Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential increase in stock price over the next 6-12 months [2][6]. Core Insights - The company has shown a revenue increase of 6.20% year-on-year, reaching 1.977 billion yuan in the first three quarters of 2024, although net profit decreased by 4.11% to 142.9 million yuan [2][6]. - The company is a leading provider of temperature control solutions for data centers and specialized air conditioning systems, with ongoing investments in research and development [2][6]. - The report highlights the company's strategic expansion into overseas markets, particularly in Southeast Asia, and the significant growth in its data service segment, which now accounts for approximately 50% of total revenue [2][6]. Financial Performance - For the fiscal year 2024, the company is projected to achieve revenues of 3.044 billion yuan, with a year-on-year growth of 21.2%, and a net profit of 190 million yuan, reflecting an 81.5% increase [6][11]. - The company’s revenue from the data center business is expected to grow significantly, with projections of 1.129 billion yuan in 2024, up from 840 million yuan in 2023, representing a growth rate of 28% [11][12]. - The report anticipates a gradual improvement in profit margins, with gross margins expected to be around 27.0% in 2024, slightly declining in subsequent years [11][12]. Market Position and Strategy - The company has established a comprehensive layout in liquid cooling technology, which is becoming essential for high-performance computing centers [2][13]. - The report notes that the company has secured partnerships with major clients such as Huawei and Tencent, enhancing its market presence [2][6]. - The company is focusing on expanding its product offerings in specialized applications, particularly in nuclear power and healthcare sectors, which have shown substantial growth [2][11].
申菱环境：数据中心业务放量，AI液冷渗透打开成长空间