[Daily Research Report Analysis · Collieck]

(Source: Fortune Online Technology)

The company mainly engages in the development, manufacturing, and sales of switching power supply products such as magnetic components including electronic transformers and inductors, as well as power adapters, power battery chargers, and customized power supplies.

The company’s magnetic component products are mainly used in fields such as electronics for new energy vehicles, photovoltaic energy storage, charging piles, UPS power supplies, AI server power supplies, industrial and consumer power supplies, and medical applications.

The company’s charger and switching power supply products are mainly used in fields such as network communications, power tools, garden tools, computing-power servers, industrial equipment, robotics and smart home LED lighting, as well as industrial and instrumentation equipment.

Company highlights:

1. A leading domestic enterprise in magnetic components serving global top-tier customers.

The company was established in 1995. It is a long-established domestic magnetic component enterprise. In 2021, it acquired Haiguang Electronics to further strengthen its magnetic component layout. In 2019, the company established a Vietnam branch to achieve production and delivery of power supply products. In 2025, it launched the construction of Vietnam magnetic component and Mexico plants, continuously strengthening its overseas business layout.

The company’s products are used in fields such as automotive electronics, solar-plus-storage, charging piles, and servers. The company has long maintained strong cooperation relationships with leading customers such as BYD, Volkswagen, Xiaomi, Bosch, Sungrow Power Supply, Huawei, Solar Edge, Delta, Foxconn Industrial Internet, Siemens, and others.

2. Broad magnetic component application areas; AIDC construction drives increased demand for server supporting components.

Magnetic components are mainly divided into products such as electronic transformers and inductors, which can achieve the conversion between electrical energy and magnetic energy, and are widely used in various electrified scenarios. In the early stages, magnetic components were used in industries such as home appliances, lighting, and consumer electronics. In recent years, demand in the new energy sector has grown rapidly.

Looking ahead, AIDC construction will drive a significant increase in demand for magnetic components supporting servers. According to QYResearch, the global magnetic component market size is expected to reach $27.2 billion by 2031, with a CAGR of 5.1% for 2025–2031.

From a technological perspective, future magnetic components will develop toward high power, higher frequency, miniaturization, and integration. From the market structure perspective, overseas companies dominate the high-end market, while Chinese companies are rising rapidly by leveraging multiple advantages, with a strong momentum to go global.

3. Solid-state transformers are expected to become the end-state power supply solution for AIDC; the company is actively laying out related products.

In the AIDC era, server power will continue to rise rapidly, and there is an urgent need for power distribution systems to shrink in size, improve efficiency, and reduce costs. According to NVIDIA, it is expected that 800V HVDC will be scaled for application in 2027. Solid-state transformers have advantages such as small footprint, high efficiency, and convenient energy interaction, and are expected to become an end-state power supply solution.

Solid-state transformers have relatively high technical barriers. Chinese solid-state transformers are leading globally in applications, and a group of leading enterprises has emerged. Overseas companies are stepping up their layout. We expect that in 2026, solid-state transformers in AIDC may see pilot applications, and that the global market space could reach RMB 87 billion by 2030.

4. Core competitiveness

(I) Customer structure advantages

Relying on many years of steady operations and excellent products and services, the company has successfully established an industry-leading brand image and accumulated a large number of high-quality customers that hold a market-leading position in various fields. Our main customers include well-known listed companies at home and abroad, as well as leading enterprises in subdivided industries.

Magnetic component customers cover fields such as electronics for new energy vehicles, photovoltaic energy storage, charging piles, UPS power supplies, network equipment, AI server power supplies, industrial power supplies, and rail transit, among others. Power supply customers cover application fields such as power tools, smart home, computing-power servers, inverter energy storage, and consumer electronics.

With fast customer response, good product quality, and customer service, the company has established long-term and stable relationships with its customers. Through cooperation with high-quality customers across various fields, the company can promptly understand the development trends of downstream product technologies and changes in the needs of high-end customers, ensuring that the company’s products remain at the forefront of technological and application development.

Customers’ own strong credentials and the stable cooperative relationship between the company and its customers provide a solid foundation for the company’s long-term and healthy development. By continuously optimizing its customer structure, the company further consolidates its competitive advantages in the industry, providing strong momentum for future growth.

