科华数据：24Q2收入端恢复增长，AI智算+光储能源未来可期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 18.81 CNY [6]. Core Views - The company reported a revenue of 3.731 billion CNY for the first half of 2024, reflecting a year-on-year growth of 9.83%, while the net profit attributable to shareholders decreased by 29.88% to 226 million CNY [1]. - In Q2 2024, the company achieved a revenue of 2.547 billion CNY, marking a significant year-on-year increase of 33.6%, although the net profit attributable to shareholders fell by 14.7% [2]. - The company's new energy business continues to grow rapidly, with revenue reaching 1.934 billion CNY, a year-on-year increase of 21.98%, despite a decline in gross margin [3]. - The report highlights the company's strategic partnerships and technological advancements in the data center and new energy sectors, which are expected to drive future growth [4]. Financial Performance Summary - The company’s revenue is projected to grow from 5.649 billion CNY in 2022 to 16.402 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 23% [5]. - The net profit attributable to shareholders is expected to increase from 248 million CNY in 2022 to 1.116 billion CNY in 2026, indicating a strong recovery trajectory [5]. - The EBITDA is forecasted to rise from 1.468 billion CNY in 2022 to 1.888 billion CNY in 2026, reflecting improved operational efficiency [5]. Business Segment Insights - The smart energy business generated 567 million CNY in revenue, growing by 15.37% year-on-year, while the data center business saw a slight decline in revenue [3]. - The domestic revenue increased by 23.33% year-on-year, contrasting with a significant decline of 51.67% in international revenue, indicating potential for recovery in overseas markets [3]. - The company has established strategic collaborations with key players in the industry, enhancing its competitive position in the data center and new energy sectors [4].