Group 1: Company Performance and Market Trends - The company's data center products are already applied in core internet cloud computing projects, with a positive growth momentum observed [1] - The UPS industry is expected to experience high growth opportunities due to the rapid development of AI technology and data centers [2] - The company plans to continuously enhance its data center business to improve performance [2] Group 2: Financial Performance and Challenges - The company's gross margin in the renewable energy sector has declined due to intense market competition and falling product prices [2] - In Q4 2024, the company recorded a net profit impact of 85.10 million due to increased credit impairment losses and deferred tax asset reversals [3][4] - The company maintains a strong cash position with total monetary funds and cash management products amounting to 2.57 billion as of December 31, 2024 [4] Group 3: Research and Development - The average salary of R&D personnel has increased by 23.39% over the past three years, with various incentive programs in place [6] - The company allocated 275 million for R&D in 2024, focusing on new product development based on market demand [8] Group 4: Export and Trade Environment - The company's export ratio was 46.26% in 2024, with minimal impact from US-China tariffs as exports are primarily directed to Europe, Asia, and Africa [7] - The company is exploring opportunities for mergers and collaborations to accelerate business development [4] Group 5: Future Outlook - The company anticipates significant market demand in the data center industry driven by AI and big data advancements [8] - The company aims to expand its overseas renewable energy business while enhancing profitability in this sector [8]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's revenue for 2024 is reported at 4.159 billion yuan, a year-on-year decrease of 23.54%, with a net profit attributable to shareholders of 394 million yuan, down 53.38% year-on-year [1] - The data center business showed steady growth in 2024, generating revenue of 2.597 billion yuan, an increase of 3.51% year-on-year, with a gross margin of 35.29% [2] - The company's research and development expense ratio for 2024 is 6.6%, up 2.08 percentage points year-on-year, indicating a focus on enhancing core competitiveness through technology [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.159 billion yuan, a decline of 23.54% from the previous year, and a net profit of 394 million yuan, down 53.38% year-on-year [1] - For Q1 2025, the company reported a revenue of 943 million yuan, an increase of 13.51% year-on-year, with a net profit of 111 million yuan, down 10.44% year-on-year [1] Business Segments - The data center and smart power business generated revenue of 2.597 billion yuan in 2024, with a gross margin of 35.29%, despite a slight decrease in margin [2] - The company's energy storage business faced challenges due to weak demand in Europe, resulting in a revenue of 1.361 billion yuan for the solar storage charging business, a decrease of 49.43% year-on-year [2] Research and Development - The company is increasing its R&D investment, with a 2024 R&D expense ratio of 6.6%, reflecting a commitment to developing competitive products in both data center and energy storage sectors [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 530 million yuan, 703 million yuan, and 882 million yuan respectively, reflecting a downward adjustment of 37% and 33% for 2025 and 2026 [3] - The current stock price corresponds to a price-to-earnings ratio of 24, 18, and 14 for 2025-2027 [3]

下新财富金 八届新财富最佳IR港股公 评选结果 | 排序 | 证券代码 | 证券简称 | 董秘姓名 | | --- | --- | --- | --- | | 1 | 002600 | 领益智造 | 郭瑞 | | 2 | 300693 | 盛弘股份 | 胡天舜 | | 3 | 002518 | 科士达 | 范涛 | | 4 | 002466 | 天齐锂业 | 张文宇 | | 5 | 600516 | 方大炭素 | 庄際茹 | | 6 | 002599 | 盛運股份 | 肖薇 | | 7 | 301021 | 英诺激光 | 张勇 | | 8 | 603612 | 索通发展 | 袁钢 | | 0 | 300545 | 联得装备 | 刘雨晴 | | 10 | 000960 | 辑小略份 | 橘佳性 | | 11 | 002335 | 科华数据 | 林靜 | | --- | --- | --- | --- | | 12 | 002902 | 铭普光磁 | 王妃娜 | | 13 | 002973 | 保银股份 | 李睿希 | | 14 | 301327 | や宝新能 | 王秋蓉 | | 15 | 001696 | 宗申 ...

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 are expected to enhance the efficiency of computing resources and provide a solid foundation for the digital economy [9][11] - The power supply architecture is anticipated to evolve from UPS to HVDC, with a focus on improving power supply efficiency and reliability [4][66] - The market for AI servers and power supplies is expected to see significant growth, driven by increasing power density and the need for high-performance computing [41][56] 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, with a focus on enhancing computing power and efficiency [9] - The power supply infrastructure is likely to undergo iterative upgrades to meet the growing demands of data centers [19] 2. AI Server Power Supply Upgrades - The global AI market reached approximately 1,187.9 billion yuan in 2023, with expectations of a compound annual growth rate exceeding 35% from 2023 to 2030 [41] - AI server power supply performance is expected to improve, leading to increased value and 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 - The report suggests focusing on several areas within the power supply sector, including: 1. Increased power density in server power supplies, with recommendations to monitor companies like Megmeet and EATON [4] 2. The shift from UPS to HVDC systems, with a focus on companies such as Zhongheng Electric and Hezhong Electric [4] 3. Backup power solutions, particularly BBU and diesel generators, with recommendations to observe companies like Yiwei Lithium Energy and KOTAI Power [4]

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].

