Envicool(SZ:002837) Tianfeng Securities·2025-09-23 08:43Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company has shown significant recovery in profit growth in Q2, with a revenue of 1.64 billion yuan, representing a year-on-year increase of 69.67%, and a net profit of 168 million yuan, up 37.98% year-on-year [2] - The company is positioned well in the AI era, with strong growth potential in liquid cooling solutions, driven by increasing demand for data centers and high-power cooling needs [4] - The company has established strong domestic partnerships with major clients like Tencent and Alibaba, and is gradually making inroads into overseas markets, including a recent collaboration with Intel [5] Financial Performance - In the first half of 2025, the company achieved a revenue of 2.573 billion yuan, a 50.25% increase year-on-year, and a net profit of 216 million yuan, up 17.54% year-on-year [1] - The company's gross margin for the first half of 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year, attributed to intense domestic competition and changes in product structure [3] - The company expects improvements in profitability as overseas and liquid cooling products continue to gain traction [3] Business Segmentation - Revenue from data center cooling products reached 1.351 billion yuan, up 57.91% year-on-year, driven by robust demand in data center construction [2] - Revenue from cabinet cooling products was 926 million yuan, a 32.02% increase, largely benefiting from the growth in energy storage applications [2] - The company reported a decline in revenue from bus air conditioning and rail transit air conditioning services, with revenues of 19.36 million yuan and 23.90 million yuan, down 29.81% and 50.09% year-on-year, respectively [2] Future Outlook - The company is expected to benefit from the AI wave and the increasing penetration of liquid cooling solutions, with adjusted net profit forecasts of 610 million yuan and 1.04 billion yuan for 2025 and 2026, respectively [6] - The company has a comprehensive liquid cooling solution that has gained customer trust, with cumulative deliveries reaching 1.2 GW by March 2025 [4]