科士达：库存持续消化，增量市场可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 1.891 billion yuan for the first half of 2024, a year-on-year decrease of 32.99%. The net profit attributable to the parent company was 219 million yuan, down 56.24%, while the net profit excluding non-recurring items was 207 million yuan, a decline of 57.66% [4][7]. - In Q2 2024, the company achieved a revenue of 1.060 billion yuan, a decrease of 25.32% year-on-year, with a net profit of 95 million yuan, down 64.4%, and a net profit excluding non-recurring items of 91 million yuan, down 65.38% [4][7]. - The data center revenue for H1 2024 was 1.232 billion yuan, showing a slight increase year-on-year, while the renewable energy business revenue was 643 million yuan, down 59.18% due to inventory depletion in Europe and delayed orders from major clients [7]. - The gross margin for the data center business was approximately 35.82%, while the renewable energy business had a gross margin of about 23.6%, both experiencing slight declines due to product price reductions [7]. - The company expects a recovery in energy storage shipments as inventory levels decrease and new markets are developed, with a stable outlook for the data center business, projecting a slight year-on-year growth in 2024 [7]. Summary by Sections Financial Performance - For H1 2024, total revenue was 1.891 billion yuan, with a net profit of 219 million yuan and a net profit excluding non-recurring items of 207 million yuan, reflecting significant declines compared to the previous year [4][7]. - The Q2 2024 results showed a revenue of 1.060 billion yuan and a net profit of 95 million yuan, indicating a continued downward trend [4][7]. Business Segments - The data center segment remained stable with a revenue of 1.232 billion yuan, while the renewable energy segment faced challenges with a revenue drop of 59.18% [7]. - The gross margins for the data center and renewable energy segments were 35.82% and 23.6%, respectively, with both segments experiencing slight declines in margins [7]. Future Outlook - The company anticipates a recovery in the renewable energy sector as inventory levels normalize and new markets are explored, alongside a stable growth forecast for the data center business [7].