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00:00:00","BUSINESS_REVIEW":"三十余载匠心深耕,科士达始终聚焦电力电子核心技术领域,聚力发展数据中心关键基础设施产业,现已成长为数据中心电源行业领军企业,并在全球市场建立起显著的品牌影响力与竞争优势。依托电力电子技术同源优势,公司前瞻性布局新能源业务,打造第二增长曲线,为全球化发展与业绩持续增长提供核心动力。公司形成“数据中心+新能源”双主业协同运营格局,深度服务全球AIDC智算中心、新型数据中心及数字能源基础设施建设,为企业实现长期可持续的高质量发展筑牢坚实根基。公司坚持“市场导向、技术驱动”的发展路径,恪守“客户为本,匠心为质”的产品理念,秉承“聚智慧能源,筑双碳未来”的企业使命,以技术创新为内核、以全球市场需求为牵引,持续深耕智慧能源领域,积极赋能全球数字经济发展与能源结构转型,致力于成为具备全球影响力的智算基础设施与智慧能源解决方案提供商。公司主要业务情况具体如下：（一）数据中心行业1、行业发展情况2026年作为“十五五”规划开局之年,国内数据中心行业迈入全国一体化算力网规模化落地新阶段,算电协同、绿色低碳、算力普惠建设同步推进,行业整体转向高质量发展。伴随AI产业快速爆发,市场对智能算力的需求持续高增,同时覆盖行业全链条的国家级配套政策体系已逐步成型,为产业发展提供全面约束与顶层指引。2026中国国际大数据产业博览会披露,截至6月底,全国智算总规模为240万PFLOPS（每秒千万亿次浮点运算）,八大国家算力枢纽已建成智算总规模占全国比重超80%,已有140万PFLOPS智能算力接入全国一体化算力网试验验证平台,跨区域统一调度体系加速成型。规划层面,“十五五”纲要明确深化东数西算、搭建一体化算力网,同年4月中央政治局会议将算力网纳入全国“六张网”重点建设,配套实施意见要求大型及超大型数据中心优先布局八大枢纽,推动非实时算力向西部新能源地区转移,形成东边缘低时延、西大规模智算的分层布局。数据中心建设绿色低碳是行业核心主线,多部委持续收紧能耗与绿电准入,2026年4月多部门印发AI与能源双向赋能方案,国家数据局要求枢纽新建智算设施绿电占比超80%,依托西部枢纽落地源网荷储、风光直连算力项目,依靠绿电长协降低算力碳排放；工信部同步推进绿色算力评定,7月启动国家级零碳算力设施申报并出台配套评估体系,推广液冷、余热回收等节能技术,推进存量高能耗数据中心改造并严格落实节能审查。需求层面,金融、通信、政府、轨道交通等传统行业对数据中心的需求保持刚性稳定,互联网厂商、AI大模型企业、专业算力运营商/集成商等成为行业需求核心增量主体,推动高密度、高算力、低PUE数据中心建设需求快速提升。整体而言,行业已告别粗放建设模式,在多维度政策引导下形成布局集约、算力互联、绿电配套、普惠安全的全新格局,算力基础设施作为数字经济与AI新质生产力核心底座的支撑作用持续强化。2026年上半年海外市场,全球数据中心行业同步迈入由AI算力驱动的资本投资超级周期,但各区域普遍面临四大共性约束：电力供给承载力不足、高端GPU算力结构性紧缺、能耗环保监管持续加码、算力租赁价格持续上行,区域市场发展分化特征凸显。北美作为全球AI算力核心承载区,算力扩容与电网承载能力的矛盾最为尖锐。