Investment Rating - The report maintains a "Buy" rating for Shenling Environment (301018 SZ) [1][5] Core Views - Shenling Environment's Q2 2024 revenue increased significantly, with a YoY growth of 18% and QoQ growth of 64%, reaching RMB 800 million Net profit also rose by 32% YoY and 19% QoQ to RMB 60 million, meeting expectations [2] - The data center business performed exceptionally well, with H1 2024 revenue up 61% YoY New orders in H1 2024 were approximately 3 times those of the same period last year, nearly matching the total new orders for the entire previous year Liquid cooling products saw a 6 5-fold increase in revenue compared to the same period last year [3] - The company's data center business is entering a growth phase, with strong order momentum and significant potential for future expansion, driven by the rapid development of the AI industry [4] Financial Performance and Forecast - For H1 2024, the company achieved revenue of RMB 1 3 billion, a YoY increase of 13 5%, and a net profit of RMB 110 million, up 27% YoY [1] - The company's revenue is expected to grow significantly from 2024 to 2026, with projected revenues of RMB 3 28 billion, RMB 4 59 billion, and RMB 5 92 billion, respectively, representing growth rates of 30 6%, 39 9%, and 29 0% [7] - Net profit is forecasted to be RMB 271 million, RMB 364 million, and RMB 468 million for 2024, 2025, and 2026, respectively, with EPS of RMB 1 02, RMB 1 37, and RMB 1 76 [5][8] - The company's ROE is expected to improve significantly, reaching 10 6%, 13 8%, and 16 9% in 2024, 2025, and 2026, respectively [8] Business Segment Performance - Data center business: H1 2024 revenue increased by 61% YoY, with liquid cooling products revenue growing 6 5 times YoY [3] - Industrial sector: H1 2024 revenue grew by 53% YoY, though growth was slowed by delayed project deliveries [3] - Special sectors: H1 2024 revenue increased by 45% YoY, with hospital and nuclear power sectors growing by 170% and 110%, respectively [3] - Public and commercial air conditioning: H1 2024 revenue surged by 102% YoY [3] Valuation and Market Performance - The current stock price is RMB 18 48, with a total market capitalization of RMB 4 9 billion and a 52-week price range of RMB 15 5 to RMB 30 97 [1] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 18x, 14x, and 11x, respectively [5]

广东申菱环境系统股份有限公司 独立董事候选人声明与承诺 声明人刘金平，作为广东申菱环境系统股份有限公司第四届董事会独立董事 候选人，已充分了解并同意由提名人广东申菱环境系统股份有限公司董事会提名 为广东申菱环境系统股份有限公司（以下简称该公司）第四届董事会独立董事候 选人。现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系， 且符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则 对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过广东申菱环境系统股份有限公司第三届董事会提名委员 会或者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能 影响独立履职情形的密切关系。 √ 是 □ 否 如否，请详细说明：_____________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担任 公司董事的情形。 √ 是 □ 否 如否，请详细说明：_____________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则规定的独立董事任职资格和条 ...

证券代码：301018 证券简称：申菱环境 公告编号：2024-050 广东申菱环境系统股份有限公司董事会 关于 2024 年半年度募集资金存放与使用情况的专项报告 根据《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》 《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》《深 圳证券交易所创业板上市公司自律监管指南第 2 号—公告格式》的相关规定，现将 本公司 2024 年半年度募集资金存放与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 1、创业板向特定对象发行股票（"再融资募集资金"） 根据中国证券监督管理委员会出具的《关于同意广东申菱环境系统股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2023〕38 号）同意，公司向特定 对象发行股票 24,570,024.00 股，每股面值人民币 1 元，发行价格为每股 32.56 元， 共计募集资金总额人民币 799,999,981.44 元。扣除与本次发行有关的费用人民币 11,352,465.69 元（不含税），公司实际募集资金净额为人民币 788,647,515.75 元。 上 ...

