KSTAR(002518) 国金证券·2025-04-25 03:23Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 being 7.0 billion, 8.7 billion, and 10.1 billion respectively, corresponding to PE ratios of 18, 14, and 12 [4]. Core Insights - The company reported a revenue of 4.16 billion in 2024, a decrease of 23.5% year-on-year, and a net profit of 394 million, down 53.4% year-on-year. However, in Q1 2025, revenue increased by 13.5% year-on-year to 943 million, while net profit decreased by 10.4% year-on-year to 111 million [2]. - The data center business showed steady growth, with revenue of approximately 2.6 billion in 2024, a year-on-year increase of 3.5%. The gross margin was 35.3%, down 2.4 percentage points, primarily due to changes in sales structure. The company has made breakthroughs in the internet sector outside its traditional industries, benefiting from the acceleration of domestic data center construction [2]. - The solar storage and charging business saw a significant decline in revenue, down 49.4% year-on-year to 1.36 billion in 2024, with a gross margin of 16.6%, down 8.07 percentage points. This decline was attributed to inventory digestion in the European market. However, there are signs of recovery expected in Q2 2025 as inventory issues are resolved [3]. - The company has made sufficient impairment provisions, totaling approximately 120 million in 2024, with expectations of a high probability of recovery for credit impairment losses. Operational metrics showed improvement, with inventory turnover days decreasing by 31 days year-on-year to 147 days in Q1 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved revenue of 4.16 billion, a decline of 23.5% year-on-year, and a net profit of 394 million, down 53.4%. In Q1 2025, revenue was 943 million, up 13.5% year-on-year, while net profit was 111 million, down 10.4% year-on-year [2]. Business Analysis - The data center and smart power business generated approximately 2.6 billion in revenue in 2024, with a 3.5% year-on-year growth and a gross margin of 35.3%. The company has established a comprehensive solution capability and made significant inroads into the internet sector [2]. - The solar storage and charging business reported revenue of 1.36 billion in 2024, a 49.4% decline year-on-year, with a gross margin of 16.6%. The decline was mainly due to inventory adjustments in the European market, but recovery is anticipated in Q2 2025 [3]. - The company recorded total impairment provisions of about 120 million in 2024, with a significant portion expected to be recoverable. Operational efficiency improved, as indicated by reduced inventory and accounts receivable turnover days [3]. Profit Forecast and Valuation - The forecast for net profits from 2025 to 2027 is 7.0 billion, 8.7 billion, and 10.1 billion, with corresponding PE ratios of 18, 14, and 12. The report maintains a "Buy" rating based on these projections [4].