Investment Rating - The report maintains a **Buy** rating for Kstar (002518 SZ) [3] Core Views - Kstar's Q3 2024 financial performance shows a decline in revenue and net profit, with revenue at 2 912 billion yuan, down 28 43% YoY, and net profit at 357 million yuan, down 48 41% YoY [1][4] - The household energy storage business is stabilizing, with signs of recovery in European demand and contributions from emerging markets like Southeast Asia, Africa, and Ukraine [5] - The charging pile business is expected to grow significantly, with entry into the Middle East market and progress in European and US certifications [5] - Data center business remains stable, with a projected 10% growth in 2025 [5] - The company's gross margin for Q3 2024 is 31 11%, with a net margin of 13 49%, showing slight improvement [5] Financial Performance Summary - Q3 2024 revenue: 10 20 billion yuan, down 18 11% YoY [4] - Q3 2024 net profit: 138 million yuan, down 27 86% YoY [4] - Q3 2024 non-GAAP net profit: 122 million yuan, down 34 87% YoY [4] - Forecasted net profit for 2024 and 2025: 480 million yuan and 597 million yuan, respectively [10] Business Outlook - The energy storage business is expected to recover gradually as downstream inventory clears and overseas customers resume orders in 2025 [5] - The charging pile business is projected to achieve high growth in 2025, driven by market expansion and certification progress [5] - The data center business is expected to grow steadily, with a 10% YoY increase in 2025 [5] Valuation Metrics - Current stock price: 19 82 yuan [6] - Forecasted PE ratios for 2024 and 2025: 24x and 19x, respectively [5] - Forecasted EPS for 2024 and 2025: 0 82 yuan and 1 03 yuan, respectively [10]

Investment Rating - The investment rating for the company is "Buy" [4][12] Core Views - The company experienced a decline in revenue and net profit in Q3 2024, with revenue of 2.912 billion yuan, down 28.43% year-on-year, and a net profit of 357 million yuan, down 48.41% year-on-year [1][4] - The pressure from high overseas household storage inventory is suppressing the company's performance, but a recovery in shipments is expected as downstream inventory is gradually digested [2][4] - The company's profitability improved on a quarter-on-quarter basis, with a gross margin of 33.11% and a net margin of 34.61% in Q3 2024, despite year-on-year declines [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.912 billion yuan, a year-on-year decrease of 28.43%, and a net profit of 357 million yuan, a decrease of 48.41% [1] - In Q3 2024, the company reported revenue of 1.020 billion yuan, a quarter-on-quarter decrease of 3.78%, and a net profit of 138 million yuan, down 27.86% year-on-year [2] - The gross margin for Q3 2024 was 33.11%, down 2.04 percentage points year-on-year but up 0.16 percentage points quarter-on-quarter [3] - The net profit margin for Q3 2024 was 34.61%, down 22.87 percentage points year-on-year but up 14.33 percentage points quarter-on-quarter [3] Earnings Forecast and Investment Recommendations - Due to slower-than-expected inventory reduction in Europe, the company's revenue forecasts for 2024-2026 have been revised down to 4.668 billion yuan, 5.928 billion yuan, and 7.362 billion yuan, respectively, with year-on-year growth rates of -14%, 27%, and 24% [4] - The forecasted net profit for 2024-2026 is 602 million yuan, 723 million yuan, and 906 million yuan, respectively, with year-on-year growth rates of -29%, 20%, and 25% [4] - The corresponding price-to-earnings ratios are projected to be 19, 15, and 12 times for 2024, 2025, and 2026, respectively [4]

