Core Viewpoint - The energy storage sector is experiencing significant growth, driven by the rise in stock prices of key companies and the introduction of new profit models in the industry [1][2]. Group 1: Stock Performance - Yiwei Lithium Energy saw an increase of over 8% - Sungrow Power increased by over 5% - Deye shares rose by over 4% - CATL, Guoxuan High-Tech, and Kehua Data all increased by over 3% - The Energy Storage Battery ETF rose by over 4% due to the performance of these heavy-weight stocks [1]. Group 2: Market Trends - Following the release of the "Document No. 136" at the beginning of the year, the energy storage industry has reached a significant development turning point - The full market entry of new energy has led to a decrease in electricity prices, significantly enhancing the necessity for energy storage - New profit models such as capacity pricing and peak-valley arbitrage have greatly improved the profitability of energy storage projects, leading to a rapid increase in industry demand [2].

Core Viewpoint - The company KWH Data (002335.SZ) has confirmed its strategic partnership with Suiyuan Technology, focusing on enhancing its capabilities in AI computing power services [1]. Group 1: Partnership and Collaboration - KWH Data is collaborating with Suiyuan Technology as strategic partners to strengthen their layout and cooperation in computing power [1]. - The partnership aims to provide comprehensive AI computing power services to enterprises through a professional engineering team and operational support [1]. Group 2: Future Plans and Development - The company plans to continuously improve its computing power solutions and integrate upstream and downstream ecosystems [1]. - KWH Data aims to co-create diverse delivery products with partners to meet various customer needs across different application scenarios [1]. - The focus is on contributing to the high-quality development of the computing power industry [1].

Core Viewpoint - The rapid development of the AI industry is driving significant investment in data centers in the United States, which is expected to increase electricity consumption and create challenges related to grid connection capacity [1][2]. Group 1: Data Center Electricity Consumption - Data centers are becoming major electricity consumers, with an estimated electricity consumption of 142 TWh in 2024, accounting for 3.6% of total U.S. electricity consumption [2]. - By 2030, data center electricity consumption is projected to reach 323 TWh, exceeding 8% of total consumption [2]. Group 2: Grid Connection Challenges - The high load density and volatility of electricity demand from data centers are creating significant grid connection challenges, with some areas experiencing long wait times for grid connection, such as Texas with up to 11 years [1][2]. - As of the end of 2024, there are 34.7 GW of operational data centers in the U.S., with an additional 100 GW of projects waiting for grid connection [2]. Group 3: Energy Storage Systems - The implementation of energy storage systems can reduce grid connection capacity and smooth out power fluctuations, facilitating faster grid connection for data centers [1][3]. - By 2030, data centers are expected to drive U.S. energy storage demand between 122-245 GWh [2][3]. - Energy storage systems can also help data center operators achieve climate goals and reduce electricity costs, as electricity expenses account for over half of their operating costs [3]. Group 4: Investment Opportunities - Companies to watch in the energy storage and data center space include Sungrow Power Supply (300274.SZ), Canadian Solar (688472.SH), Trina Solar (688599.SH), Kehua Data (002335.SZ), Hiberion (688411.SH), Xidian New Energy (603312.SH), and Shenghong Technology (300693.SZ) [3].

Investment Rating - The investment rating for the industry is "Strongly Recommended" for several key companies, including 阳光电源 (Sungrow Power Supply), 天合光能 (Trina Solar), 科华数据 (Kehua Data), and 盛弘股份 (Sungrow Power Supply) [2][3]. Core Insights - The data center sector is becoming a significant electricity consumer, with an estimated electricity consumption of 142 TWh in 2024, projected to rise to 323 TWh by 2030, accounting for over 8% of total electricity consumption in the U.S. [7][8]. - The integration of energy storage systems in data centers is expected to alleviate grid connection issues, which have become a major bottleneck for the industry, particularly in Texas where connection wait times can reach 11 years [7][9]. - By 2030, the demand for energy storage driven by data centers in the U.S. is estimated to be between 122-245 GWh [7][18]. Industry Overview - The industry consists of 305 listed companies with a total market capitalization of 750.24 billion [3]. - The electricity consumption of data centers has been stable around 3900 TWh over the past decade, with a slight increase expected in 2024 [8]. Key Companies - 阳光电源 (Sungrow Power Supply) is a leading player in the energy storage sector, with significant R&D investments and a strong market presence in various regions [28]. - 天合光能 (Trina Solar) has been actively involved in the energy storage business, targeting a shipment goal of 8 GWh in 2025 [30]. - 科华数据 (Kehua Data) focuses on energy storage solutions and has been recognized as a top supplier in the industry [31]. - 盛弘股份 (Sungrow Power Supply) is noted for its innovative energy storage inverter technology, enhancing system performance and efficiency [34].

