KSTAR(002518) 搜狐财经·2025-04-25 19:46Core Viewpoint - The financial performance of KOSTA (科士达) in 2024 reflects significant challenges in the energy storage industry, with a notable decline in revenue and profit primarily due to a downturn in household storage business and reliance on a major client, SolarEdge, which reported substantial losses [2][3]. Financial Performance - KOSTA reported a revenue of 4.159 billion yuan in 2024, a decrease of 23.54% year-on-year, and a net profit of 394 million yuan, down 53.38% [2]. - The gross margin fell by 2.22%, with the household storage product revenue dropping to 1.378 billion yuan, a decline of 49.43% [2][4]. Client Dependency and Market Impact - KOSTA's primary client, SolarEdge, experienced a record net loss of 18.1 billion yuan in 2024, leading to a significant reduction in orders from KOSTA, with sales to SolarEdge dropping to 222 million yuan, only 5.34% of total sales compared to 1.206 billion yuan (22.19%) in 2023 [3][4]. - The European household storage market declined by approximately 26% in 2024, contributing to the challenges faced by KOSTA [3]. Business Segments and Margins - The company’s various business segments saw a decline in gross margins, with household storage product margins decreasing by 8.07% and renewable energy revenue margins dropping by over 40% [4][5]. - KOSTA's revenue from smart power and data center businesses showed minimal growth, with a gross margin decline of 2.44% [5]. Strategic Challenges - KOSTA's aggressive expansion strategy, which included a planned fundraising of 2.373 billion yuan, faced scrutiny and was subsequently reduced to 1.251 billion yuan due to market and regulatory pressures [6][8]. - The company withdrew its fundraising plan by the end of July 2024, highlighting the tightening of financing channels and increased scrutiny on profitability [8]. Market Conditions - The overall market for uninterruptible power supplies (UPS) in China is projected to grow slowly, with a market size of approximately 7 billion yuan and a growth rate of about 1% in 2024, influenced by intensified competition and price fluctuations [10]. - The demand for AI computing power is increasing, but the growth in power supply systems remains slow, indicating a lag in the industry’s ability to adapt to new technological demands [10].