科士达所属申万行业为：电力设备-其他电源设备Ⅱ-其他电源设备Ⅲ。所属概念板块包括：IDC概念 （数据中心）、IDC电源、5G、充电桩、快充概念等。 截至12月24日，科士达股东户数4.20万，较上期增加0.00%；人均流通股13455股，较上期增加0.00%。 2025年1月-9月，科士达实现营业收入36.09亿元，同比增长23.93%；归母净利润4.46亿元，同比增长 24.93%。 1月8日，科士达盘中上涨2.21%，截至09:54，报51.40元/股，成交2.24亿元，换手率0.78%，总市值 299.26亿元。 资金流向方面，主力资金净流入1884.34万元，特大单买入2255.23万元，占比10.07%，卖出1467.92万 元，占比6.55%；大单买入5244.02万元，占比23.42%，卖出4146.98万元，占比18.52%。 科士达今年以来股价涨5.94%，近5个交易日涨4.41%，近20日涨7.76%，近60日涨25.27%。 资料显示，深圳科士达科技股份有限公司位于广东省深圳市南山区高新北区科技中二路软件园1栋4楼 401,402室，成立日期1993年3月17日，上市日期2010年12月 ...

Global markets remain supported by ongoing enthusiasm for artificial intelligence (AI) and the build-out of data center infrastructure. Hyperscalers and large technology companies continue to invest heavily, with data center M&A reaching about $61 billion through 2025, topping the prior year’s record. While some strategists warn that parts of the AI trade may be stretched, demand for physical infrastructure is still driving the theme. Within that backdrop, Vertiv (VRT) appears positioned to catch up. Bar ...

Core Insights - Vertiv (VRT) shares have increased by 31% over the past 12 months, outperforming the Zacks Computer and Technology sector's growth of 22.6% and the Zacks Computers - IT Services industry's decline of 19.4% [1][2] Company Performance - Vertiv has outperformed its closest competitors, Super Micro Computer (SMCI) and Hewlett-Packard Enterprise (HPE), with HPE shares rising by 5.8% and SMCI shares falling by 15.1% in the same period [2] - The stock's outperformance is attributed to a diverse product portfolio, including thermal systems, liquid cooling, UPS, switchgear, busbars, and modular solutions, with organic orders growing approximately 21% and a book-to-bill ratio of 1.4 for Q3 2025 [3] - The backlog increased by 12% sequentially and 30% year-over-year to $9.5 billion, driven by the rapid adoption of AI and the growing need for data centers [4] Strategic Acquisitions - Vertiv's acquisitions have significantly expanded its portfolio, including the $1.0 billion purchase of PurgeRite, enhancing its capabilities in liquid cooling and thermal management [7][8] - The acquisition of Great Lakes improved Vertiv's IT systems offerings, while the acquisition of Weeleay enhanced service capabilities through real-time machine data analysis [9] Market Demand and Growth - The demand for data center infrastructure is being driven by the global acceleration of AI adoption, with Vertiv experiencing a 43% organic sales growth in the Americas and 21% growth in APAC in Q3 2025 [10][11] - Vertiv's partnerships with major companies like NVIDIA and Intel are supporting its growth in global data center markets [12][13] Financial Guidance - For Q4 2025, Vertiv expects revenues between $2.81 billion and $2.89 billion, with organic net sales growth projected at 18% to 22% [14] - For the full year 2025, revenues are anticipated to be between $10.16 billion and $10.24 billion, with organic net sales growth expected at 26% to 28% [15] Earnings Estimates - The Zacks Consensus Estimate for Q4 2025 earnings is $1.28 per share, indicating a year-over-year increase of 29.29%, with revenues expected to grow by 22.09% [16] - The 2025 earnings estimate is pegged at $4.11 per share, reflecting a 44.21% increase from 2024 [17] Valuation - Vertiv is currently trading at a premium, with a trailing 12-month Price/Book ratio of 19.14X compared to the sector's 10.74X, indicating a potential overvaluation [18] Conclusion - Vertiv's strong portfolio and extensive partner base are driving order growth, justifying its premium valuation, and the company holds a Zacks Rank 2 (Buy) with a Growth Score of A, indicating a strong investment opportunity [21]

