Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's data center business remains stable, with a slight decline in gross margin [2] - The European residential energy storage market has slowed, putting pressure on the company's energy storage and charging business [2] - The company has significantly increased R&D investment, driving technological advancements and enhancing core competitiveness [2] - The data center business is expected to see new growth opportunities with the acceleration of AI development [2] - The energy storage business is anticipated to recover as European residential energy storage inventory gradually depletes [2] Financial Performance - In H1 2024, the company reported revenue of 1.891 billion yuan, a year-on-year decrease of 32.99% [1] - Net profit attributable to the parent company was 219 million yuan, down 56.24% year-on-year [1] - In Q2 2024, revenue was 1.06 billion yuan, a year-on-year decrease of 25.32%, with net profit attributable to the parent company at 95 million yuan, down 64.4% year-on-year [1] - The data center business generated revenue of 1.232 billion yuan in H1 2024, with a gross margin of 35.82%, down 2.17 percentage points year-on-year [2] - The energy storage and charging business revenue was 627 million yuan, down 59.67% year-on-year, with a gross margin of 22.67%, down 5.06 percentage points [2] R&D and Technological Advancements - R&D expenses in H1 2024 were 130 million yuan, a year-on-year increase of 36.36% [2] - The company has developed diversified and integrated data center products [2] - In the new energy sector, the company is exploring higher system efficiency, lower system costs, and improved safety and reliability [2] Market and Valuation - The company's current stock price corresponds to a PE ratio of 15/11/9 times for 2024-2026 [2] - The total market capitalization is 9.496 billion yuan, with a total share capital of 582 million shares [4] - The stock's price range over the past year was between 14.84 yuan and 30.31 yuan [4] Future Projections - The company's net profit attributable to the parent company is projected to be 623/842/1,048 million yuan for 2024-2026, with a downward revision of 32%/25%/17% [2] - Revenue is expected to grow by 25.46% and 18.70% in 2025 and 2026, respectively [3] - The company's ROE (diluted) is forecasted to be 13.60%/16.11%/17.45% for 2024-2026 [3]

证券研究报告 非金融公司|公司点评|科士达（002518） 欧洲户储需求下滑，2024H1 业绩承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月01日 证券研究报告 |报告要点 2024H1，公司新能源业务实现营业收入 6.43 亿元，同比-59.18%；数据中心业务实现营业收 入 12.32 亿元，同比+0.16%；公司境内营收 10.39 亿元，同比+7.05%；境外营收 8.52 亿元， 同比-53.98%。受欧洲户储市场需求增速持续放缓所拖累，下游客户仍存在库存压力，公司业 绩暂时承压。 |分析师及联系人 贺朝晖 梁丰铄 SAC：S0590521100002 SAC：S0590523040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月01日 科士达(002518) 欧洲户储需求下滑，2024H1 业绩承压 | --- | --- | --- | |-------|-------------------|--------------------------| | | | | | | 行 业： | Ⅱ | ...

来源：公司年报、国金证券研究所 买入(维持评级) 公司点评 证券研究报告 业绩简评 2024 年 8 月 28 日公司披露半年报，上半年实现营收 18.9 亿元， 同比下降 33.0%；实现归母净利润 2.19 亿元，同比下降 56.2%。 其中，Q2 实现营收 10.6 亿元，同比下降 25.3%；实现归母净利润 0.95 亿元，同比下降 64.4%。 经营分析 欧洲户储需求下降，新能源业务业绩承压：上半年公司光储充产 品实现收入 6.27 亿元，同比下降 59.7%，实现毛利率 22.7%，同 比下降 5.1pct。受欧洲户储需求下降以及主要大客户库存消化影 响，上半年公司户储产品出货大幅下降，子公司宁德时代科士达科 技上半年实现营业收入 0.74 亿元，同比下降 92.4%，净利润-0.21 亿元，同比下降 121.8%。 数据中心业务保持稳定，盈利略有下降：上半年公司数据中心业 务实现收入 12.3 亿元，同比基本持平，毛利率 35.8%，同比下降 2.2pct。公司凭借着高可靠的产品、领先的技术水平实现在各行业 及领域市场的持续深耕、重点突破，上半年业务发展相对平稳。 原材料价格下降计提资产减值损失 ...