Financial Performance - Total revenue for Q3 2024 was ¥1,020,269,023.59, a decrease of 18.11% compared to the same period last year[2] - Net profit attributable to shareholders was ¥137,662,122.84, down 27.86% year-on-year[2] - Net profit excluding non-recurring items was ¥121,628,659.96, a decline of 34.87% compared to the previous year[2] - Basic earnings per share were ¥0.24, a decrease of 27.27% compared to the same period last year[2] - The net profit for Q3 2024 was CNY 353,090,847, a decrease of 50.8% compared to CNY 716,130,909 in the same period last year[15] - Operating profit for Q3 2024 was CNY 403,876,165.99, down from CNY 853,267,111.24 in Q3 2023, reflecting a decline of 52.7%[15] - The total comprehensive income attributable to the parent company was CNY 351,464,069.54, compared to CNY 716,055,767.97 in Q3 2023, indicating a decline of 50.9%[15] Cash Flow and Investments - Cash flow from operating activities for the year-to-date was ¥166,795,931.85, down 74.57% year-on-year[2] - Cash flow from operating activities generated CNY 166,795,931.85, significantly lower than CNY 655,773,435.31 in the previous year, indicating a decrease of 74.6%[16] - The net cash outflow from investment activities was ¥779,608,348.43, an increase of 192.52% compared to the previous year[6] - Cash flow from investing activities showed a net outflow of CNY 779,608,348.43, worsening from a net outflow of CNY 266,513,693.91 in the previous year[16] - The company reported a net cash outflow from financing activities of CNY 481,895,255.75, compared to a net outflow of CNY 276,318,779.96 in the previous year[17] Assets and Liabilities - Total assets at the end of the period were ¥6,804,890,453.46, a decrease of 1.13% from the end of the previous year[2] - Total assets as of Q3 2024 were CNY 6,804,890,453.46, slightly down from CNY 6,882,788,978.62 at the end of the previous quarter[13] - Total current assets decreased to RMB 3,773,353,139.44 from RMB 4,512,918,905.80[11] - Total liabilities decreased to CNY 2,385,956,964.35 from CNY 2,572,681,542.93 in the previous quarter, indicating improved financial stability[13] - The company reported a decrease in short-term borrowings to CNY 165,000,000.00 from CNY 112,540,279.21, indicating a reduction in debt levels[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 65,991[7] - The largest shareholder, Ningbo Keshida Venture Capital Partnership, holds 57.76% of shares, totaling 336,284,260 shares[7] Research and Development - The company has ongoing research and development efforts, although specific new products or technologies were not detailed in the provided content[9] - Research and development expenses increased to CNY 192,572,020.20, up 25.1% from CNY 153,950,323.01 in the previous year[14] Market Strategies - The company is exploring market expansion strategies, but further details were not disclosed in the available information[9] - The company is focusing on market expansion and new product development, although specific details were not provided in the report[14] Audit Information - The company did not conduct an audit for the Q3 2024 report[18]

Group 1: General Principles of Investor Relations Management - The purpose of investor relations management is to enhance communication between the company and investors, increasing understanding and recognition of the company to maximize value for shareholders [1] - Investor relations management should adhere to principles of compliance, equality, proactivity, and honesty [2][3] - The company must ensure fair treatment of all investors, especially small and medium-sized investors, and actively engage with them [2][3] Group 2: Responsibilities and Activities - The company is responsible for establishing an investor relations management system and organizing communication activities with investors [9] - Investor relations activities should include sharing the company's development strategy, management information, and handling investor inquiries [4][5] - The company must maintain open communication channels, including a dedicated investor relations section on its website and various platforms for investor engagement [5][6] Group 3: Information Disclosure and Meetings - The company must conduct investor meetings, such as performance briefings and cash dividend explanations, in accordance with regulations [6][7] - All disclosed information must be accurate, clear, and free from misleading statements [13] - The company should document investor relations activities, including participant details and communication content, and publish these records [18][11] Group 4: Training and Compliance - Personnel involved in investor relations must possess good character, professional knowledge, and communication skills [10] - Regular training should be provided to board members and staff on investor relations management [10] - The company must keep records of investor relations activities for at least three years [11]

证券代码：002518 证券简称：科士达 公告编号：2024-053 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 会第二十次会议通知于2024年10月24日以微信、电子邮件等方式发出， 会议于2024年10月29日上午10:30以通讯方式召开。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 2024 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2024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确认 意见。 表决结果：同意7票，反对0票，弃权0票，审议通过本议案。 《公司2024年第三季度报告》内容详见2024年10月30日《证券时 深圳科士达科技股 ...

