Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a leader in temperature control solutions, with its data center liquid cooling business expected to create a second growth curve. In 2023, the company achieved revenue of 1.845 billion yuan, a year-on-year increase of 83%, with energy storage temperature control revenue reaching 900 million yuan [1][4]. Company Overview - The company specializes in temperature control solutions, particularly in liquid cooling products, which have seen rapid growth. The main product categories include liquid temperature control devices, electrical box temperature control devices, and pure water cooling units [19][20]. - The company has a stable management team, with most executives having over 10 years of tenure. The chairman's son, Zhang Haolei, has been managing the company for over a decade [4][26]. Industry Situation - The global energy storage market is experiencing rapid growth, with the temperature control market expected to reach approximately 12.7 billion yuan in China and 17.5 billion yuan globally by 2026, reflecting a year-on-year increase of 49% and 96%, respectively [2]. - The data center temperature control market is projected to grow by about 26% year-on-year in 2023, reaching a market size of approximately 7.7 billion USD. The market is expected to reach 17.8 billion USD by 2028, with a CAGR of about 18.4% from 2023 to 2028 [2]. Financial Performance - The company reported a net profit of 182 million yuan in 2023, a year-on-year increase of 42.7%. The revenue is expected to grow to 2.159 billion yuan in 2024 and 3.208 billion yuan in 2025, with projected net profits of 141 million yuan and 263 million yuan, respectively [5][4]. - The company's liquid temperature control devices generated revenue of 1.215 billion yuan in 2023, a year-on-year increase of 125.33%, accounting for 65.86% of total revenue [20][29]. Growth Potential - The company is expanding into the data center and semiconductor temperature control sectors, with the AI infrastructure demand expected to drive significant growth in temperature control orders [1][3]. - The management anticipates that the energy storage temperature control segment will continue to grow, supported by increasing global energy storage installations [3][4].
同飞股份：AI基建大时代，数据中心温控业务放量在即-20250219