证券代码：002518 证券简称：科士达 公告编号：2024-039 深圳科士达科技股份有限公司 2024 年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2024年1月1日-2024年6月30日 | --- | --- | --- | |----------------|-----------------------------------------|----------------------| | | 项 目 本报告期 | 上年同期 | | 归属于上市公司 | 盈利： 20,000 万元— 26,000 万元 | | | 股东的净利润 | 比上年同期下降： 60% — 48% | 盈利： 50,096 万元 | | 扣除非经常性损 | 盈利： 18,000 万元— 24,000 万元 | | | 益后的净利润 | 比上年同期下降： 63% — 51% | 盈利： 48,869 万元 | | 基本每股收益 | 盈利： 0.34 元/ 股— 0.44 元/股 | 盈利： 0.86 元/股 | 2、预 ...

证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 编号：2024-006 ☑特定对象调研 □分析师会议 □媒体采访 业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 其他 （投资者网上说明会） 参与单位名称及 威灵顿基金8位机构投资者 人员姓名 时间 2024年6 月6日 地点 公司会议室 副总经理、董事会秘书：范涛先生 上市公司接待人 证券事务代表：张莉芝女士 员姓名 证券事务专员：周舟女士 首先，范涛先生对公司情况进行了介绍，然后开始投资者交流 环节。 投资者提问：公司基本业务发展主要有哪几个板块？ ...

证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 编号：2024-005 ☑特定对象调研 □分析师会议 □媒体采访 业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 其他 （投资者网上说明会） 君子乾乾投资 同创伟业 参与单位名称及 天风证券 人员姓名 银河证券 春辉资本 等7位机构投资者 时间 2024年5 月31日 地点 公司会议室 副总经理、董事会秘书：范涛先生 上市公司接待人 证券事务代表：张莉芝女士 员姓名 证券事务专员：周舟女士 首先，范涛先生对公司情况进行了介绍，然后开始投资者交流 环节。 ...

证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 编号：2024-004 ☑特定对象调研 □分析师会议 □媒体采访 业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 其他 （投资者网上说明会） 参与单位名称及 民生证券等2位机构投资者 人员姓名 时间 2024年5 月21日 地点 公司会议室 副总经理、董事会秘书：范涛先生 上市公司接待人 证券事务代表：张莉芝女士 员姓名 证券事务专员：周舟女士 首先，范涛先生对公司情况进行了介绍，然后开始投资者交流 环节。 投资者提问：公司数据中心业务发展情况如何？ ...

丨证券研究报告丨 | --- | --- | |----------|-------| | | | | 报告要点 | | [Table_Author] 邬博华 曹海花 叶之楠 相关研究 [Table_Summary2] 事件描述 ⚫ 销量方面，由于一季度是光伏逆变器、充电桩产品的采购淡季，同时户储产品下游渠道商 仍有较大库存，预计公司 2024Q1 新能源收入同环比有所下滑；另外，预计数据中心业务 收入也同环比有所下滑。 | --- | --- | --- | |---------------------|-----------|-------| | 市场表现对比图 \n4% | ( 近 12 | | | -18% -40% | | | | -62% | | | | 资料来源： Wind | | | [Table_Report] •《科士达 2023 年三季报点评：储能去库影响出 •《科士达 2023 年半年报点评：储能盈利环比改 丨证券研究报告丨 1、户储去库进度不及预期； 请阅读最后评级说明和重要声明 风险提示 请阅读最后评级说明和重要声明 3 / 6 | --- | --- | --- | --- | ...

