Financial Performance - The company's operating revenue for 2024 was approximately ¥7.76 billion, a decrease of 4.71% compared to ¥8.14 billion in 2023[15]. - The net profit attributable to shareholders for 2024 was approximately ¥315.17 million, down 37.90% from ¥507.55 million in 2023[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥284.54 million, a decline of 38.55% from ¥463.02 million in 2023[15]. - The basic earnings per share for 2024 was ¥0.68, a decrease of 38.18% compared to ¥1.10 in 2023[15]. - The total revenue for 2024 was approximately ¥7.76 billion, a decrease of 4.71% compared to ¥8.14 billion in 2023[73]. - The company's domestic revenue was approximately ¥7.03 billion, making up 90.65% of total revenue, while international revenue fell by 25.79% to approximately ¥725 million[73]. - The revenue from the new energy sector decreased by 15.98% to approximately ¥3.61 billion, representing 46.51% of total revenue[73]. - The total operating revenue for Q3 2024 was approximately CNY 1.66 billion, with a significant drop in net profit attributable to shareholders at CNY 12.44 million[20]. - The company reported a significant decrease in net cash flow from financing activities, down 2,969.43% to -¥361.29 million[91]. Assets and Liabilities - The total assets at the end of 2024 were approximately ¥12.79 billion, an increase of 7.77% from ¥11.87 billion at the end of 2023[15]. - The net assets attributable to shareholders at the end of 2024 were approximately ¥4.67 billion, up 6.17% from ¥4.40 billion at the end of 2023[15]. - The total amount of funds raised in 2023 was 149,206.8 million, with a net amount of 148,066.32 million, and 3,265.19 million has been used, resulting in a usage ratio of 34.99%[97]. - The total amount of committed investment projects is 149,206.8 million, with 148,066.32 million already invested, resulting in a progress rate of 51.8%[102]. Cash Flow - The cash flow from operating activities for 2024 was approximately ¥1.51 billion, an increase of 7.84% compared to ¥1.40 billion in 2023[15]. - The company reported a net cash flow from operating activities increased by 7.84% to approximately ¥1.51 billion in 2024[91]. - Cash inflow from investment activities rose by 68.25% to ¥489.59 million, primarily due to the recovery of previous financial products[88]. Research and Development - The company's R&D expenses increased by 7.79% year-on-year, totaling approximately ¥505.38 million[84]. - R&D investment increased by 4.25% to approximately ¥468.06 million in 2024, representing 6.03% of operating revenue, up from 5.52% in 2023[86]. - The company is developing an industrial IGBT rectifier modular product aimed at the chemical industry, which is expected to enhance sales and market share in high-end products[85]. - The company has completed the development of a 300kW dual-pump liquid cooling CDU, which aims to reduce the overall PUE of data centers to below 1.2[85]. Market Trends and Opportunities - The Chinese intelligent computing center market investment scale reached CNY 87.9 billion in 2023, with a projected CAGR of 27% from 2023 to 2028[26]. - The UPS market in China is expected to grow to CNY 127.3 billion by 2026, reflecting a year-on-year growth of 10.75% in 2024[30]. - The energy storage market in China is set to reach 44.6 GW/111.6 GWh of new grid-connected projects in 2024, representing a growth of 115% compared to 2023[36]. - The penetration rate of liquid cooling technology in data centers is expected to grow by over 30% annually from 2023 to 2026, driven by new regulatory requirements[25]. Strategic Initiatives - The company plans to distribute a cash dividend of ¥1 per 10 shares to all shareholders, based on a total of 515,414,041 shares[3]. - The company has acknowledged potential risks in its future development and has outlined corresponding countermeasures in its management discussion[3]. - The company is actively expanding its business in autonomous driving and AI medical fields, collaborating with partners to explore new applications[50]. - The company is committed to expanding its international market presence, focusing on Europe, Southeast Asia, and Belt and Road Initiative countries, with plans to establish an overseas sales management department[118]. Governance and Compliance - The governance structure is compliant with regulatory requirements, ensuring fair treatment of all shareholders[131]. - The company maintains a "five independence" principle, ensuring independence in business, assets, personnel, institutions, and finance from the controlling shareholder[135]. - The company has established a complete and independent financial accounting system and management system, ensuring financial independence[136]. - The company has a transparent performance evaluation and incentive mechanism for senior management, ensuring compliance with legal regulations[134]. Social Responsibility - The company donated a total of 1.7852 million yuan for social responsibility initiatives, including 1.06 million yuan in scholarships for 145 outstanding students and 200,000 yuan for 23 excellent teachers[182]. - The company actively engages in environmental protection, organizing tree planting activities and implementing effective pollution control measures[181]. - The company has supported over 5,000 rural students through its scholarship program since 1996, demonstrating its commitment to education and community development[183]. Employee Management - The company has a total of 7,404 employees as of the latest report[140]. - The employee training program emphasizes skill enhancement and includes both internal and external resources for high-quality training[165]. - The company has implemented a differentiated incentive mechanism to attract and retain talent, ensuring competitive compensation[164]. - The company has a cash dividend distribution plan for 2024-2026, with a cash dividend of 1.2 RMB per 10 shares for the 2023 fiscal year, totaling 51,541,404.10 RMB[168].

