Investment Rating - The report maintains a "Positive" investment rating for the power supply industry [4]. Core Viewpoints - The rapid development of artificial intelligence (AI) is driving the demand for intelligent computing data centers (AIDC), which require enhanced power supply and distribution infrastructure [4][9]. - The performance of AI chips is significantly improving, leading to an expected increase in both volume and price for server power supplies [4]. - The power supply architecture is anticipated to evolve from UPS to HVDC systems, enhancing efficiency and reliability [4]. - Investment suggestions include focusing on companies involved in server power supply, HVDC technology, and backup power solutions [4]. Summary by Sections 1. AI Trends and Power Supply Demand - The construction of intelligent computing centers is expected to accelerate due to the AI wave, enhancing the efficiency of data centers [9]. - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of AI applications [19]. 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of over 35% until 2030 [41]. - AI server power supply performance is expected to improve, leading to increased demand for high-power solutions [41][56]. - The transition from UPS to HVDC systems is anticipated to enhance efficiency and reliability in data centers [66][82]. 3. Investment Recommendations - Companies to watch include: 1. Server power supply manufacturers like Megmeet and Euron. 2. HVDC technology providers such as Zhongheng Electric and Hewei Electric. 3. Backup power solution providers like Yiwei Lithium Energy and Weilan Lithium Core [4].

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]

Group 1: ZTE Information - ZTE Information has approximately 7,000 active users for SnapDevelop and plans to release a paid commercial version in the future [1] - EazyDevelop, which focuses on rapid development using AI technology, will support MCP calls and is set to launch a free trial version [1] - Baidao Software has made breakthroughs in RISC-V firmware and is collaborating with major companies like Huawei and Lenovo [1] Group 2: Boji Pharmaceutical - Boji Pharmaceutical's new orders for 2024 are projected to be 1.515 billion yuan, a year-on-year increase of 30.07% [2] - The company aims for a revenue target of 682 million yuan for 2025, with a focus on clinical business and technology transfer services [2] - The company is exploring AI applications in clinical trial processes and has seen a 20% growth in traditional Chinese medicine CRO orders [2] Group 3: Kehua Data - Kehua Data's revenue for 2024 is expected to be 7.757 billion yuan, a decrease of 4.71% year-on-year, with a net profit of 315 million yuan [3] - The intelligent computing center business has seen a revenue increase of 14.07%, while the new energy business revenue has decreased by 15.98% [3] - The company plans to enhance its intelligent computing center business and has completed a convertible bond project for future funding [3] Group 4: Tongyu Communication - Tongyu Communication's growth in the first quarter is attributed to increased overseas revenue and contributions from satellite communication [4] - The company is focusing on R&D in satellite communication and 5G integrated antennas, achieving significant results [4] - Future plans include targeting high-end markets and leveraging overseas advantages to assist domestic satellite manufacturers [4]

Market Performance - The Xiaohongshu concept stock increased by 0.08%, ranking 9th among concept sectors, with 23 stocks rising, including Tianyu Shuke, Lionhead Co., and ST United, which hit the daily limit [1] - The top gainers in the Xiaohongshu concept include Kewah Data, Qingmu Technology, and Wajinke, with increases of 7.53%, 5.99%, and 3.97% respectively [1] - The biggest losers in the sector were Zhongguang Tianze, Yidian Tianxia, and Jinhe Shangguan, with declines of 9.07%, 4.77%, and 3.90% respectively [1] Capital Flow - The Xiaohongshu concept saw a net inflow of 161 million yuan from main funds, with 23 stocks receiving net inflows, and 12 stocks exceeding 10 million yuan in net inflow [1] - Tianyu Shuke led the net inflow with 170 million yuan, followed by Meiri Hudong, Huibo Yuntong, and Kewah Data, with net inflows of 55.78 million yuan, 45.26 million yuan, and 33.34 million yuan respectively [1] - In terms of capital inflow ratios, Lionhead Co., Xuanya International, and Yakang Co. had the highest ratios at 25.56%, 8.99%, and 8.29% respectively [2] Stock Performance - Tianyu Shuke had a daily increase of 10.07% with a turnover rate of 20.42% and a main fund flow of 170.19 million yuan [2] - Other notable performers included Meiri Hudong with a 3.85% increase and a turnover rate of 26.68%, and Huibo Yuntong with a 2.40% increase and a turnover rate of 10.35% [2] - The overall market saw various stocks with significant declines, including Zhongguang Tianze with a drop of 9.07% and a main fund outflow of 39.03 million yuan [5]

