Group 1 - The stock price of Kehua Data closed at 50.63 yuan on August 20, down by 2.17 yuan, a decrease of 4.11% compared to the previous trading day [1] - The opening price on that day was 51.01 yuan, with a high of 51.22 yuan and a low of 48.51 yuan, and the trading volume reached 549,390 hands, with a transaction amount of 2.742 billion yuan [1] - Kehua Data operates in the power equipment industry, focusing on the research, production, and sales of data center infrastructure products and solutions [1] Group 2 - The company's products include uninterruptible power supplies, precision air conditioning, and micro-module data centers, which are widely used in finance, telecommunications, and the internet sectors [1] - On August 20, Kehua Data signed an ecological cooperation agreement with Biran Technology and Digital China, aiming to jointly build a "chip-server-data center-computing power service" integrated industrial ecosystem [1] Group 3 - On August 20, the net outflow of main funds was 232.8576 million yuan, accounting for 1.01% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds was 175.7125 million yuan, representing 0.76% of the circulating market value [1]

Group 1 - The stock price of Kehua Data as of August 14, 2025, is 46.22 yuan, down by 1.46 yuan from the previous trading day [1] - The opening price for the day was 47.99 yuan, with a high of 48.82 yuan and a low of 46.09 yuan, resulting in a trading volume of 529,684 hands and a transaction amount of 2.498 billion yuan [1] - On the morning of August 14, the stock price rebounded over 2% within 5 minutes, reaching a price of 48.33 yuan [1] Group 2 - Kehua Data's main business includes the research, production, and sales of data center infrastructure products and solutions [1] - The company's product offerings include uninterruptible power supplies, precision air conditioning, and micro-module data centers, which are widely used in industries such as finance, telecommunications, and the internet [1] - On August 14, the net outflow of main funds was 25.14205 million yuan, accounting for 1.2% of the circulating market value, while the cumulative net inflow of main funds over the past five trading days was 23.03590 million yuan [1]

Core Insights - ByteDance has announced a procurement plan for modular data center units in East and North China, set to begin on July 30, 2025, as part of its AI-driven data center (AIDC) strategy aimed at enhancing computing infrastructure for AI model training and applications [1] - ByteDance is currently the largest internet company in China in terms of incremental investment in AI infrastructure, with a projected capital expenditure of 160 billion yuan for 2025, of which approximately 90 billion yuan will be allocated for AI computing power procurement [1] - The remaining 70 billion yuan will be directed towards IDC infrastructure and network equipment procurement, aiming to create a large-scale, self-controlled data center cluster [1] - Major cloud service providers globally are also increasing their capital expenditures, with Google raising its full-year capital expenditure forecast to 85 billion USD, a 62% year-on-year increase, and plans for further increases in 2026 [1] - The procurement plan aligns with the AIDC construction window following the H20 chip unblocking, which is expected to drive explosive growth in demand across the liquid cooling, generator, and server supply chains [1] Company Specifics - Hu塑科技 provides BMS products and services to ByteDance for its self-built and leased data centers [2] - 高澜股份 supplies liquid cooling products to ByteDance, aiding in achieving low energy consumption for data centers [2]

Group 1: Business Overview - Nanjing Putian Communication Co., Ltd. was established in 1958 and has been listed on the Shenzhen Stock Exchange since May 1997 [4] - The company focuses on communication network infrastructure, multimedia communication products, and solutions, while also enhancing capabilities in smart lighting and precision manufacturing [4] Group 2: Key Business Segments - **Intelligent Wiring Business**: This is a leading industry for the company, driven by the subsidiary Nanjing Putian Tianji Building Intelligent Co., Ltd. It offers comprehensive wiring solutions, data centers, and optical fiber wiring [2][3] - **Precision Manufacturing**: The precision manufacturing workshop specializes in high-precision parts and tooling, with a production area of over 7,000 square meters and 73 various processing and testing equipment [3][4] - **Smart Lighting Business**: Managed by Nanjing Putian Datang Information Electronics Co., Ltd., this segment has 20 years of experience in outdoor lighting, providing IoT smart streetlight control solutions [4] Group 3: Market Trends and Opportunities - The demand for optical fiber wiring is increasing due to the expansion of data centers and cloud computing, as well as the rapid development of wireless technologies like Wi-Fi 6 and 5G [3] - The company aims to capture the domestic market by replacing imported products in high-end sectors such as finance, airports, and healthcare [5] Group 4: Achievements and Recognition - In 2024, the company received the "Top Ten Comprehensive Wiring Brand Award" for the 20th consecutive year and was recognized as a national-level specialized and innovative "Little Giant" enterprise [5] - The smart lighting business successfully entered the operator market and implemented overseas smart streetlight projects, enhancing urban management and safety [5] Group 5: Strategic Focus and Future Plans - In 2025, the company plans to focus on core businesses, including smart buildings, comprehensive wiring, data centers, video conferencing, and smart lighting, while promoting eight key R&D projects [5] - The company aims to improve operational efficiency by optimizing existing assets and controlling costs [5]

Core Viewpoint - ByteDance has announced a sourcing notice for the construction of modular data center units in mainland China, specifically targeting the East and North China regions [1] Group 1: Company Initiatives - The sourcing service includes the design, production, and integration of modular data center units (micro-modular data centers) [1] - The procurement scope covers all buildings in the East and North China regions where ByteDance plans to apply these modular data center units [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Views - The company has established itself as a leading provider of intelligent computing centers, smart energy, and renewable energy solutions in China, leveraging over 30 years of experience in power electronics technology [8][20]. - The company's dual business model consists of intelligent computing center services and renewable energy solutions, which are expected to drive future growth [8][20]. - The collaboration with Tencent is highlighted as a significant advantage, providing a strong safety margin and potential for further partnerships in the AI cycle [9][11]. Financial Data and Profit Forecast - Total revenue projections for 2024-2026 are estimated at 79.27 billion, 100.14 billion, and 115.46 billion yuan, with year-on-year growth rates of -2.6%, 26.3%, and 15.3% respectively [7][9]. - The net profit attributable to the parent company is forecasted to be 3.96 billion, 7.52 billion, and 9.71 billion yuan for the same period, with growth rates of -22.0%, 90.0%, and 29.2% respectively [7][9]. - The company’s earnings per share are projected to be 0.86, 1.63, and 2.10 yuan for 2024, 2025, and 2026 respectively [7]. Business Segments - The intelligent computing center business is expected to see significant growth, driven by the demand for data center services and products, including UPS and HVDC systems [10][11]. - The renewable energy segment, particularly in energy storage, is positioned for expansion, with the company being a leader in global energy storage PCS shipments [8][11]. - The IDC service segment benefits from a strong partnership with Tencent, with a well-established operational footprint in major cities [8][11]. Market Position and Competitive Advantage - The company is recognized as a key player in the IDC market, with a comprehensive product matrix in UPS technology and a strong understanding of HVDC systems [11][41]. - The report emphasizes the company's unique position akin to "Vertiv" in the domestic market, providing integrated solutions for power supply and temperature control [11][41]. - The company has a stable shareholding structure, with a significant portion held by the actual controller, ensuring consistent strategic direction [24][29].