Envicool(002837) 长江证券·2024-11-11 08:03Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's performance continues to grow rapidly, with Q1-Q3 2024 net profit exceeding the full-year 2023 figure [3] - The company's IDC temperature control business remains highly prosperous, with revenue growth of 85.9% YoY in H1 2024 [4] - The energy storage temperature control business is accelerating, with expected growth in H2 2024 [4] - Inventory and contract liabilities have increased significantly, providing strong support for future high growth [4] - The company has accumulated over 1GW of liquid cooling project delivery experience, leading the industry [5] - The company is the only one in the industry to achieve full-chain layout of liquid cooling products and full-chain coverage of liquid cooling industry customers [5] Business Performance - Q1-Q3 2024 revenue reached 2.872 billion yuan, up 38.6% YoY [3] - Q1-Q3 2024 net profit attributable to the parent company was 353 million yuan, up 67.8% YoY [3] - Q3 2024 revenue was 1.16 billion yuan, up 39.2% YoY [3] - Q3 2024 net profit attributable to the parent company was 170 million yuan, up 43.1% YoY [3] - Q3 2024 gross margin was 32.8%, up 0.7 pct QoQ but down 0.7 pct YoY [3] Industry Outlook - The IDC temperature control business is expected to maintain high growth [4] - The energy storage temperature control business is expected to accelerate in H2 2024 [4] - The liquid cooling penetration rate is expected to increase with the high prosperity of domestic and foreign computing power construction [4] Financial Projections - 2024-2026 net profit attributable to the parent company is projected to be 557 million yuan, 756 million yuan, and 960 million yuan, respectively [6] - 2024-2026 EPS is projected to be 0.75 yuan, 1.02 yuan, and 1.29 yuan, respectively [10] - 2024-2026 PE ratio is projected to be 44x, 32x, and 25x, respectively [6]