yuan in the first nine months of 2025, with net profit margins leaping from 1.6% in 2023 to 10.1% in the third quarter of 2025. This improvement in growth quality is due to the resonance of industry prosperity and economies of scale. It is understood that Boke Electronics' product line currently covers liquid cooling, high-density CRPS, and high-end models that comply with the OCP standard. Especially in the field of liquid cooling technology, as of September 30, 2025, over 50% of the computing power server power supplies shipped by the company are designed for liquid cooling, allowing it to precisely grasp the future trend of high-density power supply in computing centers. Its high-performance products can not only meet rated power of over 3000 watts per unit, but even some samples achieve full-load efficiency of 97.5%. This energy efficiency performance means that during the long operational cycle of computing centers, customers can save huge amounts of electricity expenses and cooling costs. Today, the computing power supply market is no longer just about competing on price, but rather a technology-intensive and customized track. Once integrated into the supply system of top cloud service providers or server manufacturers, the high switching costs create invisible barriers to entry. By collaborating with customers on research and development, Boke Electronics deeply engages in product design iterations from the conceptual stage, enabling its product development and mass production cycle to be shortened to within six months, far below the industry average. This agile response capability allows it to seize opportunities in the rapidly changing AI computing power market. However, behind the market's high prosperity, Boke Electronics' growth is fundamentally based on the assumption of continuous high-intensity expansion of computing power. The demand for computing power server power supplies often synchronizes or slightly leads the construction of computing centers. Once the global investment pace in computing power fluctuates, the orders and profit elasticity of power supply manufacturers will be amplified rapidly. Currently, Boke Electronics' moat lies in its strong engineering capabilities and customer stickiness. How to cross the risk of "customer concentration"? During the process of challenging the Hong Kong stock market, an unavoidable question for Boke Electronics is its early deep binding to core customer Shenzhen Bit Micro Group. According to the prospectus, the sales to Bit Micro Group accounted for 89.9%, 51.1%, and 23.5% of total revenue in 2023, 2024, and the first nine months of 2025 respectively. Although Bit Micro's dual identity as a shareholder and a major customer has raised concerns in the market about transaction fairness and independence, the data trend shows that Boke Electronics is accelerating the process of "desensitization". In the first nine months of 2025, the proportion of its largest customer has dropped to 27.0%, and Bit Micro is no longer its largest customer, marking the company's breakthrough in acquiring new customers and diversifying market layout. It is understood that the company has successfully entered cloud service providers, top server manufacturers, and globally renowned energy storage brands. The revenue contribution from outside mainland China has increased significantly from 1.5% in 2023 to 34.8% in the first nine months of 2025, indicating that its globalization delivery capability is becoming a new growth driver. In order to further diversify the cyclic risk of a single computing power track, Boke Electronics utilizes its underlying technology of power conversion and system integration to extend its business to the field of energy storage solutions (ESS). Its ESS power conversion business revenue surged from 107.23 million yuan in 2023 to 152 million yuan in 2024, and reached 254 million yuan in the first nine months of 2025, with revenue contribution rising significantly to 33.8%. The company's goal with its light storage load energy conversion system is to improve the efficiency of computing centers by about 15%. This integrated approach of "computing power + energy" is becoming a high ground of industry attention, effectively reducing overall energy consumption while providing more resilient energy configuration for large computing centers. However, the evolution from a supporting vendor to a long-term infrastructure provider is still full of challenges. Compared to A-shares, the Hong Kong stock market prefers stability in cash flow and the replicability of long-term business, rather than a preference for growth elasticity. Boke Electronics is currently in a period of business structure transformation, and although revenue and profits have shown significant increases from 2023 to 2025, the maturity of energy storage and microgrid business in large-scale commercialization still needs time to be validated, making it difficult to fully offset the cyclical fluctuations in the computing power market in the short term. In this IPO, Boke Electronics plans to focus on enhancing its research and development capabilities, upgrading intelligent manufacturing facilities, and expanding its global supply chain. Among these, establishing a new research center in Hangzhou, expanding the AI computing power and microgrid research and development team, and deploying overseas production capacity in Southeast Asia all demonstrate its strategic determination to consolidate its competitive advantage through technological leadership and global layout. Boke Electronics' listing journey is more like a synchronous pricing of industry certainty and ceiling. The more extreme the demand for computing power becomes, the more prominent the core position of power systems, and this industry logic is being repeatedly validated by the market. Whether Boke Electronics can leverage its leading share in high-performance computing power supply to successfully replicate its technology into a broader energy storage and microgrid market will determine how far its story can go in the capital market.