KSTAR(002518) 长城证券·2025-05-14 07:58Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][8]. Core Views - The company is expected to experience a revenue recovery in the data center business, driven by opportunities in the AI era, while the impact of disturbances in the European household storage market is gradually diminishing [2][3][8]. - The company has a strong foothold in the data center sector, with a projected revenue of 25.97 billion yuan in 2024, reflecting a year-on-year growth of 3.51% [2]. - The report anticipates a rebound in the company's performance, with expected revenues of 51.43 billion yuan, 60.31 billion yuan, and 67.74 billion yuan for the years 2025 to 2027, respectively [3][8]. Financial Summary - For 2023, the company reported a revenue of 5,440 million yuan, with a year-on-year growth rate of 23.6%. However, a decline is expected in 2024, with revenue projected at 4,159 million yuan, a decrease of 23.5% [1]. - The net profit attributable to the parent company is forecasted to be 845 million yuan in 2023, with a significant drop to 394 million yuan in 2024, representing a year-on-year decline of 53.4% [1][3]. - The company's return on equity (ROE) is projected to recover from 8.9% in 2024 to 14.2% by 2027 [1][3]. Business Segment Performance - The data center business is expected to ship 2.4699 million units in 2024, marking an 11.85% increase year-on-year, contributing significantly to the company's profitability [2]. - The renewable energy segment is facing challenges, with a projected shipment of 192,300 units in 2024, down 36.46% year-on-year, and revenue expected to decline by 49.43% [3]. - The report highlights the company's proactive approach in expanding overseas channels and targeting new markets, which may help the renewable energy segment return to a growth trajectory [3].