全美已申报待并网AI算力负荷规模大幅超出现有发电配套装机,行业测算2026年全美AI算力项目电力缺口区间7-14GW；其中北弗吉尼亚作为传统数据中心走廊电网资源已近饱和,大型智算项目并网排队周期拉长,区域电网运营方暂停受理新增大容量算力电力配额。政策端同步出台配套能源调节机制：2026年2月美国总统于国情咨文提出居民电价保护相关承诺,3月亚马逊、微软、谷歌、Meta等头部云厂商签署自愿协议,承诺为新增AI算力项目配套自建新能源发电设施,自行承担算力增量用电成本,避免算力扩张推高居民电价；联邦能源监管委员会（FERC）同步简化风光储配套智算集群的并网审批流程,短期缓解电力供给约束。欧洲市场以严苛的绿色能耗法规为核心管控抓手,各国出台差异化约束标准。德国《能源效率法（EnEfG）》对大型数据中心设立阶梯式硬性指标：2026年7月1日后投运新建机房余热回收利用率不得低于10%,2027年起所有机房需100%采购可再生电力；目前法兰克福、柏林主流机房已落地余热供暖配套工程,向周边居民区输送机房余热。英国、法国同步收紧PUE管控与城市规划限制：伦敦、巴黎等核心城区严格限制新建高功率密度智算中心,英国专门划定北部、苏格兰AI算力承接新区,依托本地风电资源承接算力增量,产业资源持续向水电、风电资源充沛的北欧地区转移。整体来看,2026年上半年海外数据中心市场由大模型训练、推理需求持续拉动,全球算力基建投资规模创下历史新高,但电力、高端芯片、城市土地三重供给约束持续压制行业供给释放。各国配套出台差异化的能耗标准、并网审批、电价税收监管政策,引导产业向绿色低碳、有序布局方向转型,全球算力基础设施正式进入供需紧平衡、区域布局差异化、绿色合规优先的全新发展阶段。总体来看,作为数字经济与AI产业的核心算力底座,国内数据中心行业正迎来政策合规倒逼、市场需求驱动的双重发展红利,行业正式进入结构性升级的高景气周期。伴随AI大模型训练与推理需求持续爆发,机柜算力密度实现跨越式提升,行业主流配置从传统通用算力机房10-20kW/柜,快速迭代至智算中心40-80kW/柜的高功率标准。算力密度的大幅跃升,彻底打破了传统供配电、风冷散热的技术承载上限,对基础设施的高功率承载、高效节能、稳定可靠运行能力形成刚需。在此行业变革背景下,高压直流（HVDC）供电、兆瓦级大功率UPS、预制式智能微模块、全场景液冷温控系统成为新一代数据中心的标配技术,是适配高密度算力承载、绿色低碳政策、高效建设运营的核心基础设施。与此同时,储配一体化设备、高压直流供电架构、固态变压器（SST）等前沿技术方案加速落地渗透,成为行业长期技术演进的核心方向。整体而言,算力高密度升级驱动基础设施全面迭代,行业结构性升级红利持续释放,未来增长确定性极强。2、主要产品公司是国内最早布局数据中心基础设施领域的企业之一,凭借深厚的技术积累和持续的创新能力,现已发展成为业内数据中心基础设施产品品类最齐全的厂商之一。公司自主研发生产的数据中心产品,全面涵盖不间断电源（UPS）、精密空调、铅酸蓄电池/锂电池、微模块、一体化电力模块、动力环境监控等软硬件设备与系统,形成了模块化、多元化、集成化的产品发展格局。相关产品广泛应用于金融、通信、互联网、政务、轨道交通、工业制造、电力、医疗、教育等众多关键领域,为数据中心的信息安全和稳定可靠运行提供全方位保障。针对不同行业数据中心的建设需求,公司推出了覆盖多个功率段的全系列产品。随着数据中心单机功率密度的持续提升,客户对中高电压、中高功率段产品的需求增长尤为显著。