Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company achieved a revenue of 690 million yuan in 2024, representing a year-on-year growth of 20.6%, while the net profit attributable to shareholders was a loss of 50 million yuan, an increase in loss of 18.9 million yuan [3]. - In Q1 2025, the company reported a revenue of 220 million yuan, a year-on-year increase of 22.0%, and a net profit attributable to shareholders of 10 million yuan, a significant year-on-year growth of 131.0% [3]. - The decline in gross margin in 2024 was primarily due to rising prices of upstream cooling liquids, but the gross margin improved to 25.1% in Q1 2025, indicating a positive trend [3]. - The company secured a significant order for a ±500 kV flexible DC transmission project in Saudi Arabia, valued at no less than 500 million yuan, which aligns with Saudi Arabia's investment plans in energy infrastructure [4]. - The company is deepening its ties with major clients and expanding its liquid cooling solutions both domestically and internationally, positioning itself as a key supplier for leading internet companies and telecom operators [5]. Financial Forecasts - The company is expected to achieve revenues of 923 million yuan, 1.281 billion yuan, and 1.825 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 26 million yuan, 65 million yuan, and 124 million yuan [6][7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.09 yuan, 0.21 yuan, and 0.41 yuan respectively, with price-to-sales (P/S) ratios decreasing from 6x in 2025 to 3x in 2027 [6][7].
高澜股份(300499):2024年年报、2025年一季报点评:1Q25业绩高速增长,看好全年AI持续增厚业绩