点击查看公告原文>> 责任编辑：小浪快报 8月28日至29日，深圳科士达科技股份有限公司接待了易方达基金、广发基金、泰康资产等17家机构的 特定对象调研。以下为本次调研的详细情况： 1.基本信息|项目|详情| |---|---| |投资者活动关系类别|特定 对象调研| |时间|2025年8月28日 - 29日| |地点|公司会议室| |参与单位名称|易方达基金、广发基金、泰康资 产、博时基金、鹏华基金、三万资本、天风证券、长江证券、华商基金、浙商证券、国投瑞银、安信基 金、宏盛鹏达、华西基金、平安基金、红华资本、前海开源基金等| |上市公司接待人员姓名|副总经理、 董事会秘书范涛先生；证券事务代表张莉芝女士；证券事务专员金玉琳女士|调研主要内容2025年上半 年整体情况：公司2025年上半年经营态势稳健向好，营业收入达21.63亿元，同比增长14.35%；归母净 利润为2.55亿元，同比增长16.49%。单看第二季度，收入12.19亿元，净利润1.44亿元，环比一季度均增 长约30%。公司"数据中心 + 新能源"双板块业务在2025年上半年实现双增长。数据中心业务布局：公司 布局了不间断电源（UPS）、高压直 ...

投资者提问：公司新能源储能业务的恢复情况？ 范涛先生回答：新能源行业竞争格局激烈，但中东、东南亚、非 洲等新兴市场在加速崛起，增长持续，为新能源市场注入了增长 动能。2024 年，受欧洲客户储能库存积压的影响，公司新能源 业务面临短期波动。2025 年，欧洲储能市场需求逐步回暖，叠 加公司在全球范围内对新市场业务的持续拓展，公司新能源业务 板块已重回增长通道。2025 年上半年度，公司新能源业务已实 现同比增长 26.38%。 投资者提问：公司数据中心海外业务发展进展？ 证券代码：002518 证券简称：科士达 深圳科士达科技股份有限公司投资者关系活动记录表 编号：2025-017 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | 其他 | （投资者网上说明会） | | | 易方达基金、广发基金、泰康资产、博时基金、鹏华基金、三万 | | 参与单位名称及 | 资本、天风证券、长江证券、华商基金、浙商证券、国投瑞银、 | | 人员姓名 | 安信基金、宏盛鹏达、华西基 ...

Core Viewpoint - The recent financial report of Shenghong Co., Ltd. shows a decline in revenue and net profit for the first half of 2025, indicating challenges in the company's performance despite some improvements in cash flow and asset management [1][3][4]. Financial Performance - Total revenue for the first half of 2025 was 1.362 billion yuan, a decrease of 4.79% year-on-year [1]. - Net profit attributable to shareholders was 158 million yuan, down 12.91% year-on-year [1]. - The gross margin was 39.0%, a decrease of 1.44% compared to the previous year [1]. - The net profit margin was 11.37%, down 9.22% year-on-year [1]. - The company's receivables accounted for 205.26% of the latest annual net profit, indicating a significant amount of outstanding payments [1][4]. Cash Flow and Assets - Operating cash flow per share increased by 325.83% to 0.39 yuan [1]. - Cash and cash equivalents saw a net increase of 87.69%, attributed to improved operating cash flow [4]. - The company reported a 19.13% increase in contract assets, reflecting more uncollected customer payments [3]. Market and Industry Insights - The domestic charging and battery swap market is expected to grow significantly, supported by government policies and increasing demand for electric vehicles [7][8]. - The energy storage industry is also poised for rapid development, driven by the transition to low-carbon energy systems and supportive policies [9]. - The company is focusing on enhancing product efficiency and reliability to address competitive pressures in the energy storage market [9][12]. Investment and Fund Management - The company is held by notable fund managers, with significant investments from various funds indicating confidence in its growth potential [5][6]. - Analysts project a performance of 565 million yuan for 2025, with an average earnings per share of 1.81 yuan [4].

