Envicool(002837) 天风证券·2024-07-13 13:02Investment Rating - The investment rating for the company is "Add" (maintained rating) with a target price of 24.54 CNY [5]. Core Viewpoints - The company is a leading provider of precision temperature control energy-saving solutions and products, poised to benefit from the AI wave and the trend of liquid cooling penetration [10][11]. - The company has shown strong performance with a significant increase in revenue and net profit, driven by the growth in the data center cooling market and optimization of product design and procurement strategies [9][11]. - The company has established deep partnerships with major clients and is actively expanding into overseas markets, which is expected to enhance its growth prospects in the AI era [10][11]. Financial Data and Valuation - Revenue (in million CNY): - 2022: 2,923.18 - 2023: 3,528.86 - 2024E: 4,986.93 - 2025E: 6,721.10 - 2026E: 8,794.91 - Revenue Growth Rate (%): - 2022: 31.19 - 2023: 20.72 - 2024E: 41.32 - 2025E: 34.77 - 2026E: 30.86 - Net Profit Attributable to Parent Company (in million CNY): - 2022: 280.28 - 2023: 344.01 - 2024E: 517.22 - 2025E: 709.65 - 2026E: 945.80 - Earnings Per Share (CNY): - 2022: 0.38 - 2023: 0.47 - 2024E: 0.70 - 2025E: 0.96 - 2026E: 1.28 - Price-to-Earnings Ratio (P/E): - 2022: 64.75 - 2023: 52.76 - 2024E: 35.09 - 2025E: 25.57 - 2026E: 19.19 - Price-to-Book Ratio (P/B): - 2022: 8.57 - 2023: 7.30 - 2024E: 5.98 - 2025E: 5.14 - 2026E: 4.33 - EV/EBITDA: - 2022: 24.20 - 2023: 18.43 - 2024E: 22.68 - 2025E: 16.72 - 2026E: 12.78 [2][6][13][15]. Profit Forecast and Investment Suggestions - The company's net profit forecasts for 2024-2026 have been revised upwards to 5.2 billion CNY, 7.1 billion CNY, and 9.5 billion CNY respectively, reflecting strong growth potential [11]. - The company is expected to maintain a P/E valuation of 35, 26, and 19 times for 2024-2026 [11].