Core Insights - The company reported a total revenue of 670 million yuan for the first three quarters of 2025, representing a year-on-year growth of 57.93% [1] - The total profit reached 69 million yuan, with a year-on-year increase of 52.75%, and the net profit attributable to shareholders was 63 million yuan, up by 52.21% [1] - The gross profit margin was 28.18%, reflecting a year-on-year increase of 2.79 percentage points [1] Industry Analysis - The demand for data center computing power is driving the expansion of the liquid cooling market, as traditional air cooling fails to meet the heat dissipation needs due to increased chip and cabinet power [2] - Stringent policy requirements for PUE metrics make liquid cooling technology a vital solution for energy efficiency in data centers, with a projected global CAGR of 24.53% in North America, 23.74% in Europe, and 26.04% in the Asia-Pacific region from 2024 to 2032 [2] - The liquid cooling market in China is expected to grow at a rate of 26.92%, increasing from 498 million USD in 2024 to 3.35 billion USD by 2032 [2] - The robot market is experiencing diversified growth, with increasing applications in industrial, service, and special robots, leading to heightened thermal management needs in critical components [2] Strategic Development - The company is focusing on emerging markets and accelerating its expansion in thermal management products for AI servers, robots, and optical modules [3] - Investments have been made in liquid cooling product production lines, with the Dongguan factory achieving large-scale production capabilities and preparations underway at the Vietnam factory [3] - The R&D team is expanding and working on liquid cooling technologies ranging from 750W to 3000W, mastering core technologies in various cooling solutions to meet customer needs from R&D to mass production [3] Financial Forecast - Revenue projections for 2025-2027 are 971 million, 1.788 billion, and 2.643 billion yuan, with year-on-year growth rates of 47.99%, 84.15%, and 47.78% respectively [4] - Net profit attributable to shareholders is expected to reach 132 million, 258 million, and 401 million yuan, with growth rates of 150.73%, 96.42%, and 55.05% respectively [4] - Corresponding EPS is projected at 1.6, 3.2, and 5.0 yuan, with P/E ratios of 122, 62, and 40 times [4]
思泉新材(301489)公司点评：业绩符合预期 看好液冷布局：买入