广发证券股份有限公司关于科华数据股份有限公司保荐总结报告书 广发证券股份有限公司 关于科华数据股份有限公司 保荐总结报告书 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为科 华数据股份有限公司（以下简称"科华数据"或"公司"或"发行人"）向不特 定对象发行可转换公司债券（以下简称"本次发行"）的保荐机构，截至 2024 年 12 月 31 日，广发证券对科华数据持续督导期限已届满，现根据《证券发行上 市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保 荐业务》等相关法律法规和规范性文件的要求，出具本保荐总结报告书。 | 情况 | 内容 | | --- | --- | | 上市公司名称 | 科华数据股份有限公司 | | 证券代码 | 002335 | | 注册地址 | 福建省厦门火炬高新区火炬园马垄路457 号 | | 法定代表人 | 陈成辉 | | 董事会秘书 | 林韬 | | 证券事务代表 | 赖紫婷 | | 联系电话 | 0592-5163990 | | 本次证券发行类型 | 向不特定对象发行可转换公司债券 | | 本次证券上市时间 | 年 月 日 2023 9 1 ...

2024 年年度保荐工作报告 | 保荐人名称：广发证券股份有限公司 | 被保荐公司简称：科华数据 | | --- | --- | | 保荐代表人姓名：李晓芳 | 联系电话：020-66338888 | | 保荐代表人姓名：王振华 | 联系电话：020-66338888 | 一、保荐工作概述 广发证券股份有限公司关于科华数据股份有限公司 （本页无正文，为《广发证券股份有限公司关于科华数据股份有限公司 2024 年 年度保荐工作报告》之签字盖章页） | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度 | | | 的情况 | | | （1）是否督导公司建立健全规章制度（包 | 是 | | 括但不限于防止关联方占用公司资源的制 | | | 度、募集资金管理制度、内控制度、内部审 | | | 计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募 ...

华福证券 券 研 风险提示：国内数据中心建设速度不及预期风险；海外新能源业务拓 展不及预期风险；竞争格局恶化风险 公 司 研 究 科华数据（002335.SZ） 数据中心发力在即，新能源有望恢复增长 投资要点： 公 司 财 报 点 评 事件： 公司发布 2024 年年报及 2025 年一季报，2024 年实现营业收 入 77.57 亿元，同比-4.71%，实现归母净利 3.15 亿元，同比-37.90%，实现 扣非净利 2.85 亿元，同比-38.55%；2025Q1 实现营业收入 12.16 亿元，同 比+2.73%，实现归母净利 0.69 亿元，同比-6.26%，实现扣非净利 0.61 亿元， 同比+2.06%。 24 年数据中心业务稳健增长，盈利能力略有下滑。①公司 2024 年 IDC 服务实现营收 12.31 亿元，同比-4.50%，毛利率 23%，数据中心产品实现 营收 19.21 亿元，同比+30.32%，毛利率 32%。②智慧电能业务实现营收 9.22 亿元，同比-9%，毛利率 41%。③新能源业务实现营收 36.08 亿元，同 比-15.98%，毛利率 17%，主要因行业内卷价格下降导致营收 ...

证券研究报告 | 公司点评 | 其他电源设备Ⅱ 减值影响业绩，数据中心产品呈现快速增长 ——科华数据 24 年年报&25 年一季报点评报告 投资要点 ❑ 受毛利率下滑及减值计提影响，业绩短期承压 24 年公司实现营收 77.57 亿元，YOY-4.71%；归母净利润 3.15 亿元，YOY -37.90%；毛利率 25.20%，同比-2.14pct；计提信用、资产减值损失共计 2.58 亿 元，相比去年同期增加 1.16 亿元，主要系计提应收账款坏账和存货跌价损失增 加；销售/管理/研发/财务费用率分别为 7.94%/3.47%/6.51%/0.81%，同比分别 -1.13/+0.26/+0.75/-0.09pct，整体费用率稳中有降，同比-0.2pct，研发投入持续加 大。截至 24 年底，公司在建工程 4.19 亿元，比 24 年初增长 182%，主要为数据 中心及厂房建设等投入增加，预计将助力后续公司收入持续增长。 25Q1 公司实现营收 12.16 亿元，YOY+2.73%；归母净利润 0.69 亿元，YOY -6.26%；毛利率为 30.14%，同比-2.12pct；销售/管理/研发/财务费用率分别 ...

