Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage [8]. Core Insights - The company is deepening its layout in AI and data center businesses, indicating a promising future for its data center operations [6]. - The company has established a strong presence in the industrial temperature control sector, with a gradual ramp-up in its energy storage business [5]. - The company has launched various products aimed at providing efficient temperature control solutions for data centers, including plate liquid cooling and immersion cooling products [6]. Summary by Sections Market Performance - The report highlights the company's stock price at 42.18 yuan, with a total market capitalization of 71 billion yuan and a total share count of 169 million shares [1]. Investment Highlights - The company has been focused on providing systematic solutions in the industrial temperature control field, with four main product series: liquid temperature control equipment, electrical box temperature control devices, pure water cooling units, and special heat exchangers [5]. - The energy storage business includes centralized energy storage temperature control, commercial energy storage temperature control, and high-pressure cascade direct-connected energy storage temperature control solutions, making the company a supplier for major players like CATL and Sungrow [5]. - The company has successfully launched a specialized industrial air conditioning unit for semiconductor manufacturing and has partnered with Ruike Laser for further development in laser cooling technology [5]. Earnings Forecast - The company is expected to see revenue growth from 23.8 billion yuan in 2024 to 45.6 billion yuan in 2026, with corresponding EPS of 0.86 yuan, 1.40 yuan, and 2.13 yuan for the same years [7]. - The current price-to-earnings (PE) ratios are projected to be 49.2, 30.2, and 19.8 for the years 2024, 2025, and 2026 respectively [7].
同飞股份：公司事件点评报告：AI布局不断深化，数据中心业务未来可期-20250331