冰轮环境（000811）：2025Q3点评：期末合同负债同比增40.5%，数据中心订单高景气

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - In the first three quarters of 2025, the company achieved revenue of 4.835 billion yuan, a year-on-year decrease of 2.4%, and a net profit attributable to the parent company of 428 million yuan, down 9.7%. In Q3 alone, revenue was 1.717 billion yuan, an increase of 6.9% year-on-year, while net profit was 162 million yuan, up 13.5% year-on-year [2][7] - As of the end of Q3 2025, the company's contract liabilities increased by 40.5% year-on-year, indicating a significant acceleration in order trends [2][14] Summary by Relevant Sections Revenue and Profitability - The company reported a total revenue of 4.835 billion yuan for the first three quarters of 2025, with a decline of 2.4% year-on-year. The net profit attributable to the parent company was 428 million yuan, reflecting a decrease of 9.7%. In Q3, the revenue was 1.717 billion yuan, marking a 6.9% increase year-on-year, and the net profit was 162 million yuan, which is a 13.5% increase year-on-year [2][7] Order Trends - The contract liabilities at the end of Q3 2025 showed a year-on-year increase of 40.5%, significantly higher than the previous quarter, indicating a positive trend in orders. The order growth rate has improved since Q2 2023, with contract liabilities showing a positive growth for four consecutive quarters [14] Business Structure and Market Performance - The company has maintained strong order growth in the data center sector, driven by the increasing demand for cooling equipment. The company has extensive experience in providing cooling solutions for data centers, which is expected to contribute significantly to revenue growth. However, traditional refrigeration equipment sales are projected to decline due to slow construction progress in cold chain logistics and reduced capital expenditure in industrial sectors [14] Financial Performance - The net profit margin for Q3 2025 was 11.2%, an increase of approximately 1.36 percentage points year-on-year. The gross profit margin was 28.6%, up 0.49 percentage points year-on-year. The operating cash flow for 2024 totaled 721 million yuan, a year-on-year increase of 112%, indicating significant improvement in cash flow [14] Future Projections - The company is expected to achieve revenues of 6.463 billion yuan, 7.505 billion yuan, and 8.597 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -2.6%, +16.1%, and +14.6%. The net profit attributable to the parent company is projected to be 652 million yuan, 848 million yuan, and 1.035 billion yuan for the same years, with growth rates of +3.8%, +30.1%, and +22.0% respectively [14]