KEHUA HENGSHENG(002335) 东吴证券·2025-02-16 13:14Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is driven by a dual focus on data and energy, leveraging AI and international expansion to enhance growth [7] - The company aims to achieve a revenue target of 10 billion yuan through its dual strategy in data centers and renewable energy [15] - The report highlights the expected growth in global energy storage demand, particularly in the U.S. and emerging markets, which will benefit the company's overseas expansion efforts [41][47] Summary by Sections 1. Dual Focus Strategy - The company emphasizes a dual strategy in data centers and renewable energy, supported by a strong management team and research capabilities [15] - The energy-based business serves as the core, while cloud-based and renewable energy sectors act as wings for growth [21] 2. Renewable Energy - The global demand for large-scale energy storage is expected to surge, with a projected 54% increase in installations in 2024 [41] - The company is a leading supplier in the domestic PCS market and is actively expanding its overseas presence [41][47] 3. Smart Energy - The demand for data centers is driven by AI advancements, with the company holding a leading market share in the UPS sector [7][21] - The report anticipates a significant increase in the global data center market, benefiting the company's UPS products [7] 4. Financial Projections - The company forecasts a net profit of 5.5 billion yuan in 2024, with a growth rate of 8.4% [1] - The projected P/E ratios for 2024-2026 are 32x, 25x, and 18x respectively, indicating a favorable valuation [1] 5. Market Position - The company ranks first in the domestic market for UPS and has established strong partnerships with major clients [21] - The report notes the company's commitment to innovation and technology development, with a robust R&D team and numerous patents [34]