Moon Environment Technology (SZ:000811) Huaxin Securities·2025-08-26 08:31Investment Rating - The report maintains a "Buy" investment rating for the company [2][10] Core Insights - The company has made significant advancements in data center liquid cooling technology, which is expected to drive growth opportunities [6] - The strategic focus on emerging sectors and green energy equipment aligns with national policies, providing new development opportunities [7] - The company's overseas business has shown strong growth, with international revenue reaching 1.017 billion yuan, a year-on-year increase of 30.16%, contributing significantly to overall performance [8][9] - Revenue forecasts for 2025-2027 are projected at 75.02 billion yuan, 85.03 billion yuan, and 97.40 billion yuan respectively, with corresponding EPS of 0.71 yuan, 0.84 yuan, and 1.03 yuan [10][12] Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 3.118 billion yuan, a decrease of 6.92% compared to the same period in 2024, and a net profit of 266 million yuan, down 19.71% year-on-year [5] Technology and Product Development - The company has developed a comprehensive technology matrix in the data center temperature control sector, including new products that have received certification and are being supplied in large quantities [6] Strategic Initiatives - The company is actively expanding its second growth curve in line with national "dual carbon" strategies and marine economic development plans, launching an "Industrial Full-domain Thermal Control Comprehensive Solution" [7] Market Expansion - The overseas business platform has successfully penetrated markets in Southeast Asia, the Middle East, and Africa, gaining recognition in high-end sectors such as data center cooling and nuclear power refrigeration [9]