一边是AI算力引爆数据中心电力革命，一边是全球电网被动升级催生万亿级设备缺口，两股力量正成为驱动这一行业景气度的关键引擎。其中，哪些领 域将率先爆发，又有哪些公司已抢占核心卡位？请看机构最新研判。 电力设备行业近期表现活跃。机构分析，随着人工智能算力密集部署、全球电网升级提速以及新能源产业链价格体系逐步企稳回升，电力设备行业的投资 逻辑正在发生变化：在传统新能源装机增速边际放缓的背景下，以算力基础设施（AIDC）与电网现代化升级为核心的新需求，正在成为驱动板块中期景 气度的关键力量。 电力设备是一个覆盖发电、输电、配电、储能及终端用电的庞大产业体系，当前阶段市场对该板块的关注，主要基于以下三重逻辑： 第一，算力高功耗时代来临，数据中心正在成为电力设备新的核心增量场景。人工智能产业加速从技术探索迈向规模化商业落地，带动智能算力需求快速 增长。全球数据中心核心IT电力需求预计将从2023年的49GW提升至2026年的96GW，其中AIDC贡献约85%的新增需求。与此同时，AIDC正向高功率密 度、高能耗方向演进，推动电网扩容、供配电升级、储能与散热系统同步进入前置建设周期。 第二，北美与全球电网进入被动扩容周期， ...

AIDC 观点更新，如何把握 26 年机会？20151223 Q&A 2025 年 AIDC（人工智能数据中心）市场的主要趋势和技术升级方向是什么？ 2025 年，AIDC 市场表现出显著的持续增长趋势，并且这一趋势预计将在 2026 年继续。主要有两个核心方向：技术升级和基础设施建设。 首先，技术 升级方面，以英伟达 GPU 卡的迭代为节点，电源企业也随之进行迭代。这种迭 代反映了算力密度提升带来的需求变化，具体体现在直流化和高压化趋势上。 无论是国内还是海外企业，都在应对算力密度增加带来的电源待机提升需求， 这是技术升级的重要方向。 其次，在基础设施建设方面，北美的数据中心发展 迅速，但其电力基础设施相对落后。数据中心建设带来了巨大的增量需求，包 括电源端和电网端。然而，本土供应链无法完全满足这些需求，因此中国供应 链在北美 AI 建设中扮演了重要角色。这两个方向，即业绩确定性和新技术卡位 确定性，将是未来投资的重要参考。 摘要 北美数据中心规模正迅速扩大，单体容量逼近吉瓦级别，并呈现集群化 发展趋势，对区域电网构成显著压力，本土电力基础设施建设滞后，中 国供应链在北美 AI 基础设施建设中扮演关键角色。 ...

传统快速补能受限，AIDC配储具备经济性且交付快，占比有望提升。假设美国AIDC功耗从2025年 10GW提升至2028年22GW，AIDC配储需求按20%容量、4h系统测算，则北美AIDC配储需求约从2025 年9.6 GWh提升至2028年21GWh。考虑到截止25Q3美国AIDC项目规划装机容量增长45GW，未来配储 比例及配储时长提升，AIDC配储空间弹性有望提升。 北美AIDC变压器供不应求，变压器出口高景气 经济复苏以及AI高速发展，叠加新能源并网以及电网更新改造需求，AI电气设备需求旺盛。中国银河 证券测算，2024年、2027年全球AIDC装机功率约15GW、66GW，假设变压器约4亿元/GW，则2024 年、2027年AIDC全球变压器市场空间约为60亿元、264亿元，CAGR约64%。 根据伍德麦肯兹对北美年度供需估算，目前电力变压器和配电变压器的供应缺口已分别达到30%和 6%，进口产品预计占美国电力变压器供应量的80%、配电变压器供应量的50%。根据海关总署数据，中 国变压器1-11月合计出口579亿元，同比 36%，根据电能革新数据，中国变压器出口均价已从2020年的 1.2万美元/ ...

