Summary of Conference Call Notes on Kstar and Kehua Industry Overview - The report focuses on the data center electricals industry, specifically analyzing two companies: Kstar and Kehua. - Kstar is positioned as a key ODM partner for global players, particularly in the US AI data center market, while Kehua faces challenges due to high domestic competition in China. Kstar Highlights - **Investment Recommendation**: Kstar is rated as a "Buy" with a 12-month target price of Rmb67.6, indicating a 26% upside potential [1][2]. - **Valuation**: Kstar is valued at 26x 2028E P/E, reflecting a strong long-term growth outlook with a projected earnings CAGR of 26% from 2028E to 2030E [2]. - **Sales Growth**: Kstar is expected to achieve a total sales CAGR of 27% from 2025E to 2030E, driven by overseas high-power electrical sales, which are projected to increase from Rmb100 million in 2025E to Rmb800 million in 2026E [7][19]. - **Pricing Power**: The overseas ODM model allows Kstar to command a pricing premium of 25-50% compared to domestic orders, contributing to an expected gross profit margin (GPM) of 33% and operating profit margin (OPM) of 18% by 2028E [7][21]. - **Product Pipeline**: Kstar is actively developing next-generation products, including 800V DC and SST systems, with launches planned for early 2026 [10][19]. - **Market Position**: Kstar is gaining market share in the domestic market, particularly with major clients like Alibaba and ByteDance, and is expected to become a significant UPS supplier by 2026 [19]. Kehua Highlights - **Investment Recommendation**: Kehua is rated as "Neutral" with a 12-month target price of Rmb50.5, indicating a 24% downside potential [1][3]. - **Valuation**: Kehua is valued at 30x 2026E P/E, with a lower earnings growth potential of 21% CAGR from 2026E to 2030E compared to Kstar [3]. - **Sales Growth**: Kehua is projected to have a total sales CAGR of 16% from 2025E to 2030E, primarily driven by domestic demand [27]. - **Customer Concentration**: Kehua's growth may be limited due to high customer concentration and intense competition in the domestic market, with a modest sales CAGR of 16% expected [7][39]. - **Overseas Expansion**: Kehua's overseas expansion is slower compared to Kstar, with only 12% of segment sales expected to come from international markets by 2025E [42]. - **Product Portfolio**: Kehua has a strong product portfolio and partnerships with Chinese hyperscalers, but faces challenges in maintaining margins due to competitive pricing pressures [42]. Financial Projections - **Kstar Financials**: - Total revenue is projected to grow from Rmb5,332 million in 2025E to Rmb17,384 million by 2030E [24]. - Expected ROE to improve to 25% by 2030E, up from 16% in 2021-2024 [21]. - **Kehua Financials**: - Total revenue is expected to grow from Rmb4,159 million in 2024 to Rmb7,259 million by 2030E [24]. - ROE is projected to reach 17% by 2030E, still lower than Kstar due to intense domestic competition [43]. Key Risks and Considerations - **Kstar Risks**: Dependence on successful product launches and maintaining competitive pricing in the US market [19]. - **Kehua Risks**: High customer concentration and limited overseas market penetration could hinder growth [42][43]. Conclusion - Kstar presents a more favorable investment opportunity with strong growth prospects and better positioning in the US market, while Kehua faces challenges that may limit its growth potential in the competitive domestic landscape.

证券日报网讯1月13日，科士达（002518）在互动平台回答投资者提问时表示，截至2026年1月9日公司 股东人数约4.4万户。 ...

