Core Viewpoint - Dongwu Securities report indicates that Keda's "data center + new energy" dual-driven high growth is expected, with a projected net profit attributable to shareholders of 600-660 million yuan in 2025, representing a year-on-year increase of 52.21%-67.43% [1] Group 1 - The expected net profit for Q4 is projected to be between 150-210 million yuan, showing a year-on-year increase of 302%-462% and a quarter-on-quarter change of -21% to +11% [1] - The data center sector is experiencing steady growth, and there is a noticeable recovery in energy storage demand [1] - The company has made significant breakthroughs in the North American external power supply business, with an additional 600K high-power UPS OEM expected in 2025, having secured the first batch of orders exceeding 100 million yuan [1] Group 2 - A second batch of orders worth over 300 million yuan is anticipated, with all deliveries scheduled for 2026, which is expected to contribute significantly to the North American business [1] - Domestically, the company maintains a solid foundation through partnerships with major CSPs, COLOs, and operators such as ByteDance, Alibaba, and GDS [1] - The testing period with ByteDance is six months, and feedback is expected by the end of Q1 2026; if successful, domestic revenue growth is likely to increase significantly [1] Group 3 - The company has advantages in AIDC products and channels, leading to substantial profit elasticity [1] - A target price of 67.2 yuan is set based on a 35x PE ratio for 2026, maintaining a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 600-660 million yuan in 2025, representing a year-on-year increase of 52.21% to 67.43% [2] - The data center business is steadily growing, with projected revenue of over 3 billion yuan in 2025, a year-on-year increase of 20% [2] - The new energy business is recovering, with expected revenue of 2 billion yuan in 2025, a year-on-year increase of 10%, and storage business revenue expected to nearly double [2] Financial Forecasts - Total revenue is forecasted to be 5,281 million yuan in 2025, with a year-on-year growth of 26.99% [1] - The net profit attributable to shareholders is projected to be 643.82 million yuan in 2025, with a year-on-year growth of 63.32% [1] - The latest diluted EPS is expected to be 1.11 yuan per share in 2025 [1] Revenue Breakdown - The data center segment is expected to generate over 10 billion yuan in Q4 2025, reflecting a year-on-year increase of 40% [2] - The storage revenue in Q4 2025 is projected to be around 4 billion yuan, with a year-on-year increase of 50% [2] Profitability Metrics - The company’s profitability forecast for 2025 has been raised to 6.4 billion yuan, with corresponding P/E ratios of 50, 29, and 21 for 2025, 2026, and 2027 respectively [3] - The gross margin is expected to be 29.75% in 2025, with a net profit margin of 12.19% [9] Market Position - The company has made significant breakthroughs in the North American market, with new orders expected to contribute significantly to revenue in 2026 [3] - Collaborations with major domestic players like ByteDance and Alibaba are expected to stabilize the domestic market base [3]

