Group 1 - The core viewpoint of the article is that Shenling Environment (301018) considers liquid cooling as a significant strategic business with promising development opportunities due to increasing market demand driven by AI advancements [1] - The company has recently launched a new liquid cooling production line, which is expected to contribute to the rapid growth of its related business in the future [1] - The demand for liquid cooling solutions is anticipated to grow quickly as the AI sector expands, indicating a favorable market environment for the company [1]

经计算，众承投资、申菱投资于2025年7月17日至2025年8月29日期间，合计减持申菱环境5,071,012股， 合计减持金额约为2.95亿元。 申菱投资、众承投资、陵水新众贤创业投资合伙企业（有限合伙）（以下简称"众贤投资"）、崔梓华、 崔玮贤和申菱环境控股股东、实际控制人崔颖琦互为一致行动人。 2025年6月25日，申菱环境披露了《关于持股5%以上股东股份减持计划的预披露公告》，持股5%以上 股东众承投资计划以集中竞价、大宗交易的方式减持公司股份不超过6,966,000股（不超过公司总股本比 例的2.62%）；持股5%以上股东申菱投资计划以大宗交易的方式减持公司股份不超过1,015,500股（不超 过公司总股本比例的0.38%）。 中国经济网北京9月2日讯 申菱环境(301018.SZ)昨日晚间发布公告称，公司于近日收到持股5%以上股东 陵水新众承创业投资合伙企业（有限合伙）（以下简称"众承投资"）出具的《关于减持股份触及1%整 数倍的告知函》。众承投资于2025年8月13日、2025年8月29日通过集中竞价、大宗交易方式合计减持了 申菱环境股份2,875,312股。 申菱环境于2025年8月13日至2 ...

机械设备 | 证券研究报告 — 调整盈利预测 2025 年 9 月 2 日 301018.SZ 增持 原评级：增持 市场价格:人民币 78.93 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 107.1 77.0 134.4 299.6 相对深圳成指 79.9 60.3 106.7 246.0 发行股数 (百万) 266.05 流通股 (百万) 199.00 总市值 (人民币 百万) 20,999.53 3 个月日均交易额 (人民币 百万) 615.11 主要股东 崔颖琦 20.7% 资料来源：公司公告， Wind ，中银证券 (8%) 56% 119% 182% 246% 309% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 申菱环境 深圳成指 以 2025 年 9 月 1 日收市价为标准 相关研究报告 | 《申菱环境》20240903 | | --- | | 《申菱环境》20230905 | | 《申菱环境》20230430 | 中银国际证券 ...

证券代码：301018 证券简称：申菱环境 公告编号：2025-038 广东申菱环境系统股份有限公司 关于持股 5%以上股东减持股份触及 1%整数倍的公告 公司持股5%以上股东陵水新众承创业投资合伙企业（有限合伙）保证向本公 司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 广东申菱环境系统股份有限公司（以下简称"公司"）于近日收到持股 5% 以上股东陵水新众承创业投资合伙企业（有限合伙）（以下简称"众承投资"） 出具的《关于减持股份触及 1%整数倍的告知函》。众承投资于 2025 年 8 月 13 日、2025 年 8 月 29 日通过集中竞价、大宗交易方式合计减持了公司股份 2,875,312 股。 公司于 2025 年 8 月 13 日披露了《关于持股 5%以上股东减持股份触及 1%整 数倍的公告》（公告编号：2025-027），众承投资及广东申菱投资有限公司（以 下简称"申菱投资"）、陵水新众贤创业投资合伙企业（有限合伙）（以下简称 "众贤投资"）、崔梓华女士、崔玮贤先生和公司控股股东、实际控制人崔颖琦 先生互为 ...

Core Viewpoint - The company, Guangdong Shenliang Environmental System Co., Ltd., reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, and engaged in an investor call to discuss these results and future prospects [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1,682.18 million yuan, representing a year-on-year increase of 28.95% [2]. - The net profit attributable to shareholders was 150.41 million yuan, reflecting a year-on-year growth of 35.95% [2]. Business Insights - Gross margin improved significantly in Q2 compared to Q1, primarily due to the scaling of the data center business, which has a high degree of product standardization and lower sales and after-sales costs compared to industrial specialty businesses [3]. - The company has seen a doubling of orders in the first eight months of the year, indicating greater potential for cost savings and efficiency improvements in the future [3]. - The company disclosed over 200 million yuan in overseas orders, with a higher proportion of liquid cooling orders compared to domestic orders, particularly targeting the U.S. and Southeast Asian markets [3]. - The growth in liquid cooling orders is outpacing the overall growth of the data center business, with expectations for increased revenue recognition as projects are implemented [3]. - The company is closely collaborating with clients to meet the rising demand for AI-related products, which is expected to boost the need for liquid cooling solutions due to increased chip delivery and heat density [3]. - The company is focusing on lean manufacturing and material standardization to enhance manufacturing efficiency and reduce costs, which is anticipated to improve gross margins further [3]. - The energy and power-related business segments are contributing significantly to revenue, with the storage business benefiting from the development of pumped storage and the advancement of large client electrochemical storage cooling solutions [3].

