Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a significant revenue increase of 58.04% year-on-year, reaching 1.264 billion yuan in H1 2025, with a net profit growth of 466.71% to 125 million yuan [5][11] - In Q2 2025, the company achieved a revenue of 690 million yuan, reflecting a year-on-year increase of 31.40% and a quarter-on-quarter increase of 20.27% [5] - The growth is attributed to the high demand in the energy storage and data center sectors, indicating potential for further profit increases [5][14] Financial Performance - H1 2025 revenue from the energy storage sector was approximately 681 million yuan, a year-on-year increase of about 87% [11] - The overall revenue from power electronic temperature control products grew by 77.48% to 819 million yuan [11] - The gross margin for power electronic temperature control products increased by 5.02 percentage points to 20.01% due to cost reduction and efficiency measures [11] Business Expansion - The company is actively expanding its data center liquid cooling solutions, offering a full range of products including cold plate liquid cooling and immersion cooling systems [12] - Notable clients include Kehua Data and Dongguan Taishuo Electronics, with expectations for further client expansion [12] - To enhance international competitiveness, the company plans to establish a subsidiary in Singapore and a production base in Thailand, achieving overseas revenue of 79.12 million yuan, a year-on-year increase of 111.94% [13] Future Projections - Revenue projections for 2025-2027 are 3.039 billion yuan, 3.928 billion yuan, and 4.816 billion yuan, representing year-on-year growth rates of 40.71%, 29.23%, and 22.60% respectively [14] - Net profit forecasts for the same period are 338 million yuan, 473 million yuan, and 602 million yuan, with growth rates of 120.15%, 40.04%, and 27.35% respectively [14] - Earnings per share (EPS) are expected to be 1.99 yuan, 2.79 yuan, and 3.55 yuan for 2025, 2026, and 2027 [14]
同飞股份（300990）：储能营收高增，数据中心液冷积极拓展