Summary of AIDC Conference Call Industry Overview - The conference call focuses on the AIDC (Artificial Intelligence Data Center) industry, particularly the transition towards 800 VDC (voltage direct current) systems and the adoption of solid-state circuit breakers (SSCB) [1][3][4]. Key Points and Arguments - **Transition to 800 VDC**: The domestic 800 VDC pilot projects are being implemented, marking a significant shift towards direct current and high voltage systems, which will drive the evolution of UPS (Uninterruptible Power Supply) to HVDC and SST (Solid-State Transformer) [1][3]. - **Solid-State Circuit Breakers (SSCB)**: The application of SSCBs in 800 V systems is accelerating, with companies like Eaton, ABB, and domestic firms such as Liangxin, Taiyong Changzheng, and Chint Electric actively investing in this technology [1][5]. - **Market Acceptance**: There is an increasing acceptance of direct current power supply solutions in the market. Companies like ByteDance are testing DC UPS and 800 V HVDC systems, indicating a growing willingness to adopt these technologies [1][6]. - **Investment Potential**: Companies such as Zhongheng Electric, Keda, and Oulutong are identified as having significant investment potential due to their strategic positions and partnerships with major players like Alibaba and ByteDance [1][7]. - **Impact of Overseas Markets**: The North American market shows a significant influence on high voltage direct current systems, with companies benefiting from the new cycle of internet infrastructure investment [1][8]. - **Future Demand for SSCBs**: The demand for SSCBs is expected to grow significantly, with projections indicating a market space of 2 billion yuan by 2027 if the penetration rate of 800 V HVDC reaches 20% [2][13]. Additional Important Insights - **Economic Benefits of SSCBs**: The adoption of SSCBs in data centers is expected to yield substantial economic benefits, including reduced maintenance costs and increased electrical lifespan [12][13]. - **Application Scenarios**: SSCBs are particularly suited for high-frequency operations and compact requirements in data centers, with applications in various scenarios such as multi-ecological access and high-voltage DC relay upgrades [14][15]. - **Market Forecast**: The global market for SSCBs is projected to reach 30 billion yuan by 2027, with a significant portion of this market driven by overseas demand due to higher penetration rates and pricing [13]. This summary encapsulates the key discussions and insights from the AIDC conference call, highlighting the industry's transition towards high voltage direct current systems and the growing role of solid-state circuit breakers.

证券日报网讯1月12日，科士达（002518）在互动平台回答投资者提问时表示，2025年12月31日股东户 数将在2025年度报告中披露。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002518 证券简称：科士达 公告编号：2026-002 深圳科士达科技股份有限公司 关于公司董事减持计划实施完毕的公告 公司董事李春英先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳科士达科技股份有限公司（以下简称"公司"）于2025年11月24日在巨潮资讯网上披露了《关于董事 减持股份的预披露公告》，公司董事李春英先生计划自减持公告披露之日起15个交易日后的三个月内以 集中竞价方式共计减持公司股份不超过424,000股,占公司总股本的 0.07%。 公司于近日收到董事李春英先生出具的《股份减持计划实施完毕的告知函》，截至本公告日，李春英先 生已披露的股份减持计划实施完毕，现将具体情况公告如下： 一、股东减持情况 三、备查文件 1、股东减持股份情况 ■ 股份来源：首次公开发行前的股份及实施权益分派送转的股份。 2、减持前后持股情况 ■ 二、其他说明 1、在本次股份减持计划实施期间，李春英先生严格遵守《中华人民共和国公司法》《中华人民共和国 ...

证券代码：002518 证券简称：科士达 公告编号：2026-002 深圳科士达科技股份有限公司 关于公司董事减持计划实施完毕的公告 公司董事李春英先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。本公司及董事会全体 成员保证公告内容与信息披露义务人提供的信息一致。 深圳科士达科技股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日在巨潮资讯网上披露了《关于董事减持股份的预披露公告》， 公司董事李春英先生计划自减持公告披露之日起 15 个交易日后的三 个月内以集中竞价方式共计减持公司股份不超过 424,000 股,占公司 总股本的 0.07%。 1、在本次股份减持计划实施期间，李春英先生严格遵守《中华人 民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第 18 号——股 东及董事、高级管理人员减持股份（2025 年修订）》等有关法律、 法规及规范性文件的规定。 公司于近日收到董事李春英先生出具的《股份减持计划实施完毕 的告知函》，截至本公告日，李春英先生已披露的股份减持计划实施 完毕，现将具体情况公 ...

