Zheng Quan Zhi Xing·2025-09-05 10:23Core Viewpoint - The report highlights the strong performance of Kehua Data in the first half of 2025, driven by its innovative computing power solutions and expansion into international markets, leading to a "buy" rating for the company [1][4]. Financial Performance - Kehua Data reported total revenue of 3.733 billion yuan, a slight increase of 0.06% year-on-year, and a net profit attributable to shareholders of 244 million yuan, up 7.94% [2]. - In Q2 2025, the company achieved revenue of 2.516 billion yuan, a significant quarter-on-quarter increase of 106.88%, and a net profit of 175 million yuan, reflecting a year-on-year increase of 14.81% and a quarter-on-quarter increase of 153.24% [2]. Business Development - The company is focusing on three main business areas: intelligent computing centers, smart energy, and clean energy, with the intelligent computing business generating 1.398 billion yuan in revenue, a growth of 16.77%, and accounting for 37.44% of total revenue [3]. - The smart energy segment saw revenue of 439 million yuan, a decline of 22.56%, while the clean energy segment generated 1.852 billion yuan with a gross margin of 17.51% [3]. Market Expansion - Kehua Data is actively expanding its overseas market presence, having delivered data center products in Southeast Asia, Central Asia, Europe, and North America [4]. - The company has integrated its data center solutions with solar storage, promoting a comprehensive energy system that supports high energy consumption with clean energy [4]. Investment Outlook - The company is expected to benefit from the growing global demand for computing power, with revised net profit forecasts for 2025, 2026, and 2027 set at 722 million yuan, 1.092 billion yuan, and 1.458 billion yuan, respectively [4]. - The estimated earnings per share (EPS) for the same years are projected to be 1.40 yuan, 2.12 yuan, and 2.83 yuan, with corresponding price-to-earnings (PE) ratios of 35.70, 23.61, and 17.68 [4].