Summary of Key Points from the Conference Call of 科华数据 Company Overview - **Company**: 科华数据 (Kehua Data) - **Industry**: Data Center and New Energy Financial Performance - **Revenue**: In the first three quarters of 2025, revenue reached 57.06 billion CNY, a year-on-year increase of 5.8% [2][5][11] - **Net Profit**: Net profit attributable to shareholders was 3.44 billion CNY, up 44.7% year-on-year [2][5] - **Data Center Revenue**: Revenue from data center business was approximately 23.8 billion CNY, with product revenue significantly increasing to 14.4 billion CNY, a growth of 37.37% [2][6] - **Gross Margin**: The gross margin for data center products was around 35% [2][6] Industry Trends - **Shift to GPU**: The data center industry is transitioning from CPU-based computing to GPU-based intelligent computing, with significant investments from major internet companies in AI capabilities [7][4] - **Growth in Banking Sector**: The data center business for banks has nearly doubled year-on-year [7] - **Integration Growth**: In major domestic internet companies, integrated business from UPS to high-voltage direct current has seen growth of 80% to 90% [7] Business Segments - **ITC Services**: ITC-related business has stabilized with slight growth, focusing on government and enterprise-level intelligent computing centers [8] - **New Energy**: The new energy segment, particularly in energy storage, has maintained a high market share, with PCS (Power Conversion System) shipments leading the industry [10] Future Directions - **Market Expansion**: 科华数据 plans to leverage its core technology advantages in power and power electronics to expand market share in key products and enhance overall capabilities, including IDC services and computing power platforms [9] - **New Energy Focus**: The company aims to expand into wind and solar energy storage, as well as microgrid applications in large commercial scenarios [10][3] International Strategy - **Overseas Market Growth**: The company is actively pursuing overseas markets, with a focus on the US, Europe, Southeast Asia, and the Middle East. Overseas revenue for the first three quarters was 7.5 billion CNY, accounting for about 20% of total revenue [5][11][20] - **ODM Strategy**: The company is utilizing ODM strategies to penetrate the US market, with significant growth in shipments to Europe and new production bases in Southeast Asia and the Middle East [5][10] Technological Developments - **Product Innovations**: 科华数据 is advancing in HVDC (High Voltage Direct Current) and SST (Solid State Transformer) technologies, which are expected to be crucial in AI data centers [12][14] - **Collaboration with NVIDIA**: The company is in discussions to collaborate with NVIDIA, focusing on power technology routes for GPUs [17][14] Market Outlook - **Positive Projections**: The company anticipates a technology bull market, particularly in AI, over the next two to three years, with significant growth opportunities in various segments [4][23] - **Domestic vs. International Investment**: Investment in the domestic market is expected to lag behind international efforts by 1-2 years due to policy impacts and major internet companies' strategies [15] Risk Management - **Impairment Risks**: The company acknowledges potential impairment risks related to new energy inventory and product iterations but emphasizes strong internal controls to mitigate these risks [19][22] Conclusion - **Confidence in Growth**: 科华数据 expresses confidence in future growth opportunities across product competitiveness, market expansion, and innovation, aiming for steady progress and development [23]

Industry Rating - The industry investment rating is maintained as "Outperform" [1] Core Viewpoints - The demand for AI computing power is increasing, leading to a transition from traditional UPS power supply to HVDC due to efficiency, cost, and reliability challenges [2][3] - The global power supply solutions are rapidly evolving towards ±400V and 800V HVDC systems led by tech giants like Microsoft, Google, and Nvidia, aiming to support 1MW power per rack [2] - The market is expected to see gradual volume growth starting in 2026, driven by increasing AI computing power demand and infrastructure investments from major cloud service providers [3] Summary by Sections 1. Why HVDC is Promising? - The technology evolution path is clear, with major players accelerating their layouts in HVDC systems [2] - The industry trend has shifted from concept to large-scale implementation, with significant projects expected to launch in 2026 [2] 2. Market Situation - The demand for IT power in global data centers is expected to rise significantly, with a projected increase from approximately 49GW in 2023 to 96GW by 2026, reflecting a CAGR of around 25% [7] - Major cloud service providers are increasing capital expenditures, providing strong momentum for infrastructure development [3] 3. Investment Recommendations - The HVDC industry is characterized by high concentration and significant barriers to entry, with three main domestic players: Zhongheng Electric, Delta Electronics, and Vertiv [4] - Investment opportunities include: - Domestic leaders expanding overseas: Zhongheng Electric is positioned to leverage its HVDC technology and products in international markets [4] - Companies utilizing ODM strategies to enter overseas markets: Kehua Data and Kstar are focusing on HVDC product development and international expansion [5] - New players in the module sector seeking growth: Tonghe Technology and Youyou Green Energy are developing HVDC product lines and targeting key industry clients [5] 4. HVDC Advantages Over UPS - HVDC systems offer higher safety, stability, and energy efficiency compared to traditional UPS systems, addressing issues related to power consumption, space, and reliability [6][16] - The modular structure of HVDC allows for better utilization rates and reduced redundancy compared to UPS systems [16] 5. Domestic and International Layouts - Domestic HVDC solutions are primarily focused on 240V/336V systems, with significant market share held by Zhongheng Electric, Delta Electronics, and Vertiv [68] - Internationally, major tech companies are pushing for the adoption of ±400V and 800V HVDC systems, with Meta and Nvidia leading the charge [68][72] 6. Future Market Potential - The penetration rate of HVDC in the domestic market is currently low at around 15%, but is expected to rise rapidly due to increasing demand for computing power [72] - The market for 800V HVDC is anticipated to see significant growth starting in 2028, driven by infrastructure projects and technological advancements [72]

