Investment Rating - The report maintains a "Buy" rating for Shenling Environment (301018 SZ) [1][5] Core Views - Shenling Environment's Q2 2024 revenue increased significantly, with a YoY growth of 18% and QoQ growth of 64%, reaching RMB 800 million Net profit also rose by 32% YoY and 19% QoQ to RMB 60 million, meeting expectations [2] - The data center business performed exceptionally well, with H1 2024 revenue up 61% YoY New orders in H1 2024 were approximately 3 times those of the same period last year, nearly matching the total new orders for the entire previous year Liquid cooling products saw a 6 5-fold increase in revenue compared to the same period last year [3] - The company's data center business is entering a growth phase, with strong order momentum and significant potential for future expansion, driven by the rapid development of the AI industry [4] Financial Performance and Forecast - For H1 2024, the company achieved revenue of RMB 1 3 billion, a YoY increase of 13 5%, and a net profit of RMB 110 million, up 27% YoY [1] - The company's revenue is expected to grow significantly from 2024 to 2026, with projected revenues of RMB 3 28 billion, RMB 4 59 billion, and RMB 5 92 billion, respectively, representing growth rates of 30 6%, 39 9%, and 29 0% [7] - Net profit is forecasted to be RMB 271 million, RMB 364 million, and RMB 468 million for 2024, 2025, and 2026, respectively, with EPS of RMB 1 02, RMB 1 37, and RMB 1 76 [5][8] - The company's ROE is expected to improve significantly, reaching 10 6%, 13 8%, and 16 9% in 2024, 2025, and 2026, respectively [8] Business Segment Performance - Data center business: H1 2024 revenue increased by 61% YoY, with liquid cooling products revenue growing 6 5 times YoY [3] - Industrial sector: H1 2024 revenue grew by 53% YoY, though growth was slowed by delayed project deliveries [3] - Special sectors: H1 2024 revenue increased by 45% YoY, with hospital and nuclear power sectors growing by 170% and 110%, respectively [3] - Public and commercial air conditioning: H1 2024 revenue surged by 102% YoY [3] Valuation and Market Performance - The current stock price is RMB 18 48, with a total market capitalization of RMB 4 9 billion and a 52-week price range of RMB 15 5 to RMB 30 97 [1] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 18x, 14x, and 11x, respectively [5]
申菱环境：公司事件点评报告：收入环比大增，数据中心业务进入放量期