KEHUA HENGSHENG(SZ:002335) Changjiang Securities·2025-05-25 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 7.757 billion yuan for 2024, a year-on-year decrease of 4.71%, with a net profit attributable to shareholders of 315 million yuan, down 37.90% year-on-year [2][4] - In Q4 2024, the revenue was 2.364 billion yuan, with a net profit of 77 million yuan [4] - For Q1 2025, the revenue was 1.216 billion yuan, an increase of 2.73% year-on-year, with a net profit of 69 million yuan, down 6.26% year-on-year [2][4] - The company is expected to benefit from the growing demand for data center infrastructure driven by AI applications, with a projected revenue growth of over 50% for data center products in 2025 [10] Summary by Sections Financial Performance - In 2024, the company's data center revenue was 3.152 billion yuan, up 14.07% year-on-year, while IDC revenue was 1.231 billion yuan, down 4.53% year-on-year due to declining rental prices [10] - The company's gross margin for IDC was 23.32%, a decrease of 2.91 percentage points year-on-year [10] - The company recorded a credit impairment of 78 million yuan and an asset impairment of 180 million yuan in 2024 [10] Future Outlook - The company anticipates continued growth in data center product orders, with IDC revenue expected to grow by 10-20% year-on-year in 2025 [10] - The renewable energy business is expected to continue reducing losses, supported by overseas market expansion and limited price declines for storage products [10] - Overall, the company projects a net profit of around 700 million yuan for 2025, corresponding to a PE ratio of 28 times [10]