Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Insights - The company's data center business is experiencing significant growth, entering a phase of increased volume [2][4]. - In Q1 2025, the company achieved a revenue of 628 million yuan, representing a year-over-year increase of 27.18%, and a net profit attributable to shareholders of 54 million yuan, up 7.34% year-over-year [1][3]. - The data service segment saw a remarkable revenue increase of 75.4% year-over-year, contributing 1.547 billion yuan to the total revenue in 2024 [2][3]. - The company has established strong partnerships with major clients such as ByteDance, Tencent, and Alibaba, leading to rapid business scale growth [2][3]. - The company is focusing on innovation and energy-saving technologies, particularly in evaporative cooling and liquid cooling products, which have seen revenue growth of approximately 2.3 times and 2.9 times, respectively, compared to 2023 [3]. Financial Projections - The company is projected to achieve net profits of 278 million yuan, 355 million yuan, and 446 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.05 yuan, 1.33 yuan, and 1.68 yuan [5][11]. - The revenue forecast for 2025 is set at 4.427 billion yuan, reflecting a growth rate of 46.8% compared to 2024 [11].
申菱环境：公司事件点评报告：数据中心业务大放异彩，进入放量期-20250506