Summary of Key Points from Conference Call Records Industry or Company Involved - AIDC (Artificial Intelligence Data Center) electrical equipment export chain - PCB (Printed Circuit Board) industry - Gas turbine market - Domestic electrical equipment companies Core Insights and Arguments AIDC Electrical Equipment Export Chain - The demand for computing power in North America is expected to exceed expectations due to the rapid development of AI large models by companies like Google and OpenAI, leading to significant growth in the AIDC electrical equipment market [1][3] - The value of IDC electrical equipment in North America may surpass expectations, with single-machine watt investment demand being approximately twice that of domestic levels, particularly for products like transformers and switches [1][3] - Chinese companies are positioned to capture a larger share of the overseas market due to supply-demand gaps and slower technological upgrades in certain segments [1][3][4] North American Market Demand - There is a significant increase in demand for traditional electrical equipment such as transformers and circuit breakers, driven by urgent industry needs and infrastructure investments [4] - Chinese companies like BRG and Jinpan are actively establishing channels in North America and securing large-scale orders [4] Domestic Electrical Equipment Companies - Domestic companies exhibit advantages in technology research and development, achieving faster product iterations compared to overseas competitors [5][6] - The transition from lead-acid to lithium batteries in backup power systems is expected to increase lithium battery penetration due to its advantages in space savings [5][6] Gas Turbine Market - The overseas gas turbine market is currently experiencing high demand, particularly in the Middle East and Americas, driven by data center expansions and infrastructure investments [7] - Siemens Energy reported a nearly 20% year-on-year increase in new orders, with a significant portion coming from the U.S. [7] Future Outlook for IDC Electrical Equipment Export Chain - The domestic IDC electrical equipment export chain is expected to see significant growth due to rising global demand, potential price increases, and rapid advancements by domestic companies [8][9] Server Power Supply Market - Companies like Maimi are supplying server power indirectly to overseas markets, with increasing demand driven by higher cabinet power density [10] - The PCB sector is also experiencing high demand for complex, high-performance, and multi-layer PCBs, benefiting from new technologies [10] PCB Industry Trends - The PCB industry is thriving, particularly in laser drilling, with domestic machines gradually replacing imports [11] - Leading companies in drilling, exposure, and plating processes are gaining market share, while emerging companies are also showing strengths in laser drilling [11] Domestic H20 Project and Diesel Power Companies - The approval of the H20 project in the U.S. is positively impacting domestic companies, with Yuchai reporting over 50% year-on-year profit growth [12] - The domestic mechanical industry is benefiting from increased overseas demand, enhancing competitiveness and promoting domestic substitution of imports [13] Other Important but Possibly Overlooked Content - The transition to new technologies in the UPS sector is raising the bar for R&D speed and responsiveness, where domestic companies may excel [6] - The overall landscape for equipment and consumables in the PCB sector is improving, with a favorable environment for price and volume increases [10]

