Group 1: Company Overview - Shenzhen Keda Technology Co., Ltd. has a strong foundation in data center business, which has shown steady growth and stable gross margins over the years [1] - The company has been increasing its R&D investment continuously, focusing on technological upgrades and the development of various energy solutions [2] Group 2: Market Position and Strategy - The company has accumulated advantages in technology reserves, market channels, and supply chain management over its 30 years in the electronic power technology sector [2] - The charging pile business currently represents a small proportion of the company's total operations, but the growth of the new energy vehicle market is expected to drive demand for charging piles [2] Group 3: Investor Engagement - The company ensures transparent communication with investors, adhering to regulations for information disclosure to maintain accuracy and timeliness [2] - During the investor meeting, the company addressed questions regarding its data center business, R&D investments, and strategies to cope with competition in the energy storage market [1][2]

丨证券研究报告丨 | --- | --- | |----------|-------| | | | | 报告要点 | | [Table_Author] 邬博华 曹海花 叶之楠 相关研究 [Table_Summary2] 事件描述 ⚫ 销量方面，由于一季度是光伏逆变器、充电桩产品的采购淡季，同时户储产品下游渠道商 仍有较大库存，预计公司 2024Q1 新能源收入同环比有所下滑；另外，预计数据中心业务 收入也同环比有所下滑。 | --- | --- | --- | |---------------------|-----------|-------| | 市场表现对比图 \n4% | ( 近 12 | | | -18% -40% | | | | -62% | | | | 资料来源： Wind | | | [Table_Report] •《科士达 2023 年三季报点评：储能去库影响出 •《科士达 2023 年半年报点评：储能盈利环比改 丨证券研究报告丨 1、户储去库进度不及预期； 请阅读最后评级说明和重要声明 风险提示 请阅读最后评级说明和重要声明 3 / 6 | --- | --- | --- | --- | ...

