2025 年 03 月 02 日 汽车管路龙头，数据中心液冷业务蓄势待发 —川环科技（300547.SZ）公司动态研究报告 | 分析师：宝幼琛 | S1050521110002 | | --- | --- | | baoyc@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 分析师：林子健 | S1050523090001 | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 2-2 8 | | --- | --- | | 当前股价（元） | 39.92 | | 总市值（亿元） | 87 | | 总股本（百万股） | 217 | | 流通股本（百万股） | 177 | | 52 周价格范围（元） | 13.35-45.21 | | 日均成交额（百万元） | 299.79 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 200 250 (%) 川环科技 沪深300 相关研究 ▌汽车管路龙头，业绩稳步增长 公司主营业务为传统燃油汽车、新能源汽车、摩托车用 ...

Stock Performance - The stock of Chuanhuan Technology rose by 3.53% today with a turnover rate of 39.57% and a trading volume of 1.931 billion yuan [1] - The stock's amplitude was 13.06% [1] Institutional Trading Activity - Institutional investors net sold 72.0261 million yuan [1] - The net buying from brokerage seats was 4.778 million yuan [1] Exchange Data - The stock was listed on the Shenzhen Stock Exchange due to a daily turnover rate of 39.57% [2] - The top five buying and selling brokerage seats had a total transaction volume of 348 million yuan [2] - The buying volume was 140 million yuan while the selling volume was 208 million yuan [2] - The net selling volume was 67.2481 million yuan [2]

证券代码：300547 证券简称：川环科技 公告编号：2024-039 四川川环科技股份有限公司 关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、2024 年 12 月 26 日，公司公告了《关于获得客户订单的公告》（公告编 号：2024-038），公司获得某服务器整体解决方案服务商的某项目采购订单，公 司为本项目本批次提供 60,000 套用于服务器的液冷管路系统。具体生产交付将 按客户的要求进行。本次新获订单受具体执行、实施进度等因素影响，可能会导 致订单存在部分或全部无法履行或终止的风险。敬请广大投资者谨慎决策，注意 投资风险。 2、本次获得订单收入占 2023 年度经审计收入的比重较小，且不会对公司 2024 年度经营业绩产生重大影响。敬请广大投资者谨慎决策，注意投资风险。 一、股票交易异常波动的情况介绍 四川川环科技股份有限公司（以下简称"公司"）的股票（证券简称：川环科 技，证券代码：300547）连续 3 个交易日（2024 年 12 月 26 日、2024 年 12 月 27 日、2024 年 12 ...

Investment Rating - The report maintains a "Recommend" rating for the company, reflecting a positive outlook on its future growth prospects [3][9] Core Views - The company has secured a significant order for liquid cooling pipeline systems for servers, marking a successful expansion into new business areas such as data centers and energy storage [1] - The company's liquid cooling pipeline systems have achieved V0 standards and obtained UL certification, positioning it well in the growing data center market [1] - The global demand for AI computing power is expected to increase significantly, with AI computing power projected to reach 105 ZFLOPS by 2030, 500 times the level of 2020 [1] - The company's diversified product portfolio and strong cost control capabilities have enabled it to maintain a gross margin above 25% and a net profit margin of 15.76% in the first three quarters of 2024 [2] - The company has successfully expanded its customer base in the automotive, energy storage, and data center sectors, including partnerships with major players like Huawei and BYD [2] Financial Performance and Projections - The company's revenue is expected to grow from 907 million yuan in 2022 to 2,344.36 million yuan in 2026, with a compound annual growth rate (CAGR) of 27.49% [5] - Net profit attributable to the parent company is projected to increase from 122.42 million yuan in 2022 to 334.84 million yuan in 2026, with a CAGR of 27.38% [5] - The company's gross margin and net margin are expected to remain stable, with gross margins around 26% and net margins around 14% from 2024 to 2026 [18] - The company's ROE is forecasted to improve from 12.28% in 2022 to 22.19% in 2026, reflecting strong profitability and efficient capital utilization [18] Business Expansion and Market Opportunities - The company has entered the supply chains of several key players in the liquid cooling server market, including Xunqiang, Xingqihong, and Envicool [2] - In the automotive sector, the company has secured orders for pipeline systems in new models such as the Huawei-JAC collaboration's Zunjie and Zhijie [2] - The company has also expanded into the energy storage sector, supplying pipeline products to major clients like Guoxuan High-Tech and BYD [2] Valuation Metrics - The company's PE ratio is expected to decline from 36.04 in 2022 to 13.18 in 2026, indicating improving valuation attractiveness [18] - The PB ratio is projected to decrease from 4.42 in 2022 to 2.92 in 2026, reflecting a more favorable valuation relative to book value [18] - The EV/EBITDA ratio is forecasted to drop from 22.87 in 2022 to 10.28 in 2026, suggesting a more attractive enterprise value relative to earnings [18]

Stock Performance - The stock of Chuanhuan Technology hit the daily limit up with a turnover rate of 9.45% and a trading volume of 411 million yuan [1] - The stock's closing price increased by 20.00% on the day, leading to its inclusion in the Shenzhen Stock Exchange's public information list [2] Trading Data - The net purchase by proprietary trading seats amounted to 106 million yuan [2] - The total transaction value of the top five buying and selling proprietary trading seats was 219 million yuan, with buying transactions totaling 162 million yuan and selling transactions totaling 56.43 million yuan, resulting in a net purchase of 106 million yuan [3]