证券代码：301018 证券简称：申菱环境 公告编号：2024-051 广东申菱环境系统股份有限公司 关于公司董事会换届选举的公告 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"）第三届董事会董事任 期即将届满，根据《中华人民共和国公司法》、《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》等法律法规、规范性文件及《公司章程》的有关规定，公司决定按照 相关法律程序进行董事会换届选举。 公司于 2024 年 8 月 26 日召开了第三届董事会第三十六次会议，审议通过了 《关于公司董事会换届选举暨提名第四届董事会非独立董事的议案》和《关于公 司董事会换届选举暨提名第四届董事会独立董事的议案》。公司董事会提名崔颖 琦先生、谭炳文先生、陈忠斌先生、崔梓华女士、潘展华先生、陈碧华女士为公 司第四届董事会非独立董事候选人；提名聂织锦女士、刘金平先生、宋文吉先生 为公司第四届董事会独立董事候选人（简历详见公告后附件）。公司董事会提名 委员会已对上述董事候选人任职 ...

证券代码：301018 证券简称：申菱环境 公告编号：2024-048 广东申菱环境系统股份有限公司 关于第三届董事会第三十六次会议决议的公告 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"）第三届董事会第三十 六次会议于 2024 年 8 月 26 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 8 月 21 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。 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： 董事会认为公司编制的《2024 年半年度报告》全文及摘要的内容真实、准 确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏。具体内容详见公司 同日在巨潮资讯网（http://www.cninfo.com.cn）披露的《2024 年 ...

