业绩持续提升，液冷业务增长势头强劲

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 32.56 CNY, while the current stock price is 27.68 CNY [4]. Core Insights - The company has experienced continuous growth in performance driven by high industry demand, with a significant increase in gross margin [2][17]. - The revenue from liquid cooling technology has accelerated, achieving approximately four times the revenue of the previous year [3][19]. - The company is a leading provider of precision temperature control energy-saving solutions and products in China, with innovative product launches enhancing its market position [7][8]. Financial Performance - In 2023, the company achieved a revenue of 3.53 billion CNY, representing a year-on-year growth of 20.72%, and a net profit of 344 million CNY, up 22.74% year-on-year [17][18]. - The company’s revenue from energy storage applications reached approximately 1.22 billion CNY, a year-on-year increase of about 44% [7][23]. - The projected revenues for 2024, 2025, and 2026 are 5.02 billion CNY, 6.76 billion CNY, and 8.95 billion CNY, respectively, with corresponding net profits of 503 million CNY, 688 million CNY, and 902 million CNY [8][9]. Business Segments - The company’s data center cooling energy-saving products generated 1.64 billion CNY in revenue, a year-on-year increase of 13.83%, while cabinet cooling energy-saving products generated 1.47 billion CNY, up 33.00% [18]. - The liquid cooling technology related revenue from data centers and computing equipment has seen a substantial increase, contributing significantly to the overall revenue growth [19]. Market Position - The company is recognized as one of the earliest entrants in the domestic electrochemical energy storage system temperature control market and maintains a leading position [7]. - The company has established a comprehensive platform for liquid cooling solutions, which is a core competitive advantage in the industry [19].