Canatal(SH:603912) Great Wall Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [15]. Core Views - The company is expected to benefit from the increasing demand for energy-efficient temperature control in data centers, which will support its long-term growth [2][5]. - The company has experienced short-term performance pressure but is actively expanding its product offerings and market reach [2][6]. Financial Summary - Revenue for 2023 is projected at 635 million yuan, a year-on-year increase of 1.7%, while net profit is expected to be 35 million yuan, down 3.1% year-on-year [2]. - The company's gross margin for 2023 is 25.41%, a decrease of 1.24 percentage points year-on-year, primarily due to a shift in product mix towards lower-margin integrated products [1]. - The company anticipates net profits of 69 million yuan, 84 million yuan, and 102 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 64.9, 53.0, and 43.7 [6][9]. Business Development - The company is set to complete the "Nanjing Kaide Youyun Data Center Project" by March 31, 2024, which will serve as a demonstration project for energy-efficient data centers [3]. - The company has seen a 19.47% increase in revenue from integrated environmental products, which accounted for 42.10% of total revenue in 2023 [17]. - The company is enhancing its R&D capabilities, focusing on energy-saving control technologies, and has 43 core technologies and 22 ongoing projects [20].