南财智讯1月22日电，科士达在投资者关系活动中表示，公司锚定"数据中心+新能源"双主业战略布局， 2025年度两大业务板块均实现提速增长。受益于AI智算中心和大型数据中心建设加速，全球数据中心 市场需求持续放量，北美、中国、东南亚等区域表现突出。公司立足全球化发展，当前数据中心业务海 外收入占比略高于国内，未来三到五年行业有望维持高景气运行态势，公司对产业长期发展前景保持坚 定信心。 ...

南财智讯1月22日电，科士达在投资者关系活动中表示，数据中心业务在国内市场面临较大竞争压力， 尤其在大客户项目竞标中价格竞争较为明显，对公司毛利率形成一定影响；而海外市场由于地域广阔、 信息壁垒存在以及客户粘性强，在新市场切入时可获得合理价格优势，整体毛利率表现相对稳定。此 外，原材料价格、税率政策及汇率变动等外部因素也会对盈利能力产生综合影响。 ...

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 投资者提问：数据中心行业景气，吸引更多竞争者加入，竞争 压力也将加剧，公司如何看待？ 公司回答：数据中心行业历经多年发展，竞争格局已趋于稳定。 公司所涉数据中心电源类产品，核心价值在于保障数据中心全 链路稳定运行，具备显著的安全保障属性，由此构筑了较高的 客户粘性。客户在采购决策中，更侧重于产品品质的可靠性， 以及合作关系的深度与持续性。伴随行业景气度持续攀升、市 场空间进一步扩容，势必吸引部分新进入者入局。这既是市场 发展的必然规律，更从侧面印证了该赛道的广阔前景与巨大潜 力。 作为深耕行业三十余年的资深企业，公司已积淀起丰富的 渠道资源、优质的客户资源与深厚的项目经验。依托高精尖研 发团队与完善的产品线矩阵，结合覆盖全球的售后响应体系， 公司得以实现高品质的产品交付与高效的客户服务保障。市场 竞争始终存在，而良性竞争正是驱动企业迭代升级、产品持续 革新的核心动力。未来，公司将聚焦三大核心方向：持续加码 新产品研发、积极开拓新市场与新客户、深化与存量客户的战 略合作绑定，力求在行业发展红利期乘势而上，实现企业发展 的跨 ...

证券之星消息，1月22日其他电源设备板块较上一交易日上涨1.3%，科泰电源领涨。当日上证指数报收 于4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。其他电源设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300820 | 英杰电气 | 56.75 | -4.54% | 7.79万 | 4.471乙 | | 002518 | 科士达 | 57.60 | -3.18% | 15.81万 | 9.10亿 | | 301590 | 优优绿能 | 223.60 | -3.11% | ● 1.25万 | 2.78亿 | | 688411 | 海博思创 | 241.25 | -2.62% | - 3.71万 | 2786.8 | | 300491 | 通合科技 | 28.87 | -2.24% | 12.20万 | 3.52亿 | | 300376 | 易事特 | 7.16 | -1.65% | 34.61万 | 2.49亿 | | 300693 | 雷 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688411 | 海道思创 | 247.74 | -3.93% | 3.45万 | 8.72亿 | | 601727 | 上海电气 | 9.17 | -1.40% | 205.58万 | 18.85 Z | | 002630 | ST华西 | 2.57 | -1.15% | 17.53万 | 4514.15万 | | 002227 | 奥特迅 | 12.70 | -1.01% | + 4.37万 | 5531.55万 | | 002951 | 金时科技 | 13.73 | -0.94% | 2.93万 | 4036.50万 | | 002366 | 融发核电 | 8.09 | -0.86% | 52.33万 | 4.24亿 | | 600405 | 动力源 | 5.68 | -0.70% | 11.34万 | 6455.38万 | | 002255 | 海陆重工 | 13.05 | -0.68% | 32.32万 | 4.22亿 | | 30037 ...

