Group 1 - The AI era presents transformative opportunities for the renewable energy industry chain, with potential deep integration with AIDC, humanoid robots, and low-altitude economy, driving intelligent upgrades in society and expanding growth space in the industry [1][2] - Major AI companies are accelerating capital expenditures, leading to a significant upward shift in the renewable energy + AIDC sector, with technologies like HVDC and BBU enhancing data center efficiency and reliability [1][5] - The humanoid robot sector is at a critical transition from 0 to 1, with the potential for significant growth as companies in the electric vehicle supply chain, such as Tesla, expand into this field [1][21] Group 2 - The renewable energy + AIDC sector is experiencing a major opportunity due to AI's deepening integration, which is expected to optimize resource allocation and enhance decision-making quality [2][5] - Data centers are evolving into innovation centers, with AIDC investments serving as forward-looking indicators of growth, necessitating improvements in energy infrastructure to meet increasing power density demands [5][7] - UPS systems are currently the most widely used in data centers, with HVDC and Panama power systems representing the next evolutionary step in power supply solutions [9][11] Group 3 - The humanoid robot industry is in its early stages, with a projected market size of 10 trillion RMB by 2028, driven by advancements in technology and decreasing costs [14][19] - National policies are significantly supporting the humanoid robot sector, emphasizing its importance and promoting applications across various fields [19][20] - Tesla is a core driver of global humanoid robot development, with plans to produce thousands of units by 2025 and expand production significantly by 2026 [21][25] Group 4 - The low-altitude economy is expected to exceed a trillion RMB in scale, with eVTOL and drones as key components, driven by policy support and rapid advancements in certification processes [50][55] - The low-altitude economy's industrial chain is robust, with a focus on manufacturing and infrastructure, highlighting a dual transformation towards intelligence and low carbon [52][56] - Policies are crucial in the early stages of the low-altitude economy's development, with initiatives aimed at fostering technological breakthroughs and market cultivation [55][59] Group 5 - Key companies in the renewable energy + AIDC sector include Kehua Data, Hewei Electric, and others, while the humanoid robot sector features companies like Keda Li and Zhenyu Technology [2][63] - The low-altitude economy is represented by companies such as Yingboer and EHang, which are actively developing eVTOL products and related technologies [63][62]

证券代码：002518 证券简称：科士达 公告编号：2025-017 深圳科士达科技股份有限公司 2024 年年度权益分派实施公告 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。 深圳科士达科技股份有限公司（以下简称"公司"）2024年年度权益 分派方案已获2025年5月15日召开的2024年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过的利润分配方案情况 1、股东大会审议通过的分配方案：以公司总股本582,225,094股为基 数，向全体股东每10股派2.3元人民币现金（含税），共计派发现金 133,911,771.62元，不进行资本公积转增股本，不送红股。 2、若分配方案披露至实施利润分配方案股权登记日期间，公司总股 本发生变化的，按照分配比例不变的原则对分配总额进行调整。 3、本次实施的分配方案与股东大会审议通过的分配方案一致。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、权益分配方案 本公司2024年年度权益分派方案为：以公司现有总股本582,225,094 股为基数，向全体股东每10股派2.3元人民币现金 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is expected to face a decline in revenue and net profit in 2024 due to a slowdown in demand for household energy storage in Europe and increased impairment losses related to photovoltaic power plants [1]. - The company is actively expanding into new industries such as data centers and new markets in Africa, Asia, and Latin America, which are anticipated to offset the impacts of inventory digestion from downstream customers [3][4]. Financial Performance Summary - For 2024, the company is projected to achieve revenue of 4.16 billion yuan, a year-over-year decrease of 23.54%, and a net profit of 394 million yuan, down 53.38% year-over-year [1]. - The first quarter of 2025 is expected to show a revenue of 943 million yuan, an increase of 13.51% year-over-year, but a decline in net profit by 10.44% year-over-year [1]. - The breakdown of revenue for 2024 includes: - Smart power and data center products: 2.60 billion yuan, up 3.51% year-over-year, with a gross margin of 35.29% [2]. - Energy storage and charging products: 1.36 billion yuan, down 49.43% year-over-year, with a gross margin of 16.63% [2]. - New energy revenue: 18 million yuan, down 53.78% year-over-year, with a gross margin of 21.95% [2]. - Supporting products: 145 million yuan, down 10.50% year-over-year, with a gross margin of 32.27% [2]. Profit Forecast - The company’s revenue is projected to recover in the following years, with estimates of 5.78 billion yuan in 2025, 7.40 billion yuan in 2026, and 9.32 billion yuan in 2027, reflecting growth rates of 39.10%, 27.86%, and 26.00% respectively [4]. - The net profit forecast for 2025 is 552 million yuan, with a year-over-year growth of 40.06% [4]. - The company’s valuation metrics are projected to improve, with price-to-earnings ratios of 24, 17, and 14 for 2025, 2026, and 2027 respectively [4].

