科士达：数据中心保持稳定，户储收入承压

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.89 billion RMB for the first half of 2024, a year-on-year decrease of 33.0%, with a net profit attributable to shareholders of 219 million RMB, down 56.2% year-on-year [1] - The decline in revenue is attributed to decreased demand for household energy storage in Europe and inventory digestion by major clients [1] - The data center business remains stable with a revenue of 1.23 billion RMB, showing a slight year-on-year decline of 2.2% in gross margin [1] - The establishment of a wholly-owned subsidiary in Poland is expected to capture the surge in demand for household energy storage in Ukraine due to the ongoing conflict [1] - Profit forecasts for 2024-2026 have been adjusted to 750 million, 970 million, and 1.11 billion RMB, corresponding to P/E ratios of 12, 9, and 8 times [1] Summary by Sections Performance Overview - The company achieved a revenue of 1.89 billion RMB in the first half of 2024, down 33.0% year-on-year, and a net profit of 219 million RMB, down 56.2% year-on-year [1] - Q2 revenue was 1.06 billion RMB, a decrease of 25.3% year-on-year, with a net profit of 95 million RMB, down 64.4% year-on-year [1] Operational Analysis - Revenue from energy storage products was 627 million RMB, down 59.7% year-on-year, with a gross margin of 22.7%, a decrease of 5.1 percentage points [1] - The data center business generated 1.23 billion RMB in revenue, remaining stable with a gross margin of 35.8%, down 2.2 percentage points year-on-year [1] - The company recognized approximately 47 million RMB in asset impairment losses, primarily due to the decline in raw material prices [1] Future Outlook - The establishment of a subsidiary in Poland aims to leverage the increased demand for household energy storage in Ukraine [1] - The profit forecast for 2024-2026 has been revised to reflect expected net profits of 750 million, 970 million, and 1.11 billion RMB, with corresponding P/E ratios of 12, 9, and 8 times [1]