Investment Rating - The report downgrades the company's rating to "Overweight" from a previous higher rating [4][5] Core Views - Data center orders are gradually being fulfilled, supporting revenue growth [2] - The company is increasing its sales expense investment, particularly in overseas business expansion [3] - AI and supercomputing applications are expected to drive demand for servers and data centers, potentially leading to rapid growth in liquid cooling equipment [4] Financial Performance - Q3 2024 revenue was 672 million yuan, down 5.58% YoY, with net profit attributable to the parent company at 32 million yuan, down 48.07% YoY [1] - Gross margin for the first three quarters of 2024 was 26.37%, down 1.8 percentage points YoY, with a net margin of 6.94%, down 1.24 percentage points YoY [3] - Sales expense ratio increased by 1.23 percentage points YoY to 7.95% for the first three quarters of 2024 [3] Business Segments - Data services segment is expected to perform relatively well, with new orders in H1 2024 approximately triple the same period last year [2] - Industrial, special, public, and commercial sectors may underperform due to a slight decline in overall revenue growth [2] Future Projections - Revenue for 2024-2026 is projected to be 2,770.61 million yuan, 3,327.95 million yuan, and 3,941.16 million yuan, respectively [7] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 162.28 million yuan, 213.07 million yuan, and 260.87 million yuan, respectively [7] - PE ratios for 2024-2026 are estimated at 38.41x, 29.26x, and 23.90x, respectively [7] Valuation Metrics - Current stock price is 23.43 yuan, with a total market capitalization of 6,233.61 million yuan [5] - EPS for 2024-2026 is projected to be 0.61 yuan, 0.80 yuan, and 0.98 yuan, respectively [7] - P/B ratios for 2024-2026 are estimated at 2.43x, 2.31x, and 2.18x, respectively [7]
申菱环境：数据中心订单逐步落地，公司加大费用投入