Core Insights - Kehua Data reported a revenue of 5.706 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.79% [1] - The net profit attributable to shareholders of the listed company reached 344 million yuan, showing a significant year-on-year increase of 44.71% [1] Financial Performance - Revenue for the first three quarters: 5.706 billion yuan, up 5.79% year-on-year [1] - Net profit for the same period: 344 million yuan, up 44.71% year-on-year [1]

Group 1: Financial Performance - The company achieved a revenue of 5.706 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 5.79% [3] - The net profit attributable to shareholders for the same period was 344 million CNY, a significant increase of 44.71% [3] - In Q3 2025, the revenue reached 1.973 billion CNY, marking an 18.65% increase year-on-year, while the net profit soared to 101 million CNY, reflecting a remarkable growth of 711.41% [3] - Total credit impairment and asset impairment losses amounted to 172.6362 million CNY, impacting the profit total for the first three quarters [4] Group 2: Data Center Business - The data center industry is transitioning from CPU-based to GPU-based systems, with increased capital expenditure on AI computing capabilities [5] - The company has made significant progress in serving major clients in the internet, telecommunications, finance, and semiconductor sectors [5] - The IDC service business has seen growth, with the launch of a new computing power platform (V2.0) aimed at optimizing resource allocation across multiple computing clusters [5][6] - The company is integrating quantum computing technologies into its existing data center infrastructure to enhance capabilities [6] Group 3: New Energy Business - The new energy sector has shown growth, with the company maintaining its leading position in the domestic energy storage market [7] - According to S&P Global, the company ranks first in global energy storage PCS (>500kW) shipments and second in overall energy storage PCS shipments [7] - The company has successfully developed a new model that integrates energy storage and computing power, enhancing its competitive edge in the market [7] - In 2025, the company's new energy product shipments to Europe and the US have more than doubled compared to the previous year [7] Group 4: Future Outlook - The company plans to expand its overseas market presence, particularly in Southeast Asia, the Middle East, Europe, and the US [8] - It aims to enhance product development and enter client product whitelist systems in response to market demands [8] - The company has allocated 348 million CNY for R&D in 2025, with a 102.94% increase in development expenditures [9] - The company is focusing on technological innovation, particularly in high-voltage direct current (HVDC) systems, to meet the growing power demands of data centers [9]

Core Viewpoint - The company has disclosed its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information presented, and has taken responsibility for any misstatements or omissions [1][2][8]. Financial Data - The third-quarter financial report has not been audited [3][6]. - The company reported a total asset impairment provision of 172.64 million yuan for the first three quarters of 2025, which will reduce the total profit for this period by the same amount [15][38]. - The company has recognized credit impairment losses of 59.54 million yuan and contract asset impairment losses of 3.76 million yuan [32]. Shareholder Information - The company confirmed that there were no changes in the major shareholders or the status of shares lent for margin trading during the reporting period [5]. Meeting Resolutions - The resolutions from the board and supervisory meetings confirmed the adherence to legal and regulatory requirements in the preparation and review of the third-quarter report [8][11]. - All members of the board and supervisory committee have signed off on the report, affirming its accuracy and completeness [8][11]. Asset Impairment Provisions - The company has conducted a comprehensive review and impairment testing of its assets, leading to the recognition of various impairment provisions, including: - Inventory impairment provision of 106.82 million yuan [35]. - Fixed asset impairment provision of 10.04 million yuan [37]. - The impairment provisions are in line with accounting standards and are aimed at reflecting the true financial condition and operational results of the company [39].

Core Insights - KWH Data (002335.SZ) reported its Q3 2025 results, revealing that 48 institutional investors hold a total of 143 million shares, accounting for 27.67% of the company's total equity [1] - The top ten institutional investors collectively own 25.98% of KWH Data, with their shareholding increasing by 1.55 percentage points compared to the previous quarter [1] Institutional Holdings - The number of public funds that increased their holdings this period is six, including E Fund National Certificate New Energy Battery ETF and others, with an increase ratio of 0.18% [2] - Twelve public funds reduced their holdings, including GF Multi-Dimensional Emerging Stocks and others, with a decrease ratio of 0.22% [2] - Twenty-three new public funds disclosed their holdings this period, including Invesco Great Wall Steady Return Mixed A and others [2] - Two hundred ninety-six public funds did not disclose their holdings this period, including E Fund Supply-Side Reform Mixed and others [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings this period, with an increase ratio of 2.59% [2]