Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has launched a second phase of its restricted stock incentive plan, targeting up to 71 individuals, including directors and senior management, with a total of 3.5 million shares to be granted at a price of 9.65 yuan per share [3][4] - The performance assessment targets for the incentive plan are set to achieve a revenue growth rate of no less than 30% and a net profit growth rate of no less than 40% in 2024 compared to 2023, and a revenue growth rate of no less than 62.5% and a net profit growth rate of no less than 89% in 2025 [6][25] - The company aims for a compound annual growth rate (CAGR) of 27%-37% for its performance targets in 2024-2025, reflecting strong growth confidence [10][22] Summary by Sections Incentive Plan - The incentive plan includes a total of 3.5 million shares, with 3.1 million shares for initial grants and 400,000 shares reserved [3][4] - The total expense for the stock incentive plan is estimated at 28.94 million yuan, with amortization expenses of 18.11 million yuan, 9.63 million yuan, and 1.20 million yuan for 2024, 2025, and 2026 respectively [26] Market Outlook - The liquid cooling technology is expected to become mainstream in intelligent computing centers, driven by the increasing demand for high-performance computing [11] - The Chinese telecom operators are accelerating the application of liquid cooling technology, with plans for large-scale testing and implementation in new data center projects [13][29] - The liquid cooling data center market in China is projected to grow by 53.2% in 2023, reaching a market size of 15.4 billion yuan, with a sustained CAGR of 5% over the next five years [16] Financial Projections - The company has adjusted its profit forecasts for 2023-2025, expecting net profits of 2.2 billion yuan, 3.0 billion yuan, and 3.8 billion yuan respectively, with corresponding EPS of 0.81 yuan, 1.13 yuan, and 1.41 yuan [39] - The company is expected to benefit from the high-end cooling demand in the data center market, alongside contributions from pumped storage, ground aircraft cooling, and heat pump applications [39] Business Segments - The data service segment is projected to see revenue growth rates of 23%, 25%, and 20% for 2023, 2024, and 2025 respectively [32] - The industrial air conditioning segment is expected to maintain strong growth, particularly in the new energy and power sectors, with adjusted growth rates of 58%, 36%, and 23% for the same period [35]
股权激励目标彰显增长信心，液冷应用逐步加速