| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-008 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 特别提示： 关于提前赎回"科数转债"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。 1、"科数转债"赎回价格：100.32 元/张（含息税，当期年利率为 0.5% ）， 扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中 登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 3 月 5 日 3、赎回登记日：2025 年 4 月 15 日 4、赎回日：2025 年 4 月 16 日 5、停止交易日：2025 年 4 月 11 日 6、停止转股日：2025 年 4 月 16 日 7、发行人资金到账日（到达中登公司账户）：2025 年 4 月 21 日 科华数据股份有限公司 8、投资者赎回款到账日：2025 年 4 月 23 日 9、最后一个交易日可转换公司债券简称：Z 数转债 10、赎回类别：全部赎回 11、根据安排，截至 2025 ...

北京国枫律师事务所 关于科华数据股份有限公司 可转换公司债券提前赎回的 法律意见书 国枫律证字[2023]AN038-17 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 | 传真（Fax): 010-66090016 北京国枫律师事务所 关于科华数据股份有限公司 可转换公司债券提前赎回的 法律意见书 对本法律意见书的出具,本所律师特作如下声明: 1. 本所律师已根据相关法律、法规及规范性文件的规定严格履行法定职责, 遵循勤勉尽责和诚实信用的原则,对发行人本次可转换公司债券提前赎回的合法 性、合规性、真实性和有效性进行了充分核查并发表法律意见,保证本法律意见 书不存在虚假记载、误导性陈述及重大遗漏; 2. 本所律师同意将本法律意见书作为发行人本次可转换公司债券提前赎回 所必备的法定文件随其他材料一起上报,并依法对本法律意见书承担责任; 3. 本所律师同意发行人自行引用或根据中国证监会、深圳证券交易所的要 求引用本所律师出具的法律意见书中的相 ...

广发证券股份有限公司关于科华数据股份有限公司 提前赎回"科数转债"的核查意见 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"）向不特定对象发行可转 换公司债券的保荐机构，根据《可转换公司债券管理办法》《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 15 号——可转换公司 债券》等有关规定，对科华数据提前赎回"科数转债"事项进行了核查，核查情 况如下： 一、可转换公司债券发行上市情况 （一）可转债发行情况 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，科 华数据于 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）可转债上市情况 经深圳证券交易所（以下简称"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 ...

Group 1 - The company, Kehua Data, has won a computing power service order valued at 150 million yuan [1] - The announcement was made on March 2, 2025, highlighting the company's ongoing projects in the computing power sector [1]

| 证券代码: | 002335 | 证券简称: 科华数据 | 公告编号：2025-005 | | --- | --- | --- | --- | | 债券代码: | 127091 | 债券简称: 科数转债 | | 科华数据股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 科华数据股份有限公司（以下简称"科华数据"或"公司"） 2024 年 8 月 29 日召开第九届董事会第十八次会议和第九届监事会第十次会议，审议通过了《关于 使用部分闲置募集资金进行现金管理的议案》，同意公司及子公司厦门科华慧云科 技有限公司（以下简称"科华慧云"）使用不超过人民币 4 亿元的闲置募集资金进 行现金管理，购买安全性高、流动性好，满足保本要求的产品。投资产品的期限自 本次董事会审议通过之日起不超过 12 个月且上述资金额度在决议有效期内可滚动 使用。具体内容详见公司 2024 年 8 月 30 日披露于指定信息披露媒体和巨潮资讯 网（http://www.cninfo.com.cn）的《关于使用部分闲置募集资金 ...

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]

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]

Summary of Key Points from the Conference Call Company Overview - **Company**: 科华数据 (Kehua Data) - **Market Share**: Approximately 15.6% in the modular UPS market, ranking first in China and fourth globally [3][4] Industry Insights - **Capital Expenditure Growth**: - By 2025, the capital expenditure for computing power among China's seven major internet companies (including Baidu, Alibaba, Tencent, ByteDance, and three major telecom operators) is expected to reach $50.2 billion, a year-on-year increase of 42% [2][4] - Globally, 12 major companies (including Google, Microsoft, Amazon, Meta, and Apple) are projected to have capital expenditures of $346 billion, a 36% increase [4] Competitive Advantages - **Data Center Products**: - Kehua Data has a strong competitive edge in data center products, particularly in UPS production efficiency and brand strength [3] - The company has a diverse customer base, including major clients like Tencent, ByteDance, Alibaba, and major telecom operators [3] - **IDC Operations**: - The proportion of computing power services is increasing, with plans to raise the value-added service share to 30% [3] - The average rack utilization rate is 80%, the highest among large retail data center companies in China [5] - The company currently has 35,000 racks, with new data centers in Beijing expected to add 4,000 to 5,000 racks [5] Storage Business Development - **Positive Trends**: - Despite previous market pessimism, Kehua Data's storage business is showing positive growth, with a focus on high-margin projects and leveraging price differences in the photovoltaic market [6] - As of Q3 2024, storage PCS revenue was approximately $800 million, with 10% from overseas [6] - Overall growth in the new energy business is expected to reach 20% [6] Future Business Expectations - **Revenue Growth**: - IDC product revenue is expected to grow by 50% to $2.2 billion by 2025, driven by increased demand from AI and strong partnerships with clients like Tencent [7][9] - The company anticipates net profits of $600 million and $750 million for 2025 and 2026, respectively [12] Impact of AI Development - **AI Demand**: - The acceleration of AI has significantly increased demand for IDC products and services, benefiting Kehua Data as one of Tencent's largest suppliers [9][10] - The expansion of AI applications and related investments is expected to further drive demand for data center equipment, including UPS [9] Innovations and Trends - **Smart Energy Solutions**: - Kehua Data leverages its efficient UPS capabilities and advanced energy management solutions to meet diverse industry needs, enhancing energy efficiency and reducing costs [11] - **UPS Technology Trends**: - New UPS solutions like high-voltage direct current (HVDC) are emerging, but traditional UPS solutions remain the mainstream choice due to their stability and maturity [14] Investment Opportunities - **Market Outlook**: - The company is well-positioned to benefit from the rapid growth of AI-related infrastructure, with a focus on both traditional power supply and liquid cooling technologies [18] - Other companies to watch include 中通电器 (Zhongtong Electric), 欧陆通 (Oulutong), and 麦格米特 (Magmite), which are also expected to benefit from the AI industry's growth [20]

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]