Operating Performance - Q1 2024 operating income was 831,113,421.96 yuan, a decrease of 40.7% compared to the same period last year (1,402,730,802.83 yuan)[7] - Revenue decreased by 40.75% to 831,113,421.96 yuan due to inventory backlog and market demand fluctuations in overseas residential storage business[31][43] - Operating profit was 147,394,070.77, compared to 305,994,767.11 in the previous period, a decrease of approximately 51.8%[21] - Net profit for the quarter was 123,992,760.43, compared to 243,459,256.65 in the previous period, a decrease of approximately 49%[21] - Net profit attributable to shareholders decreased by 46.91% to 124,003,525.61 yuan[43] - Basic and diluted earnings per share were both 0.21, down from 0.40 in the previous period, a decrease of 47.5%[21] - Total comprehensive income was 124,312,716.91, compared to 243,482,965.42 in the previous period, a decrease of approximately 48.9%[21] Costs and Expenses - Q1 2024 operating costs were 700,956,224.85 yuan, a decrease of 37.3% compared to the same period last year (1,119,533,280.72 yuan)[7] - Operating costs decreased by 41.91% to 553,854,176.50 yuan, in line with reduced sales volume[31] - R&D expenses increased by 58.3% to 61,675,034.48 yuan in Q1 2024 compared to 38,973,174.84 yuan in the same period last year[7] - R&D expenses increased by 58.25% to 61,675,034.48 yuan due to higher salaries for additional R&D personnel and increased material usage[31] - Financial expenses showed a net income of 22,127,203.89 yuan in Q1 2024, compared to a net expense of 6,819,839.62 yuan in the same period last year[7] - Financial expenses decreased by 424.45% to -22,127,203.89 yuan due to increased deposit interest income and higher foreign exchange gains[31] Assets and Liabilities - Total assets at the end of Q1 2024 were 4,255,444,803.93 yuan, a decrease of 5.7% compared to the beginning of the period (4,512,918,905.80 yuan)[18] - Total assets decreased from 6,882,788,978.62 to 6,710,050,632.06, a decline of approximately 2.5%[19] - Total assets decreased by 2.51% to 6,710,050,632.06 yuan[43] - Total liabilities decreased from 2,572,681,542.93 to 2,262,732,074.53, a reduction of approximately 12%[19] - Equity attributable to shareholders increased by 3.25% to 4,359,041,293.41 yuan[43] - Monetary funds at the end of Q1 2024 were 1,427,051,885.63 yuan, a decrease of 8.1% compared to the beginning of the period (1,552,118,583.44 yuan)[18] - Accounts receivable at the end of Q1 2024 were 1,408,996,341.81 yuan, an increase of 2.2% compared to the beginning of the period (1,378,271,833.51 yuan)[18] - Inventory at the end of Q1 2024 was 1,093,364,963.60 yuan, a decrease of 0.6% compared to the beginning of the period (1,100,369,208.92 yuan)[18] - Fixed assets at the end of Q1 2024 were 1,084,162,444.33 yuan, a decrease of 1.1% compared to the beginning of the period (1,095,730,210.30 yuan)[18] - Short-term borrowings decreased from 112,540,279.21 to 48,000,000.00, a reduction of approximately 57.4%[19] - Accounts payable decreased from 985,631,071.22 to 757,871,624.08, a reduction of approximately 23.1%[19] - Contract liabilities increased from 186,665,004.92 to 210,751,963.06, an increase of approximately 12.9%[19] Cash Flow - Net cash flow from operating activities was negative at -50.67 million, compared to a positive 616.69 million in the previous period[22] - Net cash flow from operating activities decreased by 108.22% to -50,668,634.65 yuan, primarily due to reduced sales revenue[31][43] - Sales revenue from goods and services received in cash decreased to 833.28 million, down from 1.52 billion in the previous period[22] - Cash received from tax refunds dropped significantly to 23.37 million from 113.68 million in the previous period[22] - Cash paid for goods and services decreased to 684.23 million from 776.92 million in the previous period[22] - Cash paid to employees increased to 145.26 million from 134.16 million in the previous period[22] - Net cash flow from investing activities was negative at -8.19 million, compared to -215.25 million in the previous period[22] - Cash received from investment returns decreased to 6.52 million from 1.04 million in the previous period[22] - Cash paid for investments decreased to 216.65 million from 335.83 million in the previous period[22] - Net cash flow from financing activities improved by 40.82% to -110,106,236.32 yuan, mainly due to reduced bank acceptance guarantee payments[31][41] Investment and Income - Investment income increased by 720.58% to 3,214,832.07 yuan due to dividends from equity investments[31] - Other comprehensive income increased from 23,708.77 to 319,956.48, an increase of approximately 1,249.5%[21] Shareholder Information - The largest shareholder, Ningbo Kstar Venture Capital Partnership, holds 57.30% of the shares[28] - The total number of ordinary shareholders at the end of the reporting period was 73,669[28] Audit Status - The company's Q1 2024 report was unaudited[9]

