Envicool(002837) 民生证券·2024-07-14 03:30Investment Rating - The report maintains a "Buy" rating for the company [1][23]. Core Insights - The company is expected to benefit from the growing trend of liquid cooling solutions, which is becoming essential as power density in server racks increases [23]. - The company has shown significant improvement in its financial performance, with projected net profit growth of 80.0% to 110.0% year-on-year for the first half of 2024 [23]. - The report highlights the company's comprehensive product line and efficient production processes as key drivers for revenue growth [23]. Financial Summary - The company’s revenue is projected to grow from 35.29 billion in 2024 to 86.0 billion in 2026, with corresponding net profits of 5.4 billion, 6.9 billion, and 8.0 billion respectively [23]. - The expected growth rates for revenue are 20.72% in 2023, 47.81% in 2024, 27.29% in 2025, and 29.50% in 2026 [13]. - The company's net profit margin is projected to be 10.41% in 2024, increasing to 10.44% in 2025 before declining to 9.35% in 2026 [13]. Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 53 in 2023 to 23 by 2026, indicating a more attractive valuation over time [13]. - The price-to-book (P/B) ratio is projected to decline from 7.3 in 2023 to 4.8 in 2026, reflecting improved financial health [13]. - The report anticipates a dividend yield of 1.41% in 2024, increasing to 1.57% in 2025 before dropping to 0.80% in 2026 [13].