凭借扎实的技术积累与严苛的产品品质，科华数能的服务网络已遍布欧洲、澳洲、非洲、北美、拉美及亚太等全球 100 多个国家和地 区， 在全球市场树立起"中国智造"的卓越品牌形象 。科华数能深知：独行快，众行远；单点突破易，生态共赢难。在国内，科华数能 与华能、中核、国家电网等能源央企深度协同，成功交付全球最大构网型储能项目、全球首套原位固态化半固态电池电网侧储能示范工 程、国内首个百兆瓦级液冷储能标杆项目等一系列重磅工程，彰显了产业链协同创新的巨大价值；在海外，科华数能坚持"本地化合 作、本地化价值"原则，携手当地伙伴落地保加利亚最大光储一体化项目、巴西最大储能电站等标杆案例，输出产品与技术的同时，更 构建起共建共享、可持续发展的能源新范式。 面向未来，陈成辉代表科华数能发出倡议： 愿与全球同仁共推技术标准国际化，打破壁垒，促进互认互通；共建高效韧性供应链，提 升资源协同与抗风险能力；共创灵活包容的合作模式，尊重多元市场模式，实现优势互补、互利共赢 。他强调，唯有通过开放协作、 标准引领与技术深耕，才能真正提升全球能源转型的质量、效率与可持续性。 作为储能行业的领军企业，科华数能将持续以创新为帆、以合作为桨，与全 ...

Core Viewpoint - The report from Changjiang Securities indicates that Kehua Data's net profit attributable to shareholders for the first three quarters of 2025 reached 344 million yuan, representing a year-on-year increase of 44.71% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 101 million yuan, showing a significant year-on-year increase of 711.41%, although it declined by 42.17% quarter-on-quarter [1] Business Growth - The company has achieved substantial growth in its new energy and data center product businesses, with overseas revenue from new energy significantly increasing, particularly in the European and American markets, where shipments have more than doubled year-on-year [1] Future Outlook - The global demand for data center infrastructure is rapidly expanding, and the company is accelerating the rollout of new products such as liquid cooling, HVDC, and SST. It is also actively pursuing product whitelist certification for overseas clients, which is expected to benefit from the expanding demand in the internet and communication sectors [1] IDC Business Development - The company's IDC business is expected to continue its rolling development in collaboration with domestic chip manufacturers, leveraging its self-built heterogeneous computing power platform and computing power pool, with IDC revenue anticipated to maintain growth [1] New Energy Business - The profitability of the new energy business is expected to continue improving due to high global demand, ongoing expansion into the European and American markets, and the upcoming activation of production capacity in Malaysia, which is likely to generate additional shipments in Southeast Asia and the Middle East. Furthermore, the price reduction space for energy storage products is limited, which is expected to significantly reduce impairment losses [1] Smart Power Business - The smart power business is projected to remain stable [1] Profit Forecast - The company forecasts net profits of 500 million yuan and 800 million yuan for 2025 and 2026, respectively, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 5.706 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.79%. The net profit attributable to shareholders was 344 million yuan, up 44.71% year-on-year, while the net profit excluding non-recurring items was 300 million yuan, an increase of 36.85% year-on-year [2][4]. - In Q3 2025, the company achieved a revenue of 1.973 billion yuan, reflecting an 18.65% year-on-year increase but a 21.59% decrease quarter-on-quarter. The net profit attributable to shareholders reached 101 million yuan, a significant year-on-year increase of 711.41%, although it decreased by 42.17% from the previous quarter. The net profit excluding non-recurring items was 77 million yuan, up 423.44% year-on-year but down 52.86% quarter-on-quarter [2][4]. Financial Performance Summary - The gross margin for Q3 was 25.24%, an increase of 2.70 percentage points quarter-on-quarter, primarily due to the increased contribution from data center and smart energy businesses [11]. - The expense ratio for Q3 was 18.20%, with a notable increase in R&D expenses due to product upgrades and technological innovations aimed at meeting the demands of overseas clients [11]. - The company expects net profits of 500 million yuan and 800 million yuan for 2025 and 2026, respectively [6]. Business Outlook - The company anticipates continued growth in its data center and renewable energy segments, driven by increasing global demand and expansion into overseas markets, particularly in Europe and North America [11]. - The company is actively working on new product launches in liquid cooling, HVDC, and SST technologies, which are expected to benefit from the expanding infrastructure needs in the internet and communication sectors [11]. - The renewable energy business is expected to improve profitability, with limited downside on storage product prices and a reduction in impairment losses anticipated [11].