Revenue and Profit Decline - Revenue for Q1 2024 decreased by 40.75% to 831.11 million yuan compared to 1.40 billion yuan in the same period last year[5] - Net profit attributable to shareholders decreased by 46.91% to 124.00 million yuan from 233.59 million yuan in the previous year[5] - Operating income dropped significantly from 1,402,730,802.83 yuan to 831,113,421.96 yuan, a decrease of 40.7%[26] - Net profit attributable to the parent company was 124,003,525.61 RMB, down from 233,588,039.55 RMB in the previous quarter[38] - Total revenue for Q1 2024 was 4,255,444,803.93 RMB, a decrease from 4,512,918,905.80 RMB in the previous quarter[36] - Total comprehensive income for Q1 2024 was 124,312,716.91 RMB, down from 243,482,965.42 RMB in the previous quarter[38] Cash Flow and Financial Position - Operating cash flow turned negative, decreasing by 108.22% to -50.67 million yuan from 616.69 million yuan in the same period last year[5] - Net cash flow from operating activities turned negative at -50,668,634.65 yuan, compared to 616,687,195.23 yuan in the previous period[29] - Cash received from sales of goods and services fell by 45.0% from 1,515,753,468.05 yuan to 833,275,337.11 yuan[29] - Cash and cash equivalents at the end of Q1 2024 were 1,134,455,138.65 RMB, a decrease from 1,831,848,461.59 RMB at the end of the previous quarter[39] - Cash flow from financing activities was negative at -110,106,236.32 RMB, compared to -186,062,346.75 RMB in the previous quarter[39] - Net cash flow from investing activities improved from -215,246,448.68 yuan to -8,186,698.88 yuan[29] R&D and Financial Expenses - R&D expenses increased by 58.25% to 61.68 million yuan due to increased personnel and material costs[10] - R&D expenses increased by 58.2% from 38,973,174.84 yuan to 61,675,034.48 yuan[26] - Financial expenses decreased by 424.45% to -22.13 million yuan, driven by increased deposit interest income and foreign exchange gains[10] - Financial expenses showed a significant improvement, turning from a positive 6,819,839.62 yuan to a negative -22,127,203.89 yuan[26] Assets and Liabilities - Total assets decreased by 2.51% to 6.71 billion yuan compared to the end of the previous year[5] - Total assets decreased from 6,882,788,978.62 yuan to 6,710,050,632.06 yuan, a decline of 2.5%[25] - Equity attributable to shareholders increased by 3.25% to 4.36 billion yuan[5] - Total liabilities decreased by 12.0% from 2,572,681,542.93 yuan to 2,262,732,074.53 yuan[25] - Short-term borrowings decreased by 57.35% to 48.00 million yuan as financing-related bills matured[10] - Short-term borrowings decreased by 57.3% from 112,540,279.21 yuan to 48,000,000.00 yuan[25] - Accounts payable reduced by 23.1% from 985,631,071.22 yuan to 757,871,624.08 yuan[25] - Accounts receivable increased to 1,408,996,341.81 RMB from 1,378,271,833.51 RMB in the previous quarter[36] - Inventory decreased slightly to 1,093,364,963.60 RMB from 1,100,369,208.92 RMB in the previous quarter[36] - Fixed assets decreased to 1,084,162,444.33 RMB from 1,095,730,210.30 RMB in the previous quarter[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 73,669[13] - The largest shareholder, Ningbo Kstar Venture Capital Partnership, holds 57.30% of the shares, totaling 336,284,260 shares[13] - Liu Ling, an individual shareholder, holds 3.58% of the shares, totaling 21,007,350 shares, with 15,755,512 shares under restricted conditions[13] - Hong Kong Securities Clearing Company Limited holds 1.21% of the shares, totaling 7,094,076 shares[13] - The Agricultural Bank of China - CSI 500 ETF holds 0.51% of the shares, totaling 2,969,000 shares[13] - The Bank of China - Huatai-PineBridge CSI Photovoltaic Industry ETF holds 0.36% of the shares, totaling 2,132,324 shares[13] - China Life Insurance Company holds 0.31% of the shares, totaling 1,845,684 shares[13] - CITIC Securities - Tianhong CSI Photovoltaic Industry Index Fund holds 0.31% of the shares, totaling 1,798,650 shares[13] - Guotai Junan Securities holds 0.18% of the shares, totaling 1,060,379 shares[13] - The total equity attributable to the parent company is 4,359,041,293.41, with minority interests totaling 88,277,264.12[23] Other Financial Metrics - Prepayments increased by 99.87% to 21.61 million yuan due to higher advance payments for goods[10] - Investment income surged by 720.58% to 3.21 million yuan due to dividends from equity investments[10] - Basic earnings per share (EPS) for Q1 2024 was 0.21 RMB, compared to 0.40 RMB in the previous quarter[38] - The company's Q1 2024 financial report was unaudited[39]

