兴瑞科技（002937）：战略合作绿色云图，看好液冷服务器驱动成长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [3][18]. Core Viewpoints - The company has signed a strategic cooperation framework agreement with Shenzhen Green Cloud Technology Co., Ltd. to develop liquid cooling server products and technology [1]. - The collaboration leverages the technical strengths of both companies, enhancing capabilities in precision manufacturing and thermal management systems, which are crucial for the development of liquid cooling solutions [2]. - The liquid cooling market is projected to grow significantly, with the global data center liquid cooling market expected to increase from $5.38 billion in 2024 to $17.77 billion by 2030, reflecting a CAGR of 21.6% from 2025 to 2030 [7]. Financial Summary - The company's revenue is projected to decline to 1,902 million yuan in 2024, a decrease of 5.2% year-on-year, before recovering to 2,187 million yuan in 2025, with a growth rate of 15% [1][2]. - The net profit attributable to the parent company is expected to decrease to 229 million yuan in 2024, down 14.4% year-on-year, but is forecasted to rise to 245 million yuan in 2025 [1][2]. - Key financial metrics include a projected EPS of 0.82 yuan in 2025, with a P/E ratio of 20.4 times [1][8].