Financial Data and Key Metrics Changes - Net sales increased by 5% year over year to $893 million, driven by a 4% positive impact from the Brentronics acquisition and a 1% gain from positive price mix and FX tailwinds [17][18][29] - Adjusted operating earnings rose by 8% to $114 million, with an adjusted operating margin of 12.8% [17][29] - Adjusted EBITDA increased by 2% to $123 million, with an adjusted EBITDA margin of 13.8%, down 40 basis points year over year [17][29] - Adjusted diluted EPS for the first quarter was $2.08, a 5% increase over the prior year, while excluding 45X benefits, adjusted EPS was $1.11, down 6% due to FX impacts [30][41] Business Line Data and Key Metrics Changes - Energy Systems revenue increased by 8% to $391 million, with adjusted operating earnings up 44% to $27 million, reflecting increased volume and favorable price mix [31] - Motive Power revenue decreased by 5% to $349 million, with adjusted operating earnings down $9 million to $47 million, impacted by lower volumes and higher inflationary costs [32] - Specialty revenue increased by 18% to $149 million, driven by a 24% positive impact from the Brentronics acquisition [34] Market Data and Key Metrics Changes - Orders in book to bill were up year over year, indicating ongoing steady growth, with a quarterly backlog coverage of 1.1 [22] - The U.S. defense sector showed flat revenue in A&D, temporarily delayed by procurement changes, but is expected to grow moving forward [24] - Communications orders are picking up, with expectations for customer spending to continue growing at a measured pace [22] Company Strategy and Development Direction - The company launched "Energize," a strategic framework focusing on optimizing core operations, invigorating the operating model, and accelerating growth [7][11] - A strategic organizational realignment is underway, reducing 11% of the non-production workforce, expected to generate $80 million in annualized savings [8][42] - The company aims to leverage leading market positions to deliver new products addressing energy security and labor scarcity challenges [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to offset tariff impacts and expects improving clarity in public policy to support stable market dynamics [19][21] - The first quarter is viewed as the low point for earnings, with expectations for recovery in subsequent quarters [41][56] - The company anticipates maintaining net leverage below the low end of its target range, providing flexibility for future capital allocation [39][40] Other Important Information - The Board approved a $1 billion increase in share repurchase authorization to be executed over the next five years [19][40] - The company is committed to disciplined capital allocation and continues to evaluate accretive acquisition opportunities [40][81] Q&A Session Summary Question: Insights on Energy Systems recovery - Management noted good activity in telecom and broadband, with early-stage build-outs materializing and expectations for continued trends throughout the year [48][50] Question: Margin trajectory with cost optimization - Management indicated that the cost reduction program would lead to significant margin expansion, with expectations for Q2 and beyond to track back towards record levels [56][57] Question: Capital allocation philosophy regarding buybacks - Management clarified that the $1 billion buyback authorization reflects confidence in future opportunities and does not signal a shift away from pursuing acquisitions [78][81]

Group 1 - The State Grid Corporation of China will increase efforts in power grid construction and renovation, focusing on proactive operation and maintenance of distribution networks [1] - The company aims to promote non-power outage operations and explore the establishment of a reliability management reward and punishment mechanism to enhance power supply reliability [1] - The State Grid will strengthen abnormal monitoring and analysis to meet the power quality requirements of emerging industries such as electronic information, high-end equipment manufacturing, and quantum computing [1] Group 2 - The company will guide enterprises in the reasonable configuration of uninterruptible power supplies (UPS) and other customer-side measures to fully meet the production and operational needs of businesses [1]

Group 1: Charging and Battery Swap Market - The domestic charging market is expected to grow as the number of new energy vehicles increases and charging infrastructure improves, with a focus on high-quality development [2] - The penetration rate of fast charging is anticipated to rise, supported by government policies encouraging the construction of charging stations [2][3] - The battery swap market is experiencing rapid growth, bolstered by national policies promoting battery swap models [3][4] Group 2: Energy Storage Industry - The energy storage market is transitioning towards low-carbon energy systems, with new energy storage being a key support for carbon neutrality goals [3][4] - The ongoing electricity market reform is creating a favorable environment for new energy storage development, enhancing market opportunities [4] Group 3: Competitive Actions in Energy Storage - The company is enhancing product efficiency and reliability to address industry challenges and maintain competitiveness [4] - Continuous technological innovation and customized solutions are being pursued to increase product value in the energy storage sector [4][5] Group 4: Applications of Power Quality Products - The company's power quality products are applicable across over thirty industries, including high-end equipment manufacturing, transportation, and public facilities [5][6] - The company is expanding its market presence through product development and channel expansion, achieving leading market share in various segments [5][6] Group 5: Advantages in AIDC and Data Center Preparation - The company’s products, such as active filters and uninterruptible power supplies, are well-suited for data centers and intelligent computing centers [5][6] - With the growth of AI and data center demands, the company is preparing for increased capital expenditures in this sector [5][6][7] Group 6: Future Directions and Safety Considerations - The company is committed to enhancing safety in data center solutions, recognizing the industry's stringent safety requirements [7] - Future preparations will focus on exploring and developing solutions tailored for data centers, aiming to become a comprehensive power solution provider [7]