Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 103.2 CNY based on a 65x PE for 2026 [5]. Core Views - The company is positioned as a comprehensive solution provider in environmental regulation, with a strong focus on data services driving performance growth. The data services segment is expected to be a major growth driver from 2025 to 2027, with projected revenues of 27 billion, 46 billion, and 64 billion CNY, reflecting year-on-year growth rates of 77%, 67%, and 39% respectively [3][5]. Summary by Sections Investment Logic - The company has 25 years of experience in environmental regulation equipment, focusing on four main scenarios: data services, industrial processes, specialized applications, and public/commercial use. The data services segment saw a 16.2% year-on-year revenue increase in the first half of 2025, with new orders up 200% from January to August, providing strong support for sustained performance [2]. Data Center Business Growth - The data center business is identified as the company's largest growth point, driven by rapid increases in global data center investments and a shift from air cooling to liquid cooling solutions. The company has established a comprehensive solution covering all aspects of temperature control for data centers, enhancing cooling performance and energy efficiency [3][4][5]. Industrial Demand - The industrial temperature control market is projected to reach 23.6 billion USD by 2025, with the public and power sectors accounting for 43% of this market. The company has extensive experience in thermal management systems across various power projects, positioning it to benefit from the growing demand in specialized industrial fields [4]. Financial Projections - The company is expected to achieve revenues of 43.9 billion, 63.8 billion, and 83.4 billion CNY from 2025 to 2027, with corresponding net profits of 2.9 billion, 4.2 billion, and 6.7 billion CNY, reflecting significant growth rates [5][7].
申菱环境（301018）：垂直一体化温控解决商，数据中心+电力行业双轮驱动