KSTAR(SZ:002518) Minsheng Securities·2026-01-17 12:19Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to return to a growth trajectory driven by its data center business and the recovery of the energy storage market in Europe and emerging markets [6][7] - The company forecasts a net profit attributable to shareholders of 600 million to 660 million yuan for 2025, representing a year-on-year growth of 52.21% to 67.43% [6] - The data center and energy storage segments are seeing continuous increases in orders and shipments, contributing to the company's growth [6] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 5,173 million, 7,025 million, and 9,155 million yuan respectively, with growth rates of 24.4%, 35.8%, and 30.3% [6][7] - Net profit attributable to shareholders is projected to be 623 million, 1,002 million, and 1,358 million yuan for the same years, with growth rates of 57.9%, 60.9%, and 35.6% [6][7] - Earnings per share are expected to be 1.07, 1.72, and 2.33 yuan for 2025, 2026, and 2027 respectively [6][7] Business Segments - The data center business has established a comprehensive product system, including integrated power modules and high-performance cooling solutions, and has formed deep partnerships with major internet companies [6] - The energy storage business is positioned for rapid growth in 2025, supported by a complete layout of technology, products, and global channels [6]