证券代码：002518 证券简称：科士达 公告编号：2026-009 深圳科士达科技股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 本担保事项在公司董事会和股东会审议通过的担保额度范围内，无需再 次提交公司董事会或股东会审议。 三、担保协议的主要内容 深圳科士达科技股份有限公司（以下简称"公司"）于2025年4月24日 召开的第六届董事会第二十一次会议和2025年5月15日召开的2024年度股东 会审议通过了《关于为子公司申请银行授信提供担保的议案》，同意公司为 全资子公司深圳科士达新能源有限公司（以下简称"科士达新能源"）及广东 科士达工业科技有限公司向金融机构申请综合授信提供分别不超过80,000万 元、30,000万元的连带责任担保。担保额度有效期自该议案经2024年度股东 会审议通过之日起至2025年度股东会召开之日止。具体内容详见2025年4月 25日公司于巨潮资讯网（www.cninfo.com.cn）上披露的《关于为子公司申请 银行授信提供担保的公告》（公告编号：2025-008 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights the implementation of the CSP self-supply agreement and the North American ultra-high voltage planning exceeding expectations, focusing on three main lines: grid equipment, gas turbines, and high-voltage direct current power supply [1][6] - The demand for transformers is expected to remain high due to the growth of large data centers, with orders for transformers from leading overseas companies already booked for three years ahead [6] - The report anticipates significant market opportunities in the global market for SST and HVDC power systems, with projections indicating a market size exceeding 100 billion yuan by 2030 [6] Summary by Sections Industry Trends - The North American grid expansion projects have been approved, totaling $75 billion, focusing on 765 kV ultra-high voltage lines, which will expand the total new line mileage to 10,000 miles, quadrupling the existing mileage [6] - The trend towards self-supply in data centers is confirmed by major companies like Microsoft and Google, which will drive demand for gas turbines as the primary power generation equipment [6] Investment Recommendations - For transformers and grid equipment, the report recommends companies such as Si Yuan Electric, Jin Pan Technology, and Igor, while also suggesting to pay attention to companies like Shima Power, Baiyun Electric, and TBEA [6] - In the power generation equipment sector, Oriental Electric is highlighted for its gas turbine products, with a focus on G50 and G15 models, which have secured export orders to high-profit markets in North America and the Middle East [6] - For AIDC direct current power supply, the report recommends companies like Sifang Co., Sunshine Power, and others involved in HVDC technology [6]

Summary of Shenzhen Kstar Science & Tech (002518.SZ) Conference Call Company Overview - **Company**: Shenzhen Kstar Science & Tech - **Ticker**: 002518.SZ - **Industry**: Electric power conversion technology, focusing on data centers and energy storage systems (ESS) Key Points Industry Dynamics - **Overseas Growth**: Kstar is positioned for strong growth in the North American market due to structural capacity constraints among global equipment brands and its defensible ODM business model [1][2] - **Transition to 800V DC**: The industry is transitioning towards 800V DC architectures, which presents both challenges and opportunities for Kstar [2][6] Financial Performance - **Sales Growth**: 1Q26 sales are trending well with year-over-year growth similar to 42% in 3Q25. Management projects over 30% total data center product sales growth for 2026 [1][2] - **Domestic Market**: Kstar expects 20%–30% growth in domestic data center product sales driven by hyperscaler buildouts, although gross profit margins (GPM) may face slight pressure due to end-market mix and raw material inflation [1][6] - **ESS Segment**: The ESS segment is projected to achieve over 50% revenue growth in 2026, supported by major ODM contracts and expanding proprietary brand sales globally [1][5] Strategic Initiatives - **North American Expansion**: Kstar aims to increase order value from existing clients by transitioning from 600kW modules to MW-level UPS, which is a significant upside risk to current sales growth guidance [2][4] - **Product Innovation**: The company is advancing its 800V DC power shelf prototypes, which are expected to yield higher pricing and margins initially due to upgraded components [6][5] Risks and Challenges - **GPM Pressure**: A projected 1-2 percentage point year-over-year decline in GPM for the domestic business is anticipated due to a higher sales mix from lower-margin hyperscalers and raw material cost inflation [6][5] - **Market Risks**: Key downside risks include lower-than-expected US ODM order growth, slower new product launches, and lower-than-expected overseas ESS growth and margins [8] Valuation and Investment Thesis - **Target Price**: The 12-month target price is set at Rmb67.0, representing a potential upside of 17.6% from the current price of Rmb56.98 [9] - **Investment Rating**: The stock is rated as a "Buy" based on its attractive P/E valuation and long-term growth profile [7][9] Additional Insights - **Geopolitical Sensitivities**: By exporting core modules rather than fully assembled systems, Kstar can mitigate potential geopolitical sensitivities while maintaining favorable GPM and operating profit margins compared to domestic business [4] - **Client Trust**: Kstar's competitiveness is built on rapid R&D iteration and established client trust, serving seven of the top ten global UPS brands [2][6] This summary encapsulates the key insights from the conference call regarding Shenzhen Kstar Science & Tech, highlighting its growth prospects, strategic initiatives, and potential risks in the current market landscape.