Core Viewpoint - The financial performance of KOSTA (科士达) in 2024 reflects significant challenges in the energy storage industry, with a notable decline in revenue and profit primarily due to a downturn in household storage business and reliance on a major client, SolarEdge, which reported substantial losses [2][3]. Financial Performance - KOSTA reported a revenue of 4.159 billion yuan in 2024, a decrease of 23.54% year-on-year, and a net profit of 394 million yuan, down 53.38% [2]. - The gross margin fell by 2.22%, with the household storage product revenue dropping to 1.378 billion yuan, a decline of 49.43% [2][4]. Client Dependency and Market Impact - KOSTA's primary client, SolarEdge, experienced a record net loss of 18.1 billion yuan in 2024, leading to a significant reduction in orders from KOSTA, with sales to SolarEdge dropping to 222 million yuan, only 5.34% of total sales compared to 1.206 billion yuan (22.19%) in 2023 [3][4]. - The European household storage market declined by approximately 26% in 2024, contributing to the challenges faced by KOSTA [3]. Business Segments and Margins - The company’s various business segments saw a decline in gross margins, with household storage product margins decreasing by 8.07% and renewable energy revenue margins dropping by over 40% [4][5]. - KOSTA's revenue from smart power and data center businesses showed minimal growth, with a gross margin decline of 2.44% [5]. Strategic Challenges - KOSTA's aggressive expansion strategy, which included a planned fundraising of 2.373 billion yuan, faced scrutiny and was subsequently reduced to 1.251 billion yuan due to market and regulatory pressures [6][8]. - The company withdrew its fundraising plan by the end of July 2024, highlighting the tightening of financing channels and increased scrutiny on profitability [8]. Market Conditions - The overall market for uninterruptible power supplies (UPS) in China is projected to grow slowly, with a market size of approximately 7 billion yuan and a growth rate of about 1% in 2024, influenced by intensified competition and price fluctuations [10]. - The demand for AI computing power is increasing, but the growth in power supply systems remains slow, indicating a lag in the industry’s ability to adapt to new technological demands [10].

