Envicool(SZ:002837) Guohai Securities·2025-10-17 10:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a revenue of 4.026 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 40.19%. The net profit attributable to the parent company was 399 million yuan, up 13.13% year-on-year. In Q3 2025, revenue reached 1.453 billion yuan, a year-on-year increase of 25.34%, with a net profit of 183 million yuan, up 8.35% year-on-year [4][10]. Summary by Sections Revenue and Profit Growth - For the first three quarters of 2025, the company's revenue increased by 40% year-on-year, primarily driven by the growth in revenue from energy-saving products for data centers and cabinets. The net profit attributable to the parent company also saw a year-on-year increase of 13.13% [4][10]. Market Position and Technology Adoption - The company is experiencing a significant increase in customer recognition, which is building a competitive advantage. The liquid cooling technology is entering a phase of large-scale application, driven by the high-density heat trends in computing equipment and the need for efficient cooling solutions [4][6]. Financial Metrics and Projections - The gross margin for Q3 2025 was reported at 29.40%, showing a quarter-on-quarter increase of 3.43 percentage points. The company is increasing its investment in research and development, with sales, management, and R&D expenses rising by 38.66%, 27.77%, and 31.36% year-on-year, respectively [6][10]. Future Growth Expectations - Revenue projections for 2025-2027 are 64.12 billion yuan, 100.71 billion yuan, and 158.53 billion yuan, respectively. The net profit attributable to the parent company is expected to be 5.82 billion yuan, 9.05 billion yuan, and 15.07 billion yuan for the same years [9][10].