KSTAR(SZ:002518) Xin Lang Cai Jing·2025-10-31 06:07Core Viewpoint - Kstar is a leading enterprise in the field of critical power equipment for data centers and new energy storage systems in China, with a focus on UPS and supporting batteries, showcasing differentiated advantages in technology and customer resources [1] Group 1: Business Performance - In Q3 2025, Kstar achieved a revenue of 3.609 billion yuan, ranking 5th in the industry, surpassing the industry average of 3.374 billion yuan and the median of 1.008 billion yuan, but below the top two competitors, China Power and Haibo Sichuang [2] - The net profit for the same period was 448 million yuan, ranking 3rd in the industry, exceeding the industry average of 191 million yuan and the median of 37.445 million yuan, but still lower than the top two competitors [2] Group 2: Financial Ratios - Kstar's debt-to-asset ratio in Q3 2025 was 35.05%, remaining stable compared to the previous year and lower than the industry average of 42.24% [3] - The gross profit margin for Q3 2025 was 28.57%, a decrease from 31.69% year-on-year, yet still above the industry average of 25.60% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 17.34% to 44,600, while the average number of circulating A-shares held per shareholder increased by 20.98% to 12,700 [5] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.6908 million shares, an increase of 2.4500 million shares from the previous period [5] Group 4: Future Outlook - Dongwu Securities noted that Kstar's revenue and net profit for Q1-Q3 2025 grew year-on-year, with expectations for data center revenue to increase by over 20% in 2025 and storage business revenue to grow by over 50% [6] - CICC highlighted that Kstar's Q3 2025 performance exceeded market expectations, with improved gross margins and a positive outlook for the North American market and HVDC technology [6]