在标准化、模块化数据中心产品基础上,公司集成机柜系统、密闭冷通道系统、供配电系统、制冷系统、监控系统,通过高集成智能化设计,为用户提供一站式数据中心解决方案,主要包括单柜/单排级微模块（IDU）、通道级微模块（IDM）、一体化户外柜（IOU）以及集装箱预制化数据中心（IDB）。面向当下快速发展的智算中心,公司同样拥有高度适配的产品,如科士达YMK系列模块化UPS,该系列采用高功率模块化设计,具备高效、紧凑、储备一体及支持联合供电等优势,并可集成至科士达预制式电力模组中,进一步降低供配电全链路的占地面积、能耗损失和交付周期,精准契合算力数据中心“寸土寸金、时间即金钱”的核心需求。此外,针对单柜高功率密度场景,科士达液冷系列一体化解决方案可实现芯片级精准快速冷却,缓解高密场景热点问题,为算力设备稳定运行提供支撑。该系列产品规格丰富,支持风液比例按需调节,为面向AI时代的高弹性智算中心建设夯实基础。公司数据中心产品及一体化解决方案,能够充分满足用户在高效节能、快速部署、提升运维效率等方面的核心需求。3、业务发展公司采用自主研发、生产、销售一体化经营模式,推行“直销+渠道”相结合的销售体系,针对不同市场实施差异化营销策略。海外市场方面,公司持续开拓全球范围内代理商、运营商、集成商、EPC总包方、海外头部电源类厂商等客户,加大海外布局及区域市场渗透。国内市场方面,公司持续深耕金融、通信等优势行业,不断拓展互联网行业客户,加大在AI智算中心、边缘计算、预制化数据中心等领域的开拓力度,持续推动东数西算及互联网AIDC智算项目落地。产品布局方面,公司不断更新迭代大功率UPS产品,进一步提升优势产品市场占有率；面向高算力机房新一代供电需求,公司重点推进兆瓦级交流产品、直流架构新产品(HVDC、SST等)的开发、测试及认证工作,国内积极对接大型互联网云厂商客户,海外依托已成型的全球化渠道及ODM客户合作优势拓展海外算力客户。未来,在业务发展路径上,公司将以成熟优势产品为基本盘持续深耕,不断推进新产品落地,紧抓AIDC基础设施建设大机遇。报告期内,公司抢抓全球AIDC发展机遇,在海外现有业务保持稳步增长的基础上,新客户拓展取得阶段性突破。目前已对接多家海外重点客户,并开展产品送样验证工作,客户认证导入正在有序推进,后续有望持续兑现业务成果,打开海外市场增长新局面。公司数据中心基础设施产品及解决方案在金融、通信、互联网、新能源等多个行业领域实现广泛应用,为各行业数字化转型与算力基础设施建设提供安全可靠的全场景支撑。在金融领域,公司为工商银行、农业银行、中国银行、建设银行、交通银行、中国邮政储蓄银行、民生银行等主流金融机构交付数据中心基础设施产品,保障金融行业基础设施安全稳定运行；在通信领域,公司连续多年入围中国移动、中国联通、中国电信三大运营商的设备集中采购名录,为全国通信基础设施升级提供可靠支撑；在IDC领域,公司已与字节跳动、阿里巴巴、京东、万国数据、世纪互联、中联数据、远景、BDC（BridgeDataCentres）、秦淮数据、港城云联等头部互联网客户深化合作,交付数据中心UPS及电力模块设备,通过联合创新、敏捷交付、价值共生等模式,不断拓展合作广度与深度；在新能源领域,公司产品及方案在大型电力企业及能源集团实现应用,在储能、充换电、风电等场景与许继电气、金风科技、瑞欧宝等企业开展配套合作,助力新能源产业高质量发展。