Envicool(SZ:002837) CAITONG SECURITIES·2025-10-15 08:11Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a strong performance in the first three quarters of 2025, achieving operating revenue of 4.026 billion yuan, a year-on-year increase of 40.19%, and a net profit attributable to shareholders of 399 million yuan, up 13.13% year-on-year [9] - The liquid cooling business is poised for growth, driven by technological advancements and partnerships with major clients like NVIDIA and Intel [9] - The company is expected to benefit from the rapid growth in data center rack scale and new energy storage installations, with projected revenues of 6.401 billion yuan, 8.710 billion yuan, and 11.923 billion yuan for 2025, 2026, and 2027 respectively [9] Financial Performance Summary - Revenue Forecast: - 2023A: 3.529 billion yuan - 2024A: 4.589 billion yuan - 2025E: 6.401 billion yuan - 2026E: 8.710 billion yuan - 2027E: 11.923 billion yuan - Net Profit Forecast: - 2023A: 344 million yuan - 2024A: 453 million yuan - 2025E: 609 million yuan - 2026E: 820 million yuan - 2027E: 1.122 billion yuan - EPS Forecast: - 2023A: 0.47 yuan - 2024A: 0.61 yuan - 2025E: 0.62 yuan - 2026E: 0.84 yuan - 2027E: 1.15 yuan [8][10] Market Performance - The company's stock has shown a performance of -7% over the last 12 months compared to the Shanghai Composite Index and the CSI 300 Index [4]