证券代码：301018 证券简称：申菱环境 公告编号：2025-002 广东申菱环境系统股份有限公司 关于为全资子公司申请综合授信提供担保的公告 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。 广东申菱环境系统股份有限公司（以下简称"公司"或"申菱环境"）于 2025 年 3 月 19 日召开了第四届董事会第五次会议审议通过了《关于为全资子公 司申请综合授信提供担保的议案》，现将有关事项公告如下： 一、担保情况概述 根据生产经营需要，公司全资子公司高州申菱特种空调有限公司（以下简称 "高州申菱"）拟向中国银行股份有限公司顺德分行申请不超过 2 亿元（含 2 亿元）的综合授信。为支持全资子公司高州申菱的经营发展，公司拟为上述综合 授信事项提供连带责任保证担保。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》《公司章程》等的相关规定， 本次担保额度在董事会审批权限内，无需提交公司股东大会审议批准。 | 股东名称 | 持股比例 | | --- | --- | | 广东申菱环境系统股份有限公司 | ...

证券代码：301018 证券简称：申菱环境 公告编号：2025-001 经出席会议的董事讨论和表决，审议通过如下决议： 审议通过《关于为全资子公司申请综合授信提供担保的议案》 全资子公司高州申菱特种空调有限公司（以下简称"高州申菱"）本次向中 国银行股份有限公司顺德分行申请不超过 2 亿元（含 2 亿元）的综合授信，主要 用于"特种空调和通风设备制造（高州）项目基地"设备采购、其他配套设施支 出及业务发展，有利于加快基地建设及投产进度，助力高州申菱的经营发展。 高州申菱为公司全资子公司，公司对其日常经营和重大事项决策具有控制 权，能够对其经营进行有效的监督与管理。公司为其提供连带责任保证担保的风 险处于可控的范围之内，其决策程序符合相关法规以及公司章程的有关规定，不 存在损害公司及中小股东利益的情形。 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、会议召开情况 广东申菱环境系统股份有限公司 广东申菱环境系统股份有限公司（以下简称"公司"）第四届董事会第五次 会议于 2025 年 3 月 19 日在公司会议室以现场会议结合通讯表决的方式召开，本 次会议通知 ...

Group 1: Company Overview - The company provides energy and artificial environment solutions tailored to various industries, focusing on data centers and power energy, including nuclear power [1] Group 2: Collaboration and Product Offerings - The company emphasizes close cooperation with major clients, offering both air-cooled and liquid-cooled solutions, and continuously innovating high-efficiency products in response to market demands [2] - The liquid cooling products include end-to-end solutions covering project planning, design, manufacturing, installation, and operational services [2] Group 3: Market Trends and Growth - Liquid cooling business is experiencing rapid growth, with expectations for its market share to continue increasing, becoming a primary cooling method for intelligent computing centers [2] - The company is increasing its investment in research and production capacity for liquid cooling solutions [2] Group 4: Production Capacity and Demand - The new manufacturing base is in the certification and trial production phase, expected to transition to full production soon to support the rapid growth of the data center business [3] - The overall production capacity is increasing significantly, with new bases for data centers and nuclear power coming online to meet high demand [3] Group 5: Profitability and Pricing Strategy - The company employs a cost-plus pricing strategy, adjusting based on market conditions, with expectations for stable or rising gross margins as production scales up [3]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company is a leader in the specialized air conditioning sector, with a strong growth momentum and a comprehensive layout in liquid cooling technology, which is expected to benefit from the AI wave [4][5] - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 19.6% from 2020 to 2023, despite a slight decline in net profit due to increased investment in overseas markets and liquid cooling technology [4][22] - The liquid cooling market in China is projected to grow at a CAGR of 47.6% from 2023 to 2028, reaching a market size of $10.2 billion by 2028 [4] Summary by Sections 1. Leadership in Specialized Air Conditioning - The company has expanded its product line in specialized air conditioning, including data service air conditioning, industrial air conditioning, special air conditioning, and public and commercial air conditioning [12][13] - The company has a stable shareholding structure, with the controlling shareholder holding 27.6% of the shares, which supports strategic decision-making [15][18] - Revenue has steadily increased from 1.467 billion yuan in 2020 to 2.511 billion yuan in 2023, with a year-on-year growth of 6.2% in the first three quarters of 2024 [4][22] 2. AI-Driven Intelligent Computing Center Construction - The specialized air conditioning market has broad applications, including data service industries, industrial sectors, special environments, and public buildings [41][45] - The construction of intelligent computing centers is accelerating, with the number of standard racks in use in China reaching 8.1 million by the end of 2023, a year-on-year increase of 24.2% [48] - The average Power Usage Effectiveness (PUE) of computing centers has improved to 1.48, indicating better energy efficiency [50] 3. Advanced Layout in Liquid Cooling - The company has been researching liquid cooling technology since 2011 and has established one of the earliest commercial liquid cooling micro-module data