WXHS(SH:603090) Soochow Securities·2026-01-29 03:24Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 75 to 85 million yuan in 2025, representing a year-on-year increase of 52% to 72%, with a median estimate of 80 million yuan, which corresponds to a 62% increase [2]. - The anticipated revenue for 2025 is approximately 760 million yuan, reflecting a 6.7% increase compared to 2024, driven by an increase in orders and a strategic business structure optimization [2]. - The company has terminated its overseas lithium battery PACK e-commerce business, which is expected to reduce losses by about 30 million yuan compared to 2024, significantly improving overall profitability [2]. - The company is positioned as a leader in plate-fin heat exchangers, leveraging channel advantages and product strengths to secure a core position in the liquid cooling ecosystem [3]. - The demand for efficient and energy-saving heat exchange solutions in data centers is expected to surge, aligning with the company's technological and manufacturing capabilities [4]. Financial Projections - The total revenue forecast for the company is as follows: 695.93 million yuan in 2023, 713.04 million yuan in 2024, 759.95 million yuan in 2025, 1,005.61 million yuan in 2026, and 1,357.30 million yuan in 2027, with respective year-on-year growth rates of -2.57%, 2.46%, 6.58%, 32.33%, and 34.97% [1]. - The net profit attributable to shareholders is projected to be 53.78 million yuan in 2023, 49.36 million yuan in 2024, 79.67 million yuan in 2025, 198.35 million yuan in 2026, and 320.07 million yuan in 2027, with year-on-year growth rates of 0.73%, -8.22%, 61.40%, 148.97%, and 61.37% respectively [1]. - The earnings per share (EPS) are expected to be 0.54 yuan in 2023, 0.49 yuan in 2024, 0.80 yuan in 2025, 1.98 yuan in 2026, and 3.20 yuan in 2027 [1].