Envicool(SZ:002837) ZHESHANG SECURITIES·2025-04-28 07:46Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 4.589 billion yuan in 2024, representing a year-over-year (YOY) increase of 30.04%, and a net profit attributable to shareholders of 453 million yuan, with a YOY increase of 31.59% [1] - The company has a historical high level of orders on hand, with accounts receivable reaching 2.428 billion yuan, a 40.30% increase compared to the beginning of the year [1] - The company is focusing on expanding its overseas market presence and enhancing its research and development capabilities, with R&D expenses increasing by 32.98% in 2024 [2] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 932 million yuan, a YOY increase of 25.07%, but net profit decreased by 22.53% to 48 million yuan [3] - The gross margin for Q1 2025 was 26.5%, reflecting a decrease of 0.46 percentage points after accounting for policy changes [3] Business Segments - The data center cooling business generated revenue of 2.441 billion yuan in 2024, a YOY increase of 48.8%, with a gross margin of 27.0% [4] - The company has made significant advancements in liquid cooling technology, achieving cumulative deliveries of 1.2 GW by March 2025 [4] Research and Development - The company has established new technology research institutes in Shenzhen and Beijing, focusing on internal incubation of new products and technologies [2] - As of the end of 2024, the company held 102 invention patents, a 73% increase from the previous year [2] Market Outlook - The company is expected to benefit from the growing demand for AI data centers and the increasing penetration of liquid cooling technology [9] - The forecasted revenues for 2025, 2026, and 2027 are 6.267 billion yuan, 7.773 billion yuan, and 9.265 billion yuan, respectively, with corresponding net profits of 697 million yuan, 875 million yuan, and 1.053 billion yuan [14]