Group 1: Financial Performance - The company's gross margin for the data center segment remains stable, with a slight decline in 2024 due to accounting policy changes and discounts for major clients, but it is expected to be slightly higher in Q1 2025 compared to 2024 [1] - The renewable energy segment is experiencing significant pressure with low prices and decreased shipment volumes, leading to a substantial decline in gross margin, which remains at a low level in Q1 2025 [2] Group 2: Market Outlook - The global policy direction is increasingly reinforcing the renewable energy industry as a core strategy for achieving carbon neutrality, with ongoing opportunities despite fierce competition [2] - The company is optimistic about the global energy storage market and is actively expanding its overseas channels, particularly in the Middle East, Southeast Asia, and Africa [2] Group 3: Product Development and Trends - The integration of energy storage with data centers is seen as a promising development direction, with the company recognizing the efficiency of using storage technology to support data center energy needs [2] - The company has been offering lithium battery UPS products since 2022, primarily targeting overseas markets due to domestic safety concerns, although domestic acceptance of lithium batteries is expected to increase in the next one to two years [3][4] Group 4: Competitive Landscape - Currently, overseas brands dominate the data center supplier market in China's internet sector, but domestic brands are gaining traction in finance, telecommunications, and government sectors [5] - The trend towards domestic substitution is expected to continue, driven by national security concerns and increasing demand for domestic equipment in key areas [5]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 being 7.0 billion, 8.7 billion, and 10.1 billion respectively, corresponding to PE ratios of 18, 14, and 12 [4]. Core Insights - The company reported a revenue of 4.16 billion in 2024, a decrease of 23.5% year-on-year, and a net profit of 394 million, down 53.4% year-on-year. However, in Q1 2025, revenue increased by 13.5% year-on-year to 943 million, while net profit decreased by 10.4% year-on-year to 111 million [2]. - The data center business showed steady growth, with revenue of approximately 2.6 billion in 2024, a year-on-year increase of 3.5%. The gross margin was 35.3%, down 2.4 percentage points, primarily due to changes in sales structure. The company has made breakthroughs in the internet sector outside its traditional industries, benefiting from the acceleration of domestic data center construction [2]. - The solar storage and charging business saw a significant decline in revenue, down 49.4% year-on-year to 1.36 billion in 2024, with a gross margin of 16.6%, down 8.07 percentage points. This decline was attributed to inventory digestion in the European market. However, there are signs of recovery expected in Q2 2025 as inventory issues are resolved [3]. - The company has made sufficient impairment provisions, totaling approximately 120 million in 2024, with expectations of a high probability of recovery for credit impairment losses. Operational metrics showed improvement, with inventory turnover days decreasing by 31 days year-on-year to 147 days in Q1 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved revenue of 4.16 billion, a decline of 23.5% year-on-year, and a net profit of 394 million, down 53.4%. In Q1 2025, revenue was 943 million, up 13.5% year-on-year, while net profit was 111 million, down 10.4% year-on-year [2]. Business Analysis - The data center and smart power business generated approximately 2.6 billion in revenue in 2024, with a 3.5% year-on-year growth and a gross margin of 35.3%. The company has established a comprehensive solution capability and made significant inroads into the internet sector [2]. - The solar storage and charging business reported revenue of 1.36 billion in 2024, a 49.4% decline year-on-year, with a gross margin of 16.6%. The decline was mainly due to inventory adjustments in the European market, but recovery is anticipated in Q2 2025 [3]. - The company recorded total impairment provisions of about 120 million in 2024, with a significant portion expected to be recoverable. Operational efficiency improved, as indicated by reduced inventory and accounts receivable turnover days [3]. Profit Forecast and Valuation - The forecast for net profits from 2025 to 2027 is 7.0 billion, 8.7 billion, and 10.1 billion, with corresponding PE ratios of 18, 14, and 12. The report maintains a "Buy" rating based on these projections [4].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.0 billion, 8.7 billion, and 10.1 billion respectively, corresponding to PE ratios of 18, 14, and 12 [4]. Core Insights - The company reported a revenue of 4.16 billion in 2024, a decrease of 23.5% year-on-year, and a net profit attributable to shareholders of 394 million, down 53.4% year-on-year. However, in Q1 2025, revenue increased by 13.5% year-on-year to 943 million, while net profit decreased by 10.4% to 111 million [2]. - The data center business showed steady growth, with revenue of approximately 2.6 billion in 2024, a year-on-year increase of 3.5%. The gross margin was 35.3%, down 2.4 percentage points, primarily due to changes in sales structure. The company has established a comprehensive solution capability in the data center product field and is expected to benefit from the acceleration of domestic data center construction [2]. - The solar storage and charging business saw a significant decline in revenue, down 49.4% year-on-year to 1.36 billion in 2024, with a gross margin of 16.6%, down 8.07 percentage points. This decline was mainly due to inventory digestion in the European market. However, there are signs of recovery as domestic inverter exports to Europe turned positive in Q1 2025 [3]. - The company made substantial impairment provisions in 2024, totaling approximately 120 million, with expectations of a high probability of recovery in credit impairment losses. Operational indicators showed improvement, with inventory turnover days decreasing by 31 days year-on-year to 147 days in Q1 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved revenue of 4.16 billion, a decline of 23.5% year-on-year, and a net profit of 394 million, down 53.4%. In Q1 2025, revenue was 943 million, up 13.5% year-on-year, while net profit was 111 million, down 10.4% [2]. Business Analysis - The data center and smart power business generated approximately 2.6 billion in revenue in 2024, with a gross margin of 35.3%. The company has made breakthroughs in the internet sector and is expected to benefit from the rapid development of data centers in China [2]. - The solar storage and charging business faced challenges, with revenue dropping to 1.36 billion in 2024. However, recovery is anticipated as European inventory issues are expected to resolve by Q2 2025 [3]. - The company recorded significant impairment provisions in 2024, with a total of 120 million, indicating a potential for recovery in the future [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 7.0 billion, 8.7 billion, and 10.1 billion, with corresponding PE ratios of 18, 14, and 12. The report maintains a "Buy" rating based on these projections [4].

关于深圳科士达科技股份有限公司 非经营性资金占用及其他关联 资金往来情况的专项说明 勤信专字【2025】第 0865 号 官 I 中勤万信会计师事务所（特殊普通合伙） 地址:北京市西城区西直门外大街 112 号十层 1001 电话:(86-10) 68360123 传真:(86-10) 68360123-3000 邮编: 100044 关于深圳科士达科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项说明 勤信专字【2025】第 0865 号 深圳科士达科技股份有限公司全体股东: 我们接受委托,依据《中国注册会计师执业准则》审计了深圳科士达科技股 份有限公司(以下简称贵公司)的财务报表,包括 2024年 12月 31 日的合并及 母公司资产负债表,2024年度的合并及母公司利润表、合并及母公司现金流量 表、合并及母公司所有者权益变动表以及财务报表附注，并于 2025 年 4 月 24 日 出具了勤信审字【2025】第 1908 号的无保留意见的审计报告。 根据中国证券监督管理委员会发布的《上市公司监管指引第 8 号—上市公司 资金往来、对外相保的监管要求》（证监会公告〔2022〕26 号）和深圳证券 ...