证券代码：301018 证券简称：申菱环境 公告编号：2024-054 广东申菱环境系统股份有限公司 关于修改公司经营范围及修订《公司章程》的公告 验检测服务；货物进出口；技术进出口；进出口代理。（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可 证件为准） 二、《公司章程》修订情况 鉴于上述变动，公司根据有关法律、行政法规、部门规章、规范性文件的规 定并结合公司实际情况，拟对《公司章程》相关条款进行修订。具体修订内容如 下： 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"）于 2024 年 8 月 26 日召开第三届董事会第三十六次会议，审议通过了《关于修改公司经营范围及修 订<公司章程>的议案》。现将有关情况公告如下： 一、公司修改公司经营范围情况 根据公司战略规划及经营需要，拟将经营范围修订如下： 一般项目：制冷、空调设备制造；制冷、空调设备销售；环境保护专用设备 制造；环境保护专用设备销售；大气污染治理；机械设备研发；通用设备制造（不 含特种设备制造）；专用设备 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,304,510,058.78, representing a 13.49% increase compared to CNY 1,149,462,485.93 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was CNY 110,637,265.17, up 27.28% from CNY 86,921,076.05 in the previous year[11]. - The net profit after deducting non-recurring gains and losses was CNY 107,564,648.30, showing a slight increase of 0.73% compared to CNY 106,787,173.75 last year[11]. - The basic earnings per share increased to CNY 0.42, a rise of 23.53% from CNY 0.34 in the same period last year[11]. - The total assets at the end of the reporting period were CNY 5,133,699,030.64, reflecting a 7.70% increase from CNY 4,766,753,649.05 at the end of the previous year[11]. - The net assets attributable to shareholders of the listed company were CNY 2,524,633,540.89, which is a 2.99% increase from CNY 2,451,262,131.41 at the end of last year[11]. - The net cash flow from operating activities improved to CNY -25,388,016.54, a 33.68% improvement from CNY -38,279,528.06 in the previous year[11]. - The weighted average return on net assets was 4.41%, slightly up from 4.29% in the same period last year[11]. Revenue Segmentation - The data service segment's revenue grew approximately 61.35% year-on-year, with new orders tripling compared to the same period last year[15]. - Revenue from evaporative cooling products surged to 3.6 times that of the same period last year, while liquid cooling products saw revenue increase to 6.5 times[15]. - The company's special air conditioning segment revenue increased by 45.47% year-on-year, driven by rapid growth in hospital and nuclear power businesses, with hospital revenue approximately 2.7 times and nuclear power revenue about 2.1 times that of the same period last year[18]. - The public and commercial air conditioning segment revenue grew by 101.54% year-on-year, with significant contributions from overseas markets, including the opening of a new sales office in Germany[19]. Investment and R&D - Research and development expenses rose by 32.30% to ¥68,329,198.38, reflecting the company's commitment to increasing R&D investment[23]. - The company holds 67 patents in the liquid cooling field, including 31 invention patents, indicating strong innovation capabilities[16]. - The company has a total of 637 patents, with 227 being invention patents, reflecting its strong focus on research and development in specialized air conditioning technology[20]. - The company plans to increase R&D investment to enhance technological innovation capabilities and accelerate the industrialization of research results[44]. Market Expansion and Strategy - The company plans to expand its overseas business, particularly in Southeast Asia, focusing on data centers and AI computing centers[17]. - The company is constructing a modern manufacturing base focused on liquid cooling, with the first phase expected to commence production this year[17]. - The company plans to accelerate the construction of a new base in Gaozhou, primarily serving the nuclear power sector, aiming for full production by 2025 to enhance competitiveness in this field[19]. - The company emphasizes innovation in energy-saving technologies and has strengthened collaboration with major clients to enhance product competitiveness[15]. Financial Management and Cash Flow - The company reported a significant decrease in financing cash flow, down 88.38% to ¥89,678,579.68 from ¥771,898,160.83, primarily due to funds raised from a specific stock issuance in April 2023[23]. - The company reported a loss of CNY 2.81 million from derivative investments during the reporting period[38]. - The company has engaged in bank financial products with a total amount of CNY 28.9 million during the reporting period, with no overdue amounts[35]. - The company recorded an investment loss of ¥2,600,333.92, contrasting with a gain of ¥5,303,814.32 in the first half of 2023, highlighting challenges in investment performance[83]. Shareholder Information - The company reported a participation rate of 65.73% in the first temporary shareholders' meeting held on January 8, 2024[47]. - The company will not distribute cash dividends or bonus shares for the half-year period[49]. - A total of 2.35325 million shares from the first phase of the restricted stock incentive plan were invalidated due to unmet performance targets[50]. - The total number of common shareholders at the end of the reporting period was 20,141[66]. Risk Management - The management has outlined potential risks and countermeasures in the report, emphasizing the importance of market conditions on future performance[2]. - The company faces risks from intensified market competition and plans to enhance R&D investment to maintain competitiveness[43]. - Rising raw material prices, particularly for commodities like copper, pose a risk to operational performance, prompting the company to optimize costs and adjust product pricing accordingly[43]. Compliance and Governance - The half-year financial report was not audited, and there were no non-standard audit reports issued[54]. - The company maintained a clean record with no violations regarding external guarantees[54]. - The company has not engaged in any major related party transactions or significant contracts during the reporting period[55][59]. Asset Management - The total assets at the end of the current period are CNY 2,558,513,534.59, reflecting the company's financial position[98]. - The company has no pledged or mortgaged assets at the end of the reporting period, ensuring liquidity and financial stability[172]. - The total accounts receivable balance at the end of the period is CNY 1,732,303,730.16, with a bad debt provision of CNY 108,226,408.32, resulting in an overall provision rate of 6.24%[183].

提名人广东申菱环境系统股份有限公司董事会现就提名宋文吉为广东申菱 环境系统股份有限公司第四届董事会独立董事候选人发表公开声明。被提名人已 书面同意作为广东申菱环境系统股份有限公司第四届董事会独立董事候选人（参 见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、学历、职称、 详细的工作经历、全部兼职、有无重大失信等不良记录等情况后作出的，本提名 人认为被提名人符合相关法律、行政法规、部门规章、规范性文件和深圳证券交 易所业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下 事项： 广东申菱环境系统股份有限公司 独立董事提名人声明与承诺 √ 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得 担任公司董事的情形。 一、被提名人已经通过广东申菱环境系统股份有限公司第三届董事会提名委 员会或者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其 他可能影响独立履职情形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 三 ...