According to the Dongwu Securities Research Report, the Corstar Q2 data center is accelerating, and overseas ODM+ industrial and commercial storage is driving growth. 26H1 achieved net profit of 290 million yuan, +13.6% year-on-year; of these, 26Q2 achieved net profit to mother of 151 million yuan, +5.0%/+9.2% year-on-month. Data center Q2 accelerated markedly, domestic AIDC demand accelerated, and overseas ODM continued to break through. Currently, production is fully scheduled for Q3, and next-generation products such as 800VHVDC, SST, and SiC will continue to advance. We are optimistic that the AIDC boom will drive accelerated growth in the data center business in 26-28. Industrial and commercial savings became the core growth, and the photovoltaic business dragged down profits. Considering the acceleration of the data center business and the pressure on the domestic photovoltaic business, the company's net profit forecast for 26-28 was lowered to 8/13/1.8 billion yuan, +37%/+55%/+41% year-on-year, corresponding to PE25/16/11x, maintaining the “buy” rating.

According to the Dongwu Securities Research Report, the Corstar Q2 data center is accelerating, and overseas ODM+ industrial and commercial storage is driving growth. 26H1 achieved net profit of 290 million yuan, +13.6% year-on-year; of these, 26Q2 achieved net profit to mother of 151 million yuan, +5.0%/+9.2% year-on-month. Data center Q2 accelerated markedly, domestic AIDC demand accelerated, and overseas ODM continued to break through. Currently, production is fully scheduled for Q3, and next-generation products such as 800VHVDC, SST, and SiC will continue to advance. We are optimistic that the AIDC boom will drive accelerated growth in the data center business in 26-28. Industrial and commercial savings became the core growth, and the photovoltaic business dragged down profits. Considering the acceleration of the data center business and the pressure on the domestic photovoltaic business, the company's net profit forecast for 26-28 was lowered to 8/13/1.8 billion yuan, +37%/+55%/+41% year-on-year, corresponding to PE25/16/11x, maintaining the “buy” rating.