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

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、"科数转债"赎回日：2025 年 4 月 16 日 | 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-041 | | --- | --- | --- | | 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"摘牌的公告 2、"科数转债"摘牌日：2025 年 4 月 24 日 3、"科数转债"摘牌原因：存续期内可转债公司债券全部赎回 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 华数据股份有限公司（以下简称"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）可转债上市情况 经深圳证券交易所（以下简称"深交所"）同意， ...

| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-040 | | --- | --- | --- | | 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"赎回结果的公告 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。 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 华数据股份有限公司（以下简称"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"科数转 债"，债券代码"127091"。 （三）可转债转股期限 根 ...

Group 1 - The core viewpoint is that the company is well-positioned to benefit from the increasing demand for computing power and data center products due to the maturity of AI applications [1] - The company is a leading domestic provider of UPS and data center equipment, with a strong market share in high-power products and a broad product line including HVDC, power modules, and modular data centers [1] - The company has established deep collaborations with major clients such as the three major telecom operators, banks, and internet firms like Tencent, which enhances its customer resource quality [1] Group 2 - The demand for data center products is expected to continue rising, with projections for new domestic data center power additions of 7.4, 11.7, 13.8, and 15.8 GW from 2024 to 2027 [1] - The domestic UPS market is projected to grow from approximately 11.8 billion yuan in 2024 to 25.3 billion yuan in 2027, reflecting a CAGR of 29.0% over three years [1] - The company's market share in the Asia-Pacific region for UPS shipments is about 7%, with a 12% share in high-power products above 500 kVA, indicating potential for further market share growth [1] Group 3 - The energy storage business is accelerating its international expansion, which is expected to enhance profitability [2] - Global energy storage installations are projected to increase significantly, with new installations of 169.9 GWh in 2024 and 258.5 GWh in 2025, representing year-on-year growth rates of approximately 78.0% and 52.2% respectively [2] - The company ranks first in domestic energy storage PCS shipments and second among domestic manufacturers in overseas PCS shipments, highlighting its leading position in the industry [2] Group 4 - The company is expected to experience high revenue growth, with projected revenues of 8.186 billion yuan, 9.760 billion yuan, and 11.418 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 0.56%, 19.23%, and 16.98% respectively [3] - The projected net profits for the same period are 400 million yuan, 781 million yuan, and 1.064 billion yuan, with year-on-year growth rates of -21.12%, 94.99%, and 36.29% respectively [3] - The company maintains a "buy" rating based on its expected high growth in data center-related business and a target share price of 49.00 yuan, supported by a favorable valuation compared to peers [3]

