Envicool(SZ:002837) GF SECURITIES·2024-08-16 01:37Investment Rating - The report assigns a "Buy" rating for the company, with a current price of 21.43 CNY and a reasonable value of 28.45 CNY [1]. Core Views - The company has shown continuous growth in performance, with a significant increase in liquid cooling technology leading future growth [1]. - The company reported a net profit attributable to shareholders of 1.83 billion CNY for the first half of 2024, representing a year-on-year increase of 38.24% [1]. - The temperature control room business has experienced substantial growth, supported by large customer orders, with revenue of 856 million CNY in the first half of 2024, up 85.91% year-on-year [1]. - The company’s energy storage business revenue was approximately 1.6 billion CNY in the first half of 2024, reflecting an 11% year-on-year increase [1]. - The introduction of liquid cooling technology is accelerating, with expected significant growth in revenue from data centers and computing equipment [1]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 4.91 billion CNY, 6.47 billion CNY, and 8.34 billion CNY, respectively, with corresponding net profits of 531 million CNY, 693 million CNY, and 907 million CNY [1][2]. - The company’s EBITDA is expected to grow from 684 million CNY in 2024 to 1.13 billion CNY in 2026 [2]. - The projected EPS for 2024, 2025, and 2026 are 0.71 CNY, 0.93 CNY, and 1.22 CNY, respectively [3]. - The company’s ROE is expected to increase from 18.3% in 2024 to 22.9% in 2026 [3].