3Q26 sales inline, NP miss; overseas data center & ESS expansion in progress; Neutral

Goldman Sachs published a 3Q26 results review on Kehua Data (002335.SZ). Third-quarter sales were in line with expectations while net profit missed, mainly due to stock-based compensation expense and lower government subsidies during the quarter. By segment, data center product sales growth moderated sequentially but order intake remained solid; the company maintains its full-year guidance of robust segment growth, has secured a new AIDC power solution order at a Southeast Asia data center project, and is working on validations of liquid cooling products (e.g., CDU) with overseas customers. The energy storage business benefited from a rising overseas mix (notably overseas ESS systems and PCS), lifting segment gross margin year on year;