Investment Rating - Envicool and Kehua are rated as Buy, while Kstar is rated as Neutral [2][12][22] Core Insights - Alibaba's significant increase in capital expenditures, amounting to Rmb31.8 billion (approximately US$4.35 billion) in Q4 2024, reflects a 260% year-over-year growth and an 80% quarter-over-quarter growth, primarily driven by cloud infrastructure investments [2][7] - The anticipated increase in cloud revenue and capital expenditures from Alibaba, a leading hyperscaler in China, is expected to positively impact the demand and supply dynamics within the Chinese data center industry [2][12] - Envicool and Kehua are highlighted as having substantial revenue exposure to data center and server markets, with 54% and 37% of their total revenue in 2024E coming from these sectors, respectively [2][12] - Kstar's revenue exposure to data centers is 62%, but it is split between domestic and international markets, leading to a Neutral rating due to lower exposure to internet and cloud customers [2][12] Summary by Company Envicool - Envicool specializes in precision cooling technology for data centers and energy storage systems, benefiting from the digital economy and carbon reduction trends in China [14] - The company is expected to see strong revenue growth driven by the adoption of liquid cooling technologies, particularly in the context of increasing investments in generative AI [14][16] - The 12-month target price for Envicool is set at Rmb30.2, based on a 2025E P/E of 25x [16] Kehua - Kehua is a leader in the Uninterruptible Power Supply (UPS) market in China, with a 13% domestic market share and a 3% global market share as of 2022 [18] - The company is expected to achieve revenue and net income CAGRs of 20% and 25% respectively from 2023E to 2025E, driven by growth in the energy storage system sector [18][19] - The 12-month target price for Kehua is Rmb22.2, based on a 2025E P/E of 15x [19] Kstar - Kstar focuses on electric power conversion technology, holding the largest UPS shipment in China for 21 years, with a 9% domestic and 3% global market share in 2022 [22] - The company is projected to deliver revenue and net income CAGRs of 17% and 9% respectively from 2023E to 2025E, primarily driven by growth in PV inverters and residential energy storage systems [22][23] - The 12-month target price for Kstar is Rmb18.2, based on a 2025E P/E of 15x [23]

证券研究报告 | 电力设备 | 2 0 2 5年 2 月 2 2 日 摘要 资料来源：方正证券研究所 2 Ø 电源：数据中心供配电由于其用电特殊性，电源价值量及冗余配置大幅提升，价值量大+技术持续迭代+敏感度不高。 • 机柜外：1）HVDC和UPS的对比：HVDC核心在效率和可靠性上有所升级，效率方面：拓扑结构比 UPS 简单，少半个变压器，成本更低，转化效率 更高，不过 UPS 升级后效率差异有所减小。可靠性方面：蓄电池挂载位置不同，HVDC 直流电流直接挂载在直流母线上，后端出问题时仍能顶上， 宕机率比 UPS 低。2）规模测算：按照UPS电源国内价格大约在0.6元/W（不含铅酸电池）；HVDC电源大多是集采所以价格更低，大约0.5元/W （整流器件和PSU的用量减少），国内27年远期规模测算在150亿左右； • 机柜内：非标+定制化需求更高，带来更多溢价。2024-2029 年 AI 服务器平均机架密度将从 40-100kW 增加至 350-500kW。以英伟达最新的主 流机架 GB200 NVL72为例，单机架120kW对应约198kW 服务器电源（单个模块功率为5.5kW，总共36 个模块），容量配 ...

Core Insights - Shanghai Normal University has integrated its Shanghai Education Intelligent Computing Service Platform with the DeepSeek large model, enhancing educational technology capabilities [1][2] - Kehua Data (002335) is a key partner in this initiative, providing technical support and diverse computing resources through its self-built heterogeneous computing center [1] - The collaboration aims to address challenges in education such as computing power supply, data governance, and practical application [1] Group 1 - Kehua Data will deepen its collaboration with Shanghai Normal University and the National (Shanghai) New Internet Exchange Center (SHIXP) to accelerate the development of a four-dimensional capability system: computing support, data governance, practical application, and ecological deployment [2] - The partnership will leverage a full-stack solution encompassing computing power, models, and platforms to drive educational transformation in Shanghai, the Yangtze River Delta, and nationwide [2] - Kehua Data has already partnered with several leading domestic AI chip manufacturers to support the DeepSeek-R1 open-source model across various solutions [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is driven by a dual focus on data and energy, leveraging AI and international expansion to enhance growth [7] - The company aims to achieve a revenue target of 10 billion yuan through its dual strategy in data centers and renewable energy [15] - The report highlights the expected growth in global energy storage demand, particularly in the U.S. and emerging markets, which will benefit the company's overseas expansion efforts [41][47] Summary by Sections 1. Dual Focus Strategy - The company emphasizes a dual strategy in data centers and renewable energy, supported by a strong management team and research capabilities [15] - The energy-based business serves as the core, while cloud-based and renewable energy sectors act as wings for growth [21] 2. Renewable Energy - The global demand for large-scale energy storage is expected to surge, with a projected 54% increase in installations in 2024 [41] - The company is a leading supplier in the domestic PCS market and is actively expanding its overseas presence [41][47] 3. Smart Energy - The demand for data centers is driven by AI advancements, with the company holding a leading market share in the UPS sector [7][21] - The report anticipates a significant increase in the global data center market, benefiting the company's UPS products [7] 4. Financial Projections - The company forecasts a net profit of 5.5 billion yuan in 2024, with a growth rate of 8.4% [1] - The projected P/E ratios for 2024-2026 are 32x, 25x, and 18x respectively, indicating a favorable valuation [1] 5. Market Position - The company ranks first in the domestic market for UPS and has established strong partnerships with major clients [21] - The report notes the company's commitment to innovation and technology development, with a robust R&D team and numerous patents [34]

