Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][8]. Core Views - The company is expected to experience a revenue recovery in the data center business, driven by opportunities in the AI era, while the impact of disturbances in the European household storage market is gradually diminishing [2][3][8]. - The company has a strong foothold in the data center sector, with a projected revenue of 25.97 billion yuan in 2024, reflecting a year-on-year growth of 3.51% [2]. - The report anticipates a rebound in the company's performance, with expected revenues of 51.43 billion yuan, 60.31 billion yuan, and 67.74 billion yuan for the years 2025 to 2027, respectively [3][8]. Financial Summary - For 2023, the company reported a revenue of 5,440 million yuan, with a year-on-year growth rate of 23.6%. However, a decline is expected in 2024, with revenue projected at 4,159 million yuan, a decrease of 23.5% [1]. - The net profit attributable to the parent company is forecasted to be 845 million yuan in 2023, with a significant drop to 394 million yuan in 2024, representing a year-on-year decline of 53.4% [1][3]. - The company's return on equity (ROE) is projected to recover from 8.9% in 2024 to 14.2% by 2027 [1][3]. Business Segment Performance - The data center business is expected to ship 2.4699 million units in 2024, marking an 11.85% increase year-on-year, contributing significantly to the company's profitability [2]. - The renewable energy segment is facing challenges, with a projected shipment of 192,300 units in 2024, down 36.46% year-on-year, and revenue expected to decline by 49.43% [3]. - The report highlights the company's proactive approach in expanding overseas channels and targeting new markets, which may help the renewable energy segment return to a growth trajectory [3].

Group 1: Financial Performance - In Q1 2025, the company's revenue increased by 13.51% year-on-year, driven by growth in both the data center and new energy sectors [1] - The net profit attributable to shareholders decreased by 10.44% year-on-year due to low gross margins in the new energy sector, impacted by intense competition and lower product prices [1] - Future recovery in gross margins is anticipated with the resurgence of overseas energy storage demand [1] Group 2: Market Outlook - The global renewable energy market is expected to grow, with emerging markets in the Middle East, Southeast Asia, and Africa showing sustained demand [2] - The previously competitive European market is gradually recovering after inventory depletion [2] - The company maintains an optimistic outlook on the global renewable energy market and is actively expanding new market channel development [2] Group 3: Production and Capacity - The company operates 5 automated production lines for lead-acid batteries, with an annual production capacity of 3 million kVAh to meet current demand [2] - The company offers two sales models for UPS: one with only the UPS head and another bundled with lead-acid batteries, allowing for customization based on customer needs [2] Group 4: Data Center Business - The internet industry's increased investment in data centers is expected to accelerate growth, although project timelines can be lengthy due to various stages of development [2] - The company has seen a year-on-year increase in data center business growth in Q1 and remains optimistic about the overall industry benefiting from AI development in the next three to five years [2] Group 5: Investor Relations - The company conducted the investor relations activity in compliance with information disclosure regulations, ensuring the accuracy and completeness of the information shared [2]

Group 1: Data Center Industry Insights - The demand for distributed small and medium-sized data centers in traditional industries is expected to grow due to the integration of AI large model technology, although this process will take time to fully materialize [1] - The construction cycle of data centers is influenced by three key factors: electricity, land, and funding, making it a gradual process rather than a quick turnaround [2] - The data center industry has experienced high growth rates and optimistic development trends in recent years, particularly with the explosion of AI technology [2] Group 2: Energy Storage Business Deployment - The company's energy storage market is primarily focused on overseas markets, particularly in Europe and Southeast Asia, with recent expansions into the Middle East, Africa, and South America [2] - The company offers both standalone UPS products and bundled sales with batteries, depending on the procurement preferences of clients [2] - The company’s lead-acid battery products are known for their stability and brand recognition, leading to a significant number of bundled orders [2] Group 3: Investor Relations and Communication - The company ensures compliance with information disclosure regulations, maintaining the authenticity, accuracy, completeness, timeliness, and fairness of information shared with investors [2] - There were no incidents of undisclosed significant information leaks during the investor communication process [2]

Core Viewpoint - The company believes that the trend of shifting from UPS to HVDC for data center power supply is unclear, and it remains optimistic that UPS will continue to be the mainstream backup power source for data centers in the future [1] Group 1: Company Strategy - The company has been continuously upgrading its UPS products, achieving significant improvements in efficiency, footprint, and cost [1] - The company has maintained relevant technological reserves for HVDC products and plans to launch new HVDC products at an appropriate time to meet the differentiated needs of various scenarios and customers [1]

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：2025-010 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访  业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | （投资者网上说明会） 其他 | | 参与单位名称及 | | | 人员姓名 | 社会公众投资者 | | 时间 | 2025 年 4 月 30 日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/） | | | 董事长、总经理 刘程宇先生 | | 上市公司接待人 | 副总经理、董事会秘书 范涛先生 | | 员姓名 | 财务负责人 轩芳玉女士 | | | 独立董事 徐政先生 | | | 1. 公司数据中心产品在互联网行业的应用程度如何？当前 互联网行业超高的资本支出预期，公司未来有无因此迎来业绩大 | | | 增长？ | | | 答：您好，公司数据中心产品已经应用到部分核心互联网云 | | | 计算数据中心项目，同时也在加大市场和技术投入，力图突破更 ...

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]

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]

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].