近年来，公司在液冷管路系统方面加大了研发投入，特别是用于数据服务器、 数据中心、储能等应用场景的液冷管路系统开发，其中数据服务器领域所用的液 冷管路系统相关技术指标达到了 V0 标准，现已通过了美国 UL 认证。公司目前已 经形成了较完整的产品体系，进入了多家储能和数据服务器领域客户的供应商体 系。公司获得此类产品订单，是客户对公司技术能力和市场竞争力的认可，本项 目的获取有利于提升公司在数据服务器液冷管路领域的影响力，推动公司相关产 品的进一步拓展，对公司液冷管路系统业务的增长及持续盈利能力提升产生积极 影响。 三、风险提示 本次新获订单受具体执行、实施进度等因素影响，可能会导致订单存在部分 或全部无法履行或终止的风险。敬请广大投资者谨慎决策，注意投资风险。 证券代码：300547 证券简称：川环科技 公告编号：2024-038 四川川环科技股份有限公司 关于获得客户订单的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、订单概述 四川川环科技股份有限公司（以下简称"公司"）近日获得某服务器整体解决 方案服务商（限于保密要求，无法披露其名称，以下简称 ...

Investment Rating - The report maintains a "Recommend" rating for Chuanhuan Technology (300547 SZ) [3] Core Views - The impact of high temperatures in Q3 2024 has gradually dissipated, and the company's order intake has returned to normal [1] - Chuanhuan Technology has successfully expanded its customer base, securing new clients in the automotive, energy storage, and liquid cooling server sectors [2] - The company's strong R&D capabilities and cost control measures have resulted in high gross and net profit margins in Q3 2024 (25 51% and 16 54% respectively) [3] - The energy storage and liquid cooling server markets are identified as promising new application areas for the company's rubber and plastic pipeline products [2] Financial Performance and Projections - Q3 2024 revenue growth slowed to 3 7%, significantly lower than Q1 and Q2 growth rates of 45 8% and 33 7% respectively [1] - The company's revenue is projected to grow from 1,451 69 million yuan in 2024E to 2,344 36 million yuan in 2026E, representing a compound annual growth rate of 27 49% [4] - Net profit attributable to the parent company is expected to increase from 208 17 million yuan in 2024E to 334 84 million yuan in 2026E [4] - The company's ROE is forecasted to improve from 17 39% in 2024E to 22 19% in 2026E [4] Business Development - In the automotive pipeline sector, the company has secured a designated project for the Zunjie model, a collaboration between Huawei and Jianghuai, and is involved in the development of related pipelines for the Zhijie model [2] - In the energy storage sector, the company has entered the supply chains of major clients including Guoxuan High-Tech, BYD, Times Star Cloud, Singularity Technology, Suzhou Beiren, and Hangdian Micro [2] - In the liquid cooling server sector, the company has expanded its supplier network to include Xunqiang, Xingqihong, Feirongda, and Envicool, following its initial success with Customer No 1 [2] - The company's liquid cooling pipeline system technology has obtained UL certification in the United States [2] Valuation Metrics - The company's PE ratio is projected to decrease from 21x in 2024E to 13x in 2026E [4] - The PB ratio is expected to decline from 3 68x in 2024E to 2 92x in 2026E [4] - EPS is forecasted to grow from 0 96 yuan in 2024E to 1 54 yuan in 2026E [4] Market Performance - The company's 52-week stock price range is between 12 36 yuan and 22 79 yuan [5] - As of the report date, the company has a total market capitalization of 4 327 billion yuan and a circulating market capitalization of 3 556 billion yuan [5]

证券时报网讯，川环科技12月5日在交易所互动平台中披露，截至11月30日公司股东户数为20793户，较 上期（11月20日）减少2795户，环比降幅为11.85%。 这已是该公司股东户数连续第2期下降。 证券时报•数据宝统计，截至发稿，川环科技收盘价为19.69元，上涨0.20%，本期筹码集中以来股价累 计下跌6.87%。 具体到各交易日，5次上涨，6次下跌。 ...

证券代码：300547 证券简称：川环科技 公告编号：2024-037 四川川环科技股份有限公司 关于 2024 年前三季度权益分派实施公告 特别提示： 1、根据《公司法》《深圳证券交易所上市公司自律监管指引第 9 号——回购 股份》等相关规定，上市公司回购专用证券账户中的股份不享有利润分配等权利。 因此，四川川环科技股份有限公司（以下简称"公司"）本次权益分派方案为：以 公司现有总股本剔除已回购股份 680,000.00 股后的 216,226,174.00 股为基数，向全 体股东每 10 股派发现金 1.4 元（含税），合计派发现金股利 30,271,664.36 元（含 税）。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 2、按公司总股本（含公司回购专户已回购股份）折算每 10 股现金分红金额= 现金分红总额÷总股本×10=30,271,664.36÷216,906,174.00×10=1.395611 元（保 留六位小数，最后一位直接截取，不四舍五入）。按总股本折算每股现金分红的比 例=0.1395611 元/股。因此，本次权益分派实施后的除权除息 ...

证券代码：300547 证券简称：川环科技 公告编号：2024-036 四川川环科技股份有限公司 2024 年第一次临时股东大会决议 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更提案的情况。 2、本次股东大会未出现否决议案的情形。 2、本次股东大会采用现场投票与网络投票相结合方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2024 年 11 月 18 日 14 时 40 分 （2）网络投票时间：2024 年 11 月 18 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 11 月 18 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00； 通过互联网投票系统进行网络投票的具体时间为：2024 年 11 月 18 日上午 9:15 至下午 15:00 的任意时间。 议案审议情况：出席本次会议的股东及股东代理人通过现场书面表决、网络 投票表决的方式审议通过了以下议案： 2、会议召开地点：公司会议室 6、召开情况合法 ...