Summary of Conference Call Notes Industry Overview - The focus is on the AI power sector, specifically the transformer and AI power supply segments, which are identified as the most certain growth areas for 2026 [1][2]. Key Points 1. **Order and Performance Catalysts**: After 25 years of strategic positioning, leading companies in the AIDC (Artificial Intelligence Data Center) sector are expected to see sustained order growth and performance improvements in 2026, particularly in transformers and AI power supplies [1]. 2. **Transformer Demand**: There is a clear trend of electricity shortages in North America, which is anticipated to worsen in 2026. Transformers are identified as a critical component in addressing this shortage, with Chinese companies expected to become key players in increasing overseas production capacity and accelerating exports [1][2]. 3. **AI Power Supply Developments**: The core focus for AI power supplies in 2026 is on achieving significant milestones, particularly in high-voltage direct current (HVDC) systems, which are expected to transition from concept to implementation. Additionally, ongoing testing and sample submissions for solid-state transformers (SST) are noted [1]. 4. **Company-Specific Updates**: - **Siyuan Electric**: Anticipates over $100 million in orders from the U.S. in 2025, with expectations for explosive growth in transformers and AIS (Air Insulated Switchgear) in 2026 [2]. - **Igor**: Reports a 100% increase in North American orders in 2025, with close collaboration with T [2]. - **Jinpan Technology**: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. - **Sifang Co.**: SST and V are entering the final stages of integration [2]. - **Kostad**: Noted an increase in UPS (Uninterruptible Power Supply) demand in North America, with new HVDC products and SST technology being developed [2]. - **Magmi Tech**: Reports successful scaling of orders and smooth sample submissions for new products [2]. Additional Important Insights - The emphasis on the AI power sector reflects a broader trend towards integrating AI technologies in energy solutions, indicating potential long-term growth opportunities in this industry [1][2]. - The strategic positioning of Chinese companies in the global market for transformers and AI power supplies suggests a shift in manufacturing capabilities and export dynamics, which could impact competitive landscapes [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth driven by dual engines: data centers and new energy, with a projected net profit of 6-6.6 billion yuan for 2025, representing a year-on-year increase of 52.21%-67.43% [7] - The data center business is anticipated to grow steadily, with expected revenue of over 3 billion yuan in 2025, a year-on-year increase of 20% [7] - The new energy business is recovering, with expected revenue of 2 billion yuan in 2025, a year-on-year increase of 10%, and storage business revenue expected to nearly double [7] Financial Projections - Total revenue projections for the company are as follows: - 2023: 5,440 million yuan - 2024: 4,159 million yuan - 2025: 5,281 million yuan - 2026: 7,994 million yuan - 2027: 10,812 million yuan - Year-on-year growth rates for total revenue are projected at 23.61% for 2023, -23.54% for 2024, 26.99% for 2025, 51.36% for 2026, and 35.25% for 2027 [1] - Net profit attributable to the parent company is projected as follows: - 2023: 845.48 million yuan - 2024: 394.20 million yuan - 2025: 643.82 million yuan - 2026: 1,120.35 million yuan - 2027: 1,528.53 million yuan - Year-on-year growth rates for net profit are projected at 28.79% for 2023, -53.38% for 2024, 63.32% for 2025, 74.01% for 2026, and 36.43% for 2027 [1] - The latest diluted EPS is projected to be 1.45 yuan for 2023, 0.68 yuan for 2024, 1.11 yuan for 2025, 1.92 yuan for 2026, and 2.63 yuan for 2027 [1] Valuation Metrics - The price-to-earnings (P/E) ratio is projected as follows: - 2023: 38.41 - 2024: 82.38 - 2025: 50.44 - 2026: 28.99 - 2027: 21.25 [1] - The company is expected to have a P/E of 35x for 2026, corresponding to a target price of 67.2 yuan [7]

Summary of Conference Call Notes Industry Overview - The focus is on the AI power sector, specifically the transformer and AI power supply segments, which are identified as the most certain growth areas for 2026 [1][1]. Key Points 1. **Long-term Outlook for AIDC**: After 25 years of development, it is anticipated that leading AIDC companies will see sustained order growth and performance in 2026, particularly in transformers and AI power supplies [1][1]. 2. **Transformer Demand**: There is a clear trend of electricity shortages in North America, which is expected to worsen in 2026. As a critical link in overseas production capacity, Chinese companies are projected to be the main contributors to future capacity increases, with exports likely to accelerate [1][1]. 3. **AI Power Supply Development**: The core focus for 2026 is on the transition from "0 to 1" in high-voltage direct current (HVDC) systems, with expectations for significant advancements. Additionally, the SST (Solid State Transformer) is currently undergoing testing and sample delivery, while internal power supplies are expected to see a continuous flow of orders [1][1]. Company-Specific Insights 1. **Siyuan Electric**: Anticipates over $100 million in orders from the U.S. in 2025, with expectations for explosive growth in transformers and AIS (Air Insulated Switchgear) in 2026 [2]. 2. **Igor**: Reports a 100% increase in North American orders in 2025, closely collaborating with T [2]. 3. **Jinpan Technology**: Progressing with framework orders from major overseas CSP (Concentrated Solar Power) clients [2]. 4. **Sifang Co.**: SST is entering the final stages of collaboration with V [2]. 5. **Kostad**: Experiencing growth in North American UPS (Uninterruptible Power Supply) market, launching HVDC and advancing SST technology [2]. 6. **Magnum**: Securing large-scale orders and successfully delivering new product samples [2].

