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]

证券研究报告 | 电力设备 | 2 0 2 5年 2 月 2 2 日 摘要 资料来源：方正证券研究所 2 Ø 电源：数据中心供配电由于其用电特殊性，电源价值量及冗余配置大幅提升，价值量大+技术持续迭代+敏感度不高。 • 机柜外：1）HVDC和UPS的对比：HVDC核心在效率和可靠性上有所升级，效率方面：拓扑结构比 UPS 简单，少半个变压器，成本更低，转化效率 更高，不过 UPS 升级后效率差异有所减小。可靠性方面：蓄电池挂载位置不同，HVDC 直流电流直接挂载在直流母线上，后端出问题时仍能顶上， 宕机率比 UPS 低。2）规模测算：按照UPS电源国内价格大约在0.6元/W（不含铅酸电池）；HVDC电源大多是集采所以价格更低，大约0.5元/W （整流器件和PSU的用量减少），国内27年远期规模测算在150亿左右； • 机柜内：非标+定制化需求更高，带来更多溢价。2024-2029 年 AI 服务器平均机架密度将从 40-100kW 增加至 350-500kW。以英伟达最新的主 流机架 GB200 NVL72为例，单机架120kW对应约198kW 服务器电源（单个模块功率为5.5kW，总共36 个模块），容量配 ...

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]

各位投资者下午好,我是天风电信的吴沛领。今天我们也邀请了科斯达的董秘范总来给我们做一个科斯达的一个案的更新。因为范总后面可能还有一些其他的安排,然后我们今天的话可能就我这边先问几个问题,然后看后面也揭露几个线上的交流吧。 对就啊开始之前的话想看范总这边能不能先啊对就公司的各项业务吧就整个二十年的一个经营情况这一块啊做一个更新以及像二五年这一边我们的一个展望这一些啊如果有的话也可以再更新一下哦哦那那我就大概大致先介绍一下吧啊然后呃用很简短的时间啊 呃24年刚刚也过去啊这24我们现在公司呢就是呃有两个两块业务一块的是数据中心一块是新能源啊24年整体来讲呢数据中心大约啊应该占到整个公司收盈周这一块应该是超过新能源的应该在60%左右吧啊应该是啊到时候要看最新数据哈然后呢但是从利润贡献角度来讲呢其实 很明显就是数据中心这一块的整个利润我估计今年2024年可能整体利润贡献应该在80%应该在80%那从收入端呢就是整体工资呢肯定是下滑的从三级包的数据你可以看到啊整体下滑了下滑的这一部分的金额其实就是S客户在2024年就是没有提货的那一部分也少 整个是十个一出头吧啊这个这份金额所以说呢呃对整个呃新能源板块啊就特别是储能板块的影 ...