科华数据(002335)：多产品矩阵充分受益于AIDC基建浪潮

Group 1 - The core viewpoint is that the company is well-positioned to benefit from the increasing demand for computing power and data center products due to the maturity of AI applications [1] - The company is a leading domestic provider of UPS and data center equipment, with a strong market share in high-power products and a broad product line including HVDC, power modules, and modular data centers [1] - The company has established deep collaborations with major clients such as the three major telecom operators, banks, and internet firms like Tencent, which enhances its customer resource quality [1] Group 2 - The demand for data center products is expected to continue rising, with projections for new domestic data center power additions of 7.4, 11.7, 13.8, and 15.8 GW from 2024 to 2027 [1] - The domestic UPS market is projected to grow from approximately 11.8 billion yuan in 2024 to 25.3 billion yuan in 2027, reflecting a CAGR of 29.0% over three years [1] - The company's market share in the Asia-Pacific region for UPS shipments is about 7%, with a 12% share in high-power products above 500 kVA, indicating potential for further market share growth [1] Group 3 - The energy storage business is accelerating its international expansion, which is expected to enhance profitability [2] - Global energy storage installations are projected to increase significantly, with new installations of 169.9 GWh in 2024 and 258.5 GWh in 2025, representing year-on-year growth rates of approximately 78.0% and 52.2% respectively [2] - The company ranks first in domestic energy storage PCS shipments and second among domestic manufacturers in overseas PCS shipments, highlighting its leading position in the industry [2] Group 4 - The company is expected to experience high revenue growth, with projected revenues of 8.186 billion yuan, 9.760 billion yuan, and 11.418 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 0.56%, 19.23%, and 16.98% respectively [3] - The projected net profits for the same period are 400 million yuan, 781 million yuan, and 1.064 billion yuan, with year-on-year growth rates of -21.12%, 94.99%, and 36.29% respectively [3] - The company maintains a "buy" rating based on its expected high growth in data center-related business and a target share price of 49.00 yuan, supported by a favorable valuation compared to peers [3]