Core Viewpoint - Shenghong Co., Ltd. (300693) has clarified that it is not currently involved in space photovoltaic energy storage technology and has no plans for solid-state transformer products, which may influence investor sentiment in the short term [1]. Group 1: Company Response - The company has stated that its current business focus does not include the frontier field of space photovoltaic energy storage technology [1]. - Shenghong Co. has confirmed that it does not have any solid-state transformer products or development plans, indicating that such technology is not part of its existing product line [1]. Group 2: Stock Performance - As of February 10, 2026, Shenghong's stock price closed at 38.18 yuan, reflecting a 2.92% decline over the past five days, underperforming compared to the Shanghai Composite Index, which rose by 1.49%, and the electric equipment sector, which saw a decrease of 0.72% [2]. - On the same day, there was a net outflow of 6.4756 million yuan from major investors, with a turnover rate of 1.57%, indicating moderate market activity [2]. - The technical analysis shows that the stock price is near the lower band of the 20-day Bollinger Bands (support level at 36.41 yuan), necessitating attention to whether it can stabilize in the short term [2]. Group 3: Institutional Perspectives - According to a report by Everbright Securities on February 8, 2026, the demand for AIDC power sources is driven by domestic computing power construction, with Shenghong being highlighted as a focus due to its involvement in HVDC and SST technologies [3]. - Guohai Securities also noted on the same day that the domestic energy storage market remains robust, with a procurement volume of 36.3 GWh in January 2026, suggesting potential for Shenghong's business expansion in the energy storage sector [3]. - Analysts are focusing on the company's long-term growth potential, although these insights are based on industry trends rather than recent company announcements [3].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company is accelerating its acquisition of Qinhuai Data, with a total investment of 11.2 billion yuan, and has already contributed 3 billion yuan. The acquisition is expected to enhance the company's capabilities in AI computing infrastructure [1][2]. - The acquisition will allow the company to leverage its clean energy bases to create a synergistic effect with Qinhuai Data's computing facilities, aiming for a strategic transition from a traditional materials supplier to an integrated digital ecosystem service provider [2]. - The company has launched a global first SST (Smart Static Transformer) intelligent direct current power supply system, which boasts a conversion efficiency of 98.5% and a power density of 1MW/㎡, marking a significant step in the AI computing sector [3]. - The company is building a comprehensive technology ecosystem from hardware to computing applications, including partnerships in liquid cooling technology and investments in optical chip companies, indicating a strategic focus on covering the entire value chain of AI computing infrastructure [4]. Financial Projections - The company is projected to achieve revenues of 15.67 billion yuan, 24.5 billion yuan, and 31 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.437 billion yuan, 2.235 billion yuan, and 2.791 billion yuan [5][7]. - The expected P/E ratios for the years 2025, 2026, and 2027 are 46.6, 29.9, and 24.0, respectively, reflecting a positive outlook on the company's growth potential [5][7].