(II) Design and R&D advantages

Because magnetic component and power supply products are mainly customer-customized, customers have differentiated requirements for product performance specifications. The company can design products with performance and quality that are best suited to customer needs based on the indicators provided by customers.

1. In terms of magnetic components

In the area of magnetic components, the company’s design and R&D advantages are evident. It has established design platforms and databases for applications such as automotive electronics, charging piles, photovoltaic energy storage, servers, UPS, and more. During the reporting period, the company proactively moved forward, developing a series of highly integrated magnetic components and high value-added products such as self-circulating liquid cooling, leading the industry’s technology development trend.

2. In terms of power supply products

(1) For intelligent charger R&D in the power tools field:

The AC/DC 250W intelligent charger R&D project is the industry’s first large-power charger adopting a passive PFC + flyback solution. It supports a wide range of 90–265VAC input and a wide DC voltage range of 18–42VDC output. It integrates functions including over-temperature protection, short-circuit protection, undervoltage protection, overcurrent protection, overvoltage protection, pre-charge, constant-current and constant-voltage charging. It supports automatic recognition of plug-in and unplug, as well as automatic sleep mode. Its efficiency and harmonics can meet charger certification requirements, and it has already obtained global certifications; the project is in the DVT (design validation) stage.

The AC/DC 44V/1.6A (80W), 12.6V/2A, and 28V/4.2A intelligent charger R&D projects use a technique that changes the PWM duty cycle through operational amplifiers and an MCU, enabling a function whereby the charging current automatically adjusts according to the battery pack temperature. It is suitable for mainstream power tool brands. All projects are in the SVT (sample validation) stage.

The AC/DC 830W intelligent charging station R&D project adopts an intelligent monitoring system and intelligent charging management. It supports the CAN communication protocol, supports online upgrading, and can support up to 48 cascaded charging docks at maximum. The product is applied to charging power tool batteries and intelligent charging stations, among others. The project is in the SVT (sample validation) stage.

For the AC/DC 21V/4A, 25V/2A/4A, 42V/2A/4A, and 62V/5A low-cost series intelligent charger R&D projects, patented protection circuits are used to prevent MCU program deviation or damage. This ensures product safety and reliability and provides a high cost-performance solution for the power tool market. The projects are in the MP (mass production)/PVT (pilot production)/DVT (design validation)/SVT stages, respectively.

(2) For PD+DC/DC fast charging solution R&D:

The PD+DC/DC dual-channel dual-direction wireless fast charging and fast charging project, as well as the DC/DC multi-port charger and power bank project: a small form-factor design with high power density, wide-range voltage input and output. It supports multi-protocol bidirectional charge and discharge, independent power allocation, and integrates functions including over-temperature protection, short-circuit protection, undervoltage protection, overcurrent protection, and overvoltage protection. It is the industry’s first PD power supply with bidirectional charging for a full range of batteries greater than 40V. Efficiency is as high as more than 96%. It obtained the utility model patent certificate 《A battery protection circuit and charger》. The project has been successfully mass-produced. The products are applied to power tools, garden tools, and expanded applications for their battery packs.

(3) For robotic and robot-dog power supply R&D:

The 66W cleaning robot intelligent power supply R&D project incorporates an input voltage detection circuit, an AC phase detection circuit, a heater control circuit, a PTC control circuit, and a fan control circuit. It integrates multiple control circuits into one unit, enabling functions such as automatic washing and mopping by the floor-cleaning robot, automatic drying, automatic dust collection, automatic antibacterial control, automatic water top-up, and constant-humidity control for the mop cloth. The project is in the SVT stage.

The 150W robot-dog intelligent power supply R&D project supports two power ranges of 100W and 150W optional selections. The output side adopts a spark-proof connection design reinforced with magnetic elements. The project is in the SVT stage.

(4) For R&D of high-definition projectors and audio/video adapters:

The 65W/100W/180W/280W high-power low surface temperature rise adapter R&D project, as well as the 46W/48W/56W bare-board power supply R&D project, support up to 2.5 times peak power output. They can easily handle the instantaneous high-load demands of devices and ensure the product runs stably for a long time in various complex environments. Among them, 65W/100W/180W have been successfully mass-produced, while the other projects are in the SVT stage.