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1]. Core Insights - The report highlights the implementation of the CSP self-power supply agreement and the North American ultra-high voltage planning exceeding expectations, focusing on three main lines: grid equipment, gas turbines, and high-voltage direct current power supply [1][6]. - The demand for transformers is expected to remain high due to the growth of large data centers, with orders for transformers from leading overseas companies already booked for three years [6]. - The report anticipates significant market opportunities in the global market for SST and HVDC power systems, with projections indicating a market size exceeding 100 billion yuan by 2030 [6]. Summary by Sections Industry Trends - The North American grid is set to expand with a total of $75 billion approved for transmission expansion projects, focusing on 765 kV ultra-high voltage lines, which will quadruple the existing mileage [6]. - The trend towards self-supply in data centers is leading to increased demand for gas turbines, with major orders already secured until 2030 [6]. Investment Recommendations - For transformers and grid equipment, the report recommends companies such as Si Yuan Electric, Jinpan Technology, and Igor, while also suggesting to monitor Shima Power, Baiyun Electric, and others [6]. - In the power generation equipment sector, Oriental Electric is highlighted for its gas turbine offerings, with additional recommendations for Hailianxun [6]. - For AIDC direct current power, the report recommends Sifang Co. and Sunshine Power, while also highlighting Megmeet, Zhongheng Electric, and others for HVDC solutions [6].

Investment Rating - The investment rating for the industry is "Recommended" based on the positive outlook for the sector and expectations that the industry index will outperform the benchmark index [3][21]. Core Insights - The recent Middle East conflict has significantly impacted oil and gas energy markets, leading to a surge in natural gas prices, which is expected to stimulate demand for household energy storage solutions [1][7]. - The global energy supply is under considerable pressure due to the closure of the Strait of Hormuz and disruptions in Qatar's LNG production, which could lead to a new wave of demand for household storage systems [7]. - The household storage industry is entering a new phase, with European markets recovering and new policies in Australia, the UK, and Poland expected to drive demand [7]. - The conflict is likely to create a new surge in household storage demand, particularly in Europe and emerging markets in Southeast Asia [7]. Company Summaries - **Airo Energy**: A leading distributed energy storage company with a strong focus on overseas markets, expected to see significant growth driven by the recovery in household storage demand [15]. - **GoodWe**: A traditional player in household storage with strong channel capabilities and leading technology, benefiting from early market entry in Europe [16]. - **Deye Technology**: Strong competitive position in household storage with a well-established global sales network and cost advantages [17]. - **JinkoSolar**: A leading company in household storage, focusing on battery and commercial storage products, with high market share in overseas commercial sectors [18]. - **Sungrow Power**: A top global player in energy storage with a robust overseas presence, expected to generate significant revenue from energy storage solutions [19]. - Other companies to watch include: Shouhang New Energy, Chint Power, Kstar, Pylon Technologies, and Hekang New Energy [7].

