002518.SZ 12m Price Target: Rmb48.50 Price: Rmb39.10 Upside: 24.0% Shenzhen Kstar Science & Tech (002518.SZ) 3Q25 beat: Guides higher data center product sales growth in 2026 backed by new (domestic/overseas) customers, new products (HVDC) on track; Reiterate Buy Kstar announced strong 3Q25 results on Oct 26, 2025, with revenue/gross profit/EBIT/net income at Rmb1,446mn/Rmb404mn/Rmb207mn/Rmb190mn (+42%/+27%/+62%/+38% yoy), +13%/+5%/+26%/+5% vs. GSe. GPM/OPM/NPM was 28%/14%/13% (-3pp/+2pp/0pp yoy and -1pp/+3 ...

Market Performance - The other power equipment sector increased by 2.25% compared to the previous trading day, with Xinle Energy leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Highlights - Xinfu Energy (300593) closed at 23.80, up 17.65% with a trading volume of 569,500 shares and a transaction value of 1.26 billion [1] - Keda (002518) closed at 42.04, up 7.52% with a trading volume of 250,500 shares [1] - Shenghong Co. (300693) closed at 40.37, up 6.46% with a trading volume of 312,700 shares [1] - Dongfang Electric (600875) closed at 21.47, up 6.29% with a trading volume of 1,160,000 shares [1] Capital Flow - The other power equipment sector experienced a net outflow of 800 million from institutional investors, while retail investors saw a net inflow of 540 million [2] - The net inflow from speculative funds was 261 million [2] Individual Stock Capital Flow - Shanghai Electric (601727) had a net inflow of 193 million from institutional investors, while it faced a net outflow of 29.43 million from speculative funds [3] - Xinle Energy (300593) saw a net inflow of 140 million from institutional investors, with a net outflow of 48.90 million from speculative funds [3] - Dongfang Electric (600875) had a net inflow of 146 million from institutional investors, with a net outflow of 65.44 million from speculative funds [3]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 46.80 RMB [6][4]. Core Insights - The company reported strong revenue and profit performance in Q3 2025, achieving revenue of 1.446 billion RMB, a year-on-year increase of 41.7% and a quarter-on-quarter increase of 18.6%. The net profit attributable to shareholders was 190 million RMB, up 38.4% year-on-year and 32.0% quarter-on-quarter [1][4]. - The growth in revenue and profitability is expected to be driven by the company's overseas data center and energy storage businesses, with significant contributions anticipated from major internet clients starting in 2026 [1][4]. - The energy storage business has shown robust growth, with revenues of approximately 600 million RMB for the first nine months of 2025, surpassing the total revenue for the previous year [3][4]. Summary by Sections Data Center Business - The company achieved approximately 2.2 billion RMB in revenue from its data center business in the first nine months of 2025, reflecting a year-on-year growth of 15% and an improvement in gross margin by about 2 percentage points [11]. - Key partnerships have been established with major internet clients such as Kuaishou, ByteDance, and JD.com, which are expected to enhance revenue starting in 2026 [11][2]. - The overseas market has become a primary growth driver, with revenue from international data centers surpassing domestic revenue in Q3 2025 [11]. Energy Storage Business - The energy storage segment is primarily focused on commercial and household storage, utilizing a dual model of proprietary branding and OEM for major clients [3]. - The gross margin for the energy storage business improved by approximately 3 percentage points year-on-year due to increased shipments to overseas clients [3]. - The company has established a strong market position in high-demand regions such as Europe, North America, Africa, and the Middle East, which is expected to further enhance profitability [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders has been revised upward for 2025-2027 to 650 million, 910 million, and 1.1 billion RMB, respectively, reflecting increases of 5.4%, 12.6%, and 8.8% from previous estimates [4]. - The company is assigned a 30x PE valuation for 2026, with a target price of 46.80 RMB, indicating a positive outlook based on anticipated growth in data center and energy storage businesses [4].

Core Insights - The article highlights the recent movements of social security funds in the stock market, revealing that 43 new stocks were added to their portfolio in the third quarter [1] - A total of 1,315 companies have released their third-quarter reports, with social security funds appearing in 156 stocks, indicating significant institutional activity [1] Summary by Category New Investments - Social security funds initiated positions in 43 new stocks during the third quarter [1] - Among the new stocks, the highest holdings were in Jin Cheng Pharmaceutical (11.89 million shares), Kesi Da (10.52 million shares), and Huazheng New Materials (3.70 million shares) [1] - The stock with the highest proportion held by social security funds is Jin Cheng Pharmaceutical, accounting for 3.20% of its circulating shares [2] Performance Metrics - In terms of performance, 30 of the newly invested stocks reported year-on-year net profit growth, with Huazheng New Materials showing the highest increase of 1,042.19% [2] - The average increase of the newly invested stocks since October is 0.96%, which underperformed compared to the Shanghai Composite Index [2] - The best-performing stock among the new investments is Beifang Changlong, with a cumulative increase of 28.05% [2] Holdings Overview - A detailed list of stocks newly invested by social security funds includes Jin Cheng Pharmaceutical, Yi Yi Co., Huazheng New Materials, and others, with varying levels of holdings and industry classifications [2][3] - Notable holdings include Jiangsu Jinzu (45.65 million shares) and Fangzheng Technology (30.13 million shares), indicating a diverse investment strategy across different sectors [3]