Market Overview - The three major A-share indices collectively closed lower on January 20, with a total market turnover of approximately 2.8 trillion yuan, and over 2,200 stocks rose, including 63 stocks hitting the daily limit [1] Institutional Ratings - A total of 11 buy ratings were issued by institutions today, covering 9 stocks, with Hunan YN and Keda receiving 2 buy ratings each [2] - Among the stocks with buy ratings, 6 companies provided earnings forecasts for 2025, with Hunan YN expected to see a net profit increase of 114.81% year-on-year, followed by Zhenyu Technology and Keda with expected increases of 106.74% and 59.82% respectively [2] Industry Focus - The power equipment industry was the most favored by institutions, with 4 stocks including Hunan YN and Keda listed [2] - The automotive and food & beverage industries also attracted institutional attention, each having 2 stocks featured [2] Institutional Trading - In the top trading list, 17 stocks had net buying amounts exceeding 10 million yuan, with Hunan Baiyin leading at 80.83 million yuan, followed by Tongyu Communications at 55.55 million yuan [4] - Among the net selling stocks, Sanwei Communication faced the highest net sell of 194 million yuan [4] Northbound Capital - 12 stocks on the northbound trading list saw net buying, with Tongyu Communications leading at 97.57 million yuan, followed by Tiantong Co. and Hunan Baiyin, both exceeding 60 million yuan [6] Company Announcements - ST Saiwei (300044) announced an expected net profit loss of 720 million to 1.02 billion yuan for 2025, influenced by litigation and arbitration judgments [7] - Kangxin New Materials (600076) plans to acquire 51% of Wuxi Yubang Semiconductor Technology for 392 million yuan, marking its expansion into the semiconductor sector [8] - Huadian Technology (601226) signed a procurement contract worth approximately 374 million yuan for a wind-solar hydrogen project [8] - China Merchants Energy (601872) plans to build 4 container ships with a total investment of up to 1.324 billion yuan [9] - Anhui Construction (600502) received project bids totaling 13.76 million yuan for two projects [9]

Market Overview - The three major A-share indices collectively closed lower on January 20, with a total market turnover of approximately 2.8 trillion yuan, and over 2,200 stocks rising, including 63 stocks hitting the daily limit [1] Institutional Ratings - A total of 11 buy ratings were issued by institutions today, covering 9 stocks, with Hunan YN and Keda receiving 2 buy ratings each [2] - Among the stocks with buy ratings, 6 companies provided earnings forecasts for 2025, with Hunan YN expected to see a net profit increase of 114.81% year-on-year, followed by Zhenyu Technology and Keda with expected increases of 106.74% and 59.82%, respectively [2] - The power equipment industry was the most favored, with 4 stocks listed, while the automotive and food & beverage industries also attracted attention with 2 stocks each [2] Institutional Trading - In the top trading list, 17 stocks had net buying, with 13 stocks seeing net buying amounts exceeding 10 million yuan. Hunan Baiyin topped the list with a net buying amount of 80.83 million yuan [4] - The net selling stocks included Sanwei Communication, which faced a net selling of 194 million yuan, followed by Redxiang Shares and Zhitex New Materials, both exceeding 20 million yuan in net selling [4] Company Announcements - ST Saiwei (300044) announced an expected net loss of 720 million to 1.02 billion yuan for 2025, influenced by litigation and arbitration judgments, with a potential negative net asset value [7] - Kangxin New Materials (600076) plans to acquire 51% of Wuxi Yubang Semiconductor Technology Co., Ltd. for 392 million yuan, marking its expansion into the semiconductor field [8] - Huadian Technology (601226) signed a procurement contract worth approximately 374 million yuan for a wind-solar hydrogen project [8] - China Merchants Energy (601872) announced plans to build four container ships with a total investment of up to 1.324 billion yuan, with delivery scheduled for 2027-2028 [9] - Anhui Construction (600502) received project bids totaling 13.76 billion yuan, including a hydrogen installation project and a chip industry park project [9]

