冰轮环境（000811）：Q3业绩同比稳健增长，期待IDC业务

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.68 RMB [7][5]. Core Insights - The company reported a steady year-on-year revenue growth of 6.88% in Q3, achieving a revenue of 1.717 billion RMB and a net profit of 162 million RMB, reflecting a year-on-year increase of 13.54% [1]. - The company is expected to benefit from the recovery in downstream industries and the growth of commercial cold chain applications, alongside the expansion into new applications such as data centers and nuclear power [1][3]. - The gross margin improved by 1.08 percentage points year-on-year to 27.87% for the first three quarters of 2025, with a notable decrease in expense ratios, indicating effective cost control measures [2]. Summary by Sections Q3 Performance - In Q3, the company achieved a revenue of 1.717 billion RMB, a year-on-year increase of 6.88%, and a net profit of 162 million RMB, up 13.54% year-on-year [1]. - For the first three quarters of 2025, the total revenue was 4.835 billion RMB, down 2.45% year-on-year, with a net profit of 428 million RMB, a decrease of 9.68% year-on-year [1]. Margin and Cost Control - The gross margin for Q1-Q3 2025 increased by 1.08 percentage points to 27.87%, while the Q3 gross margin was 28.56%, reflecting a year-on-year increase of 1.32 percentage points [2]. - The company successfully reduced its expense ratio, with the Q3 selling expense ratio at 8.91%, down 1.07 percentage points year-on-year [2]. Growth Opportunities - The data center sector is anticipated to become a new growth driver for the company, with strong demand for HVAC solutions in this area [3]. - The company’s subsidiary, Dunhanbushi, has a strong brand presence in the HVAC market, which positions it well to participate in global data center construction [3]. - The company is also deeply involved in the nuclear power industry, having completed supply for multiple projects, which supports its growth strategy in clean energy [4]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 678 million RMB, 884 million RMB, and 1.044 billion RMB respectively, with corresponding EPS of 0.68 RMB, 0.89 RMB, and 1.05 RMB [5]. - The report suggests a PE ratio of 26 times for 2025, reflecting the company's leading position in the refrigeration equipment sector and its expected benefits from the recovery in the industry [5].