002518.SZ 12m Price Target: Rmb48.50 Price: Rmb39.10 Upside: 24.0% Shenzhen Kstar Science & Tech (002518.SZ) 3Q25 beat: Guides higher data center product sales growth in 2026 backed by new (domestic/overseas) customers, new products (HVDC) on track; Reiterate Buy Kstar announced strong 3Q25 results on Oct 26, 2025, with revenue/gross profit/EBIT/net income at Rmb1,446mn/Rmb404mn/Rmb207mn/Rmb190mn (+42%/+27%/+62%/+38% yoy), +13%/+5%/+26%/+5% vs. GSe. GPM/OPM/NPM was 28%/14%/13% (-3pp/+2pp/0pp yoy and -1pp/+3 ...