Core Viewpoint - Keda Data collaborates with leading domestic AI chip manufacturers to enhance the performance, cost-effectiveness, and usability of AI models through a heterogeneous computing power platform [1] Group 1: Collaboration and Partnerships - Keda Data has partnered with several top domestic AI chip manufacturers, including Biran Technology, Suiyuan Technology, and others, to support the DeepSeek R1 open-source large model [1] - The collaboration aims to optimize AI model training and inference capabilities across various scales of parameter models [1] Group 2: Technological Innovation and Ecosystem Upgrade - Keda Data plans to engage more strategic partners to provide diversified computing power services and support for multi-scenario AI applications [1] - The initiative encompasses a comprehensive approach from chips to platforms, and from computing power to models, aimed at bolstering the technological innovation and industrial ecosystem of domestic large models [1]

| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-004 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 科华数据股份有限公司 关于"质量回报双提升"行动方案的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或重大遗漏承担责任。 科华数据股份有限公司（以下简称"公司"）为贯彻落实中央政治局会议提 出的"要活跃资本市场、提振投资者信心"及国务院常务会议指出的"要大力提 升上市公司质量和投资价值，要采取更加有力有效措施，着力稳市场、稳信心" 的指导思想，结合中国证监会关于市值管理的相关意见，为维护公司及全体股东 利益，持续提升公司管理治理水平，促进公司长远健康可持续发展，公司制定了 "质量回报双提升"行动方案。 一、聚焦主业，稳步推进公司高质量发展 公司以"以智慧电能驱动低碳数字未来"为使命，以推动全社会安全、高效、 绿色用能为己任，驱动行业数字化、能源低碳化发展，致力成为全球卓越的智慧 电能解决方案提供商。公司充分把握国家"数字经济""碳中和"等战略发展契 机和全球"人工智能""能源危 ...

è´¢è"社1月14日电，科å Žæ•°æ ®æ¶¨åœï¼Œå Žè¥¿èƒ½æº æ- ¤å‰ 涨åœï¼Œç§'士达ã€西å æ´能ã€海陆é‡ å·¥ã€䏿'电气涨超 5%，盛弘股份ã€英å¯ç'žã€动力æº ç‰è·Ÿæ¶¨ã€' 消æ¯é ¢ä¸Šï¼Œå Žä¸ºæ•°å—能æº å'布了2025æ•°æ ®ä¸å¿ƒåŸºç¡€è®¾æ– ½å»ºè®¾å 大趋势，其ä¸æ 出算电å å Œå°†æˆ 为数æ ®ä¸å¿ƒå»ºè®¾çš"æ– °æ¨¡å¼。 算电å å Œï¼Œå ³â€œç®—优化电，电支撑算†，是指计算 资æº 与电力资æº 的统ç¹è°ƒé… ，旨在通过两者 çš"å å Œäº'动，实现资æº 的优化é… 置和高效利用。 ...

广发证券股份有限公司 （加盖公章） 关于科华数据股份有限公司 | 间接占用上市公司资金或者其他资源的情形 | | | | --- | --- | --- | | 3.关联交易的审议程序是否合规且履行了相应的信息披露义 | √ | | | 务 | | | | 4.关联交易价格是否公允 | √ | | | 5.是否不存在关联交易非关联化的情形 | √ | | | 6.对外担保审议程序是否合规且履行了相应的信息披露义务 | | √ | | 7.被担保方是否不存在财务状况恶化、到期不清偿被担保债 | | √ | | 务等情形 | | | | 8.被担保债务到期后如继续提供担保，是否重新履行了相应 | | √ | | 的审批程序和披露义务 | | | | （五）募集资金使用 | | | | 现场检查手段： | | | | 查阅公司募集资金验资、使用情况的相关资料； 调查发行人募集资金是否真实投入股东大会决议的项目，核查募集资金投资项目所 | | | | 形成的资产情况及募集资金剩余情况； | | | | 查阅募集资金项目的核算资料，比较募集资金实际效益和预期的使用效益是否存在 | | | | 差异并分析差异原因。 | ...

| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-003 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 科华数据股份有限公司 关于"科数转债"预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或重大遗漏承担责任。 特别提示： 一、可转换公司债券发行上市情况 （一）发行上市情况 经中国证券监督管理委员会"证监许可[2023]1681号"文同意注册，公司于 2023年8月23日向不特定对象发行14,920,680张可转换公司债券，发行价格为每张 100元，发行总额为人民币149,206.80万元。经深交所同意，公司149,206.80万元 可转换公司债券于2023年9月12日起在深交所挂牌交易，债券简称"科数转债"， 债券代码"127091"。 （二）转股价格的历次调整情况 1、证券代码：002335 证券简称：科华数据 2、债券代码：127091 债券简称：科数转债 3、转股价格：人民币 27.65 元/股（自 2024 年 10 月 30 日起生效 ...

| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-002 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 科华数据股份有限公司 关于 2024 年第四季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或重大遗漏承担责任。 特别提示： 1、证券代码：002335，证券简称：科华数据 2、债券代码：127091，债券简称：科数转债 一、可转换公司债券发行上市基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于同意科华数据股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1681 号）同意注册， 公司于 2023 年 8 月 23 日向不特定对象发行可转换公司债券 14,920,680 张，每张 面值人民币 100 元，募集资金总额人民币 149,206.80 万元，期限 6 年。 （二）可转换公司债券上市情况 经深圳证券交易所同意，公司 149,206.80万元可转换公司债券于 2023年 9月 12 日起在深圳证券 ...