报告期内,公司成功中标并交付多个重点标杆项目,包括万国数据中心、马来西亚AI数据中心、甘肃庆阳秦淮数据零碳数据中心产业基地、内蒙古京能和林格尔新区智算产业园、智联云大数据中心、中国电信云计算内蒙古信息园、锋奕南通5G云计算大数据产业园、巴州亚欧国际智算中心等,行业影响力持续提升。在框架采购及集中采购方面,公司在金融、通信、互联网、新能源等多个领域中标多项框采及集采项目,多个项目已进入交付阶段,为后续业绩增长奠定坚实基础。2026年上半年,公司数据中心核心业务增长提速,系列产品实现营业收入15.26亿元,同比增长17.52%。未来,公司将把握新一轮数据中心基建机遇,稳步推进业务拓展与能力升级,持续实现新突破。（二）新能源行业1、行业发展情况1.1光伏行业2026年国内光伏行业处于产能过剩叠加结构转型的深度调整周期,国内终端新增装机呈现阶段性回落态势,上半年全国光伏新增装机规模同比显著下滑。其中集中式电站受电价市场化竞价、配套储能投资成本抬升、项目投资收益率持续收窄三重因素压制,新增装机增速持续走弱；分布式光伏依托工商业屋顶自发自用、城乡户用光伏双向需求,成为国内装机增量核心支撑。伴随新版分布式光伏并网导则正式落地,配电网接入容量、并网审批约束同步放宽,行业普遍预期下半年国内分布式装机需求迎来修复。制造端全产业链受供需失衡拖累,行业长期陷入价格内卷；叠加2026年4月起部分光伏细分产品出口退税率下调,盈利空间进一步压缩,行业洗牌进程提速,高耗能、低转换效率的落后低效产能持续加速出清,市场竞争逻辑逐步脱离单纯规模导向的低价竞争,转向新型电池技术迭代、产品全链路品质管控、全球化多元渠道布局的价值竞争。海外出口成为对冲国内需求疲软、托底行业增长的核心缓冲板块,上半年我国光伏全品类出口总额同比增长超24%,海外市场多元化格局持续深化。欧洲仍是全球光伏核心采购市场,需求保持刚性；东盟、中东、非洲等新兴市场依托本地能源转型政策迎来装机高速扩容。为应对欧美、印度等地贸易壁垒与进口限制,国内头部光伏企业加速推进海外本地化产能布局,落地印尼、中东、墨西哥等区域生产基地,全球光伏供应链由单一中国集中制造模式,逐步转向多区域分散化布局。政策端持续完善行业规范化管理,倒逼行业技术升级与循环产业配套完善；中长期维度,“十五五”可再生能源发展规划将持续稳步推进全国能源结构转型。产业长期增长主线清晰,一方面光伏配套储能一体化成为存量及新增项目硬性配置需求,另一方面太空光伏技术完成商业化试点落地,打开行业远期全新增长空间。1.2储能行业2026年国内外储能行业迈入需求高增、行业竞争逻辑全面重构的关键周期,全球储能市场供需格局迎来根本性改善。机构预测2026年全球新增储能装机规模同比增长62%,行业资源持续向具备电池、系统集成、全球化渠道及海外本地化交付一体化能力的头部企业集中。国内市场依托多重政策红利与多元化场景需求共振,增长内生动力充分释放。一是独立储能容量电价机制于2026年全面落地,政策规则向4小时及以上长时储能倾斜；二是AI智算中心配套储能形成刚性刚需；三是工商业用户依托峰谷价差套利需求持续扩容。三重需求驱动下,2026年上半年国内储能电芯集采中标规模同比大幅增长148%,新增并网装机以4h及以上长时独立储能为绝对主力。海外市场成为支撑行业增长的核心增量引擎,区域需求分化明确：欧洲户用储能、大型电网储能装机规模同比实现翻倍增长,能源转型与负电价常态化持续托底需求；中东、澳大利亚、东南亚等新兴市场电力缺口凸显、新能源加速布局,GW级独立储能、风光储一体化项目批量落地；美国市场依托AI算力基建配套储能维持高景气,但《通胀削减法案》相关外资实体限制、储能进口安全审查等贸易壁垒持续抬升。