Core Insights - The company has expanded its business horizontally, with liquid cooling for data centers becoming a key growth driver. It has evolved from industrial specialty air conditioning to data centers and energy storage heat pumps, establishing a comprehensive layout across four major sectors: data services, industrial processes, specialty products, and high-end public construction [1] - From 2018 to 2022, the company's revenue and net profit attributable to shareholders grew at compound annual growth rates of 19% and 13%, respectively. In 2023, profits faced pressure, but revenue and net profit are expected to grow by 20% and 10% year-on-year in 2024, with data services revenue share increasing from 35% in 2023 to 51% [1] - The company aims to achieve a "one body, two wings" strategic layout, focusing on "digital energy vertical integrated solutions" and supported by "ICT intelligent computing and new energy temperature control" and "specialty environmental control" [1] Business Growth and Orders - The data services segment is expected to see a 95% year-on-year increase in new orders in 2024, driven by strong demand for data centers. The new manufacturing bases for nuclear power specialty air conditioning and liquid cooling are projected to generate over 10 billion yuan in revenue by 2027 and over 20 billion yuan by 2030 [2] - The company is set to benefit from the booming AI-driven data center market, with liquid cooling expected to enter a rapid growth phase. Domestic internet capital expenditures are rising, creating a positive feedback loop for computing power investments [2][3] Revenue and Client Relationships - In 2024, the data services segment's revenue is projected to grow by approximately 75.4%, with liquid cooling product revenue increasing to about 2.9 times that of 2023. Major clients include Huawei, ByteDance, Tencent, Alibaba, and Baidu, positioning the company to benefit from the AI wave [3] - The company is expanding its overseas business, particularly in Southeast Asia, focusing on data center projects, especially AI computing centers [3] Power Market Opportunities - The company is well-positioned to benefit from the accelerated construction of hydropower and ultra-high voltage power systems, with significant investments expected in the power grid sector. The company has experience in servicing wind power and direct current transmission projects [3][4] - The company has a strong market share in hydropower air conditioning and is actively participating in the Yarlung Tsangpo River hydropower development project, which is expected to contribute to future revenue growth [4] Profit Forecast and Valuation - The company is expected to achieve revenues of 4.158 billion, 5.520 billion, and 6.886 billion yuan from 2025 to 2027, with year-on-year growth rates of 37.9%, 32.8%, and 24.7%, respectively. Net profits are projected to be 281 million, 385 million, and 518 million yuan, with corresponding year-on-year growth rates of 143.8%, 36.5%, and 34.8% [6]
申菱环境(301018)：温控领先厂商 有望业绩拐点