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 168,217.87 million yuan, a year-on-year increase of 28.95% [1] - The net profit attributable to shareholders was 15,041.42 million yuan, reflecting a year-on-year growth of 35.95% [1] Group 2: Gross Margin Insights - The increase in gross margin in Q2 was primarily due to the improvement in the data service segment [2] - Data center gross margins are lower than industrial special products due to project-based contracts with more customization [2] - Despite lower gross margins, net profits are not necessarily lower due to lower sales and after-sales costs in the data center business [2] Group 3: Order Growth and Market Trends - Orders for the data center business doubled year-on-year in the first eight months, indicating strong growth potential [2] - Liquid cooling technology is gaining attention, with a higher proportion of liquid cooling orders in overseas markets compared to domestic [3] - The company reported approximately 120 million yuan in orders from the U.S. and about 130 million yuan from Southeast Asia, both markets showing significant growth potential [3] Group 4: AI and Future Projections - The rapid growth of AI investments in China is expected to further expand business demand [3] - The increase in chip heat density is anticipated to boost the demand for liquid cooling solutions [3] - The company is optimistic about future growth, particularly in the liquid cooling segment, as manufacturing efficiency and material supply scales improve [3] Group 5: Revenue Structure and Other Applications - The public construction segment contributes minimally, while the industrial and special segments together account for approximately 40% of revenue [3] - Growth in the energy storage business is driven by developments in pumped storage and advancements in large customer electrochemical storage cooling solutions [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is expected to see a performance turning point starting in Q2, with significant improvements in revenue and profit margins [1] - The data service segment has seen a doubling of new orders year-on-year, particularly in the U.S. market, indicating strong growth potential [2] - The industrial segment's revenue has nearly doubled, driven by substantial growth in the power and energy sector [3] - The specialty segment is anticipated to improve in the second half of the year following the launch of a new production base [4] - The company is well-positioned to benefit from the AI wave and ongoing investments in new energy sectors, with robust order backlogs [5] Financial Summary - In H1 2025, the company achieved revenue of 1.68 billion yuan, a year-on-year increase of 29%, with a net profit of 150 million yuan, up 36% [1] - The company forecasts revenues of 4.158 billion yuan, 5.520 billion yuan, and 6.886 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 282 million yuan, 385 million yuan, and 518 million yuan [5][13] - The projected P/E ratios for 2025, 2026, and 2027 are 75, 55, and 41 respectively [5]

Group 1 - The company achieved a revenue of 1.68 billion yuan in H1 2025, a year-on-year increase of 29%, with data services revenue growing by 44% and industrial segment revenue increasing by 99% [1] - In Q2 2025, the company reported a revenue of 1.05 billion yuan, a year-on-year increase of 30%, and a net profit attributable to shareholders of 96 million yuan, reflecting a 60% year-on-year growth [1] - The gross margin improved significantly to 25.86% in Q2 2025, up 3.87 percentage points from the previous quarter, indicating a potential turning point for annual performance [1] Group 2 - The company’s data service segment saw a year-on-year revenue growth of 43.77% in H1 2025, driven by high-efficiency innovative products and strengthened partnerships with major clients like H Company, ByteDance, Tencent, and Alibaba [2] - The industrial segment's revenue nearly doubled, with a 99.15% year-on-year increase, primarily due to a 219% growth in the power and energy business, benefiting from national investments in the new energy sector [2] - The special segment's revenue decreased by 19.60% in H1 2025, attributed to the timing of large project revenue recognition, but is expected to improve in the second half of the year with the new production base in Guangdong starting operations [2] Group 3 - The company is actively expanding its data center liquid cooling segment, with a robust order backlog and successful overseas order breakthroughs, positioning itself to benefit from the AI wave [3] - Revenue projections for 2025-2027 are 4.158 billion, 5.520 billion, and 6.886 billion yuan, with year-on-year growth rates of 37.9%, 32.8%, and 24.7% respectively, alongside net profits of 282 million, 385 million, and 518 million yuan [3] - The company maintains a "buy" rating with corresponding price-to-earnings ratios of 75, 55, and 41 for the years 2025, 2026, and 2027 based on the closing price as of August 29, 2025 [3]

Group 1 - The core viewpoint of the article is that Shenling Environment has successfully launched its new liquid cooling production line in July 2023, which is expected to support rapid growth in its liquid cooling business [2] - The current overall capacity for liquid cooling is sufficient to meet the increasing demand, indicating a strong market position for the company [2] - Liquid cooling orders are scheduled for delivery as far out as 2025 and 2026, reflecting a robust order backlog and future revenue potential [2]

Group 1 - The core viewpoint of the article is that Shenling Environment (301018.SZ) has successfully launched its new liquid cooling production line in July this year, which is expected to support rapid growth in its liquid cooling business [1] - The current overall capacity for liquid cooling is sufficient, indicating the company's readiness to meet increasing demand [1] - Liquid cooling orders are scheduled for delivery as far out as 2025 and 2026, reflecting strong future demand for the company's products [1]