Core Viewpoint - Keda's institutional investor holdings have increased, indicating growing confidence in the company, with a total of 3.71 billion shares held by institutions, representing 63.78% of total shares [1] Group 1: Institutional Holdings - As of October 26, 2025, nine institutional investors disclosed their holdings in Keda, totaling 3.71 billion shares, which is 63.78% of Keda's total share capital [1] - The institutional holding ratio increased by 2.69 percentage points compared to the previous quarter [1] Group 2: Public Fund Disclosures - Five new public funds disclosed their holdings in Keda this quarter, including funds from Bosera, Huatai-PineBridge, and E Fund [2] - A total of 112 public funds that previously held Keda shares did not disclose their holdings this quarter, including several ETFs focused on photovoltaic sectors [2] Group 3: Social Security Fund Holdings - Two new social security funds disclosed their holdings in Keda, both managed by Huatai-PineBridge [2] Group 4: Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings in Keda by 0.42% compared to the previous period [2]

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：2025-037 深圳科士达科技股份有限公司 第六届董事会第二十五次会议决议公告 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、董事会会议召开情况 深圳科士达科技股份有限公司（以下简称"公司"）第六届董事会第二十五次会议通知于2025年10月21日 以微信、电子邮件等方式发出，会议于2025年10月24日9:30在深圳市光明区高新园西片区七号路科士达 工业园会议室以现场结合通讯方式召开。本次会议应出席董事7人，实际出席董事7人，公司监事、高管 列席了本次会议。会议由董事长刘程宇先生召集并主持。本次会议召开程序及出席情况符合《公司 法》、《公司章程》及有关法律、行政法规、部门规章、规范性文件的要求，会议决议合法有效。 二、董事会会议审议情况 1、审议《公司2025年第三季度报告》 公司全体董事、监事、高级管理人员保证公司2025年第三季度报告所载资料不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性签署了负个别及连带责任的书面 ...

格隆汇10月26日丨科士达(002518.SZ)披露2025年度第三季度报告，公司第三季度实现营业收入14.46亿 元，同比增长41.71%；净利润1.90亿元，同比增长38.36%。前三季度实现营业收入36.09亿元，同比增 长23.93%；净利润4.46元，同比增长24.93%。 ...

Growth - Shen Shen Fang A reported a net profit of 42.09 million yuan in the third quarter, representing a year-on-year increase of 7066.86% [1] - Zhenghai Magnetic Materials achieved a net profit of 115 million yuan in the third quarter, up 189.72% year-on-year [1] - Bojun Technology's net profit reached 274 million yuan in the third quarter, marking a year-on-year growth of 102.11% [1] - Weicai Technology reported a net profit of 101 million yuan in the third quarter, reflecting a year-on-year increase of 98.11% [1] - Cambridge Technology posted a net profit of 138 million yuan in the third quarter, a year-on-year rise of 92.92% [1] - WuXi AppTec's net profit for the third quarter was 3.515 billion yuan, showing a year-on-year growth of 53.27% [1] - Hengdian East Magnetic's net profit was 432 million yuan in the third quarter, up 51.98% year-on-year [1] - Xiyu Co. reported a net profit of 683 million yuan in the third quarter, an increase of 41.34% year-on-year [1] - Keda Technology achieved a net profit of 19 million yuan in the third quarter, reflecting a year-on-year growth of 38.36% [1] - Huace Testing reported a net profit of 345 million yuan in the third quarter, marking an 11.24% year-on-year increase [1] Decline and Loss - Guosheng Financial Holdings reported a net profit of 32.8008 million yuan in the third quarter, a decrease of 15% year-on-year [1] - Xinlei Co. experienced a net loss of 9.7794 million yuan in the third quarter [1]

Core Insights - The company reported a significant increase in revenue and profit for the third quarter, indicating strong growth and quality performance [1][2] - The company's diversification strategy in both domestic and international markets has led to a balanced business portfolio [1] - The renewable energy sector is emerging as a new growth engine for the company, with expanding opportunities in various global markets [2] Financial Performance - The company achieved a revenue of 1.446 billion yuan in Q3, a year-on-year increase of 41.71% [1] - The net profit attributable to shareholders for Q3 was 190 million yuan, up 38.36% year-on-year, with a non-recurring net profit of 183 million yuan, reflecting a growth of 50.45% [1] - Cumulative revenue for the first three quarters reached 3.609 billion yuan, representing a 23.93% increase, while net profit attributable to shareholders was 446 million yuan, up 24.93% [1] - The net profit margin at the end of Q3 was 12.35%, an increase of 0.54 percentage points from the end of Q2, and the return on equity was 9.89%, up 1.58 percentage points year-on-year [1] Market Position and Strategy - The company is recognized as a global brand in the data center product sector, having established a strong presence in key domestic markets such as finance, telecommunications, and the internet [1] - The company has developed a global cooperation network, focusing on partnerships with major ODM clients, agents, operators, and EPC contractors, achieving significant breakthroughs in North America, Europe, and Southeast Asia [1] - The company's market layout is becoming increasingly diversified, with a balanced share of domestic and international business [1] Renewable Energy Growth - The renewable energy business is identified as a new growth driver, with increasing global demand for energy storage expected by 2025 [2] - The company is actively delivering orders to major customers in Europe and expanding into emerging markets in Southeast Asia, the Middle East, South America, and Africa [2] - The dual business model of the company is contributing to high year-on-year growth in performance [2]

智通财经APP讯，科士达(002518.SZ)发布2025年三季度报告，前三季度，公司实现营业收入36.09亿 元，同比增长23.93%。归属于上市公司股东的净利润4.46亿元，同比增长24.93%。归属于上市公司股东 的扣除非经常性损益的净利润4.2亿元，同比增长27.70%。 ...