第七届董事会第二次会议决议公告 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。 一、董事会会议召开情况 深圳科士达科技股份有限公司（以下简称"公司"）第七届董事 会第二次会议通知于2026年1月15日以微信、电子邮件等方式发出， 会议于2026年1月19日9:30在深圳市光明区高新园西片区七号路科士 达工业园会议室以现场结合通讯方式召开。本次会议应出席董事7人， 实际出席董事7人，公司高管列席了本次会议。会议由董事长刘程宇 先生召集并主持。本次会议召开程序及出席情况符合《公司法》《公 司章程》及有关法律、行政法规、部门规章、规范性文件的要求，会 议决议合法有效。 二、董事会会议审议情况 证券代码：002518 证券简称：科士达 公告编号：2026-004 深圳科士达科技股份有限公司 众诚科达之普通合伙人李春英先生系公司之董事，根据《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》等法律法规及规范性文件的相关规定，本次交易构成关联 交易。 表决结果：同意 6 票，反对 0 票，弃权 0 票，关联董事李春英先 生回避表决。 《关于子 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Insights - The company has exceeded performance expectations in the third and fourth quarters, confirming a turning point in operations. Both the household storage and data center businesses are showing positive trends, with household storage demand recovering since the second half of 2025 and expected to continue into 2026. The data center business has accelerated overseas production since the second half of last year, achieving breakthroughs in both clients and products domestically. The synergy between these two main businesses is anticipated to drive accelerated performance in 2026 [1][8]. Financial Data and Valuation - Total revenue is projected to grow from 5,440 million in 2023 to 6,739 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21% [3][13]. - Operating profit is expected to increase from 1,018 million in 2023 to 1,155 million in 2026, with a significant growth rate of 54% in 2026 [3][14]. - Net profit attributable to shareholders is forecasted to rise from 845 million in 2023 to 992 million in 2026, with a growth rate of 58% [3][14]. - Earnings per share (EPS) is projected to increase from 1.45 in 2023 to 1.70 in 2026 [3][14]. - The price-to-earnings (PE) ratio is expected to decrease from 36.9 in 2023 to 31.4 in 2026, indicating a more attractive valuation over time [3][14]. Business Outlook - The household storage business is expected to see a turnaround, with demand recovering and optimistic guidance from major clients. The company is also focusing on enhancing its own brand to drive growth in 2026 [8]. - The overseas production of UPS (Uninterruptible Power Supply) is accelerating, with the company entering overseas supply chains since Q3 2025. This is expected to enhance the company's ability to capture external orders and improve its chances in the overseas HVDC (High Voltage Direct Current) market [8]. - Domestic demand for AIDC (Artificial Intelligence Data Center) is anticipated to grow, with the company successfully expanding its client base to include emerging internet companies and launching high-value solutions [8].

Summary of Shenzhen Kstar Science & Tech (002518.SZ) Conference Call Company Overview - **Company**: Shenzhen Kstar Science & Tech (002518.SZ) - **Industry**: Electric power conversion technology, focusing on data centers and energy storage systems (ESS) Key Financial Highlights - **FY25 Net Income**: Expected in the range of Rmb600 million to Rmb660 million, representing a year-over-year increase of 52% to 67%, with a midpoint growth of 60% [5] - **Recurring Net Income**: Projected between Rmb550 million and Rmb620 million, indicating a 60% to 80% year-over-year increase, with a midpoint growth of 70% [5] - **4Q25 Net Income**: Estimated between Rmb154 million and Rmb214 million, showing a significant year-over-year increase of 313% to 473% [5] - **Sales Growth**: Anticipated total sales CAGR of 27% from 2025 to 2030, driven by overseas high-power electrical sales [1][9] Revenue and Earnings Forecast - **Revenue Forecast**: - 2025E: Rmb5,332 million - 2026E: Rmb7,527 million - 2027E: Rmb9,761 million - 2028E: Rmb11,861 million - 2029E: Rmb14,334 million - 2030E: Rmb17,384 million [6] - **Net Income Forecast**: - 2025E: Rmb632 million - 2026E: Rmb1,046 million - 2027E: Rmb1,451 million - 2028E: Rmb1,865 million - 2029E: Rmb2,356 million - 2030E: Rmb2,940 million [6] Strategic Initiatives - **Overseas Expansion**: Kstar is focusing on increasing its overseas sales, particularly in high-power electricals, which are expected to rise from Rmb100 million in 2025E to Rmb800 million in 2026E [1] - **Product Development**: The company is actively developing next-generation products, including 800V DC systems, to capitalize on the architecture upgrade cycle expected from 2026 [1][11] - **ODM Model**: The overseas ODM model is projected to command a pricing premium of 25% to 50% compared to domestic orders, enhancing profitability [1] Margin and Return Expectations - **Gross Profit Margin (GPM)**: Expected to expand to 33% by 2028E, supported by a higher mix of overseas sales [1] - **Operating Profit Margin (OPM)**: Anticipated to reach 18% by 2028E [1] - **Return on Equity (ROE)**: Projected average ROE of 25% from 2026 to 2030 [1] Investment Thesis - **Growth Drivers**: - Expansion into overseas markets, particularly North America - Increased domestic data center revenue due to higher capital expenditures from state-owned and private enterprises - Recovery in overseas ESS business driven by normalized channel inventories and demand [19] - **Valuation**: The 12-month price target is set at Rmb67.6, based on a P/E ratio of 26x for 2028E, indicating a potential upside of 26% from the current price [2][7] Risks - **Key Risks**: - Lower-than-expected growth in US ODM orders - Delays in new product launches, particularly the 800V DC products - Slower growth in overseas ESS and associated margins [20] Conclusion - **Recommendation**: Maintain a Buy rating on Kstar, given its strong growth prospects, attractive valuation, and ongoing transition into a key ODM partner for global data center electrical players [2][19]