(5) For R&D of high-power and high-performance platform products:

The DC/DC 500W intelligent charger R&D project includes designs for over-temperature protection, short-circuit protection, undervoltage protection, overcurrent protection, over-power protection, and overvoltage protection circuits. It adopts MCU intelligent monitoring and charging management, with good compatibility, automatic recognition of plug-in and unplug, and automatic sleep mode. The project is in the SVT stage. It is applied to backup batteries, industrial applications powered by batteries, renewable energy, energy storage systems, and more.

(6) For intelligent energy storage products and inverter solution R&D:

The 180W inverter R&D project: it uses MCU single-chip control; the inverter supports serial communication with the battery pack. The product is portable, lightweight, and intelligent. The project is in the SVT stage; it is applied to the power tools field.

The 2kW bidirectional inverter energy storage product R&D project uses DSP digital bidirectional inverter control technology design. The product dissipates heat naturally internally, and the bottom heatsink is equipped with a fan. The waterproof rating can reach IP67. The project is in the SVT stage. It is suitable for lithium iron phosphate batteries, ternary lithium batteries, sodium batteries, and other types, and is applied to fields such as inverters, portable energy storage, power tool charging stations, and energy storage stations.

The 400W unidirectional inverter energy storage product R&D project: it uses DSP digital unidirectional inverter control technology design. When operating under light load or no load, its standby power consumption is low, and it can automatically enter sleep mode. It can connect 2–4 power tool battery chargers externally. The project is in the SVT (initial sample) stage. It is applied to the power tools field.

(7) For patent technology and software copyright R&D:

During the reporting period, the company added 2 invention patents, 1 utility model patent, and 4 software copyrights, providing solid assurance for technological innovation.

(III) Quality management advantages

In the application fields of magnetic components and power supply products, complex and precision electronic equipment such as industrial control and information security systems are the main application scenarios. As core components of these devices, electronic transformers and power supplies need strong adaptability, enabling them to operate stably amid complex electromagnetic interference and ever-changing natural environments, thereby ensuring long-lasting and stable operating performance.

Once such products fail, they are highly likely to cause immeasurable losses and risks to the entire application system. Therefore, for electronic transformers and power supplies, reasonable design, selection of high-quality raw materials, and the use of advanced manufacturing processes and equipment are key factors to ensure product quality.

The company has always regarded quality leadership as the core strategy for corporate development, committed to providing customers with high-quality products and comprehensive solutions. The company actively builds and improves its quality management system. It has successfully passed certifications including ISO9001 quality management system, ISO14001 environmental management system, IATF16949 automotive quality management system, and IECQ’s QC080000 process management certification for hazardous substances, covering key areas such as quality management, environmental management, quality control in the automotive industry, and hazardous substance management in an all-round way.

To further ensure product quality, the company is equipped with industry-leading inspection and testing laboratories, including an AECQ200 automotive component reliability laboratory. It conducts rigorous testing and verification of new products’ characteristics and functions, reliability, safety, and environmental protection requirements to ensure the products fully comply with relevant laws and regulations in various countries and industry standards. Currently, the company’s products have successfully passed multiple international and domestic safety certifications such as CCC, UL, CUL, CE, GS, SAA, and PSE, as well as a series of environmental and energy efficiency certifications such as ROHS, WEEE, REACH, DOE, EuP, and MEPS.

The company has received quality award and best supplier awards from leading industry customers multiple times. These awards not only reflect customers’ high recognition of the company’s product quality, but also serve as strong proof that Keilike can demonstrate its quality leadership advantage in the global market, laying a solid foundation for the company to continuously expand the market and enhance brand influence.

(IV) Production and delivery advantages

In the market for electronic components, the ability to deliver orders on time is a key metric for customers when choosing suppliers. Completing orders on time not only effectively reduces risks brought by raw material price fluctuations, but also is a necessary condition to meet customer needs. The company has clear advantages in production and delivery.

The company has established its headquarters base in Bao’an District, Shenzhen, and manufacturing bases in Guangdong, Jiangxi, Anhui, Vietnam, and other locations, fully promoting upgrades to intelligent manufacturing management.

By developing and applying intelligent management systems such as SAP/WMS/PLM/MES, the company collects and integrates data from each manufacturing stage in real time, enabling different departments to collaborate based on data.

At the same time, based on data accumulation and analysis, it provides intelligent decision support for management. It achieves precise analysis and forecasting in product quality management, production capacity scheduling, inventory management, and other areas, greatly improving delivery quality and on-time rate. This enables the company to provide efficient and fast delivery services to customers at home and abroad.

