Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 19.46 [1] - The sector rating is "Outperform" [1] Core Views - The company is expected to benefit from the growing demand for data center temperature control, driven by the AI wave [2] - The company's data service segment saw significant growth, with new orders in H1 2024 nearly tripling compared to the same period last year [2] - The company is expanding its production capacity with a new manufacturing base focused on liquid cooling products, which is expected to enhance its competitiveness [2] Financial Performance - In H1 2024, the company reported revenue of RMB 1.305 billion, a 13.49% YoY increase, and net profit attributable to shareholders of RMB 111 million, a 27.28% YoY increase [2] - Q2 2024 revenue was RMB 810 million, up 18.01% YoY, with net profit attributable to shareholders of RMB 60 million, a 32.16% YoY increase [2] - The gross margin in H1 2024 was 26.45%, down 2.54 percentage points YoY, while the net margin increased by 0.65 percentage points to 8.26% [2] Segment Performance - The data service segment revenue grew by 61.35% YoY, driven by strong demand for high-efficiency evaporative cooling and liquid cooling products [2] - The industrial segment revenue declined by 53.46% YoY due to slower project deliveries [2] - The special segment revenue increased by 45.47% YoY, with hospital and nuclear power businesses showing strong growth [2] - The public and commercial air conditioning segment revenue surged by 101.54% YoY [2] Valuation and Forecast - The report adjusts the company's 2024-2025 earnings forecasts and introduces a 2026 forecast, with expected revenue of RMB 3.118 billion, RMB 3.843 billion, and RMB 4.419 billion for 2024, 2025, and 2026, respectively [2] - Net profit attributable to shareholders is forecasted to be RMB 238 million, RMB 303 million, and RMB 353 million for 2024, 2025, and 2026, respectively [2] - The current PE ratio is 21.7x for 2024, 17.1x for 2025, and 14.7x for 2026 [2] Key Financial Metrics - The company's EBITDA for 2024E is projected to be RMB 352 million, with a growth rate of 87.3% YoY [3] - The EPS for 2024E is forecasted to be RMB 0.89, representing a 127% YoY increase [3] - The dividend yield is expected to be 1.9% in 2024, 2.4% in 2025, and 2.8% in 2026 [3]
申菱环境：业绩稳步增长，AI浪潮带动液冷需求未来可期