冰轮环境（000811）：液冷与核电双线发力，政策红利下成长空间再扩容

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Insights - The company is positioned to benefit from the dual growth of liquid cooling and nuclear power, with significant growth potential under favorable policies [1][5] - The company reported a revenue of 1.717 billion yuan for Q3 2025, a year-on-year increase of 6.88%, and a net profit of 162 million yuan, up 13.54% year-on-year [3][4] Summary by Sections Business Performance - In Q3 2025, the company achieved a revenue of 1.717 billion yuan, representing a 6.88% increase year-on-year, and a net profit of 162 million yuan, which is a 13.54% increase year-on-year [3][4] Market Positioning - The company has established a strong brand recognition in the domestic high-end data center cooling equipment market, having served major projects such as the National Supercomputing Center in Guangzhou and China Mobile's data center in Guizhou [4] - The company is actively expanding into strategic emerging sectors, aligning with national "dual carbon" strategies and marine economic development plans [5] Technological Advancements - The company has developed innovative technologies for nuclear power cooling and energy utilization, including a series of cooling systems and heat recovery solutions [6][7] - The company’s subsidiary has over 20 years of experience in nuclear power services and has contributed to the drafting of national standards for refrigeration equipment [7] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 7.502 billion yuan, 8.503 billion yuan, and 9.740 billion yuan respectively, with corresponding EPS of 0.71 yuan, 0.84 yuan, and 1.03 yuan [8][10] - The current stock price corresponds to a PE ratio of 21.2, 18.1, and 14.7 for the years 2025, 2026, and 2027 respectively [8][10]