Summary of Conference Call Notes Industry Overview - **Industry**: China Data Center Equipment - **Key Players**: Schneider Electric, Vertiv, Eaton, Kstar, Kehua Core Insights and Arguments - **Schneider Electric's Q425 Results**: - Reported strong results and is positioned to support NVIDIA's next-level GPU requirements with a new data center power distribution architecture - Introduced the 800V-DC sidecar architecture, expected to impact 15-25% of demand through 2030 - Anticipates 18-24 months of order backlog visibility for data centers, supporting revenue growth in 2026 [2][3] - **Vertiv's Performance**: - Achieved a 252% YoY and 117% QoQ growth in 4Q25 order intake, totaling $8 billion, significantly exceeding expectations - Backlog more than doubled YoY to $15 billion, driving organic sales growth of 28% for FY26 - Management believes the company is in the early stages of a secular growth trend [3] - **Eaton's Data Center Business**: - Reported a 40% YoY increase in data center sales for 4Q25, with a 200% YoY increase in order backlog - Management is optimistic about double-digit long-term growth in the data center market from 2026 [3] - **Chinese Manufacturers' Outlook**: - Kstar and Kehua are expected to benefit from strong new orders and accelerated development of 800VDC technology - Anticipated commercial production for 800VDC could start in Q3-Q426, with domestic data center growth expected to drive power equipment demand [4] Additional Important Insights - **Risks for China's Data Center Equipment Sector**: - Potential risks include slower-than-expected AI data center capacity growth, slower penetration of high-power density products, and challenges in gaining market share in overseas AIDC equipment supply chains [7] - **Valuation and Risk Statements for Kehua and Kstar**: - Downside risks include slower IDC capacity expansion and challenges in entering overseas hyperscaler supply chains - Upside risks include faster IDC capacity expansion and stronger relationships with hyperscalers leading to market share gains [8][9] - **Price Targets**: - Kehua Data: Buy rating with a price target of Rmb62.65 - Shenzhen KSTAR Science and Technology Co: Buy rating with a price target of Rmb56.87 [21] This summary encapsulates the key points from the conference call, highlighting the performance and outlook of major players in the China data center equipment industry, along with associated risks and valuation insights.

Summary of Conference Call Notes Industry Overview - The focus is on the electricals sector, particularly data center electricals, with significant interest from investors in companies like Kstar, Megmeet, and Kehua. [1][4][5] Key Companies Discussed Kstar (002518.SZ) - **Investment Rating**: Buy - **Core Insights**: - High visibility on US export growth, with strong interest from investors due to solid fundamentals and an undemanding valuation. [5] - Projected overseas high-power electrical sales to increase significantly, reaching 11% of revenue in 2026E, driven by growing orders from existing customers. [7] - Kstar is well-positioned to adapt to the evolving 800V DC architecture, with prototypes launching in 1H26. [4][8] - Anticipated UPS demand growth in the US remains strong, with the transition to 800V DC architecture expected to start in 2H27. [6] - The company maintains a leadership position in the global UPS ODM market due to a high-friction vendor qualification moat. [7] - Earnings and target price adjustments reflect a fine-tuning of net income forecasts due to commodity cost inflation, with a target price of Rmb67.0. [15][24] Megmeet (002851.SZ) - **Investment Rating**: Neutral - **Core Insights**: - Seen as a key beneficiary of order spillovers from US hyperscalers, but investors are cautious about the company's R&D strength and execution capabilities. [4][9] - Market share expectations are optimistic, with some anticipating a double-digit share increase in 2026, but many remain cautious due to competition dynamics. [10] - The company plans to launch official samples of new power supply units in 1Q26, with significant attention on NVIDIA's GTC AI Conference. [11] - Earnings forecasts have been significantly lowered due to intense competition and cost pressures, with a target price of Rmb98.0. [18][29] Kehua (002335.SZ) - **Investment Rating**: Neutral - **Core Insights**: - Viewed as a domestic proxy for hyperscaler capex, but lacks significant US market exposure, limiting near-term catalysts. [4][12] - Anticipated strong sales growth from data center products, but concerns exist regarding margin pressure from rising lithium costs in the energy storage segment. [14] - Earnings forecasts have been fine-tuned due to commodity cost inflation, with a target price of Rmb49.0. [21][33] Additional Insights - **Investor Sentiment**: There is a clear focus on export visibility and execution capabilities of domestic supply chain companies, with robust capex guidance from US tech giants supporting the sector. [1][5] - **Market Dynamics**: The transition to 800V DC architecture is expected to be gradual, with most new data centers likely to continue adopting AC architecture in the near term. [8] - **Commodity Costs**: Rising costs of copper, lithium carbonate, and aluminum are impacting profit margins across the sector, necessitating adjustments in earnings forecasts. [15][21] Conclusion - The electricals sector, particularly companies like Kstar, Megmeet, and Kehua, is experiencing significant investor interest driven by strong demand signals and evolving technology landscapes. However, challenges such as competition, execution capabilities, and commodity cost pressures remain critical factors influencing future performance.

