Envicool(SZ:002837) Guoxin Securities·2025-08-24 07:44Investment Rating - The investment rating for the company is "Outperform the Market" [5][7][31]. Core Insights - The company reported a total revenue of 2.573 billion yuan for the first half of 2025, representing a year-on-year increase of 50.25%. The net profit attributable to shareholders was 216 million yuan, up 17.54% year-on-year [2][11]. - The company's room temperature control and cabinet temperature control businesses grew significantly, with year-on-year increases of 57.9% and 32.0%, respectively, achieving revenues of 1.35 billion yuan and 930 million yuan [3][19]. - The company is actively expanding its overseas data center business and has established a strong customer base, including major clients like Nvidia, ByteDance, Tencent, Alibaba, and Huawei [4][19]. Financial Performance - The company's gross profit margin for the first half of 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year. The operating cash flow for the same period was -234 million yuan, a decline of 412.33% year-on-year, primarily due to increased sales scale and inventory buildup [4][23]. - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 628 million yuan, 946 million yuan, and 1.386 billion yuan, respectively, with corresponding price-to-earnings ratios of 59, 40, and 27 [5][28]. Revenue Forecast - The revenue forecast for the company is as follows: 2025 estimated revenue of 7.023 billion yuan, 2026 estimated revenue of 9.835 billion yuan, and 2027 estimated revenue of 13.878 billion yuan, with growth rates of 53%, 40%, and 41%, respectively [6][30].