这几只票暗盘资金正在偷偷流入，立即查看>> 数据中心概念股震荡走低，科泰电源（300153）跌超7%，潍柴重机（000880）、科华数据 （002335）、麦格米特（002851）、中恒电气（002364）、海陆重工（002255）等跟跌。 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the capital expenditure trends in the technology and data center sectors, particularly focusing on major players like Tencent, Alibaba, and ByteDance, as well as the IDC (Internet Data Center) industry and energy storage solutions [1][2][3]. Key Points and Arguments 1. **Capital Expenditure Growth** - The capital expenditure for the year 2024 is projected to be 76.7 billion, representing a year-on-year increase of 221%, marking a historical high and approximately 12% of revenue [1]. - Tencent's revenue expectation for 2024 is around 713.8 billion, with capital expenditure growth anticipated between 10% to 14%, translating to an investment of approximately 80 to 100 billion [1]. 2. **Industry Capital Expenditure Trends** - The overall capital expenditure for the industry in 2025 is expected to be robust, with major companies like Alibaba, Tencent, Baidu, and ByteDance contributing to a total of approximately 496.4 billion RMB, reflecting a growth rate close to 50% [2]. - The capital expenditure for Alibaba is projected at 3.8 trillion over three years, with an average annual expenditure of 1.3 trillion [2]. 3. **IDC Market Dynamics** - IDC products and operations are highlighted, with IDC-related products accounting for about 38% of revenue in the first three quarters of 2020, while new energy products accounted for 46% to 47% [3]. - The company is expected to see a significant increase in IDC-related business share starting in 2025, driven by the rapid growth of UPS (Uninterruptible Power Supply) products [3][4]. 4. **Competitive Positioning** - The company holds a leading market share in UPS, ranking first in China with a 15.6% market share and fourth globally in modular UPS rankings [4]. - The customer base is expanding, with increased capital expenditure from major clients like Tencent and Alibaba, indicating a positive trend for future growth [4]. 5. **Global Capital Expenditure Comparison** - The total capital expenditure for seven major Chinese companies is approximately 796.4 billion RMB (around 68.4 billion USD), with a growth rate of about 50% [5]. - Globally, including companies like Google, Microsoft, Amazon, Meta, and Apple, the total capital expenditure is around 364.2 billion USD, with a growth rate of approximately 38% [5]. 6. **Future Growth Projections** - The company anticipates a significant increase in the number of cabinets in new data centers, with expectations of adding 4,000 to 5,000 cabinets, which will enhance revenue potential [7]. - The introduction of new value-added services and computing power services is expected to further boost revenue streams [7][8]. 7. **Energy Storage Market Insights** - The energy storage segment is projected to experience a growth rate of about 20% in 2025, with potential for overseas expansion and collaboration with leading international firms [9][10]. - The company is focusing on enhancing its competitive edge in energy storage solutions, particularly in the context of new policies affecting the market [9]. 8. **Overall Financial Outlook** - The company maintains a conservative yet optimistic financial forecast, expecting revenue to range between 600 million to 750 million in the coming years, contingent on the realization of AI-related capital expenditures [10]. Additional Important Insights - The call emphasizes the importance of capital expenditure in driving growth across various sectors, particularly in technology and energy, highlighting the interconnectedness of these industries [2][5]. - The potential for increased profitability through higher power usage in data centers and the introduction of advanced services is a critical focus area for future growth [6][8].

关于"科数转债"即将停止转股暨赎回前最后半个交易日的重要提 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。 | 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 重要提示： 1、风险提示 科华数据股份有限公司 截至 2025 年 4 月 15 日收市后仍未转股的"科数转债"，将按照 100.32 元/张的价格被强制赎回，因目前"科数转债"已停止交易，特提醒"科数转债" 持有人注意在限期内转股，投资者如未及时转股，可能面临损失。 2、最后转股日：2025 年 4 月 15 日 2025 年 4 月 15 日是"科数转债"的最后一个转股日。2025 年 4 月 15 日收市以前，持有"科数转债"的投资者仍可进行转股，2025 年 4 月 15 日收 市以后，未实施转股的"科数转债"将停止转股。 3、截至本公告披露时，距离"科数转债"停止转股仅剩最后半个交易日（即 2025 年 4 月 15 日下午交易时间段）。 ...

| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 科华数据股份有限公司 3、截至 2025 年 4 月 14 日下午收市后，距离"科数转债"赎回日（2025 年 4 月 16 日）仅剩 1 个交易日可进行转股。 4、公司提醒投资者仔细阅读本公告内容，关注相关风险，注意在期限内完 成转股。 特别提示： 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。 关于"科数转债"即将停止转股暨赎回前最后一个交易日的重要提 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。 重要提示： 1、风险提示 截至 2025 年 4 月 15 日收市后仍未转股的"科数转债"，将按照 100.32 元/张的价格被强制赎回，因目前"科数转债"已停止交易，特提醒"科数转债" 持有人注意在限期内转股，投资者如 ...

| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 3、截至 2025 年 4 月 11 日下午收市后，距离"科数转债"赎回日（2025 年 4 月 16 日）仅剩 2 个交易日可进行转股。 4、公司提醒投资者仔细阅读本公告内容，关注相关风险，注意在期限内完 成转股。 科华数据股份有限公司 关于"科数转债"赎回实施暨即将停止转股的重要提示性公告 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。 重要提示： 1、风险提示 截至 2025 年 4 月 15 日收市后仍未转股的"科数转债"，将按照 100.32 元/张的价格被强制赎回，因目前"科数转债"二级市场价格与赎回价格存在较大 差异，特提醒"科数转债"持有人注意在限期内转股，投资者如未及时转股，可 能面临损失。 2、最后转股日：2025 年 4 月 15 日 2025 年 4 月 15 日是"科数转债"的最后一个转股日。2025 年 4 月 15 日收市以前，持有" ...