证券代码：002518 证券简称：科士达 公告编号：2024-029 深圳科士达科技股份有限公司 2023 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"）2023 年年度权 益分派方案已获 2024 年 5 月 6 日召开的 2023 年度股东大会审议通过， 现将权益分派事宜公告如下： 2、自分配方案披露至实施期间，若公司总股本由于可转债转股、股 份回购、股权激励行权、再融资新增股份上市等原因而发生变化，将按照 现有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 本公司2023年年度权益分派方案为：以公司现有总股本586,876,094 股为基数，向全体股东每10股派4.5元人民币现金（含税；扣税后，通过 深股通持有股份的香港市场投资者（特别说明：请上市公司根据自身是否 属于深股通标的证券，确定权益分派实施公告保留或删除该类投资者）、 QFII、RQFII以及持有首 ...

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 2023 年度股东大会 的 法律意见书 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 2023 年度股东大会的 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 2023 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》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"） 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） ...

证券代码：002518 证券简称：科士达 公告编号：2024-027 深圳科士达科技股份有限公司 2023 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： 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：2024年5月6日（星期一）下午16:30。 （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 ： 2024年 5 月 6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：2024年5月6日9:15—15:00。 5、股权登记日：2024年4月26日（星期五）。 ...

证券代码：002518 证券简称：科士达 公告编号：2024-028 深圳科士达科技股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的 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。 公 司 股 份 总 数 不 发 生 其 他 变 动 的 前 提 下 ， 公 司 股 份 总 数 将 由 586,876,094 股减少至 586,803,094 股。 根据《中华人民共和国公司法》等相关法律、法规的规定，公司 特此通知债权人，债权人自本公告之日起（2024 年 5 月 7 日）四十五 日内向本公司申报债权，并可根据有效债权文件及凭证向本公司要求 履行偿还债务之义务或者要求本公司为该等债权提供相应担保。债权 人如逾期未向公司申报上述要求，不会因此影响其债权的有效性，相 关债务（义务）将由公司根据原债权文件的约定继续履行。 一、限制性股票回购注销情况 深圳科士达科技股份有限公司（以下简称"公司"）于 2024 年 4 月 15 日召开的第六届董事会第十三次会议审议通过了《关于回购注销 部分激励对象已获授但尚未解锁的限制性股票的议案》，该议案已获 ...

上海市锦天城律师事务所 关于深圳科士达科技股份有限公司 向特定对象发行股票的 补充法律意见书（二） 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 声明事项 | | --- | | 释 义 … | | 正 文 | | 一、本次发行的批准和授权 | | 二、本次发行的发行人主体资格 … | | 三、本次发行的实质条件 | | 四、发行人的设立…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 13 | | 五、发行人的独立性 | | 六、发行人的主要股东及实际控制人 . | | 七、发行人的股本及演变 . | | 八、发行人的业务 . | | 九、关联交易及同业竞争 . | | 十、发行人的主要资产 … | | 十一、发行人的重大愤权债务 | | 十二、发行人的重大资产变化及收购兼并 ……………………………………………………………………………… ...

申万宏源证券承销保荐有限责任公司 关于深圳科士达科技股份有限公司 向特定对象发行股票并在主板上市之 发行保荐书 保荐人（主承销商） 二〇二四年四月 深圳科士达科技股份有限公司 发行保荐书 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、 "本保荐人"）接受深圳科士达科技股份有限公司（以下简称"发行人"、"公 司"、"科士达"）的委托，担任其向特定对象发行股票并在主板上市（以下简 称"本次发行"）的保荐人。 本保荐人及相关保荐代表人已根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下 简称"《注册管理办法》"）、《保荐人尽职调查工作准则》等有关法律、法规 和中国证监会及深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依 法制定的业务规则、行业执业规范和道德准则出具发行保荐书，并保证所出具文 件的真实性、准确性和完整性。 除另有说明外，本发行保荐书所用简称与《深圳科士达科技股份有限公司 2023 年度向特定对象发行 A 股股票募集说明书》中的释义相同。 3-1- ...