Group 1 - The company, Keda (002518), is actively engaged in the AIDC (Automatic Identification and Data Capture) related electronic products sector [1] - The company is currently advancing the research and development of new products in this field [1] - Investors are encouraged to monitor the company's periodic reports and promotional channels such as the official website and public accounts for updates [1]

一、投资概述 深圳科士达科技股份有限公司（以下简称"公司"）与时石私募基金管理（嘉兴）有限公司、宁波汇鑫富 企业管理有限公司、广东申菱环境系统股份有限公司共同投资嘉兴沐桐股权投资合伙企业（有限合伙） （以下简称"合伙企业"或"基金"）。公司作为有限合伙人以自有资金出资5,000万元人民币，对该合伙 企业不产生重大影响。具体内容详见公司于2026年1月8日于巨潮资讯网上披露的《关于与专业投资机构 共同投资的公告》（公告编号：2026-001）。 二、进展情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002518 证券简称：科士达 公告编号：2026-008 深圳科士达科技股份有限公司 关于与专业投资机构共同投资的基金备案完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 根据基金相关规划，在运作过程中将根据实际情况引入新的合伙人加入，以夯实资金实力与项目资源获 取能力。截止目前，基金总规模从原20,010万元增加至25,010万元，新增的有限合伙人双登集团股份有 限公司与本公司无关联关系。公司作为有限合伙人，在基金中的5,000万元投 ...

证券代码：002518 证券简称：科士达 公告编号：2026-008 深圳科士达科技股份有限公司 关于与专业投资机构共同投资的基金备案完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、投资概述 深圳科士达科技股份有限公司（以下简称"公司"）与时石私募 基金管理（嘉兴）有限公司、宁波汇鑫富企业管理有限公司、广东申 菱环境系统股份有限公司共同投资嘉兴沐桐股权投资合伙企业（有限 合伙）（以下简称"合伙企业"或"基金"）。公司作为有限合伙人 以自有资金出资 5,000 万元人民币，对该合伙企业不产生重大影响。 具体内容详见公司于 2026 年 1 月 8 日于巨潮资讯网上披露的《关于 与专业投资机构共同投资的公告》（公告编号：2026-001）。 二、进展情况 根据基金相关规划，在运作过程中将根据实际情况引入新的合伙 人加入，以夯实资金实力与项目资源获取能力。截止目前，基金总规 模从原 20,010 万元增加至 25,010 万元，新增的有限合伙人双登集团 股份有限公司与本公司无关联关系。公司作为有限合伙人，在基金中 的 5,000 万元投资金额未发生变 ...