Operating Performance - Q1 2024 operating income was 831,113,421.96 yuan, a decrease of 40.7% compared to the same period last year (1,402,730,802.83 yuan)[7] - Revenue decreased by 40.75% to 831,113,421.96 yuan due to inventory backlog and market demand fluctuations in overseas residential storage business[31][43] - Operating profit was 147,394,070.77, compared to 305,994,767.11 in the previous period, a decrease of approximately 51.8%[21] - Net profit for the quarter was 123,992,760.43, compared to 243,459,256.65 in the previous period, a decrease of approximately 49%[21] - Net profit attributable to shareholders decreased by 46.91% to 124,003,525.61 yuan[43] - Basic and diluted earnings per share were both 0.21, down from 0.40 in the previous period, a decrease of 47.5%[21] - Total comprehensive income was 124,312,716.91, compared to 243,482,965.42 in the previous period, a decrease of approximately 48.9%[21] Costs and Expenses - Q1 2024 operating costs were 700,956,224.85 yuan, a decrease of 37.3% compared to the same period last year (1,119,533,280.72 yuan)[7] - Operating costs decreased by 41.91% to 553,854,176.50 yuan, in line with reduced sales volume[31] - R&D expenses increased by 58.3% to 61,675,034.48 yuan in Q1 2024 compared to 38,973,174.84 yuan in the same period last year[7] - R&D expenses increased by 58.25% to 61,675,034.48 yuan due to higher salaries for additional R&D personnel and increased material usage[31] - Financial expenses showed a net income of 22,127,203.89 yuan in Q1 2024, compared to a net expense of 6,819,839.62 yuan in the same period last year[7] - Financial expenses decreased by 424.45% to -22,127,203.89 yuan due to increased deposit interest income and higher foreign exchange gains[31] Assets and Liabilities - Total assets at the end of Q1 2024 were 4,255,444,803.93 yuan, a decrease of 5.7% compared to the beginning of the period (4,512,918,905.80 yuan)[18] - Total assets decreased from 6,882,788,978.62 to 6,710,050,632.06, a decline of approximately 2.5%[19] - Total assets decreased by 2.51% to 6,710,050,632.06 yuan[43] - Total liabilities decreased from 2,572,681,542.93 to 2,262,732,074.53, a reduction of approximately 12%[19] - Equity attributable to shareholders increased by 3.25% to 4,359,041,293.41 yuan[43] - Monetary funds at the end of Q1 2024 were 1,427,051,885.63 yuan, a decrease of 8.1% compared to the beginning of the period (1,552,118,583.44 yuan)[18] - Accounts receivable at the end of Q1 2024 were 1,408,996,341.81 yuan, an increase of 2.2% compared to the beginning of the period (1,378,271,833.51 yuan)[18] - Inventory at the end of Q1 2024 was 1,093,364,963.60 yuan, a decrease of 0.6% compared to the beginning of the period (1,100,369,208.92 yuan)[18] - Fixed assets at the end of Q1 2024 were 1,084,162,444.33 yuan, a decrease of 1.1% compared to the beginning of the period (1,095,730,210.30 yuan)[18] - Short-term borrowings decreased from 112,540,279.21 to 48,000,000.00, a reduction of approximately 57.4%[19] - Accounts payable decreased from 985,631,071.22 to 757,871,624.08, a reduction of approximately 23.1%[19] - Contract liabilities increased from 186,665,004.92 to 210,751,963.06, an increase of approximately 12.9%[19] Cash Flow - Net cash flow from operating activities was negative at -50.67 million, compared to a positive 616.69 million in the previous period[22] - Net cash flow from operating activities decreased by 108.22% to -50,668,634.65 yuan, primarily due to reduced sales revenue[31][43] - Sales revenue from goods and services received in cash decreased to 833.28 million, down from 1.52 billion in the previous period[22] - Cash received from tax refunds dropped significantly to 23.37 million from 113.68 million in the previous period[22] - Cash paid for goods and services decreased to 684.23 million from 776.92 million in the previous period[22] - Cash paid to employees increased to 145.26 million from 134.16 million in the previous period[22] - Net cash flow from investing activities was negative at -8.19 million, compared to -215.25 million in the previous period[22] - Cash received from investment returns decreased to 6.52 million from 1.04 million in the previous period[22] - Cash paid for investments decreased to 216.65 million from 335.83 million in the previous period[22] - Net cash flow from financing activities improved by 40.82% to -110,106,236.32 yuan, mainly due to reduced bank acceptance guarantee payments[31][41] Investment and Income - Investment income increased by 720.58% to 3,214,832.07 yuan due to dividends from equity investments[31] - Other comprehensive income increased from 23,708.77 to 319,956.48, an increase of approximately 1,249.5%[21] Shareholder Information - The largest shareholder, Ningbo Kstar Venture Capital Partnership, holds 57.30% of the shares[28] - The total number of ordinary shareholders at the end of the reporting period was 73,669[28] Audit Status - The company's Q1 2024 report was unaudited[9]