centers in China [4][12] - The company’s liquid cooling systems are designed to meet the increasing cooling demands of high-density racks, with a focus on energy efficiency and adaptability [4][12] - The liquid cooling market is expected to become mainstream due to its advantages over traditional air cooling systems, particularly in meeting PUE requirements [53] 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 2.83 billion yuan, 3.64 billion yuan, and 4.62 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 12.8%, 28.5%, and 27.0% [4][5] - Net profits are expected to reach 162 million yuan, 265 million yuan, and 336 million yuan for the same years, with growth rates of 54.1%, 63.9%, and 27.0% [4][5] - The company’s price-to-earnings (PE) ratio is lower than the average of comparable companies, indicating potential for profit growth in the AI liquid cooling industry [4][5]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential increase in stock price over the next 6-12 months [2][6]. Core Insights - The company has shown a revenue increase of 6.20% year-on-year, reaching 1.977 billion yuan in the first three quarters of 2024, although net profit decreased by 4.11% to 142.9 million yuan [2][6]. - The company is a leading provider of temperature control solutions for data centers and specialized air conditioning systems, with ongoing investments in research and development [2][6]. - The report highlights the company's strategic expansion into overseas markets, particularly in Southeast Asia, and the significant growth in its data service segment, which now accounts for approximately 50% of total revenue [2][6]. Financial Performance - For the fiscal year 2024, the company is projected to achieve revenues of 3.044 billion yuan, with a year-on-year growth of 21.2%, and a net profit of 190 million yuan, reflecting an 81.5% increase [6][11]. - The company’s revenue from the data center business is expected to grow significantly, with projections of 1.129 billion yuan in 2024, up from 840 million yuan in 2023, representing a growth rate of 28% [11][12]. - The report anticipates a gradual improvement in profit margins, with gross margins expected to be around 27.0% in 2024, slightly declining in subsequent years [11][12]. Market Position and Strategy - The company has established a comprehensive layout in liquid cooling technology, which is becoming essential for high-performance computing centers [2][13]. - The report notes that the company has secured partnerships with major clients such as Huawei and Tencent, enhancing its market presence [2][6]. - The company is focusing on expanding its product offerings in specialized applications, particularly in nuclear power and healthcare sectors, which have shown substantial growth [2][11].

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 197,699.31 million yuan, a year-on-year increase of 6.20% [1] - The net profit attributable to shareholders of the listed company was 14,286.75 million yuan, a year-on-year decrease of 4.11% [1] Group 2: Business Composition and Growth - The revenue share of the data center business has increased to approximately 50%, while the industrial segment accounts for about 20%, and the specialty segment around 25% [1] - The company anticipates that energy and digitalization will be key business directions in the coming years [1] Group 3: Overseas Business Development - Overseas business is a significant growth source for the company, with a focus on Southeast Asia, particularly in Singapore and Malaysia [2] - The company is enhancing local sales and after-sales service teams to support rapid market development [2] Group 4: Market Demand and Trends - The demand for data centers in Southeast Asia is rapidly growing, driven by local needs and projects from major internet companies in China and the U.S. [2] - The company expects a significant portion of data center orders to be delivered within the current year, with a typical higher revenue scale in the fourth quarter [2] Group 5: Industrial Sector Insights - Investment in industrial sectors is expected to improve, with a focus on high-tech and energy industries as key service areas [3] - The specialty segment's growth rate in the first three quarters is consistent with the overall growth rate, with significant potential in infrastructure, nuclear energy, and hospitals [3] Group 6: Future Outlook - The market for heat pump products is anticipated to grow, influenced by new subsidy policies in Europe [3] - The company maintains a cautiously optimistic outlook regarding the impact of government planning and subsidy implementation on future growth [3]