The company has extensive experience in customized production. Since its establishment, it has remained focused on the design, R&D, and manufacturing of magnetic component and power supply products. Since there are many product models for such products and most are non-standard customized products for customers, the process typically involves steps such as obtaining customer requirements and performance parameters, sample development, finished product testing, sample improvement, and mass production. Among them, sampling and product testing are core steps.

Keilike’s production lines have high flexibility. Supported by intelligent upgrades of production equipment and information management systems, the factory can complete adjustments and switching of production lines in a short time, flexibly respond to changing market environments, and meet production needs for customized products of different customers.

In addition, thanks to rich industry experience, a professional R&D team, scientific R&D management systems, and advanced inspection equipment, Keilike can quickly respond to customer needs, provide samples in a timely manner, and effectively shorten customers’ product development cycles.

(V) Customer service advantages

In the electronic transformer and power supply industry, competition among products with similar characteristics is intense. The company always adheres to a customer-centric value proposition, treating high-quality service as one of the core competitive strengths for enterprise development. In key areas such as solution design, sample submission for testing, and after-sales service, it demonstrates excellent service capabilities in an all-round way.

To ensure rapid response to customer needs, the company has carefully assembled a professional sales and service team. From the scientific setup of the organizational structure, to the reasonable staffing of personnel, to the careful design of the business process system, every detail focuses on how to serve customers more efficiently.

The company’s R&D team and experienced engineers participate deeply in the entire process from the customer’s presentation of needs to product application. They pay real-time attention to every customer feedback and resolve any issues customers face at every stage at any time.

In the solution design stage, it fully integrates customers’ actual needs and cutting-edge industry technologies to tailor personalized solutions for customers. In the sample submission for testing stage, it strictly controls time and quality to ensure that samples can be presented to customers in a timely and accurate manner.

With this kind of all-round, deep, fast, and efficient value-added service, the company has earned high trust and recognition from many well-known enterprises at home and abroad, and has established long-term and stable cooperative relationships with major customers. In the future, the company will continue to deepen the customer-centric service philosophy, continuously improve service levels, and create greater value for customers.

(VI) Management team and talent advantages

Talent is the core driving force for enterprise development. During the company’s growth process, talent advantages have always been an important support for the company’s steady progress.

Members of the company’s mid-to-senior management team all have more than ten years of industry management experience. With deep industry understanding, rich management experience, and outstanding decision-making capabilities, they provide solid assurance for the company’s strategic planning and day-to-day operations, strongly driving the company’s steady development in a complex and ever-changing market environment.

In terms of talent development, the company adheres mainly to internal talent cultivation and uses external professional talent introduction as a supplement. It regularly hires a certain number of newly graduated students each year, independently cultivates technical and management talent, and holistically improves employees’ overall quality and professional level. The company has gradually established performance appraisal systems for various positions and continuously improved them, and has set up a qualification management system for key core roles.

In addition, the company attaches great importance to employees’ career growth and personal development, and fully builds a learning-oriented organization. In a strong learning atmosphere, employees continuously absorb new knowledge and new skills, continuously optimize working methods, and contribute an unceasing source of wisdom and strength to the company’s innovative development.

5. Outlook for the future

The company’s magnetic component business will continue to benefit from the strong global momentum in the new energy vehicle, energy storage, and server industries. At the same time, the company continues to promote overseas localization and accelerate its pace of going global. The company has technical and customer advantages in medium-to-high frequency transformers, and it is currently actively laying out applications in the solid-state transformer field.

Risk disclosure: the company’s overseas business expansion may fall short of expectations; the rollout progress of new products may fall short of expectations; and raw material prices may surge significantly.

Source: WIND, 2026-01-27_Guoxin Securities_Keilike_Keilike (002782): Leading enterprises in magnetic components strengthen overseas layout; actively laying out applications in solid-state transformers; company announcements; Fortune Online compilation, time 2026/03/26.

The above opinions, strategies, and analysis results are for reference only and do not constitute investment advice. Any risks arising from trading on this basis shall be borne by you. The stock market involves risks; invest cautiously.

The above viewpoints are provided by the investment advisory service department. Investment advisor: Chang Jianwu, registration number: A1050619080001; Zhu Xiaofei, registration number: A1050621070003; Cai Manqiang, registration number: A1050621040002.

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