Revenue and Profit Decline - Revenue for Q1 2024 decreased by 40.75% to 831.11 million yuan compared to 1.40 billion yuan in the same period last year[5] - Net profit attributable to shareholders decreased by 46.91% to 124.00 million yuan from 233.59 million yuan in the previous year[5] - Operating income dropped significantly from 1,402,730,802.83 yuan to 831,113,421.96 yuan, a decrease of 40.7%[26] - Net profit attributable to the parent company was 124,003,525.61 RMB, down from 233,588,039.55 RMB in the previous quarter[38] - Total revenue for Q1 2024 was 4,255,444,803.93 RMB, a decrease from 4,512,918,905.80 RMB in the previous quarter[36] - Total comprehensive income for Q1 2024 was 124,312,716.91 RMB, down from 243,482,965.42 RMB in the previous quarter[38] Cash Flow and Financial Position - Operating cash flow turned negative, decreasing by 108.22% to -50.67 million yuan from 616.69 million yuan in the same period last year[5] - Net cash flow from operating activities turned negative at -50,668,634.65 yuan, compared to 616,687,195.23 yuan in the previous period[29] - Cash received from sales of goods and services fell by 45.0% from 1,515,753,468.05 yuan to 833,275,337.11 yuan[29] - Cash and cash equivalents at the end of Q1 2024 were 1,134,455,138.65 RMB, a decrease from 1,831,848,461.59 RMB at the end of the previous quarter[39] - Cash flow from financing activities was negative at -110,106,236.32 RMB, compared to -186,062,346.75 RMB in the previous quarter[39] - Net cash flow from investing activities improved from -215,246,448.68 yuan to -8,186,698.88 yuan[29] R&D and Financial Expenses - R&D expenses increased by 58.25% to 61.68 million yuan due to increased personnel and material costs[10] - R&D expenses increased by 58.2% from 38,973,174.84 yuan to 61,675,034.48 yuan[26] - Financial expenses decreased by 424.45% to -22.13 million yuan, driven by increased deposit interest income and foreign exchange gains[10] - Financial expenses showed a significant improvement, turning from a positive 6,819,839.62 yuan to a negative -22,127,203.89 yuan[26] Assets and Liabilities - Total assets decreased by 2.51% to 6.71 billion yuan compared to the end of the previous year[5] - Total assets decreased from 6,882,788,978.62 yuan to 6,710,050,632.06 yuan, a decline of 2.5%[25] - Equity attributable to shareholders increased by 3.25% to 4.36 billion yuan[5] - Total liabilities decreased by 12.0% from 2,572,681,542.93 yuan to 2,262,732,074.53 yuan[25] - Short-term borrowings decreased by 57.35% to 48.00 million yuan as financing-related bills matured[10] - Short-term borrowings decreased by 57.3% from 112,540,279.21 yuan to 48,000,000.00 yuan[25] - Accounts payable reduced by 23.1% from 985,631,071.22 yuan to 757,871,624.08 yuan[25] - Accounts receivable increased to 1,408,996,341.81 RMB from 1,378,271,833.51 RMB in the previous quarter[36] - Inventory decreased slightly to 1,093,364,963.60 RMB from 1,100,369,208.92 RMB in the previous quarter[36] - Fixed assets decreased to 1,084,162,444.33 RMB from 1,095,730,210.30 RMB in the previous quarter[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 73,669[13] - The largest shareholder, Ningbo Kstar Venture Capital Partnership, holds 57.30% of the shares, totaling 336,284,260 shares[13] - Liu Ling, an individual shareholder, holds 3.58% of the shares, totaling 21,007,350 shares, with 15,755,512 shares under restricted conditions[13] - Hong Kong Securities Clearing Company Limited holds 1.21% of the shares, totaling 7,094,076 shares[13] - The Agricultural Bank of China - CSI 500 ETF holds 0.51% of the shares, totaling 2,969,000 shares[13] - The Bank of China - Huatai-PineBridge CSI Photovoltaic Industry ETF holds 0.36% of the shares, totaling 2,132,324 shares[13] - China Life Insurance Company holds 0.31% of the shares, totaling 1,845,684 shares[13] - CITIC Securities - Tianhong CSI Photovoltaic Industry Index Fund holds 0.31% of the shares, totaling 1,798,650 shares[13] - Guotai Junan Securities holds 0.18% of the shares, totaling 1,060,379 shares[13] - The total equity attributable to the parent company is 4,359,041,293.41, with minority interests totaling 88,277,264.12[23] Other Financial Metrics - Prepayments increased by 99.87% to 21.61 million yuan due to higher advance payments for goods[10] - Investment income surged by 720.58% to 3.21 million yuan due to dividends from equity investments[10] - Basic earnings per share (EPS) for Q1 2024 was 0.21 RMB, compared to 0.40 RMB in the previous quarter[38] - The company's Q1 2024 financial report was unaudited[39]