Envicool(SZ:002837) Zhongyuan Securities·2025-09-15 13:11Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [28]. Core Views - The company achieved a total revenue of 2.573 billion yuan in the first half of 2025, representing a year-on-year growth of 50.25%, with a net profit attributable to shareholders of 216 million yuan, up 17.54% year-on-year [7][8]. - The rapid growth in revenue is driven by significant increases in the data center cooling and cabinet cooling segments, which grew by 58% and 32% respectively [8]. - The company is positioned to benefit from the increasing adoption of liquid cooling technology in high-density data centers, particularly in overseas markets [11][12]. Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 2.573 billion yuan, a 50.25% increase year-on-year, and a net profit of 216 million yuan, reflecting a 17.54% growth [7][8]. - The gross margin and net margin for H1 2025 were 26.15% and 8.78%, respectively, with slight declines of 2.33 percentage points and 1.92 percentage points year-on-year [9]. - The company's revenue from the data center cooling business was 1.351 billion yuan, a 57.91% increase, making it the largest segment [10]. Business Segments - The data center cooling segment accounted for 52.5% of total revenue, while the cabinet cooling segment contributed 36% [10]. - The company has seen a significant increase in revenue from energy storage applications, which reached approximately 800 million yuan, a growth of about 35% year-on-year [10]. - Other business segments, including customized cooling solutions for various electronic fields, generated 253 million yuan, marking a 216.04% increase [10]. Market Position and Outlook - The company is recognized as a leader in liquid cooling solutions, with a comprehensive product offering that includes components from cooling plates to delivery systems [11]. - The increasing power consumption of AI servers, such as NVIDIA's GB200, is driving demand for liquid cooling solutions, positioning the company to benefit from this trend [12]. - Revenue projections for the company are optimistic, with expected revenues of 6.621 billion yuan, 8.847 billion yuan, and 11.362 billion yuan for 2025, 2026, and 2027, respectively [13][14].