冰轮环境(000811)：冷热系统解决方案龙头 IDC及核电等领域业务快速发展

Core Viewpoint - The company has confirmed an initial turning point in its performance, with significant coverage in IDC and nuclear power sectors, showcasing strong technological advantages that are expected to accelerate future development [1] Investment Highlights - The company offers a complete set of heating and cooling system solutions, with anticipated accelerated growth in performance due to rapid developments in AIDC and nuclear power sectors. Projected EPS for 2025-2027 is 0.71, 0.84, and 0.94, with growth rates of 11.4%, 12.4%, and 12.6% respectively [2] - The company has a strong track record in the refrigeration industry, with main business areas including low-temperature freezing, central air conditioning, environmental heating, energy chemical equipment, precision casting, smart services, and hydrogen equipment. Revenue is projected to grow from 909 million yuan in 2005 to 6.635 billion yuan in 2024, a sixfold increase with a CAGR of 11.03%. Net profit is expected to grow from 44 million yuan to 628 million yuan, a thirteenfold increase with a CAGR of 15.02% [2] - For Q3 2025, the company reported revenue of 4.825 billion yuan, a year-on-year decrease of 2.45%, and a net profit of 428 million yuan, a year-on-year decrease of 9.68% [2] IDC Sector Coverage - The company has established a strong presence in the IDC sector, serving leading domestic and international clients. Its subsidiaries, Dunham-Bush and Icewheel Heat Exchange Technology, provide cooling equipment for data centers and liquid cooling systems. Successful domestic projects include the National Supercomputing Center in Guangzhou and various data centers for China Mobile and China Unicom [3] - The company collaborates with local integrators overseas, servicing projects in North America, Australia, Southeast Asia, and the Middle East [3] Industrial Heat Control Strategy - The company's industrial heat control strategy is accelerating, focusing on the main battlefield of industrial heat control. It leverages core heat pump technology with high temperature, large temperature differences, and wide temperature ranges, integrating multi-source and multi-level system technologies for comprehensive coverage and compatibility [3] Overseas Revenue Growth - The company has a well-established overseas presence, with revenue expected to reach 1.979 billion yuan in 2024, a year-on-year increase of 103.60%. The trend of rapid growth in overseas revenue is expected to continue, with 1.017 billion yuan in overseas revenue reported for H1 2025, a year-on-year increase of 100.99% [3]