KSTAR(SZ:002518) EBSCN·2025-04-30 07:13Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's revenue for 2024 is reported at 4.159 billion yuan, a year-on-year decrease of 23.54%, with a net profit attributable to shareholders of 394 million yuan, down 53.38% year-on-year [1] - The data center business showed steady growth in 2024, generating revenue of 2.597 billion yuan, an increase of 3.51% year-on-year, with a gross margin of 35.29% [2] - The company's research and development expense ratio for 2024 is 6.6%, up 2.08 percentage points year-on-year, indicating a focus on enhancing core competitiveness through technology [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.159 billion yuan, a decline of 23.54% from the previous year, and a net profit of 394 million yuan, down 53.38% year-on-year [1] - For Q1 2025, the company reported a revenue of 943 million yuan, an increase of 13.51% year-on-year, with a net profit of 111 million yuan, down 10.44% year-on-year [1] Business Segments - The data center and smart power business generated revenue of 2.597 billion yuan in 2024, with a gross margin of 35.29%, despite a slight decrease in margin [2] - The company's energy storage business faced challenges due to weak demand in Europe, resulting in a revenue of 1.361 billion yuan for the solar storage charging business, a decrease of 49.43% year-on-year [2] Research and Development - The company is increasing its R&D investment, with a 2024 R&D expense ratio of 6.6%, reflecting a commitment to developing competitive products in both data center and energy storage sectors [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 530 million yuan, 703 million yuan, and 882 million yuan respectively, reflecting a downward adjustment of 37% and 33% for 2025 and 2026 [3] - The current stock price corresponds to a price-to-earnings ratio of 24, 18, and 14 for 2025-2027 [3]