证券代码：002518 证券简称：科士达 公告编号：2024-054 深圳科士达科技股份有限公司 第六届监事会第十六次会议决议公告 本公司及监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、监事会会议召开情况 三、备查文件 公司第六届监事会第十六会议决议。 特此公告。 深圳科士达科技股份有限公司 监事会 深圳科士达科技股份有限公司（以下简称"公司"）第六届监事会 第十六次会议通知于2024年10月24日以微信、电子邮件等方式发出, 会 议于2024年10月29日上午11:00以通讯方式召开。本次会议应出席监事3 人，实际出席监事3人,公司高级管理人员范涛先生列席了本次会议。会 议由监事会主席刘立扬先生召集并主持。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 范性文件要求，会议决议合法有效。 二、监事会会议审议情况 1、审议《公司 2024 年第三季度报告》 经认真审核，公司监事会成员一致认为：董事会编制和审核《2024 年第三季度报告》的程序符合法律、行政法规和中国证监会的规定，报 告内容真实、准确、完整地反映了公司的实 ...

证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 编号：2024-008 | 3、请问公司定增项目停止后，对公司未来扩产规划有无影响？ | | --- | | 公司未来战略重点是否有变化？依然重点投入布局新能源吗？ | | 答:您好，公司定增停止不影响公司长期业务规划，公司会根据 | | 业务需求而逐步安排产能。公司依然坚持"数据中心+新能源" | | 的发展战略，两板块协同发展，谢谢！ | | 4、如何看未来海外市场的需求？ | | 答:你好，公司看好海外市场对数据中心产品和新能源产品的需 | | 求，公司会继续保持多年来积累的渠道优势，同时不断拓展新的 | | 客户和销售渠道，加大公司产品对海外的出口。 | | 5、公司上半年研发投入情况如何？ | | 答:公司一直以来注重研发技术创新，2024 年上半年研发投入约 | | 1.3 亿，同比增长 36.36%，主要是研发人员及研发用料等方面的 | | 投入增加。 | | 6、请问公司，上半年的海外营销渠道人员配置，数量有增加么？ | | 哪个区域增加最多？ | | 答:你好，上半年海外营销渠道人员有所增加，主要针对中 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 1.891 billion yuan for the first half of 2024, a year-on-year decrease of 32.99%. The net profit attributable to the parent company was 219 million yuan, down 56.24%, while the net profit excluding non-recurring items was 207 million yuan, a decline of 57.66% [4][7]. - In Q2 2024, the company achieved a revenue of 1.060 billion yuan, a decrease of 25.32% year-on-year, with a net profit of 95 million yuan, down 64.4%, and a net profit excluding non-recurring items of 91 million yuan, down 65.38% [4][7]. - The data center revenue for H1 2024 was 1.232 billion yuan, showing a slight increase year-on-year, while the renewable energy business revenue was 643 million yuan, down 59.18% due to inventory depletion in Europe and delayed orders from major clients [7]. - The gross margin for the data center business was approximately 35.82%, while the renewable energy business had a gross margin of about 23.6%, both experiencing slight declines due to product price reductions [7]. - The company expects a recovery in energy storage shipments as inventory levels decrease and new markets are developed, with a stable outlook for the data center business, projecting a slight year-on-year growth in 2024 [7]. Summary by Sections Financial Performance - For H1 2024, total revenue was 1.891 billion yuan, with a net profit of 219 million yuan and a net profit excluding non-recurring items of 207 million yuan, reflecting significant declines compared to the previous year [4][7]. - The Q2 2024 results showed a revenue of 1.060 billion yuan and a net profit of 95 million yuan, indicating a continued downward trend [4][7]. Business Segments - The data center segment remained stable with a revenue of 1.232 billion yuan, while the renewable energy segment faced challenges with a revenue drop of 59.18% [7]. - The gross margins for the data center and renewable energy segments were 35.82% and 23.6%, respectively, with both segments experiencing slight declines in margins [7]. Future Outlook - The company anticipates a recovery in the renewable energy sector as inventory levels normalize and new markets are explored, alongside a stable growth forecast for the data center business [7].