Investment Rating - The report downgrades the company's rating to "Overweight" from a previous higher rating [4][5] Core Views - Data center orders are gradually being fulfilled, supporting revenue growth [2] - The company is increasing its sales expense investment, particularly in overseas business expansion [3] - AI and supercomputing applications are expected to drive demand for servers and data centers, potentially leading to rapid growth in liquid cooling equipment [4] Financial Performance - Q3 2024 revenue was 672 million yuan, down 5.58% YoY, with net profit attributable to the parent company at 32 million yuan, down 48.07% YoY [1] - Gross margin for the first three quarters of 2024 was 26.37%, down 1.8 percentage points YoY, with a net margin of 6.94%, down 1.24 percentage points YoY [3] - Sales expense ratio increased by 1.23 percentage points YoY to 7.95% for the first three quarters of 2024 [3] Business Segments - Data services segment is expected to perform relatively well, with new orders in H1 2024 approximately triple the same period last year [2] - Industrial, special, public, and commercial sectors may underperform due to a slight decline in overall revenue growth [2] Future Projections - Revenue for 2024-2026 is projected to be 2,770.61 million yuan, 3,327.95 million yuan, and 3,941.16 million yuan, respectively [7] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 162.28 million yuan, 213.07 million yuan, and 260.87 million yuan, respectively [7] - PE ratios for 2024-2026 are estimated at 38.41x, 29.26x, and 23.90x, respectively [7] Valuation Metrics - Current stock price is 23.43 yuan, with a total market capitalization of 6,233.61 million yuan [5] - EPS for 2024-2026 is projected to be 0.61 yuan, 0.80 yuan, and 0.98 yuan, respectively [7] - P/B ratios for 2024-2026 are estimated at 2.43x, 2.31x, and 2.18x, respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.977 billion yuan, a year-on-year increase of 6.20%, while the net profit attributable to shareholders was 143 million yuan, down 4.11% year-on-year. In Q3 2024, the revenue was 672 million yuan, a decrease of 5.58% year-on-year, and the net profit was 32 million yuan, down 48.07% year-on-year [1]. - The gross margin slightly declined to 26.20% in Q3 2024, with net profit margin fluctuating to 4.38%, a decrease of 4.72 percentage points year-on-year. Operating cash flow improved significantly, with a net cash flow from operating activities of 80 million yuan in Q3 2024, turning positive compared to the same period last year [1]. - The company has strong core competitiveness across various segments, leveraging production technology, customer resources, and overseas sales experience. It emphasizes innovation and energy-saving technologies in its data services segment, while also expanding its industrial and special segments in line with national development plans [2]. Financial Summary - The company is projected to achieve net profits of 169 million yuan, 212 million yuan, and 257 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 60.9%, 25.8%, and 20.9% [2]. - Financial indicators show that total revenue is expected to grow from 2.712 billion yuan in 2024 to 4.068 billion yuan in 2026, with corresponding growth rates of 8.0%, 25.0%, and 20.0% [3][11]. - The latest diluted EPS is projected to be 0.63 yuan in 2024, increasing to 0.97 yuan by 2026, with a P/E ratio of 38.9 in 2024, decreasing to 25.6 by 2026 [3][11].

Financial Performance - The company's operating revenue for Q3 2024 was ¥672,483,037.67, a decrease of 5.58% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥32,230,189.17, down 48.07% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥33,312,804.41, a decrease of 47.06% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.12, down 47.83% year-on-year[2]. - The diluted earnings per share for Q3 2024 was also ¥0.12, reflecting a decrease of 47.83% compared to the same period last year[2]. - Net profit for Q3 2024 was CNY 137,166,452.10, compared to CNY 152,256,042.59 in Q3 2023, reflecting a decrease of approximately 9.9%[12]. - The net profit attributable to shareholders of the parent company for Q3 2024 is CNY 142,867,454.34, a decrease from CNY 148,989,838.25 in Q3 2023, representing a decline of approximately 7.1%[13]. - The total comprehensive income attributable to the parent company's owners for Q3 2024 is CNY 142,780,472.51, compared to CNY 148,989,227.62 