Group 1 - The core viewpoint of the news highlights the significant growth and potential of the photovoltaic (PV) industry, particularly with the emergence of space-based solar power as a new frontier for development [2][3] - The photovoltaic ETF (159857) has shown a trading volume of 188 million yuan with a turnover rate of 8.29%, indicating strong market interest [1] - The underlying index, the CSI Photovoltaic Industry Index (931151), has experienced a five-day consecutive rise, reflecting positive market sentiment towards the sector [1] Group 2 - Major players in the photovoltaic industry, such as JinkoSolar and Trina Solar, are focusing on space solar power, with JinkoSolar's chairman stating that solar components in space can generate 7 to 10 times more energy than on Earth [2] - The potential of perovskite technology is being recognized, with companies like GCL-Poly and Lightyear Technology considering it as an ideal solution for space applications due to its lightweight and high conversion efficiency [3] - The domestic photovoltaic installation capacity from January to October reached 252.87 GW, a year-on-year increase of 39%, driven by policy incentives and a surge in installations [3]

Core Viewpoint - The company Keda (002518) has announced the establishment of a partnership with Shiling Environment (301018) and professional investment institutions to invest in sectors related to data centers, hard technology, AI, and renewable energy, including wind power, solar energy, and energy storage [1][2] Group 1: Investment Details - The partnership involves the creation of the Jiaxing Mutong Equity Investment Partnership (Limited Partnership) with a total investment amount of approximately 200 million yuan, with Keda contributing 50 million yuan, accounting for 24.99% of the total investment [1] - The partnership will have a duration of 7 years, with the first 4 years designated as the investment period and the remaining years as the management exit period [2] Group 2: Strategic Implications - Keda aims to strengthen its core business in data centers while expanding into the renewable energy sector, capitalizing on the current development cycle in these industries [2] - The investment is expected to enhance the company's competitive edge and create more value for shareholders by identifying high-quality targets with strong industry synergy [2] - Shiling Environment also emphasizes that this investment will not adversely affect its financial and operational status, and it is expected to have a positive impact on future financial conditions and business layout [2]

Group 1 - The other power equipment sector increased by 1.63% on January 8, with Rongfa Nuclear Power leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Key stocks in the other power equipment sector showed significant price increases, with Rongfa Nuclear Power rising by 9.96% to a closing price of 8.83 [1] Group 2 - The main capital inflow in the other power equipment sector was 1.07 billion yuan, while retail investors experienced a net outflow of 720 million yuan [2] - The stock Rongfa Nuclear Power had a net inflow of 557 million yuan from main capital, representing 35.93% of its total trading volume [3] - Shanghai Electric also saw a net inflow of 314 million yuan from main capital, accounting for 6.72% of its trading volume [3]

Core Viewpoint - Keda Technology Co., Ltd. has shown significant stock performance and financial growth, with a focus on UPS and related products, indicating potential investment opportunities in the power equipment sector [1][2]. Financial Performance - For the period from January to September 2025, Keda achieved a revenue of 3.609 billion yuan, representing a year-on-year growth of 23.93% [2]. - The net profit attributable to shareholders for the same period was 446 million yuan, reflecting a year-on-year increase of 24.93% [2]. Stock Performance - As of January 8, Keda's stock price increased by 5.94% year-to-date, with a 4.41% rise over the last five trading days, 7.76% over the last twenty days, and 25.27% over the last sixty days [1]. - The stock was trading at 51.40 yuan per share, with a market capitalization of 29.926 billion yuan [1]. Shareholder Information - As of December 24, Keda had 42,000 shareholders, with an average of 13,455 circulating shares per person [2]. - The company has distributed a total of 1.544 billion yuan in dividends since its A-share listing, with 602 million yuan distributed in the last three years [3]. Major Shareholders - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.6908 million shares, an increase of 2.4500 million shares from the previous period [3]. - New institutional shareholders include Bosera Huixing Return Mixed Fund and Huatai-PineBridge Technology Innovation Mixed Fund, among others [3].