Envicool(SZ:002837) Ge Long Hui A P P·2025-10-14 07:56Core Viewpoint - The report from Kaiyuan Securities indicates that Invec achieved significant revenue growth in the first three quarters of 2025, driven by increased sales of energy-saving temperature control products for data centers and cabinets [1] Financial Performance - In the first three quarters of 2025, the company reported revenue of 4.026 billion yuan, a year-on-year increase of 40.19% [1] - The net profit attributable to shareholders reached 399 million yuan, up 13.13% year-on-year, while the net profit excluding non-recurring items was 384 million yuan, reflecting a 14.76% increase [1] - For Q3 2025, revenue was 1.453 billion yuan, representing a year-on-year growth of 25.34%, with a net profit of 183 million yuan, an increase of 8.35% year-on-year [1] Future Outlook - The company is expected to benefit from the ongoing development of AIGC and the increasing demand for high-power computing chips and ultra-node high-power cabinets, which will support data center construction [1] - Due to project settlement progress and anticipated demand for liquid cooling post-2025, the profit forecasts for 2025 have been lowered, while those for 2026 and 2027 have been raised [1] - The revised net profit estimates for 2025-2027 are 603 million yuan, 1.11 billion yuan, and 1.639 billion yuan, respectively, compared to previous estimates of 651 million yuan, 1.097 billion yuan, and 1.519 billion yuan [1] - The current stock price corresponds to price-to-earnings ratios of 126.3, 68.6, and 46.5 for 2025, 2026, and 2027, respectively, with a maintained "buy" rating [1]