13 January 2026 | 4:28PM CST Equity Research CHINA INDUSTRIAL TECH: DATA CENTER ELECTRICALS The Export Alpha – Buy Kstar on US AIDC ODM Wins; Neutral on Kehua We reiterate Buy on Kstar (12m TP of Rmb67.6, 26% upside) and Neutral on Kehua (12m TP of Rmb50.5, 24% downside), two diverging investment stories within data center electricals. While both benefit from secular power demand, we see Kstar as better positioned to capture the high-margin US AIDC growth. Conversely, Kehua remains more exposed to the domes ...