Envicool(SZ:002837) Huaan Securities·2024-08-13 06:26Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported excellent performance in the first half of 2024, with a revenue of 1.713 billion yuan, representing a year-on-year growth of 38.24% [1] - The net profit attributable to shareholders reached 183 million yuan, a year-on-year increase of 99.63% [1] - The company benefits from the development of computing power, with its liquid cooling advantages becoming more prominent [1] - New application scenarios such as AI are driving higher demand for computing equipment and data centers, which is beneficial for the company's growth [1] - The company has a rich product line that meets energy-saving and emission reduction needs, leading the liquid cooling industry [1] Financial Performance Summary - For 2024, the company forecasts revenues of 4.724 billion yuan, 6.194 billion yuan, and 7.885 billion yuan for 2024, 2025, and 2026 respectively [2] - The projected net profits for the same years are 528 million yuan, 696 million yuan, and 888 million yuan [2] - The earnings per share (EPS) are expected to be 0.71 yuan, 0.94 yuan, and 1.20 yuan for 2024, 2025, and 2026 respectively [2] - The company's current price-to-earnings (P/E) ratios are 30, 23, and 18 for the years 2024, 2025, and 2026 [2] Business Model and Market Position - The company is a leading provider of precision temperature control energy-saving solutions and products, serving various sectors including cloud computing, data centers, and electric vehicle charging [1] - The company has established a comprehensive business layout based on a unified technology and business platform, which provides both differentiation and scale advantages [1] - The liquid cooling technology revenue from data center rooms and computing equipment has increased approximately twofold compared to the same period last year [1]