Ge Long Hui A P P·2026-01-16 06:35Core Viewpoint - The company plans to increase its overseas data center product capacity, with liquid cooling expected to be a key driver of profit growth [1] Group 1: Business Strategy - The company aims to enhance its product offerings in the data center liquid cooling sector through a strategic acquisition of Deep Blue, which will complement its existing capabilities [1] - A comprehensive product matrix is being developed, covering CDU, Manifold, cooling plates, cooling towers, and immersion cooling equipment [1] - The company is transitioning from single product offerings to integrated CDU system modules, which will enhance its value and profitability [1] Group 2: Market Outlook - Significant growth in overseas demand for data center liquid cooling is anticipated, positioning this business segment as a critical area for future profit expansion [1] - The company is accelerating its overseas capacity construction, including a new factory in Mexico and plans for a production base in Thailand with an investment of 150 million yuan, expected to reach full production by 2027 [1] Group 3: Financial Projections - The North American segment is projected to achieve stable profitability by 2025, with the Polish factory expected to turn profitable as well [1] - Continuous acquisition of overseas orders and capacity release is expected to enhance the profitability of overseas factories, with a further increase in overseas revenue and profit share by 2026 [1] - Comparable companies have an average PE valuation of 37 times for 2026, with a target price set at 55.87 yuan, maintaining a "buy" rating [1]