Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Insights - The data center business is thriving and entering a phase of significant growth, with a revenue increase of 75.4% year-on-year in 2024 [2][3] - The company achieved a revenue of 6.28 billion yuan in Q1 2025, representing a year-on-year growth of 27.18% [3] - The company has a strong order backlog, with new orders in the data service segment increasing by approximately 95% year-on-year [3][4] - The AI computing demand is strengthening, leading to growth across various business lines, particularly in the data center segment [4] Revenue and Profit Forecast - The company is projected to achieve a net profit of 2.78 billion yuan in 2025, with earnings per share (EPS) of 1.05 yuan [5][11] - Revenue is expected to grow from 30.16 billion yuan in 2024 to 44.27 billion yuan in 2025, reflecting a growth rate of 46.8% [11] - The net profit growth rate is forecasted to be 140.7% in 2025, with subsequent years showing continued growth [11][12]
申菱环境（301018）：数据中心业务大放异彩，进入放量期