为对冲海外贸易限制、锁定高盈利订单,国内头部储能企业加速推进印尼、中东、墨西哥等区域本地化生产基地布局。海外市场项目毛利率显著高于国内内卷市场,成为2026年储能企业利润修复的核心支撑。1.3充电桩行业2026年国内充电桩行业呈现总量高速扩容、结构深度优化、技术快速迭代、模式加速转型的发展特征,行业告别粗放式扩张,迈入合规化、高质量、精细化发展新阶段。据国家能源局数据,上半年全国充电设施保有量达2305.7万个,同比增长43.2%,市场结构性分化显著。其中私人充电桩保有量1804.8万个,同比增幅超50%,成为行业增量核心支柱；公共充电桩保有量500.9万个,行业逐步摒弃盲目铺点模式,转向高速服务区、国道/省道、商圈、物流园、矿山、港口等高流量场景精准布局,持续优化车桩配比,提升公共设施利用效率。2026年为充电桩行业合规化元年,8月充电桩强制3C认证及配套安全国标正式落地,大幅抬高行业技术与准入门槛,加速低端不合规产能出清。同时充电设施三年倍增行动持续推进,重点补齐县域、乡村充电网络短板,下沉市场成为行业新增量。电力市场化改革持续深化,公共充电电价取消固定谷电时段、实行实时浮动定价,叠加场地、运维等刚性成本持续上行,行业盈利压力凸显,超六成公共充电站处于亏损状态。盈利困境倒逼行业商业模式升级,企业逐步摆脱单一充电服务费盈利模式,积极布局峰谷套利、虚拟电厂、V2G车网互动等多元增值业务。技术端迭代提速,适配800V高压车型的480kW-960kW超充设备规模化落地,全国大功率充电枪保有量突破18万根,柔性功率分配、即插即充技术广泛普及。光储充一体化场站迎来快速增长,成为行业降本增效、转型升级的新方向。2、主要产品公司以电子电力转换技术沉淀积累,基于底层技术同源,延伸布局新能源业务。公司现有光储产品包括：集中式光伏逆变器、组串式光伏逆变器、智能汇流箱、监控及家用逆变器、模块化储能变流器、集中式储能变流器、工商业储能系统、户用储能系统、逆变升压一体化集成系统、第二代储能系统能量管理及监控平台、调峰调频系统、大型集装箱式储能集成系统、光储充系统等。储能系统产品集合了公司多年在电力电子领域的优势,实现PCS、BMS、EMS、储能热管理、光储充智慧云平台全栈自研,采用先进直流耦合架构,系统效率可达97%,大幅降低用电损耗；安全层面搭载磷酸铁锂电芯,配备模组、机柜双层消防防护,风冷、液冷双机型可选,整机高防护、耐腐耐高温,户外长期运行稳定可靠。针对海外安装服务成本高的痛点,公司采取一体化预制设计出厂即完成集成调试,安装便捷、占地小巧、运维简单,降低系统成本,支持柔性阶梯扩容,可满足大中小各类项目需求。目前公司储能系统可支持光伏交直流双耦合,光储充一体化控制,动态电价,电网端口虚拟扩容,并正在搭建AI光储一体化系统。储能核心产品已取得美国、英国、德国、意大利、法国、荷兰、比利时、西班牙、澳大利亚、波兰、瑞典、奥地利、南非等目标市场国家的认证,更多目标区域国家产品认证将随需求完善。公司新能源汽车充电桩产品系列齐全,主要包括：直流分体式充电机、IP65充电模块、高防护直流一体式充电机、高防护直流分体式充电机、全液冷直流分体式充电机、直流一体式充电机、壁挂式直流充电机、交流充电桩、充电模块、监控系统等。公司新能源汽车充电桩产品具有模块化设计、高智能化、高利用率、高防护性、高安全性、高适应性等优势,搭载智能充电系统、配电系统、储能系统、监控系统、安防系统、运维管理系统形成一体化解决方案,能够满足各类应用场景使用,同时可根据客户的需求提供定制化的解决方案服务。