证券代码：002335 证券简称：科华数据 公告编号：2025-061 为进一步加强与投资者的互动交流，科华数据股份有限公司（以下简称"公 司"）将参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司联合 举办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集体接待日活 动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参 与本次互动交流，活动时间为 2025 年 5 月 15 日（周四）15:40-17:00。届时 公司董事长陈成辉先生、独立董事陈朝阳先生、董事会秘书林韬先生与副总裁兼 财务总监汤珊女士将在线就公司 2024 年度业绩、公司治理、发展战略、经营状 况、融资计划和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢 迎广大投资者踊跃参与！ 特此公告。 科华数据股份有限公司 董 事 会 2025 年 5 月 6 日 1 科华数据股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说明会暨 投资者网上集体接待日活动的公告 本公司及董事会 ...

公司点评报告 · 通信行业 智算布局突破、创新驱动高质量发展 科华数据 2024 年报点评 2025 年 04 月 28 日 核心观点 科华数据(股票代码:002335) | | | 分析师 赵良毕 ☎：010-8092-7619 网: zhaoliangbi_yj@chinastock.com.cn 分析师登记编码:S0130522030003 曾韬 ☎: 010-8092-7653 0:zengtao_yj@chinastock.com.cn 分析师登记编码：S0130525030001 | 市场数据 | 2024-04-28 | | --- | --- | | 股票代码 | 002335 | | A 股收盘价(元) | 40.97 | | 上证指数 | 3288.41 | | 总股本(万股) | 51541.40 | | 实际流通 A 股(万股) | 45467.26 | | 流通 A 股市值(亿元) | 211.17 | 相对沪深 300 表现图 2024-04-28 资料来源:Wind,中国银河证券研究院 | | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for Kstar and Envicool, while Kehua is rated as "Neutral" [2][11]. Core Insights - The data center supply chain in China is experiencing strong demand, with expectations for continued capacity expansion through 2025 and potentially into 2026, despite challenges such as overseas chip supply constraints [1][5]. - The report has revised earnings per share (EPS) estimates downward by 17%-31% for Kstar, Envicool, and Kehua, primarily due to uncertainties in domestic solar inverter and energy storage system (ESS) demand, as well as intense pricing competition [1][7]. - Kstar is favored over Kehua due to its faster long-term growth potential, better margin profile, and more attractive valuation metrics [2][5]. Kstar Summary - Kstar's sales and net income for 4Q24 decreased by 9% and 76% year-over-year, respectively, while 1Q25 showed a 14% increase in sales but a 17% decrease in net income [5][8]. - The company anticipates 30%-50% year-over-year order growth from domestic internet and telecom customers in 2025, with significant opportunities for customer base expansion [6][9]. - Kstar's total revenue is projected to grow from Rmb 4.159 billion in 2024 to Rmb 9.642 billion by 2030, with a net income increase from Rmb 394 million to Rmb 1.455 billion over the same period [10]. Envicool Summary - Envicool's 4Q24 and 1Q25 results missed expectations due to delayed revenue recognition and increased operating expenses, leading to a 31% downward revision in EPS estimates [11][15]. - The data center room cooling segment saw sales growth of 49% in 2024, with a record high order backlog by 1Q25, indicating strong demand [13][14]. - Envicool's total revenue is expected to rise from Rmb 3.529 billion in 2024 to Rmb 4.589 billion in 2025, with net profit projected to increase from Rmb 344 million to Rmb 453 million [16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and performance are expected to rise steadily, with overseas expansion and AIDC (Artificial Intelligence Data Center) likely to contribute to incremental growth [1] - The company reported a revenue of 7.76 billion yuan in 2024, a year-on-year decrease of 4.71%, and a net profit of 315.18 million yuan, down 37.90% year-on-year [7] - The data center business is showing strong growth, with revenue from this segment reaching 3.15 billion yuan in 2024, up 14.70% year-on-year, accounting for over 40% of total revenue [7] - The company is focusing on core products and product upgrades, which has led to improved profitability despite a decline in revenue from certain segments [7] - The company is increasing its overseas business efforts, particularly in the renewable energy sector, which is expected to recover by the end of Q3 2025 [7] - The company has demonstrated excellent cost control, with operating expenses decreasing by 5.7% year-on-year in 2024 [7] - The forecast for net profit for 2025-2027 is 688 million yuan, 1.05 billion yuan, and 1.4 billion yuan respectively, with corresponding growth rates of 118%, 52%, and 34% [7] Financial Summary - Total revenue is projected to be 8.92 billion yuan in 2025, with a year-on-year growth of 14.93% [1] - The net profit for 2025 is expected to be 688 million yuan, reflecting a significant increase from the previous year [1] - The company's earnings per share (EPS) is forecasted to be 1.33 yuan in 2025, with a price-to-earnings (P/E) ratio of 30.69 [1] - The company’s total assets are estimated to reach 13.02 billion yuan by 2025, with total liabilities of 7.78 billion yuan [8]

