Wangsu Science & Technology (SZ:300017) Minsheng Securities·2024-10-26 05:30Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company reported a revenue of 3.61 billion yuan for Q3 2024, representing a year-on-year growth of 2.6%, while the net profit attributable to shareholders was 430 million yuan, up 0.8% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 1.31 billion yuan, a 10.0% increase year-on-year, but the net profit attributable to shareholders declined by 21.3% to 130 million yuan [2]. - Excluding foreign exchange losses and gains from the disposal of subsidiary equity, the core net profit for Q3 2024 was approximately 170 million yuan, reflecting a nearly 28% year-on-year growth [2]. - The report highlights the increasing activity of overseas giants in the DCI sector, particularly in Southeast Asia, which is expected to drive traffic growth [2]. - The liquid cooling product line is gaining traction, with the Chinese liquid cooling server market experiencing a significant growth of 98.3% in the first half of 2024, reaching a market size of 1.26 billion USD [2]. - The company is well-positioned in the overseas market and is expected to benefit from the potential of domestic short video giants expanding internationally [2]. Financial Summary - The company forecasts total revenue of 5.26 billion yuan for 2024, with a projected growth rate of 11.8% [5]. - The net profit attributable to shareholders is expected to reach 627 million yuan in 2024, with a growth rate of 2.3% [5]. - The earnings per share (EPS) is projected to be 0.26 yuan for 2024, with a price-to-earnings (P/E) ratio of 36 [5][6]. - The report anticipates a compound annual growth rate (CAGR) of 47.6% for the liquid cooling server market in China from 2023 to 2028 [2].