Core Insights - The application of high-voltage direct current (HVDC) distribution technology is expected to significantly reduce energy consumption and improve power density in data centers, positioning HVDC as the future direction for AIDC power supply [1][3] - The global SST market is projected to exceed 100 billion by 2030, with SST expected to become the mainstream solution for AIDC external power supplies by 2029-2030 [1][3] Group 1: Domestic Market Insights - Domestic data center external DC power applications have advanced earlier, with two main technology routes: 240/336V modular HVDC power and Panama power, the latter showing high integration and efficiency up to 97.5% [2] - The domestic HVDC market is expected to exceed 80 billion by 2030, with a compound annual growth rate (CAGR) of approximately 122% from 2025 to 2030 [2] Group 2: International Market Dynamics - The core driver for overseas AIDC high-voltage direct current is the requirement for 800V DC power supply for the next-generation NV Rubin GPU, with significant penetration expected by 2027 [3] - The overseas HVDC market is projected to exceed 140 billion by 2030, with a CAGR of about 170% from 2025 to 2030 [3] Group 3: Technological Advancements - SST technology eliminates the need for frequency transformers, leading to significant improvements in size and efficiency, with domestic progress outpacing global developments [3][4] - International Tier 1 companies are actively seeking partnerships with domestic firms to develop HVDC power and SST solutions, indicating strong growth potential in the North American market [4] Group 4: Investment Recommendations - Key recommendations for comprehensive external power suppliers (SST + HVDC) include companies like Sungrow Power Supply and Jinpan Technology, while specific HVDC power recommendations include Zhongheng Electric and Keda Technology [5] - SST-focused recommendations include companies like Sifang Co. and China West Electric, with attention to core component manufacturers [5]

Key Points - ST立方's stock will be subject to delisting risk warning and will be suspended [1] - Tongde Chemical has been listed as a dishonest executor [1] - Shengke Nano's subsidiary plans to invest approximately 500 million yuan in the "Qingdao Testing and Analysis Capability Improvement Project" [1] - Pinggao Electric has won a bid for a 773 million yuan project from the State Grid [1] - Bright Dairy intends to acquire 40% of Xiaoxiniu for about 500 million yuan [1] - Jianbang Co. plans to repurchase shares worth 15 million to 30 million yuan [1] - China Jushi's controlling shareholder plans to increase its stake by 550 million to 1.1 billion yuan [1] - Xinyuan Intelligent Manufacturing plans to raise no more than 140 million yuan through a private placement [1] - Tianfeng Securities is under investigation by the CSRC for suspected information disclosure violations [1][2]

证券日报网讯11月28日晚间，科华数据（002335）发布公告称，选举陈成辉先生为董事长。 ...

证券日报网讯11月28日晚间，科华数据（002335）发布公告称，选举林清民先生为公司第十届董事会职 工代表董事。 ...

科华数据夯实自身优势，通过五大能力的系统整合，积极融合多年来在电源行业、数据中心行业的场景 服务经验，与用户一同接受时代的检验，形成了从算力基础设施产品到垂直行业应用场景的"全生命周 期完整服务链条"，助力各行业的智能化转型升级。 论坛期间，科华数据全球首款200kW高密UPS模块产品正式亮相，并获泰尔认证中心颁发的全球首份 1.2MW UPS（200kW模块）认证证书。这一产品不仅体现了科华数据在数据中心供电架构技术上的领 先突破，还构建了面向AI算力场景的高可靠供电解决方案，为AI算力集群的持续演进奠定了坚实基 础。 随后，科华数据中心产品总监吴庆彬在《与AI共进|算力基础设施革新与供电创新技术突破》主题分享 中系统阐述了AI时代下算力基础设施面临的五大核心挑战，分享了公司在供电技术方面的创新突破， 深入解读了此次亮相的全新产品。他表示，当前国内外AI芯片发展存在差异化，国外高端芯片的技术 演进及国产AI芯片的加速崛起，正塑造着全球智算中心基础设施的技术路径，供电架构正处于"双轨 制"共同发展阶段。 基于此，此次亮相产品以三大特点引领供电系统进入"兆瓦级"时代：首先，该系列产品直面传统供电密 度低、占地大 ...

据悉，本次交易是为了聚焦主业，减少非主业事项对上市公司经营的影响。 科华数据（002335）(002335.SZ)公告，公司董事会同意将持有的全资子公司漳州科华技术有限责任公 司(简称"漳州科华")100%股权及相关无形资产以2610.87万元出售给公司控股股东厦门科华伟业股份有 限公司(简称"科华伟业")。交易完成后，公司不再持有漳州科华的股权，漳州科华不再纳入公司合并报 表范围。 ...

Group 1 - The company Keda Data (SZ 002335) announced the convening of its first temporary board meeting of the tenth session on November 28, 2025, in Xiamen, Fujian Province, to discuss the election of members for various specialized committees [1] - For the first half of 2025, Keda Data's revenue composition was as follows: 49.62% from the renewable energy sector, 37.44% from the data center sector, 11.77% from the smart electric power sector, and 1.17% from other businesses [1] - As of the report date, Keda Data's market capitalization was 27.4 billion yuan [1]