Investment Rating - The report maintains a "Buy" rating for the company [1][7][10] Core Views - The company has experienced a significant revenue growth of 245.22% year-on-year in Q3 2024, despite a decline in the first three quarters [1][2] - The demand for liquid cooling solutions is increasing in the internet, telecommunications, and financial sectors, driven by the growth of AI models and applications [6] - The company is expected to benefit from the increasing investment in computing infrastructure and the rising proportion of high-power cabinets in data centers [7] Revenue and Profitability - For the first three quarters of 2024, the company reported a revenue of 173 million yuan, a decrease of 30.05% year-on-year, and a net profit of -5 million yuan, down 119.12% [1] - In Q3 2024, the company achieved a revenue of 75.48 million yuan, with a net profit of 1.09 million yuan, marking a year-on-year increase of 104.59% [1][2] - The gross margin for the first three quarters was 22.15%, down 15.38 percentage points year-on-year, attributed to a higher proportion of lower-margin products [3] Order Backlog and Market Expansion - As of August 2024, the company had a higher order backlog compared to the same period in 2023, indicating potential revenue growth from large project completions [2] - The company is increasing its market expansion efforts, reflected in the rise of sales and management expenses [3] Financial Forecasts - The company’s revenue projections for 2024-2026 are 780 million, 1.008 billion, and 1.268 billion yuan, respectively, with net profits of 114 million, 151 million, and 213 million yuan [7][8] - The expected EPS for the same period is 0.57, 0.76, and 1.07 yuan per share, with corresponding P/E ratios of 106.99, 80.65, and 57.26 [8][10]
曙光数创：2024年三季报点评：Q3营收同比增长245%，互联网/运营商/金融液冷需求提升