COOLTECH POWER(SZ:300153) Tianfeng Securities·2025-06-05 13:25Investment Rating - The report assigns a "Buy" rating for the company with a target price of 38.81 CNY, based on a current price of 28.59 CNY [6]. Core Insights - The company is positioned as a leader in the generator set industry, capitalizing on opportunities arising from the growth of data centers and the overall demand for power equipment [1][2]. - The company has established a business structure centered around power equipment, with energy conservation and renewable energy as supplementary wings [1][11]. - The report forecasts significant revenue growth, with total revenues expected to reach 21.25 billion CNY in 2025, representing a year-on-year increase of 67% [4][54]. Summary by Sections Business Structure and Growth - The company focuses on power equipment as its core business, while also investing in energy conservation and renewable energy sectors [1][13]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 4.0% for revenue and 60.3% for net profit from 2019 to 2024 [19][23]. - The company has a concentrated shareholding structure, with significant influence from major shareholders [29][30]. Market Opportunities - The global power equipment market is expanding, with an expected market size increase from approximately 500 billion USD in 2022 to over 700 billion USD by 2025 [10][32]. - The Chinese power equipment market is projected to exceed 200 billion USD by 2025, driven by favorable policy environments and accelerated grid investments [35][38]. - The rapid development of data centers is increasing the demand for high-power diesel generators, with the domestic data center market expected to grow significantly [42][44]. Financial Projections - The company anticipates total revenues of 21.25 billion CNY in 2025, with net profits projected at 2.76 billion CNY, reflecting a substantial increase of 689% year-on-year [4][54]. - The report highlights a strong growth trajectory for the company's core products, particularly the environmentally friendly low-noise diesel generator sets, with expected revenues of 20.04 billion CNY in 2025 [53][54].