[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

证券代码：002518 证券简称：科士达 | | ☑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 | 华安证券、诺安基金、恒生前海基金、运舟资本、嘉实基金 | | 人员姓名 | | | 时间 | 2025 年 3 月 3 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书：范涛先生 | | | 证券事务代表：张莉芝女士 | | 员姓名 | 证券事务专员：郑皓匀女士 | | | 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：国内数据中心行业是否也存在国产替代趋势？ | | | 范涛先生回答：国内数据中心行业存在一定的国产替代趋势，尤 | | | 其在通信、金融、政府等行业，数据安全作为国家重要战略方向， | | | 在关键领域对国产化设备的需求在增长。尽管 UPS 行业品牌依赖 | | 投资者关系活动 | 性较强，但近年来，国内品牌在技术和市场 ...

证券代码：002518 证券简称：科士达 1 | | 范涛先生回答：数据中心产品的市场门槛不仅源于技术层面，也 | | --- | --- | | | 在于多年渠道资源的积累与客户信任度的构建，产品稳定性和安 | | | 全性是客户极为关注的方向。公司深耕 UPS 行业三十余年，在市 | | | 场中积累了深厚的产品信任度与品牌影响力，客户黏性强。相比 | | | 之下，新进入行业的企业缺乏时间沉淀与市场案例背书。因此， | | | 多年发展，数据中心行业竞争格局已相对稳定，主要市场份额集 | | | 中在少数几家头部企业手中，所以毛利率也相对稳定。 | | | 投资者提问： AI 数据中心和普通数据中心在电源端设备配置上 | | | 有何区别？ | | | 范涛先生回答：AI 数据中心与普通数据中心在架构设计、硬件配 | | | 置、应用场景等方面存在诸多差异。而从电源设备来看，AI 数据 | | | 中心所需匹配的功率段通常高于普通数据中心，需要进行产品功 | | | 率提升和单机功率密度优化。而更高的功率段不仅代表着更高的 | | | 技术水平要求，也对产品的稳定性提出了更为严苛的考验。 | | | 投 ...

Group 1: Company Overview and Product Development - The company has over 30 years of experience and is one of the most comprehensive UPS providers in the market, covering a wide range of power segments [1] - Initially focused on small to medium power UPS products, the company has successfully transitioned to larger power products, capturing significant market share in this segment [1] - Large power products are becoming the main revenue contributor for the company's data center business due to their higher value [1] Group 2: Sales and Distribution Strategy - The company has strengthened its channel development through long-term partnerships with agents, which enhances brand recognition and market coverage [2] - The agent model allows for effective engagement with decentralized clients such as government, medical, and financial sectors, improving market response and sales efficiency [2] Group 3: Future Growth Opportunities - The explosion of AI large models is driving a new growth cycle in data center infrastructure, with a focus on efficient, intelligent, and integrated solutions [2] - The company plans to focus on the needs of large clients in the internet and communication sectors and aims to expand its presence in overseas markets to capitalize on growth opportunities [2] Group 4: Customer Base for Charging Piles - The company's charging pile products cater to a diverse clientele, including energy companies, the power industry, urban investment, transportation, and charging operators [2] Group 5: Compliance and Information Disclosure - The company adheres to regulations regarding information disclosure, ensuring that all communications are accurate, complete, and timely, with no significant undisclosed information leaks [3]

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].

Group 1: Company Overview and Market Position - Shenzhen Keda Technology Co., Ltd. is actively engaging with major clients in the data center industry, including operators, internet giants, and financial institutions through annual tenders and large project bids [1][2]. - The company has established a broad network of distributors and agents across various regions, enhancing its customer base [2]. Group 2: Impact of AI on Data Center Industry - The rapid development of AI technology is increasing the demand for efficient, intelligent, and secure data center infrastructure, leading to a shift towards modular architecture and advanced cooling technologies [1][2]. - The demand for localized, distributed small and medium-sized data centers is expected to rise as AI models are implemented across various industries, although this transition will be gradual [2]. Group 3: Product Development Focus - The primary research and development directions for new data center products include power enhancement and optimization of single-unit power density, which will help reduce space requirements while meeting high-performance computing needs [3]. Group 4: Compliance and Communication - The company adheres to the "Information Disclosure Management System" to ensure that information is disclosed accurately, completely, and in a timely manner, without any significant undisclosed information leaks [5].

