KSTAR(SZ:002518) Guolian Securities·2024-09-01 02:03Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in H1 2024 is under pressure due to a decline in demand for household energy storage in Europe, leading to inventory pressure among downstream customers [6][2] - The company's revenue for H1 2024 reached 1.891 billion yuan, a year-on-year decrease of 32.99%, with a net profit attributable to the parent company of 219 million yuan, down 56.24% year-on-year [6] - The company is increasing R&D investment in its new energy business, with R&D expenses in H1 2024 amounting to 130 million yuan, a year-on-year increase of 36.36% [6] - The data center business is focusing on high-end power supply markets to enhance market share, successfully entering key clients such as China Telecom and China Agricultural Bank [6] Financial Summary - In H1 2024, the new energy business generated revenue of 643 million yuan, down 59.18% year-on-year, while the data center business achieved revenue of 1.232 billion yuan, up 0.16% year-on-year [2] - Domestic revenue was 1.039 billion yuan, up 7.05% year-on-year, while overseas revenue was 852 million yuan, down 53.98% year-on-year [2] - The company forecasts revenues of 4.833 billion yuan, 5.820 billion yuan, and 6.978 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -11.15%, 20.42%, and 19.89% [6][7] - The net profit attributable to the parent company is expected to be 644 million yuan, 838 million yuan, and 1.033 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -23.77%, 30.06%, and 23.26% [6][7]