2024年，全国数据中心用电量高达1660亿千瓦时，几乎相当于两个三峡水电站的发电量。"在当今时 代，高算力需求与高能源消耗紧密相连，能源供应与碳排放之间的矛盾愈发尖锐，如同天平的两端，亟 待找到平衡的支点。"科华数据（002335）相关负责人接受证券时报记者采访时表示。 高算力需求与高能耗之间的矛盾，正成为人工智能时代的核心挑战之一，而科华创新提出的"智算+光 储"融合创新理念，正在为行业提供一种新的平衡路径。从一家电力电子技术企业，成长为在"智算中 心""智慧电能""清洁能源"三大赛道融合布局的解决方案提供商，科华数据正在算力爆发与能源转型的 双重浪潮下打开新的成长空间。 "算电协同"：重新定义能源与算力关系 据介绍，针对AI业务场景的高密度算力POD液冷微模块，科华数据实现了模块化、高弹性、解耦型的 灵活交付模式，基于高可靠，高安全的液冷产品设计理念与"AI+智能化"运维的加持下，实现了绿色节 能。 在智慧电能领域，科华数据持续拓展应用场景。上述负责人举例称，自2008年科华数据进入民航领域以 来，经过十多年的深耕沉淀，已成为民航数智化、绿色化建设的领军企业，被评为"2013—2024中国机 场建设优秀 ...

Core Viewpoint - The article emphasizes the urgent need to balance high computing power demands with energy consumption in the context of the AI era, highlighting the innovative "Intelligent Computing + Light Storage" integration proposed by Kehua Data as a potential solution to this challenge [1][3]. Group 1: Energy Consumption and Data Centers - By 2024, the total electricity consumption of data centers in China is projected to reach 166 billion kilowatt-hours, equivalent to the output of two Three Gorges Hydropower Stations [1]. - The report predicts that by 2030, China's data centers will consume approximately 525.76 billion kilowatt-hours, accounting for 4.8% of the total electricity consumption in society, indicating a more than twofold increase in six years [3]. - Kehua Data proposes a "Green Electricity + AI + Light Charging and Storage Integration" concept to provide clean energy support for high-energy computing needs and achieve refined energy management through AI technology [3]. Group 2: Technological Innovations - Kehua Data is focusing on liquid cooling technology to meet the high-density and high-efficiency requirements of AI computing, collaborating with leading domestic GPU manufacturers to develop high-density liquid cooling computing PODs [3][4]. - The company has achieved a modular, flexible delivery model for its high-density liquid cooling micro-modules, emphasizing green energy efficiency and intelligent operation [4]. Group 3: Clean Energy Solutions - In the clean energy sector, Kehua Data has developed a comprehensive grid-connected energy storage solution, responding to market demands and achieving breakthroughs across technology, products, and applications [5]. - The company has become the first in the industry to complete full-function verification of its grid-connected energy storage PCS, establishing a foundation for standardization and large-scale application [5]. Group 4: Global Market Positioning - Chinese companies are transitioning from "domestic substitutes" to "global standard definers" in fields like intelligent computing and clean energy, with Kehua Data leading this charge [7]. - The company has implemented an overseas development strategy to enhance its brand influence, successfully delivering data center products in regions such as Southeast Asia, Central Asia, Europe, and North America [7]. - Kehua Data has integrated data centers with "light storage" solutions, creating a unified "source-network-load-storage" system [7]. Group 5: Competitive Edge - The company emphasizes the importance of continuous innovation in technology and products to maintain long-term competitive advantages, focusing on excellence and ecosystem leadership rather than merely filling gaps in the market [8].

Core Viewpoint - The report highlights the strong performance of Kehua Data in the first half of 2025, driven by its innovative computing power solutions and expansion into international markets, leading to a "buy" rating for the company [1][4]. Financial Performance - Kehua Data reported total revenue of 3.733 billion yuan, a slight increase of 0.06% year-on-year, and a net profit attributable to shareholders of 244 million yuan, up 7.94% [2]. - In Q2 2025, the company achieved revenue of 2.516 billion yuan, a significant quarter-on-quarter increase of 106.88%, and a net profit of 175 million yuan, reflecting a year-on-year increase of 14.81% and a quarter-on-quarter increase of 153.24% [2]. Business Development - The company is focusing on three main business areas: intelligent computing centers, smart energy, and clean energy, with the intelligent computing business generating 1.398 billion yuan in revenue, a growth of 16.77%, and accounting for 37.44% of total revenue [3]. - The smart energy segment saw revenue of 439 million yuan, a decline of 22.56%, while the clean energy segment generated 1.852 billion yuan with a gross margin of 17.51% [3]. Market Expansion - Kehua Data is actively expanding its overseas market presence, having delivered data center products in Southeast Asia, Central Asia, Europe, and North America [4]. - The company has integrated its data center solutions with solar storage, promoting a comprehensive energy system that supports high energy consumption with clean energy [4]. Investment Outlook - The company is expected to benefit from the growing global demand for computing power, with revised net profit forecasts for 2025, 2026, and 2027 set at 722 million yuan, 1.092 billion yuan, and 1.458 billion yuan, respectively [4]. - The estimated earnings per share (EPS) for the same years are projected to be 1.40 yuan, 2.12 yuan, and 2.83 yuan, with corresponding price-to-earnings (PE) ratios of 35.70, 23.61, and 17.68 [4].