Group 1 - The core point of the article is that Keda announced the approval of a proposal to increase capital and introduce an employee stock ownership platform through its subsidiary, which involves related party transactions [2] Group 2 - The decision was made during the second meeting of the seventh board of directors [2]

Core Viewpoint - The company Keda (002518.SZ) is introducing an employee stock ownership plan through capital increase to enhance the long-term development of its wholly-owned subsidiary, Jiangxi Changxin Jinyang Solar Power Co., Ltd. [1] Group 1: Capital Increase Details - Jiangxi Jinyang plans to raise capital by 5 million RMB, with the company waiving its preemptive rights for this increase [1] - After the capital increase, the registered capital of Jiangxi Jinyang will rise from 177 million RMB to 182 million RMB [1] - The company's ownership will change from 100% to 97.25%, with Shenzhen Zhongcheng Keda Investment Partnership (Limited Partnership) holding 2.75% [1] Group 2: Strategic Implications - The introduction of the employee stock ownership platform aims to establish a mechanism for shared interests and risks between the core management team and the company [1] - This move is intended to maintain stability within the management and technical teams of Jiangxi Jinyang [1] - The consolidation of Jiangxi Jinyang as a holding subsidiary will not affect the company's consolidated financial reporting scope [1]

Group 1 - The company Keda announced that its seventh second board meeting was held on January 19, 2026, in Shenzhen, combining in-person and communication methods [1] - The meeting reviewed the proposal regarding the capital increase and share expansion of its subsidiary, which involves introducing an employee stock ownership plan and related transactions [1]

Core Viewpoint - The company Keda (002518.SZ) is introducing an employee stock ownership plan through capital increase to enhance the long-term development of its wholly-owned subsidiary, Jiangxi Changxin Jinyang Solar Power Co., Ltd. [1] Group 1: Capital Increase and Shareholding Structure - Jiangxi Jinyang plans to raise capital by 5 million RMB, with the company waiving its preemptive rights for this increase [1] - After the capital increase, the registered capital of Jiangxi Jinyang will rise from 177 million RMB to 182 million RMB, with the company holding 97.25% and the new shareholder, Shenzhen Zhongcheng Keda Investment Partnership (Limited Partnership), holding 2.75% [1] - This change will convert Jiangxi Jinyang from a wholly-owned subsidiary to a controlled subsidiary, although the scope of the company's consolidated financial statements will remain unchanged [1]

证券代码：002518 证券简称：科士达 公告编号：2026-005 深圳科士达科技股份有限公司 关于子公司增资扩股引入员工持股平台暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳科士达科技股份有限公司（以下简称"公司"）于2026年1 月19日召开了第七届董事会第二次会议，审议通过了《关于子公司增 资扩股引入员工持股平台暨关联交易的议案》，具体情况如下： 一、交易情况概述 公司于2026年1月15日召开第七届董事会独立董事第一次专门会 议，审议通过《关于子公司增资扩股引入员工持股平台暨关联交易的 议案》，并同意将该议案提交公司董事会审议。2026年1月19日，公 司召开第七届董事会第二次会议审议通过了本议案，关联董事李春英 先生回避表决，其他非关联董事进行了表决，获全体独立董事过半数 同意。 根据《深圳证券交易所股票上市规则》等法律法规及《公司章程》 的相关规定，本次交易在公司董事会审批权限范围内，无需提交股东 会审议。本次关联交易不构成《上市公司重大资产重组管理办法》规 定的重大资产重组情形。 二、关联方基本情况 （一）交易基本情况 ...