截至12月11日，科士达股东户数4.00万，较上期增加0.00%；人均流通股14128股，较上期增加0.00%。 2025年1月-9月，科士达实现营业收入36.09亿元，同比增长23.93%；归母净利润4.46亿元，同比增长 24.93%。 分红方面，科士达A股上市后累计派现15.44亿元。近三年，累计派现6.02亿元。 机构持仓方面，截止2025年9月30日，科士达十大流通股东中，香港中央结算有限公司位居第二大流通 股东，持股1069.08万股，相比上期增加245.00万股。博时汇兴回报一年持有期混合（011056）位居第五 大流通股东，持股502.83万股，为新进股东。汇添富科技创新混合A（007355）位居第六大流通股东， 持股403.35万股，为新进股东。易方达供给改革混合（002910）位居第七大流通股东，持股375.58万 股，为新进股东。财通资管数字经济混合发起式A（017483）位居第八大流通股东，持股372.45万股， 为新进股东。南方成长先锋混合A（009318）位居第十大流通股东，持股310.43万股，为新进股东。光 伏ETF（515790）、南方中证1000ETF（512100）、天弘 ...

智通财经APP获悉，中国银河证券发布研报称，中央经济工作会议12月10日至11日在北京举行。中央经 济工作会议通稿能源强国建设规划纲要，加快新型能源体系建设，扩大绿电应用，新能源依旧是十五五 发展中心，聚焦新质生产力与反内卷，风光储、AIDC、锂电、机器人有望全面受益。 AIDC海内外共振，电网及储能筑基 我国已建成全球最大物流、电力、通信等基建网络，AI加速全面发展，电力需求日益增长，北美AI缺 电担忧逐步强化，为适应人工智能+、绿色低碳转型等趋势，保障能源安全，现代化新基建势在必行。 1）AIDC：AI军备竞赛下智算需求助推AIDC高景气，未来供配电系统向800V HVDC高压直流演进，服 务器电源量利齐升，UPS和HVDC仍将长期并行发展，高电压等级HVDC渗透率有望在未来5年实现快速 提升，固态变压器SST是未来发展趋势。AI对电力消耗大，AI缺电担忧加剧，配储需求旺盛。AI电力设 备、储能、服务器电源优先受益。2）电网：新型电力系统持续推进，风光等可再生能源装机大，电网 建设需求旺盛，特高压及主网、配网数智化延续增长态势。全球电网投资高景气，经济复苏以及AI高 速发展，叠加新能源并网以及电网更新改造 ...

14 December 2025 | 11:22PM HKT Equity Research CHINA INDUSTRIAL TECH: AIDC POWER EXPERT CALL TAKEAWAYS Possible demand overflow to Chinese suppliers from US power shortage and 800VDC architecture shift; Buy Kstar, Hongfa; Neutral on Sungrow On Dec 10-12, we hosted expert calls on US power transformers and AIDC electricals system. On power transformers, we read positive implications for Chinese suppliers, given the US power transformer order lead time of 3-4 years have driven utilities and data center operat ...

Core Insights - Vertiv (VRT) is experiencing significant growth due to the global acceleration of data centers, driven by AI adoption and increasing demand for digital infrastructure [1][2] - The company reported a 43% organic sales growth in the Americas and a 21% year-over-year growth in APAC for Q3 2025 [1] - Vertiv's backlog increased by 12% sequentially and 30% year-over-year to $9.5 billion, supported by a book-to-bill ratio of 1.4 [2][10] Financial Performance - In the trailing 12 months, organic orders grew approximately 21% [2] - The consensus estimate for 2025 earnings is $4.11 per share, reflecting a 44.21% increase from 2024 [13] - Vertiv's shares have gained 61.3% over the past six months, outperforming the broader Zacks Computer & Technology sector, which appreciated 26.6% [8] Product and Acquisition Strategy - Vertiv's extensive product portfolio includes thermal systems, liquid cooling, UPS, switchgear, busbar, and modular solutions [3] - The recent $1.0 billion acquisition of PurgeRite enhances Vertiv's capabilities in liquid cooling and thermal management [3][10] - The acquisition combines Vertiv's thermal expertise with PurgeRite's flushing, purging, and filtration capabilities, improving system performance for AI data centers [4] Competitive Landscape - Vertiv faces increasing competition from Super Micro Computer (SMCI) and Hewlett Packard Enterprise (HPE), both expanding their data center capabilities [5][6] - Super Micro Computer is focusing on end-to-end AI rack-scale systems, while HPE is enhancing its offerings with liquid-cooled solutions [6][7] - These competitors are strengthening their positions in the hyperscale and enterprise AI data center market, posing challenges to Vertiv's role [7] Valuation Metrics - Vertiv's stock is trading at a trailing 12-month Price/Book ratio of 19.44X, compared to the sector average of 10.81X [11] - The company currently holds a Zacks Rank 1 (Strong Buy) [13]