Ge Long Hui A P P·2026-01-20 06:48Core Viewpoint - Dongwu Securities report indicates that Keda's "data center + new energy" dual-driven high growth is expected, with a projected net profit attributable to shareholders of 600-660 million yuan in 2025, representing a year-on-year increase of 52.21%-67.43% [1] Group 1 - The expected net profit for Q4 is projected to be between 150-210 million yuan, showing a year-on-year increase of 302%-462% and a quarter-on-quarter change of -21% to +11% [1] - The data center sector is experiencing steady growth, and there is a noticeable recovery in energy storage demand [1] - The company has made significant breakthroughs in the North American external power supply business, with an additional 600K high-power UPS OEM expected in 2025, having secured the first batch of orders exceeding 100 million yuan [1] Group 2 - A second batch of orders worth over 300 million yuan is anticipated, with all deliveries scheduled for 2026, which is expected to contribute significantly to the North American business [1] - Domestically, the company maintains a solid foundation through partnerships with major CSPs, COLOs, and operators such as ByteDance, Alibaba, and GDS [1] - The testing period with ByteDance is six months, and feedback is expected by the end of Q1 2026; if successful, domestic revenue growth is likely to increase significantly [1] Group 3 - The company has advantages in AIDC products and channels, leading to substantial profit elasticity [1] - A target price of 67.2 yuan is set based on a 35x PE ratio for 2026, maintaining a "buy" rating [1]