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's data center business remains stable, with a slight decline in gross margin [2] - The European residential energy storage market has slowed, putting pressure on the company's energy storage and charging business [2] - The company has significantly increased R&D investment, driving technological advancements and enhancing core competitiveness [2] - The data center business is expected to see new growth opportunities with the acceleration of AI development [2] - The energy storage business is anticipated to recover as European residential energy storage inventory gradually depletes [2] Financial Performance - In H1 2024, the company reported revenue of 1.891 billion yuan, a year-on-year decrease of 32.99% [1] - Net profit attributable to the parent company was 219 million yuan, down 56.24% year-on-year [1] - In Q2 2024, revenue was 1.06 billion yuan, a year-on-year decrease of 25.32%, with net profit attributable to the parent company at 95 million yuan, down 64.4% year-on-year [1] - The data center business generated revenue of 1.232 billion yuan in H1 2024, with a gross margin of 35.82%, down 2.17 percentage points year-on-year [2] - The energy storage and charging business revenue was 627 million yuan, down 59.67% year-on-year, with a gross margin of 22.67%, down 5.06 percentage points [2] R&D and Technological Advancements - R&D expenses in H1 2024 were 130 million yuan, a year-on-year increase of 36.36% [2] - The company has developed diversified and integrated data center products [2] - In the new energy sector, the company is exploring higher system efficiency, lower system costs, and improved safety and reliability [2] Market and Valuation - The company's current stock price corresponds to a PE ratio of 15/11/9 times for 2024-2026 [2] - The total market capitalization is 9.496 billion yuan, with a total share capital of 582 million shares [4] - The stock's price range over the past year was between 14.84 yuan and 30.31 yuan [4] Future Projections - The company's net profit attributable to the parent company is projected to be 623/842/1,048 million yuan for 2024-2026, with a downward revision of 32%/25%/17% [2] - Revenue is expected to grow by 25.46% and 18.70% in 2025 and 2026, respectively [3] - The company's ROE (diluted) is forecasted to be 13.60%/16.11%/17.45% for 2024-2026 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in H1 2024 is under pressure due to a decline in demand for household energy storage in Europe, leading to inventory pressure among downstream customers [6][2] - The company's revenue for H1 2024 reached 1.891 billion yuan, a year-on-year decrease of 32.99%, with a net profit attributable to the parent company of 219 million yuan, down 56.24% year-on-year [6] - The company is increasing R&D investment in its new energy business, with R&D expenses in H1 2024 amounting to 130 million yuan, a year-on-year increase of 36.36% [6] - The data center business is focusing on high-end power supply markets to enhance market share, successfully entering key clients such as China Telecom and China Agricultural Bank [6] Financial Summary - In H1 2024, the new energy business generated revenue of 643 million yuan, down 59.18% year-on-year, while the data center business achieved revenue of 1.232 billion yuan, up 0.16% year-on-year [2] - Domestic revenue was 1.039 billion yuan, up 7.05% year-on-year, while overseas revenue was 852 million yuan, down 53.98% year-on-year [2] - The company forecasts revenues of 4.833 billion yuan, 5.820 billion yuan, and 6.978 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -11.15%, 20.42%, and 19.89% [6][7] - The net profit attributable to the parent company is expected to be 644 million yuan, 838 million yuan, and 1.033 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -23.77%, 30.06%, and 23.26% [6][7]