Envicool(SZ:002837) Minsheng Securities·2024-08-13 05:05Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 1.71 billion yuan in the first half of 2024, representing a year-on-year growth of 38.2%. The net profit attributable to shareholders was 180 million yuan, up 99.6% year-on-year, while the non-recurring net profit reached 170 million yuan, growing by 113.5% year-on-year [2]. - The demand for data centers is increasing, leading to rapid growth in the company's cooling business. The company has successfully promoted indirect evaporative cooling technology, which is recognized for its energy-saving capabilities, resulting in a significant increase in market penetration [2]. - The company has launched innovative products such as the Pack+PCS integrated liquid cooling unit for energy storage applications and has delivered a full-chain liquid cooling solution for high-density energy storage systems [2]. - The company is benefiting from the growth in cold chain logistics air conditioning demand and the recovery of subway construction projects, with significant revenue growth in these areas [2]. - The company is expected to benefit from AI-related businesses, with projected revenues of 5.22 billion, 6.64 billion, and 8.60 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 540 million, 690 million, and 800 million yuan for the same years [2]. Financial Summary - In the first half of 2024, the company reported a revenue of 1.71 billion yuan, with a net profit of 180 million yuan and a non-recurring net profit of 170 million yuan [2]. - The gross margin for the cooling business reached 30.6%, an increase of 1.05 percentage points compared to the previous period [2]. - The company’s revenue is projected to grow significantly, with a compound annual growth rate (CAGR) of approximately 29.5% from 2024 to 2026 [5].