Group 1: Business Overview - The company serves a wide range of industries including finance, telecommunications, internet, rail, and government, with a significant portion of clients from the financial sector [1] - The company has sufficient production capacity and ample land reserves for its industrial park, allowing for flexible adjustment of production lines [2] Group 2: Financial Performance - The company has experienced a decline in revenue and profit year-on-year, primarily due to the impact of the household storage sector, particularly in the European market [4] - Despite the challenges, the company maintains an optimistic outlook for the global energy storage market in 2025, with plans to expand new channel development [5] Group 3: Product Development Trends - Trends in the UPS product line include increased efficiency, intelligence, and integration, with innovations like the IDM solution that simplifies data center construction [3] - The company’s data center business has a stable gross margin, although it is subject to fluctuations due to factors like foreign exchange rates and raw material prices [2] Group 4: Customer Payment Dynamics - Major clients in the domestic data center business, such as those in the finance and internet sectors, typically have strong financial capabilities, ensuring timely and efficient payment [3]

Group 1: Company Overview and Market Position - The company, Keda Technology Co., Ltd., has a broad customer base in its data center business, covering industries such as finance, telecommunications, internet, railways, and government [1] - The increasing capital expenditure on AI-related infrastructure by internet companies is expected to positively impact the company's business [1] - The company aims to strengthen cooperation with core customers in the data center sector to enhance market share [1] Group 2: Regional Expansion and Strategic Focus - Southeast Asia is identified as a key area for the company's export business, with ongoing AI technology deployment and data center construction in the region [2] - The company is optimistic about development opportunities in Southeast Asia over the next two years [2] Group 3: Business Strategy and Financial Outlook - The company maintains a product-centric development approach, focusing on providing equipment for data centers and the new energy sector, without plans to engage in capital-intensive data center construction [2] - The company's 2024 performance is expected to be volatile, primarily due to the impact of energy storage business in Europe, but there is optimism regarding the growth potential in emerging markets [2] - The company is committed to building new channels in the energy storage sector, aligning with global carbon neutrality goals [2]

证券时报e公司讯，科士达(002518)1月22日晚间发布业绩预告，预计2024年归母净利3.7亿元—4.7亿 元，同比下降44.41%—56.24%。 其次，公司运营的光伏电站应收国家补贴未能及时到位，基于谨慎性原则，增加计提应收账款信用减值 损失，影响公司净利润。 2024年度，欧洲户储业务市场需求增速放缓，公司下游客户存在库存压力，放缓提货安排，公司户储出 货量对比同期大幅减少，系公司整体营业收入及净利润同比下降的主要原因。 ...

Financial Performance Forecast - The estimated net profit for 2024 is projected to be between 37 million and 47 million CNY, representing a decline of 44.41% to 56.24% compared to the previous year's profit of 84.55 million CNY[3] - The net profit after deducting non-recurring gains and losses is expected to be between 32 million and 42 million CNY, a decrease of 48.67% to 60.89% from last year's 81.82 million CNY[3] - The basic earnings per share is forecasted to be between 0.64 CNY and 0.81 CNY, down from 1.45 CNY in the previous year[3] Market Conditions - The decline in performance is primarily attributed to a slowdown in market demand for household storage in Europe and inventory pressure on downstream customers, leading to a significant reduction in household storage shipments[6] Impairment and Financial Reporting - The company has increased the provision for credit impairment losses on accounts receivable due to delays in receiving state subsidies for its photovoltaic power stations, further impacting net profit[6] - The financial data in this earnings forecast has not been audited by an accounting firm, and the company has communicated with its auditors regarding this forecast without major discrepancies[4] Investor Advisory - Investors are advised to be cautious as the data presented is preliminary and will be detailed in the company's 2024 annual report[7]