川环科技（300547）：汽车管路龙头，进军AIDC液冷可期

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 45.07 CNY, based on a current price of 33.36 CNY [6]. Core Viewpoints - The company is positioned as a leading supplier in the automotive hose industry, focusing on both traditional fuel vehicles and new energy vehicles, with a strong customer base and stable supply relationships [1][25]. - The growth in the new energy vehicle sector is expected to drive significant revenue increases, with projected revenues of 9.07 billion CNY in 2022, 11.09 billion CNY in 2023, and 13.63 billion CNY in 2024, reflecting year-on-year growth rates of 16.81%, 22.31%, and 22.88% respectively [1][44]. - The company is actively expanding into the AIDC (Artificial Intelligence Data Center) industry, particularly in liquid cooling systems, which is anticipated to become a new growth area [3][26]. Summary by Sections Company Overview - Established in 2002, the company specializes in automotive hose products, including those for fuel systems, cooling systems, and braking systems, and has established relationships with over 50 automotive manufacturers and 200 secondary suppliers [1][15][62]. Main Business Situation - The automotive industry is experiencing a resurgence, with a projected 35.42% year-on-year growth in new energy vehicle sales in 2024, reaching 12.858 million units [2][53][59]. - The company has a comprehensive product range and technical capabilities, covering both rubber and nylon products, and has a strong customer base across various automotive manufacturers [2][60]. Incremental Business - The company has begun to penetrate the AIDC market, with its liquid cooling products receiving UL certification and entering multiple supplier systems, indicating a positive outlook for future growth in this segment [3][26]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 17.80 billion CNY, 22.88 billion CNY, and 29.23 billion CNY respectively, with corresponding net profits of 2.60 billion CNY, 3.71 billion CNY, and 4.60 billion CNY [4][44]. - The company is compared to peers in the automotive parts sector, with an average PE ratio of 37.55X, leading to a target price of 45.07 CNY for 2025 [4].