证券日报网讯 科士达10月28日发布公告，在公司回答调研者提问时表示，公司数据中心产品品类齐 全，现已有UPS电源、高压直流电源（HVDC）、温控设备、铅酸/锂电池、微模块、电力模块、动环监 控等产品及系统。随着中大型高功率数据中心的建设需求增长，设备端也在发生变化，电源产品技术上 聚焦于功率提升和单机功率密度优化，温控方面公司已具备液冷CDU及系统、氟泵自然冷等多元解决 方案，电池方面公司具有铅酸及锂电配套产线。同时，在新技术方向上，公司已经在开发包括新款 HVDC、SST在内的多款AIDC相关产品，在开发过程中公司会持续紧密和客户沟通产品需求和场景适 配。 （编辑 袁冠琳） ...

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：2025-021 | | 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） | | 参与单位名称及 | 景顺长城、建信基金、长江电新 | | 人员姓名 | | | 时间 2025 | 年 10 月 27 日-28 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书：范涛先生 | | | 证券事务代表：张莉芝女士 | | 员姓名 | 证券事务专员：金玉琳女士 | | | 首先，对公司情况进行了简单介绍，然后开始投资者交流环节。 | | | 投资者提问：公司三季度业绩情况及对全年的整体预期？ 范涛先生回答：公司第三季度实现营业收入 14.46 亿元，同比增 | | 长 | 41.71%，归母净利润 1.9 亿，同比增长 38.36%；累计前三季 | | | 度实现营业收入 36.09 亿，同比增长 23.93%，归母净 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 2.163 billion yuan, a year-on-year increase of 14.35% [2] - The net profit attributable to shareholders was 255 million yuan, reflecting a growth of 16.49% compared to the previous year [2] - In Q2 2025, the revenue reached 1.219 billion yuan, with a net profit of 144 million yuan, both showing a quarter-on-quarter increase of approximately 30% [2] Group 2: Business Segments - The company operates in two main sectors: "Data Center" and "New Energy," both showing growth trends in the first half of 2025 [2] - The Data Center segment is identified as the core business, with significant product offerings including UPS, HVDC, temperature control, micro-modules, and battery solutions [3] - The New Energy sector has seen a recovery, with a year-on-year growth of 26.38% in the first half of 2025, driven by emerging markets in the Middle East, Southeast Asia, and Africa [4] Group 3: Market Expansion - The company has made substantial progress in overseas markets, with data center business evenly split between domestic and international markets [5] - Recent product innovations include the LiquiX AI liquid cooling CDU and temperature control solutions, aimed at enhancing market presence and business scale [5] - The company is actively expanding its market reach in North America, Europe, and Southeast Asia, establishing a solid foundation for sustained performance growth [5] Group 4: Investor Relations - The investor relations activity was conducted in compliance with information disclosure regulations, ensuring the accuracy and timeliness of shared information [6] - The meeting included a comprehensive exchange of ideas between the company representatives and investors, addressing key operational and market-related inquiries [6]

Core Insights - The company reported a revenue of 2.163 billion yuan for the first half of 2025, representing a year-on-year growth of 14.35% [1] - The net profit attributable to shareholders reached 255 million yuan, with a year-on-year increase of 16.49% [1] - In Q2 2025, the company achieved a revenue of 1.219 billion yuan, showing a year-on-year growth of 15.00% and a quarter-on-quarter increase of 29.25% [1] - The net profit for Q2 2025 was 144 million yuan, reflecting a year-on-year growth of 51.58% and a quarter-on-quarter increase of 29.93% [1] Business Segments - The company is focused on the "data center + new energy" dual business model, showing growth in both revenue and net profit in the first half of 2025 [1] - The data center business is identified as the core segment, benefiting from the surge in data center infrastructure driven by advancements in AI technology [1] - The company has established itself as a major supplier for leading internet clients such as ByteDance, Alibaba, JD.com, and Century Internet [1] - The company is expanding its presence in overseas markets, achieving breakthroughs in North America, Europe, and Southeast Asia [1] New Energy Business - The company indicated that the new energy business experienced short-term fluctuations due to inventory impacts from European clients in 2024 [2] - However, the demand recovery in the European energy storage market is expected to drive the new energy segment back into a growth trajectory [2]

Core Viewpoint - Company Keda (002518) reported a strong performance in the first half of 2025, with significant growth in both revenue and net profit, driven by its dual business focus on "data centers + new energy" [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.163 billion yuan, a year-on-year increase of 14.35% [1] - The net profit attributable to shareholders was 255 million yuan, reflecting a year-on-year growth of 16.49% [1] - In Q2 2025, revenue reached 1.219 billion yuan, up 15.00% year-on-year and 29.25% quarter-on-quarter [1] - Q2 net profit attributable to shareholders was 144 million yuan, showing a year-on-year increase of 51.58% and a quarter-on-quarter growth of 29.93% [1] Business Segments - The company's data center business is its core focus, benefiting from the surge in data center infrastructure driven by advancements in AI technology [1] - Keda has established itself as a major supplier for leading internet clients such as ByteDance, Alibaba, JD.com, and Century Internet [1] - The company is expanding its overseas presence, making significant inroads into data center markets in North America, Europe, and Southeast Asia [1] New Energy Sector - The new energy business experienced short-term fluctuations in 2024 due to inventory impacts from European clients [1] - In 2025, the demand in the European energy storage market is expected to recover, contributing positively to the company's performance [1] - The global expansion of new market businesses is anticipated to drive growth in the new energy segment, providing new momentum for the company's overall performance [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's data center business is performing well, with a positive outlook for the HVDC and liquid cooling technologies. The product matrix includes UPS, precision air conditioning, micro-modules, power modules, and battery systems, serving key industries such as finance, communication, and healthcare [5]. - The storage business is gradually recovering, with a focus on expanding into new markets, particularly in Europe, the Asia-Pacific, and Africa. The European market is showing signs of recovery after a competitive phase [7]. - Revenue forecasts for 2025-2027 are projected at 48.21 billion, 65.20 billion, and 82.15 billion yuan, respectively, with corresponding EPS of 0.96, 1.39, and 1.87 yuan. The current stock price corresponds to PE ratios of 33.7, 23.2, and 17.3 times for the respective years [8]. Summary by Sections Data Center Business - The company has a strong presence in data center infrastructure, with domestic and overseas revenues evenly split. The data center revenue growth has improved in Q1 2025 and is expected to maintain high levels throughout the year [5]. Storage Business - The storage business is recovering, particularly in Europe, and the company is actively exploring new market channels in emerging regions such as the Middle East and Southeast Asia [7]. Financial Projections - The company anticipates a revenue increase from 4.82 billion yuan in 2025 to 8.22 billion yuan in 2027, with a significant recovery in net profit from 559 million yuan in 2025 to 1.09 billion yuan in 2027 [11].