Core Viewpoint - Dongwu Securities report indicates that Keda's "data center + new energy" dual-driven high growth is expected, with a projected net profit attributable to shareholders of 600-660 million yuan in 2025, representing a year-on-year increase of 52.21%-67.43% [1] Group 1 - The expected net profit for Q4 is projected to be between 150-210 million yuan, showing a year-on-year increase of 302%-462% and a quarter-on-quarter change of -21% to +11% [1] - The data center sector is experiencing steady growth, and there is a noticeable recovery in energy storage demand [1] - The company has made significant breakthroughs in the North American external power supply business, with an additional 600K high-power UPS OEM expected in 2025, having secured the first batch of orders exceeding 100 million yuan [1] Group 2 - A second batch of orders worth over 300 million yuan is anticipated, with all deliveries scheduled for 2026, which is expected to contribute significantly to the North American business [1] - Domestically, the company maintains a solid foundation through partnerships with major CSPs, COLOs, and operators such as ByteDance, Alibaba, and GDS [1] - The testing period with ByteDance is six months, and feedback is expected by the end of Q1 2026; if successful, domestic revenue growth is likely to increase significantly [1] Group 3 - The company has advantages in AIDC products and channels, leading to substantial profit elasticity [1] - A target price of 67.2 yuan is set based on a 35x PE ratio for 2026, maintaining a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 600-660 million yuan in 2025, representing a year-on-year increase of 52.21% to 67.43% [2] - The data center business is steadily growing, with projected revenue of over 3 billion yuan in 2025, a year-on-year increase of 20% [2] - The new energy business is recovering, with expected revenue of 2 billion yuan in 2025, a year-on-year increase of 10%, and storage business revenue expected to nearly double [2] Financial Forecasts - Total revenue is forecasted to be 5,281 million yuan in 2025, with a year-on-year growth of 26.99% [1] - The net profit attributable to shareholders is projected to be 643.82 million yuan in 2025, with a year-on-year growth of 63.32% [1] - The latest diluted EPS is expected to be 1.11 yuan per share in 2025 [1] Revenue Breakdown - The data center segment is expected to generate over 10 billion yuan in Q4 2025, reflecting a year-on-year increase of 40% [2] - The storage revenue in Q4 2025 is projected to be around 4 billion yuan, with a year-on-year increase of 50% [2] Profitability Metrics - The company’s profitability forecast for 2025 has been raised to 6.4 billion yuan, with corresponding P/E ratios of 50, 29, and 21 for 2025, 2026, and 2027 respectively [3] - The gross margin is expected to be 29.75% in 2025, with a net profit margin of 12.19% [9] Market Position - The company has made significant breakthroughs in the North American market, with new orders expected to contribute significantly to revenue in 2026 [3] - Collaborations with major domestic players like ByteDance and Alibaba are expected to stabilize the domestic market base [3]

Summary of Conference Call Notes Industry Overview - The focus is on the AI power sector, specifically the transformer and AI power supply segments, which are identified as the most certain growth areas for 2026 [1][2]. Key Points 1. **Order and Performance Catalysts**: After 25 years of strategic positioning, leading companies in the AIDC (Artificial Intelligence Data Center) sector are expected to see sustained order growth and performance improvements in 2026, particularly in transformers and AI power supplies [1]. 2. **Transformer Demand**: There is a clear trend of electricity shortages in North America, which is anticipated to worsen in 2026. Transformers are identified as a critical component in addressing this shortage, with Chinese companies expected to become key players in increasing overseas production capacity and accelerating exports [1][2]. 3. **AI Power Supply Developments**: The core focus for AI power supplies in 2026 is on achieving significant milestones, particularly in high-voltage direct current (HVDC) systems, which are expected to transition from concept to implementation. Additionally, ongoing testing and sample submissions for solid-state transformers (SST) are noted [1]. 4. **Company-Specific Updates**: - **Siyuan Electric**: Anticipates over $100 million in orders from the U.S. in 2025, with expectations for explosive growth in transformers and AIS (Air Insulated Switchgear) in 2026 [2]. - **Igor**: Reports a 100% increase in North American orders in 2025, with close collaboration with T [2]. - **Jinpan Technology**: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. - **Sifang Co.**: SST and V are entering the final stages of integration [2]. - **Kostad**: Noted an increase in UPS (Uninterruptible Power Supply) demand in North America, with new HVDC products and SST technology being developed [2]. - **Magmi Tech**: Reports successful scaling of orders and smooth sample submissions for new products [2]. Additional Important Insights - The emphasis on the AI power sector reflects a broader trend towards integrating AI technologies in energy solutions, indicating potential long-term growth opportunities in this industry [1][2]. - The strategic positioning of Chinese companies in the global market for transformers and AI power supplies suggests a shift in manufacturing capabilities and export dynamics, which could impact competitive landscapes [1].