KSTAR(002518)2025-04-25 08:22Group 1: Financial Performance - The company's gross margin for the data center segment remains stable, with a slight decline in 2024 due to accounting policy changes and discounts for major clients, but it is expected to be slightly higher in Q1 2025 compared to 2024 [1] - The renewable energy segment is experiencing significant pressure with low prices and decreased shipment volumes, leading to a substantial decline in gross margin, which remains at a low level in Q1 2025 [2] Group 2: Market Outlook - The global policy direction is increasingly reinforcing the renewable energy industry as a core strategy for achieving carbon neutrality, with ongoing opportunities despite fierce competition [2] - The company is optimistic about the global energy storage market and is actively expanding its overseas channels, particularly in the Middle East, Southeast Asia, and Africa [2] Group 3: Product Development and Trends - The integration of energy storage with data centers is seen as a promising development direction, with the company recognizing the efficiency of using storage technology to support data center energy needs [2] - The company has been offering lithium battery UPS products since 2022, primarily targeting overseas markets due to domestic safety concerns, although domestic acceptance of lithium batteries is expected to increase in the next one to two years [3][4] Group 4: Competitive Landscape - Currently, overseas brands dominate the data center supplier market in China's internet sector, but domestic brands are gaining traction in finance, telecommunications, and government sectors [5] - The trend towards domestic substitution is expected to continue, driven by national security concerns and increasing demand for domestic equipment in key areas [5]