Envicool(SZ:002837) Tai Ping Yang Zheng Quan·2025-12-29 12:45Investment Rating - The report maintains a "Buy" rating for the company, Invec, with a target price based on the last closing price of 110.59 [1][4]. Core Insights - Invec achieved revenue of approximately 4.026 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 40.19%. The net profit attributable to shareholders was about 399 million yuan, up 13.13% year-on-year [2]. - The company is recognized as a leading provider of precision temperature control and energy-saving solutions, with significant growth potential driven by the increasing power density of computing chips and the construction of data centers in North America and domestically [4][5]. - The company has successfully penetrated the overseas market, including partnerships with major clients like Nvidia, and is expected to gradually capture market share from other CSP manufacturers [3]. Financial Performance Summary - For 2025, the company is projected to generate revenue of 6.781 billion yuan, with a growth rate of 47.8%. The net profit is expected to reach 713 million yuan, reflecting a growth rate of 57.6% [5]. - The gross profit margin for Q3 was reported at 27.32%, an increase of 1.17 percentage points compared to the first half of the year, attributed to a higher proportion of overseas projects and the release of high-value liquid cooling products [2]. - The company anticipates a significant increase in revenue and net profit as the liquid cooling industry experiences explosive growth [2][4].