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科士达(002518):数据中心稳健增长,新能源筑底企稳
002518KSTAR(002518) 国金证券·2025-04-25 02:06

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.0 billion, 8.7 billion, and 10.1 billion respectively, corresponding to PE ratios of 18, 14, and 12 [4]. Core Insights - The company reported a revenue of 4.16 billion in 2024, a decrease of 23.5% year-on-year, and a net profit attributable to shareholders of 394 million, down 53.4% year-on-year. However, in Q1 2025, revenue increased by 13.5% year-on-year to 943 million, while net profit decreased by 10.4% to 111 million [2]. - The data center business showed steady growth, with revenue of approximately 2.6 billion in 2024, a year-on-year increase of 3.5%. The gross margin was 35.3%, down 2.4 percentage points, primarily due to changes in sales structure. The company has established a comprehensive solution capability in the data center product field and is expected to benefit from the acceleration of domestic data center construction [2]. - The solar storage and charging business saw a significant decline in revenue, down 49.4% year-on-year to 1.36 billion in 2024, with a gross margin of 16.6%, down 8.07 percentage points. This decline was mainly due to inventory digestion in the European market. However, there are signs of recovery as domestic inverter exports to Europe turned positive in Q1 2025 [3]. - The company made substantial impairment provisions in 2024, totaling approximately 120 million, with expectations of a high probability of recovery in credit impairment losses. Operational indicators showed improvement, with inventory turnover days decreasing by 31 days year-on-year to 147 days in Q1 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved revenue of 4.16 billion, a decline of 23.5% year-on-year, and a net profit of 394 million, down 53.4%. In Q1 2025, revenue was 943 million, up 13.5% year-on-year, while net profit was 111 million, down 10.4% [2]. Business Analysis - The data center and smart power business generated approximately 2.6 billion in revenue in 2024, with a gross margin of 35.3%. The company has made breakthroughs in the internet sector and is expected to benefit from the rapid development of data centers in China [2]. - The solar storage and charging business faced challenges, with revenue dropping to 1.36 billion in 2024. However, recovery is anticipated as European inventory issues are expected to resolve by Q2 2025 [3]. - The company recorded significant impairment provisions in 2024, with a total of 120 million, indicating a potential for recovery in the future [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 7.0 billion, 8.7 billion, and 10.1 billion, with corresponding PE ratios of 18, 14, and 12. The report maintains a "Buy" rating based on these projections [4].