in the same period last year, indicating a decrease of about 4.2%[13]. - The basic and diluted earnings per share for Q3 2024 are both CNY 0.54, down from CNY 0.58 in Q3 2023, reflecting a decline of approximately 6.9%[13]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was ¥54,935,554.35, an increase of 217.21% year-on-year[2]. - The net cash flow from operating activities for Q3 2024 is CNY 54,935,554.35, a significant improvement from a net outflow of CNY 46,868,153.03 in Q3 2023[15]. - Cash inflow from operating activities totaled CNY 2,048,485,388.92 in Q3 2024, compared to CNY 1,766,998,711.10 in Q3 2023, marking an increase of about 15.9%[15]. - Cash outflow from operating activities for Q3 2024 is CNY 1,993,549,834.57, up from CNY 1,813,866,864.13 in Q3 2023, which is an increase of approximately 9.9%[15]. - The net cash flow from investing activities for Q3 2024 is CNY -183,128,073.07, an improvement from CNY -235,072,421.65 in Q3 2023[15]. - The net cash flow from financing activities for Q3 2024 is CNY 67,350,424.27, a decrease from CNY 810,141,730.10 in Q3 2023, indicating a decline of approximately 91.7%[15]. - The cash and cash equivalents at the end of Q3 2024 amount to CNY 399,946,109.39, down from CNY 727,360,725.93 at the end of Q3 2023[15]. - As of September 30, 2024, the company's cash and cash equivalents amounted to ¥474,064,502.42, a decrease from ¥533,436,105.91 at the beginning of the period[9]. Assets and Equity - The total assets at the end of the reporting period were ¥5,211,382,479.55, reflecting a growth of 9.33% from the end of the previous year[2]. - The company's total assets as of Q3 2024 amounted to CNY 5,211,382,479.55, an increase from CNY 4,766,753,649.05 at the end of the previous year, representing a growth of about 9.3%[11]. - The equity attributable to shareholders at the end of the reporting period was ¥2,568,028,193.68, an increase of 4.76% compared to the previous year[2]. - The total equity attributable to shareholders increased to CNY 2,568,028,193.68 from CNY 2,451,262,131.41, reflecting a growth of approximately 4.8%[11]. - Current liabilities totaled CNY 1,997,601,699.59 in Q3 2024, compared to CNY 1,580,496,079.90 in the same period last year, marking an increase of approximately 26.4%[11]. Shareholder Information - The company reported a total of 19,445 common shareholders at the end of the reporting period[5]. - The total number of shares held by the top ten shareholders includes 36,000,000 shares held by Guangdong Shenling Investment Co., Ltd.[7]. - The company reported a total of 152,964,000 restricted shares at the beginning of the period, with 127,282,500 shares released during the period[8]. - The company plans to lift restrictions on shares held by executives, with a total of 41,310,000 shares set to be released according to relevant regulations[7]. Market and Strategic Initiatives - The company has a significant focus on expanding its market presence and developing new technologies, although specific figures were not disclosed in the call[8]. - The company’s future outlook remains optimistic, with expectations for continued growth in user data and market expansion strategies[8]. - The company is actively pursuing new product development initiatives to enhance its competitive edge in the market[8]. - The company has engaged in strategic partnerships and potential acquisitions to bolster its market position and operational capabilities[8]. Research and Development - Research and development expenses for Q3 2024 were CNY 108,977,007.92, up from CNY 87,456,360.94, indicating an increase of approximately 24.6%[12]. Inventory and Receivables - The accounts receivable increased to ¥1,606,368,181.93 from ¥1,324,268,352.83, indicating a growth of approximately 21.3%[9]. - The company reported a significant increase in inventory, which rose to CNY 879,813,747.42 from CNY 695,727,839.62, representing a growth of about 26.4%[10]. Audit Status - The company has not undergone an audit for the Q3 2024 report[16].

二、会议审议情况 经出席会议的董事讨论和表决，审议通过如下决议： （一）审议通过《关于调整第二期限制性股票激励计划相关事项的议案》 证券代码：301018 证券简称：申菱环境 公告编号：2024-066 广东申菱环境系统股份有限公司 关于第四届董事会第二次会议决议的公告 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、会议召开情况 广东申菱环境系统股份有限公司（以下简称"公司"）第四届董事会第二次 会议于 2024 年 10 月 24 日在公司会议室以现场会议的方式召开，本次会议通知 于 2024 年 10 月 19 日通过电话通知、电子邮件等形式送达至公司全体董事、监 事、高级管理人员。会议应出席董事 9 人，实际出席人数 9 人。会议由公司董事 长崔颖琦先生主持，公司董事会秘书及监事、高级管理人员列席了本次会议。会 议的召集、召开符合《公司法》和《公司章程》的有关规定，会议合法有效。 本议案已经第四届董事会独立董事第二次专门会议审议通过。 关联董事崔颖琦先生、潘展华先生、崔梓华女士、陈碧华女士对本议案回避 表决。 表决结果：同意 5 票，反对 0 票， ...