Envicool(002837) 新浪财经· Xin Lang Cai Jing·2025-04-22 02:37Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant revenue and profit growth despite some accounting policy changes affecting gross margin [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit attributable to shareholders of 453 million yuan, up 31.59% [1]. - For Q1 2025, the company reported revenue of 933 million yuan, a year-on-year growth of 25.07%, but a net profit of 48 million yuan, which represents a decline of 22.53% [1]. Operational Analysis - The company experienced rapid growth in its business, particularly in energy-saving temperature control products for data centers, driven by industry opportunities [2]. - A change in accounting policy led to a decrease in gross margin by approximately 2.36% due to the reclassification of after-sales service costs into product costs [2]. - The company's share-based payment expenses in 2024 amounted to 37.77 million yuan, impacting net profit attributable to shareholders by 32.11 million yuan [2]. Business Expansion - The company has accelerated its liquid cooling business, leveraging AI advancements that increase heat density in data center equipment [3]. - The company introduced the Coolinside full-chain liquid cooling solution, covering all aspects from cold plates to cooling sources, with liquid cooling-related revenue from data centers reaching approximately 300 million yuan in 2024 [3]. - Cumulative deliveries in the liquid cooling chain reached 1.2 GW by March 2025 [3]. Client Acquisition - The company has successfully expanded its client base, providing energy-efficient cooling products to major data center operators such as ByteDance, Tencent, Alibaba, and China Mobile [4]. - The Coolinside solution was validated by Intel as part of its liquid cooling innovation acceleration plan [4]. - The company’s UQD product was included in NVIDIA's MGX ecosystem partner list, indicating successful overseas client expansion [4]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 6.372 billion, 8.214 billion, and 10.316 billion yuan, with net profits of 732 million, 953 million, and 1.223 billion yuan respectively [5]. - Corresponding price-to-earnings ratios are forecasted at 35, 27, and 21 times for the respective years [5].