Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Insights - The company has exceeded performance expectations in the third and fourth quarters, confirming a turning point in operations. Both the household storage and data center businesses are showing positive trends, with household storage demand recovering since the second half of 2025 and expected to continue into 2026. The data center business has accelerated overseas production since the second half of last year, achieving breakthroughs in both clients and products domestically. The synergy between these two main businesses is anticipated to drive accelerated performance in 2026 [1][8]. Financial Data and Valuation - Total revenue is projected to grow from 5,440 million in 2023 to 6,739 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21% [3][13]. - Operating profit is expected to increase from 1,018 million in 2023 to 1,155 million in 2026, with a significant growth rate of 54% in 2026 [3][14]. - Net profit attributable to shareholders is forecasted to rise from 845 million in 2023 to 992 million in 2026, with a growth rate of 58% [3][14]. - Earnings per share (EPS) is projected to increase from 1.45 in 2023 to 1.70 in 2026 [3][14]. - The price-to-earnings (PE) ratio is expected to decrease from 36.9 in 2023 to 31.4 in 2026, indicating a more attractive valuation over time [3][14]. Business Outlook - The household storage business is expected to see a turnaround, with demand recovering and optimistic guidance from major clients. The company is also focusing on enhancing its own brand to drive growth in 2026 [8]. - The overseas production of UPS (Uninterruptible Power Supply) is accelerating, with the company entering overseas supply chains since Q3 2025. This is expected to enhance the company's ability to capture external orders and improve its chances in the overseas HVDC (High Voltage Direct Current) market [8]. - Domestic demand for AIDC (Artificial Intelligence Data Center) is anticipated to grow, with the company successfully expanding its client base to include emerging internet companies and launching high-value solutions [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to return to a growth trajectory driven by its data center business and the recovery of the energy storage market in Europe and emerging markets [6][7] - The company forecasts a net profit attributable to shareholders of 600 million to 660 million yuan for 2025, representing a year-on-year growth of 52.21% to 67.43% [6] - The data center and energy storage segments are seeing continuous increases in orders and shipments, contributing to the company's growth [6] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 5,173 million, 7,025 million, and 9,155 million yuan respectively, with growth rates of 24.4%, 35.8%, and 30.3% [6][7] - Net profit attributable to shareholders is projected to be 623 million, 1,002 million, and 1,358 million yuan for the same years, with growth rates of 57.9%, 60.9%, and 35.6% [6][7] - Earnings per share are expected to be 1.07, 1.72, and 2.33 yuan for 2025, 2026, and 2027 respectively [6][7] Business Segments - The data center business has established a comprehensive product system, including integrated power modules and high-performance cooling solutions, and has formed deep partnerships with major internet companies [6] - The energy storage business is positioned for rapid growth in 2025, supported by a complete layout of technology, products, and global channels [6]

Core Viewpoint - The company has developed a comprehensive range of products and systems including UPS power supplies, high-voltage direct current (HVDC) power supplies, temperature control equipment, lead-acid/lithium batteries, micro-modules, and power modules, targeting AI computing applications with key products like PowerFort integrated power modules and megawatt-level UPS systems [1] Group 1: Domestic Market Strategy - The company has established deep partnerships with major domestic internet giants and leading IDC service providers such as ByteDance, JD.com, Alibaba, Baidu, GDS, and Century Interconnect, solidifying its foundation for local business development [1] Group 2: International Market Expansion - The company is building a channel cooperation system through core agents, operators, and EPC contractors to strengthen its presence in Europe and Southeast Asia while actively expanding into emerging markets like North America and Australia [1]

Group 1: Company Overview and Market Position - Shenzhen Keda Technology Co., Ltd. is actively engaging with investors to discuss its business strategies and market outlook [1][2]. - The company has established a comprehensive core product system for AI intelligent computing applications, including high-power integrated power modules and liquid cooling solutions [2][3]. Group 2: Data Center Business Outlook - The company is optimistic about its data center business for the upcoming year, driven by the rapid advancement of AI technology and increased investments in the data center sector [3]. - Orders from overseas ODM major clients have shown steady growth, with expectations of high growth rates in Southeast Asia and North America over the next 2-3 years [3]. Group 3: Energy Storage Business - The company has developed a full range of energy storage products, including large-scale, commercial, and residential solutions, leveraging over 30 years of experience in power electronics [4]. - The energy storage sector is becoming one of the fastest-growing segments for the company, supported by strong demand in emerging markets such as the Middle East, Africa, and South America [4]. Group 4: Production Capacity and Expansion - Current production capacity is sufficient to meet market demand, with no supply gaps reported [4]. - The company's factory in Vietnam is a key part of its overseas capacity strategy, primarily serving the European and North American markets, with the first phase of production already launched [4].

Core Viewpoint - The company has a comprehensive range of data center products, including UPS power supplies, high-voltage direct current power supplies (HVDC), temperature control equipment, lead-acid/lithium batteries, micro-modules, power modules, and environmental monitoring systems, aligning with the trend of high-power, high-density data center construction [1] Group 1 - The company is upgrading its equipment towards high power and high density in response to the construction wave of medium and large high-power data centers [1] - A complete core product system has been established for AI computing application scenarios, including integrated power modules suitable for AI server clusters, megawatt-level UPS, high-frequency modular UPS, and micro-module data centers [1] - Key products include the PowerFort integrated power module, YMK3300 high-frequency modular UPS, IDM wind-liquid fusion micro-module data center, and LiquiX AI computing liquid cooling CDU, which meet the high computing power cooling requirements [1]

Group 1: Company Overview - Shenzhen Keda Technology Co., Ltd. is actively engaging with investors to discuss its business performance and strategies [2]. - The company’s core business in renewable energy has shown accelerated growth since 2025, driven by recovering demand in the European energy storage market [2]. Group 2: Energy Storage Business - The energy storage segment has become the fastest-growing core business for the company in 2025, significantly contributing to overall performance [2]. - Emerging markets in Southeast Asia, the Middle East, Africa, and South America are experiencing steady demand growth due to energy transition needs and policy support [2]. Group 3: Data Center Business - The company employs a "domestic deepening + overseas expansion" strategy for its data center business, establishing stable partnerships with major firms like ByteDance and Alibaba [3]. - The company is expanding its market presence in North America and Australia while solidifying its share in traditional markets like Europe and Southeast Asia [3]. Group 4: AI Computing Demand - The company has developed a comprehensive product line for data centers, including high-power UPS systems and liquid cooling solutions tailored for AI computing applications [3]. - Key products include integrated power modules and modular UPS systems designed to meet the high-density requirements of large-scale data centers [3]. Group 5: Investor Communication - The company adheres to strict information disclosure regulations, ensuring that all communications with investors are accurate, complete, and timely [3].

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the integration of humanoid robots with electronic skin and tactile sensors, which are now being mass-produced for the humanoid robot sector, contributing to the establishment of domestic flexible electronics industry standards [1] - The company has developed a multi-dimensional product matrix that includes "tactile-balance-force control-olfactory" capabilities [1] Group 2 - The article discusses the company's involvement in data centers and HVDC (High Voltage Direct Current) technology, providing megawatt-level UPS services to several intelligent computing centers [1] - Key clients include major players like Alibaba and JD.com, indicating a strong market presence [1] - The company is actively preparing for new products such as HVDC and SST (Solid State Transformer), while also expanding into overseas markets [1]