KEHUA HENGSHENG(SZ:002335) Huachuang Securities·2026-02-10 05:05Investment Rating - The report maintains a "Recommendation" rating for Kehua Data (002335) with a target price of 71.20 CNY [2]. Core Insights - The company is expected to benefit from the growth in AI infrastructure globally, with a focus on product innovation and expanding high-quality customer relationships [7]. - Revenue projections for 2025-2027 are estimated at 92.71 billion CNY, 127.03 billion CNY, and 165.45 billion CNY respectively, with net profits of 5.62 billion CNY, 8.30 billion CNY, and 12.23 billion CNY [7]. - The company has shown strong growth in its renewable energy and data center segments, with significant increases in revenue from overseas operations [7]. Financial Summary - Total revenue is projected to decline by 4.7% in 2024, followed by growth rates of 19.5%, 37.0%, and 30.2% in the subsequent years [2]. - Net profit is expected to decrease by 37.9% in 2024, then rebound with growth rates of 78.2%, 47.8%, and 47.3% in the following years [2]. - Earnings per share (EPS) are forecasted to be 0.61 CNY in 2024, increasing to 1.09 CNY, 1.61 CNY, and 2.37 CNY by 2027 [2]. Business Segments - The company’s revenue from the renewable energy sector is projected to increase from 46.51% in 2024 to 49.62% in 2025, indicating a strong growth trajectory [7]. - The data center business is also expected to see revenue improvements, contributing significantly to overall growth [7]. - The overseas business segment has shown a positive trend, with revenue increasing from 3.1 billion CNY in 2020 to 9.77 billion CNY in 2023, despite a slight decline in 2024 [7]. Market Position - Kehua Data is actively engaging in partnerships with major clients like Tencent to enhance its data center offerings, indicating a strategic focus on high-density computing infrastructure [7]. - The company is also exploring international markets, particularly targeting large overseas clients and their partners, to expand its product reach [7].