Core Viewpoint - Dongwu Securities report indicates that Keda's "data center + new energy" dual-driven high growth is expected, with a projected net profit attributable to shareholders of 600-660 million yuan in 2025, representing a year-on-year increase of 52.21%-67.43% [1] Group 1 - The expected net profit for Q4 is projected to be between 150-210 million yuan, showing a year-on-year increase of 302%-462% and a quarter-on-quarter change of -21% to +11% [1] - The data center sector is experiencing steady growth, and there is a noticeable recovery in energy storage demand [1] - The company has made significant breakthroughs in the North American external power supply business, with an additional 600K high-power UPS OEM expected in 2025, having secured the first batch of orders exceeding 100 million yuan [1] Group 2 - A second batch of orders worth over 300 million yuan is anticipated, with all deliveries scheduled for 2026, which is expected to contribute significantly to the North American business [1] - Domestically, the company maintains a solid foundation through partnerships with major CSPs, COLOs, and operators such as ByteDance, Alibaba, and GDS [1] - The testing period with ByteDance is six months, and feedback is expected by the end of Q1 2026; if successful, domestic revenue growth is likely to increase significantly [1] Group 3 - The company has advantages in AIDC products and channels, leading to substantial profit elasticity [1] - A target price of 67.2 yuan is set based on a 35x PE ratio for 2026, maintaining a "buy" rating [1]

Core Viewpoint - Keda's 2025 performance forecast indicates a net profit attributable to shareholders of 600 million to 660 million yuan, representing a year-on-year growth of 52.21% to 67.43% [1] Group 1: Business Segments - The company is expanding its "data center + new energy" business, with continuous increases in orders and shipment volumes across both segments [1] - The data center segment is benefiting from a new round of infrastructure investment [1] - The new energy business is experiencing a recovery in demand from the European market and growth in emerging markets, contributing to overall performance growth [1]

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter, indicating strong business growth [1] - The company's dual focus on "data center + new energy" is contributing positively to its performance [1] - Cumulative revenue and net profit for the first three quarters also show substantial year-on-year growth [1] Financial Performance - Third quarter revenue reached 1.446 billion yuan, a year-on-year increase of 41.71% [1] - Net profit attributable to the parent company for the third quarter was 190 million yuan, up 38.36% year-on-year [1] - Cumulative revenue for the first three quarters was 3.609 billion yuan, reflecting a year-on-year growth of 23.93% [1] - Cumulative net profit for the first three quarters was 446 million yuan, representing a year-on-year increase of 24.93% [1] Business Strategy - The company is actively pursuing opportunities in the new round of industry development [1] - Both segments of the business, data center and new energy, are experiencing growth [1] - The net profit for the first three quarters has already surpassed the total for the previous year, indicating robust performance [1]