Financial Performance - In 2024, the company's total revenue was CNY 7.757 billion, a decrease of 4.71% year-on-year [3] - Data center revenue reached CNY 3.152 billion, an increase of 14.07% year-on-year, with a gross margin of 28.77% [3] - Smart energy revenue was CNY 922 million, down 9.01% year-on-year, with a gross margin of 41.06% [3] - New energy revenue was CNY 3.608 billion, a decline of 15.98% year-on-year, with a gross margin of 16.78% [3] - The net profit attributable to shareholders was CNY 315 million, impacted by credit and asset impairment losses totaling CNY 258 million [3] Business Development - The smart computing center business generated approximately CNY 3.152 billion in revenue, growing 14.07% year-on-year [4] - The company is actively engaging in AI, computing power, and autonomous driving markets, establishing a robust heterogeneous computing power platform [4] - The company has secured numerous product orders from major clients in the internet, telecommunications, and finance sectors, with significant growth expected in 2025 [5] Technological Advancements - The company has been recognized as a top 10 service provider in the third-party computing power center sector, ranking 8th in comprehensive development and 4th in technical capability [6] - In the smart energy sector, the company has launched innovative products such as the 1500V 5MW liquid-cooled photovoltaic inverter, enhancing its market position [8] - The company has achieved the highest shipment volume of energy storage PCS among Chinese enterprises globally, maintaining a strong presence in the renewable energy sector [9] Future Outlook - The company plans to intensify its focus on the smart computing center business, leveraging its core technology in power electronics for new product development [10] - A strategic customer department has been established to deepen collaborations with major internet companies and expand into various sectors [10] - The company is considering future financing plans based on strategic goals and market conditions, following the successful completion of a convertible bond project [11]

Group 1 - The liquid cooling server sector is experiencing a significant upward trend, with KWH Data (科华数据, 002335) hitting the daily limit increase [1] - New Times (新时达, 002527) has risen over 4%, indicating strong market interest [1] - Other companies such as Data Port (数据港, 603881), Shenling Environment (申菱环境, 301018), and Jiangsu Leili (江苏雷利, 300660) are also seeing gains, reflecting a broader positive movement in the sector [1] Group 2 - There is an influx of dark pool funds entering these stocks, suggesting increased investor confidence and potential for further price appreciation [1]