3、业务发展报告期内,公司坚持产品技术驱动发展,持续加大研发资源投入,聚焦高系统效率、低综合成本、高安全可靠性核心技术指标,围绕光储深度融合、电网主动支撑等行业核心方向开展技术攻坚,持续夯实产品核心竞争力。公司精准布局多条优质细分赛道,全面覆盖工商业储能、户用储能、光储充一体化、电网调峰调频等核心应用场景,同步深耕1500V大功率组串逆变器、箱逆变一体化集成设备、新一代户用组串逆变器等核心产品,持续向市场输出高适配、高可靠性、高性价比的硬件产品及系统化整体解决方案。市场端,公司持续扩充营销团队,加速搭建全球化销售服务体系,积极布局海外分支机构与本地化服务网点,全面抢抓全球新能源市场增量机遇。依托完善的产品矩阵与渠道布局,公司核心储能业务持续高增,工商业系统及户用储能设备在海外市场落地规模持续扩容,市场渗透率与行业影响力稳步提升；光伏业务受限于国内市场处于行业调整周期,业务发展承压；充电桩业务持续深耕能源行业、电力行业、城投交投、交通运输、充电运营商、重卡等行业领域。公司新能源系列产品合计实现营业收入10.05亿元,同比增长25.08%。海外新能源业务是公司业绩弹性较大的板块,随着欧洲储能市场需求持续提振,中东、东南亚、非洲等新兴市场需求高景气,公司新能源储能业务订单及出货量持续增加,新能源整体业务板块保持增长态势。（三）经营模式1、研发模式公司是国家高新技术企业、国家企业技术中心、国家技术创新示范企业,一直秉承绿色、节能、高效的研发宗旨,持续加大研发投入,坚持自主创新,实现公司的可持续发展。公司核心产品主要依赖自主知识产权进行开发、更新迭代,公司研发部门根据不同产品类别,设立专门研发产品线,配置专业的研发团队,并设置研发管理中心,负责研发项目的管控及支持。所有产品都经过严谨的产品验证,最终量产推向市场,满足市场及客户需求,并在与市场持续沟通过程中,针对客户需求,不断进行技术革新。2、采购模式公司与关键材料供应商建立了及时、有效的沟通以及长期、稳定的采购合作关系,搭建了采购供应链管理平台,对采购材料的质量、价格、交货和服务方面进行了系统化的管理,以缓解原材料供需关系变动对公司造成的影响。基本上保持“以销定产、适当库存”的管理模式,先通过ERP系统对订单状态进行动态跟踪,再根据各产品BOM清单产生原材料采购需求,将需求下发给合格的供应商,进行原材料下单、交货、验收、入库。3、生产模式公司根据“以销定产”为主、“库存式生产”为辅的生产模式。主要根据客户订单,围绕客户需求,以订单为导向,按照客户要求的产品性能、规格、数量和交货期组织生产。其次,在订单导向基础上,根据市场分析及销售预测,公司对部分通用品或批量出货产品进行部分预生产备货,主要为快速响应交货期及平衡产能。生产计划部门统一安排生产计划,质量部门在生产过程中进行统一的质量检测,开展全面质量管理,工艺部门改进生产工艺、降低生产成本,努力提高产品性能。4、销售模式公司采取以“直销+渠道”相结合的销售模式,以大项目为主的大客户,公司主要采取品牌直销,建立长期稳定的合作关系；并不断通过渠道建设,与代理商建立长期合作关系,以覆盖全球重点区域。目前,公司数据中心国内业务以自有品牌为主,海外业务以ODM为主；新能源光伏业务主要以品牌直销为主,储能业务以ODM+品牌共发展,正在不断深化国内外渠道建设,以支撑新能源业务全球发展战略。"}]}