Investment Rating - The report assigns a "Buy" rating for the company with a 12-month target price of Rmb60.10 [3][4][14]. Core Insights - The company reported strong performance for the fiscal year 2025, with net profit expected to be between Rmb600 million and Rmb660 million, representing a year-on-year growth of 52% to 67%, which aligns with market expectations [4]. - The fourth quarter net profit is projected to reach Rmb154 million to Rmb214 million, showing a significant year-on-year increase of 313% to 473% [4]. - The growth is attributed to accelerated shipments of data center products and a recovery in energy storage product deliveries, with management expecting an increase in orders related to the United States starting in 2026 [4]. - The company anticipates that revenue from its data center business will be approximately Rmb3 billion in 2025, with over 50% of sales coming from overseas [4]. - The management has secured new orders worth Rmb1 billion from a major client, with additional orders valued at Rmb300 million and Rmb100 million expected to be delivered in 2026 [4]. Financial Metrics - The company's market capitalization is Rmb31.2 billion (approximately US$4.48 billion) [3]. - The stock has a price-to-book ratio of 6.4 for the fiscal year ending December 2025 [3]. - The average daily trading volume is 15.43 million shares, with an average daily turnover of Rmb725 million [3]. - Earnings per share (EPS) estimates for the fiscal years are Rmb1.04 for 2025, Rmb1.55 for 2026, and Rmb2.14 for 2027 [3][4]. Valuation - The target price of Rmb60.10 is based on a discounted cash flow (DCF) valuation method [4]. - The report does not adjust the earnings per share (EPS) forecasts or the target price [4].

Investment Rating - The report maintains a positive outlook on the "space photovoltaic" sector, indicating it as a key investment theme for 2026, driven by strong demand and geopolitical narratives [7][8]. Core Insights - The space photovoltaic industry is experiencing significant advancements, primarily among companies already established in the sector, highlighting the high barriers to entry [7][8]. - The Chinese photovoltaic supply chain is expected to accelerate the growth of the space photovoltaic market, benefiting from the U.S. demand for "self-sufficiency" in solar products [7][8]. - The wind power and grid equipment sectors have also received substantial positive catalysts, with notable developments in offshore wind projects and significant investments planned by the State Grid [7][8]. Summary by Relevant Sections Space Photovoltaics - Recent developments in the space photovoltaic sector include strategic partnerships and investments by companies like JunDa and Dongfang Risen, focusing on advanced technologies such as perovskite and HJT cells [8][9]. - The U.S. is facing a critical need for domestic solar supply chains due to trade barriers, which presents a significant opportunity for Chinese companies to capitalize on this demand [11][12]. Wind Power - The UK government has signed contracts for 8.4GW of offshore wind projects, exceeding market expectations, which strengthens the outlook for domestic supply chain exports [13][14]. - The auction results indicate a favorable pricing environment for developers, enhancing the profitability of future projects [14]. Grid Equipment - The State Grid's investment plan of 4 trillion yuan for the 14th Five-Year Plan represents a 40% increase from the previous plan, establishing a strong foundation for long-term growth in the grid sector [3][15]. - The aging infrastructure in North America is driving demand for new transformers and grid solutions, creating opportunities for companies like Siyuan Electric and Jinpan Technology [17][19]. Lithium Batteries - New regulations on battery recycling are set to take effect in April 2026, emphasizing the importance of a comprehensive management system for used batteries [22][23]. - Companies like Fulin Precision are expanding their production capabilities in lithium iron phosphate batteries, indicating a positive trend in the lithium battery market [25][26]. Hydrogen and Fuel Cells - The hydrogen industry is poised for growth, with significant policy support and increasing sales of hydrogen vehicles expected in the coming years [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to return to a growth trajectory driven by its data center business and the recovery of the energy storage market in Europe and emerging markets [6][7] - The company forecasts a net profit attributable to shareholders of 600 million to 660 million yuan for 2025, representing a year-on-year growth of 52.21% to 67.43% [6] - The data center and energy storage segments are seeing continuous increases in orders and shipments, contributing to the company's growth [6] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 5,173 million, 7,025 million, and 9,155 million yuan respectively, with growth rates of 24.4%, 35.8%, and 30.3% [6][7] - Net profit attributable to shareholders is projected to be 623 million, 1,002 million, and 1,358 million yuan for the same years, with growth rates of 57.9%, 60.9%, and 35.6% [6][7] - Earnings per share are expected to be 1.07, 1.72, and 2.33 yuan for 2025, 2026, and 2027 respectively [6][7] Business Segments - The data center business has established a comprehensive product system, including integrated power modules and high-performance cooling solutions, and has formed deep partnerships with major internet companies [6] - The energy storage business is positioned for rapid growth in 2025, supported by a complete layout of technology, products, and global channels [6]

