Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company is positioned to benefit significantly from the AI wave, particularly in the demand for computing power, as evidenced by recent advancements in AI models [1]. - The company has established itself as a leader in temperature control solutions for data centers, with its liquid cooling solutions being internationally recognized [1]. - The industrial and specialty business segments are showing stable growth, with significant revenue increases driven by the expansion in the new energy sector [1][4]. Summary by Sections Company Overview - The company provides temperature control solutions for data centers, serving major domestic clients such as China Mobile, Huawei, and Tencent [1]. - As of the end of 2022, the company had delivered over 500MW of cooling solutions and is set to expand its liquid cooling manufacturing base in 2024 [1]. Financial Performance - The company reported a revenue of 398 million yuan in the industrial sector for H1 2023, reflecting a year-on-year growth of 51.32%, primarily due to the new energy business [1]. - The specialty products segment generated 133 million yuan in revenue for H1 2023, although it experienced a decline of 35.16% due to slower project delivery [1]. Future Outlook - The company has invested in heat pump technology and aims to provide integrated heating and energy storage solutions to the European market, which is expected to contribute to future revenue growth [1]. - The forecast for the company's net profit for 2023-2025 is 222 million, 249 million, and 303 million yuan respectively, with corresponding EPS of 0.83, 0.93, and 1.14 yuan [4][13].
公司动态研究报告：温控解决方案龙头，有望充分受益于AI浪潮