Envicool(002837) 华泰证券·2025-04-27 09:07Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company is expected to experience rapid growth in its data center and computing power equipment-related businesses, driven by the booming AI applications and the adoption of liquid cooling solutions [1][4]. - The company has increased its R&D investment and capacity expansion, which is anticipated to lay a solid foundation for capturing opportunities in the AIDC industry cycle [3][4]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue reached 4.589 billion RMB, a year-on-year increase of 30.04%, while the net profit attributable to the parent company was 453 million RMB, up 31.59% [1]. - The company's gross margin for Q1 2024 was 28.75%, reflecting a decline of 3.6 percentage points year-on-year, primarily due to accounting policy adjustments and rising commodity prices [3]. - The company’s revenue from the data center cooling business grew by 48.83% to 2.441 billion RMB in 2024, driven by high demand for data center construction [2]. Business Segments - The data center cooling business is expected to continue its rapid growth, benefiting from the high demand for AI and the introduction of liquid cooling technology [2]. - The cabinet cooling business also saw a year-on-year growth of 17.03% to 1.715 billion RMB, with the energy storage segment growing by 22% to 1.5 billion RMB [2]. Future Projections - The company’s net profit is projected to reach 6.29 billion RMB in 2025, 7.82 billion RMB in 2026, and 9.61 billion RMB in 2027, with a downward adjustment of 20% and 24% for 2025 and 2026, respectively [4]. - The target price for the company is set at 36.35 RMB, based on a PE ratio of 43 times for 2025 [4][7].