Group 1: Company Focus Areas - The company will focus on two main aspects this year: product iteration in the data center segment and the introduction and expansion of new clients, particularly in the high-elasticity sectors of the internet and telecommunications [1] - Traditional industries such as finance and government are not expected to see a rapid increase in order demand in the short term, but there is a trend towards distributed local deployment, indicating potential growth in demand over the next few years [1] Group 2: Market Growth Insights - Both domestic and overseas data center businesses are experiencing similar growth rates. Domestic growth is driven by significant capital expenditures from internet giants, while overseas growth has been supported by the introduction of new ODM clients [2] - The company's domestic data center business primarily relies on brand direct sales, targeting sectors such as finance, telecommunications, and the internet. In contrast, the overseas business focuses on ODM, with UPS products being utilized in various complex scenarios beyond data centers, including commercial backup power [2] Group 3: Communication and Compliance - The company engaged in thorough communication with investors during the meeting, adhering strictly to the "Information Disclosure Management System" to ensure that information disclosed was truthful, accurate, complete, timely, and fair, with no significant undisclosed information leaks [2]

证券代码：002518 证券简称：科士达 公告编号：2025-016 1、本次股东大会未出现否决议案的情形，未涉及变更以往股东 大会已通过的决议。 2、本次股东大会采取现场投票和网络投票相结合的方式。 一、会议召开情况 1、会议召集人：深圳科士达科技股份有限公司（以下简称"公 司"）董事会。 2、会议地点：深圳市光明区高新园西片区七号路科士达工业园。 3、会议方式：本次会议采取现场投票和网络投票相结合的方式。 4、会议时间： （1）现场会议时间：2025年5月15日（星期四）下午16:30。 深圳科士达科技股份有限公司 2024 年度股东大会决议公告 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。 特别提示： （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"） 交易系统进行网络投票的具体时间为：2025年5月15日9:15— 9:25,9:30—11:30和13:00—15:00；通过深交所互联网投票系统投票 的具体时间为：2025年5月15日9:15—15:00。 5、股权登记日：2025年5月9日（星期五）。 6、会议主持人：公司董事长、总经理刘 ...

上海市锦天城（深圳）律师事务所 关于 深圳科士达科技股份有限公司 2024 年度股东大会 的 法律意见书 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：0755-82816698 传真：0755-82816898 邮编：518048 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳科士达科技股份有限公司 2024 年度股东大会的 法律意见书 致：深圳科士达科技股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）受深圳科士达科技股 份有限公司（以下简称"公司"）委托，指派律师出席公司 2024 年度股东大会（以 下简称"本次股东大会"），并根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规、 规章和其他规范性文件以及《深圳科士达科技股份有限公司章程》（以下简称《公" 司章程》"）的相关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《中华人民共和国证券法》《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试 行）》等 ...

Group 1: Company Overview - The company operates a fully automated production line for lead-acid batteries at its Jiangxi factory, with a designed annual production capacity of 3 million kVAh [1] - The factory has 5 automated production lines, covering a wide power range and including a new high-power, high-rate lead-acid battery line suitable for modern AIDC data centers [1] Group 2: Market Trends and Performance - Since Q4 of last year, there has been a noticeable increase in market demand, with data center revenue growth in Q1 exceeding that of previous years [2] - The capital expenditure for data centers in China has significantly increased compared to the past two years, although this has not yet reflected in the company's UPS order revenue [1][2] Group 3: Industry Competition - The UPS industry is mature with a stable competitive landscape, primarily consisting of existing players, and there have been no significant changes in competition over the years [2] Group 4: Product Development and Strategy - The company is focusing on integrated product trends to help reduce electricity costs for data centers, which have high power demands [2] - The development of integrated machines is contingent on the economic needs of customers, reflecting the company's commitment to the data center and new energy sectors [2] Group 5: Information Disclosure Compliance - The company adheres strictly to information disclosure regulations, ensuring that all communications are accurate, complete, and timely, with no significant undisclosed information leaks [2]

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]