Group 1 - The company expects a positive net profit for the fiscal year 2025, indicating either a turnaround or an upward trend in performance [1] - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The company has communicated with its auditing firm regarding the performance forecast, and there are no significant discrepancies between the two parties [1] Group 2 - The company's growth is attributed to its dual business focus on "data centers and renewable energy," both of which are showing growth trends for 2025 [1] - The data center business is the company's core area, benefiting from a new wave of infrastructure investment in the industry [1] - The renewable energy segment is experiencing a rebound in demand, particularly in the European energy storage market and emerging markets, contributing to overall performance growth [1]

Group 1 - Canada will grant China an annual quota of 49,000 electric vehicles, which will enjoy a 6.1% Most Favored Nation tariff rate, with the quota increasing at a certain rate each year [1] - The Ministry of Commerce of China expects both countries' industries to seize opportunities for mutual benefit and win-win cooperation [1] - The State Council of China is focusing on boosting consumption and supporting new service consumption growth points, aiming to enhance service quality and consumer willingness [1] Group 2 - The China Securities Regulatory Commission (CSRC) is strengthening market monitoring and regulation to prevent excessive speculation and market manipulation [1] - The CSRC is drafting a trial management method for derivative trading, emphasizing prudent regulation and maintaining reasonable leverage levels in the derivatives market [1] - The market supervision authority approved the acquisition of Dole Group by American Axle Manufacturing with additional restrictive conditions to ensure fair competition in the automotive parts sector [2] Group 3 - TCL Zhonghuan signed a cooperation framework agreement to invest in a new energy project [4] - Huatai Hotel's controlling shareholder is planning a merger and reorganization, which may lead to a change in actual control [4] - Cheng Tian Wei Ye plans to raise no more than 800 million yuan through a private placement for liquid cooling system projects [4]

Key Points - China Metallurgical Group Corporation (China MCC) expects a decline of over 50% in net profit attributable to shareholders in 2025 due to losses in the real estate sector and increased asset impairment provisions [1] - JAC Motors anticipates a net loss of approximately 1.68 billion yuan in 2025, although this represents a reduction in losses compared to the previous year [2] - Northern Rare Earth forecasts a net profit increase of 116.67% to 134.60% in 2025, driven by improved sales and production efficiency in rare earth products [3] - Shenghong Technology projects a net profit increase of 260.35% to 295% in 2025, attributed to the growing demand for AI infrastructure and high-end products [4] - Lanke Technology expects a net profit increase of 52.29% to 66.46% in 2025, benefiting from strong demand in the AI industry [7] - Aiwai Electronics anticipates a net profit increase of 17.70% to 29.47% in 2025, focusing on high-value chip solutions [25] - Longxin General expects a net profit increase of 47.15% to 60.53% in 2025, driven by steady growth in its core motorcycle and general machinery businesses [28] - China One Heavy Industry predicts a net loss of 310 million to 460 million yuan in 2025, although this represents a significant reduction from the previous year's loss [35] - Kunda Technology expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, impacted by industry supply-demand imbalances [34] - Daqing Energy anticipates a net loss of 1 billion to 1.3 billion yuan in 2025, although this reflects a narrowing of losses compared to the previous year [42]

Core Viewpoint - Keda (002518) announced on January 16 that it expects a net profit of 600 million to 660 million yuan for 2025, representing a year-on-year growth of 52.21% to 67.43% [2] Group 1: Financial Performance - The expected net profit for 2025 is between 600 million and 660 million yuan [2] - The projected year-on-year growth rate is between 52.21% and 67.43% [2] Group 2: Stock Performance - Keda's stock closed at 53.60 yuan, up 1.15%, with a turnover rate of 3.05% and a transaction volume of 918 million yuan [2] - Over the past five days, the stock has increased by 0.06% [2] - Among stocks with a profit forecast increase of over 50%, 67.80% saw a price increase on the announcement day, and two stocks hit the daily limit [2] - The percentage of stocks that increased in price over the five days following the announcement is 76.27% [2] Group 3: Capital Flow - The net inflow of main funds for Keda today was 23.62 million yuan, with a total net inflow of 128 million yuan over the past five days [2] - As of January 15, the margin trading balance was 420 million yuan, with a financing balance of 418 million yuan, reflecting an increase of 8.56% compared to the previous trading day [2] - The cumulative growth of the financing balance over the past five days is 3.43% [2]