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]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3294.02 points, below the five-day moving average, indicating a market correction trend [1]. Group 1: Market Performance - The total trading volume of A-shares reached 7286.82 billion yuan today [1]. - The Shanghai Composite Index experienced a change of -0.03% [1]. Group 2: Stocks Exceeding Five-Day Moving Average - A total of 293 A-shares have surpassed the five-day moving average today [1]. - Notable stocks with significant deviation rates include: - Xinjin Power (300157) with a deviation rate of 13.12% and a daily increase of 19.92% [2]. - Yintu Network (835508) with a deviation rate of 10.41% and a daily increase of 13.08% [2]. - Lechuang Technology (430425) with a deviation rate of 7.81% and a daily increase of 11.04% [2]. - Other stocks with smaller deviation rates that just crossed the five-day moving average include: - InSai Group, Dongpeng Beverage, and Zhongke Magnetic [1].

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]

Core Viewpoint - The company has announced the results of its supervisory board meeting, detailing various proposals that will be submitted for approval at the upcoming annual shareholders' meeting in 2024, including financial reports and operational plans [12][14][16]. Group 1: Shareholder Meeting Proposals - The supervisory board approved the 2024 annual work report with unanimous consent [13]. - The financial settlement report for 2024 was also approved unanimously, reflecting the company's financial status and operational results [15]. - The profit distribution plan for 2024 was approved, aligning with legal regulations and the company's development needs [16]. - The annual report and its summary for 2024 were approved, confirming compliance with regulatory requirements [17]. - The first quarter report for 2025 was approved, indicating adherence to legal and regulatory standards [18]. Group 2: Financial and Operational Decisions - The board approved a proposal for a credit limit application to financial institutions for 2025, aimed at enhancing liquidity and supporting daily operations [19]. - A proposal for providing guarantees for subsidiaries was approved, with a total guarantee limit not exceeding RMB 2.3 billion [21]. - The use of idle funds for purchasing financial products was approved, aimed at improving fund efficiency and returns [22]. - The board approved the initiation of foreign exchange derivative business to mitigate risks associated with currency fluctuations, with a limit of RMB 1 billion [24]. - The board approved the establishment of a bill pool business with a limit of RMB 500 million to enhance asset efficiency [26]. Group 3: Accounting and Policy Changes - The company announced a change in accounting policies based on new regulations from the Ministry of Finance, effective from January 1, 2024, which will not significantly impact financial results [40][41]. - The company will adopt new accounting standards regarding the classification of liabilities and the treatment of quality guarantees, ensuring compliance with updated regulations [41][43].

Core Viewpoint - The company has disclosed its quarterly report, ensuring the accuracy and completeness of the financial information presented, and has faced legal proceedings that have been resolved in its favor [2][5][6]. Financial Data - The quarterly report has not been audited [10]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the current reporting period [3]. Shareholder Information - The company has provided details on the total number of shareholders and the shareholding structure, including major shareholders [4][5]. Legal Matters - The company faced a lawsuit regarding property preservation liability, which was dismissed by the court, and the ruling was upheld upon appeal [5][6]. Employee Stock Ownership Plan - The first phase of the employee stock ownership plan has been completed, with 2,083,200 shares sold, representing 0.41% of the current total share capital [6]. Convertible Bonds - The company has triggered the conditional redemption of its convertible bonds due to the stock price exceeding 130% of the conversion price, and plans to redeem all outstanding bonds [7][8].

科华数据股份有限公司 独立董事 2024 年度述职报告 （独立董事：阳建勋） 二、年度履职情况概述 本人认真参加了公司的董事会会议和列席了公司股东大会会议，勤勉、忠实地履 行了独立董事职责，认为公司 2024 年度的董事会、股东大会的召集召开符合法定程序， 重大经营决策事项均履行了相关程序，合法有效。报告期内，本人积极履行独立董事 的义务。历次董事会会前，本人认真阅读和研究议案，并以谨慎的态度行使表决权， 维护了公司的整体利益和中小股东的利益。本人在 2024 年任职期间内，未行使以下特 别职权：1、未有独立聘请中介机构的情况；2、未有向董事会提议召开临时股东大会 （一）2024 年度出席董事会和股东大会会议情况 会议 应出席次数 现场出席次 数 以通讯方式 参加次数 委托出席次 数 缺席/请假次 数 投票次数 董事会 12 5 7 0 0 12 股东大会 3 3 0 0 0 不适用 本人作为科华数据股份有限公司（以下简称"公司"）第九届董事会的独立董事， 在 2024 年度严格按照《公司法》、《证券法》、《上市公司独立董事管理办法》、《上 市公司治理准则》、《深圳证券交易所上市公司自律监管指引第 1 号—— ...