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]
申菱环境(301018)：Q2有望开始业绩拐点 美国订单实现突破