KEHUA HENGSHENG(SZ:002335) Changjiang Securities·2025-09-17 14:41Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 3.733 billion yuan for the first half of 2025, representing a year-on-year growth of 0.06%. The net profit attributable to the parent company was 244 million yuan, up 7.94% year-on-year, while the net profit excluding non-recurring items was 224 million yuan, an increase of 9.22% year-on-year [2][4] - In the second quarter, the company achieved a revenue of 2.516 billion yuan, a decrease of 1.19% year-on-year, with a net profit of 175 million yuan, up 14.81% year-on-year, and a net profit excluding non-recurring items of 162 million yuan, an increase of 12.19% year-on-year [2][4] - The data center business showed significant growth, with product revenue reaching 784 million yuan, a year-on-year increase of 34.19%, and a gross margin of 36.06%, which improved by 0.11 percentage points. The IDC service revenue was 613 million yuan, a slight increase of 0.15% year-on-year, but the gross margin decreased by 5.01 percentage points to 20.77% [10] - The renewable energy business reported a revenue of 1.852 billion yuan, down 4.22% year-on-year, with a gross margin of 17.51%, which improved by 0.63 percentage points. The smart energy product revenue was 439 million yuan, a decline of 22.56% year-on-year, but the gross margin increased by 1.93 percentage points to 36.39% [10] - The company is expected to benefit from the rapid expansion of global data center infrastructure demand, with a projected revenue growth of over 50% for data center products in 2025. The IDC business is anticipated to continue its growth trajectory, and the renewable energy business is expected to improve profitability due to increasing global demand and reduced impairment losses [10]