Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company achieved a revenue of 650.25 million yuan in 2023, representing a year-on-year growth of 25.63%. However, the net profit attributable to the parent company was 104.48 million yuan, a decrease of 10.63% year-on-year [5]. - The company is the leader in the domestic liquid cooling infrastructure market for data centers, with a market share of 58.8% from 2021 to the first half of 2023. The liquid cooling data center market is expected to grow at a compound annual growth rate (CAGR) of 59% from 2022 to 2027, potentially exceeding 100 billion yuan by 2027 [5]. - The company has increased its R&D investment, with R&D expenses reaching 68.25 million yuan in 2023, a year-on-year increase of 14.19%. The company focuses on immersion phase change liquid cooling technology, which enhances chip performance by 10-30% and reduces unit computing costs by 10-25% [5]. - The company is actively expanding into the cold plate liquid cooling market, with revenue from cold plate liquid cooling infrastructure products reaching 1.9 million yuan, a year-on-year increase of 430.66% [5]. - The company has established the largest professional liquid cooling data center innovation base in China, integrating R&D, production, and support functions [5]. Financial Summary - The company forecasts revenues of 908.10 million yuan in 2024, 1.34 billion yuan in 2025, and 2.09 billion yuan in 2026, with growth rates of 39.65%, 47.60%, and 55.67% respectively [10]. - The net profit attributable to the parent company is projected to be 127.41 million yuan in 2024, 171.38 million yuan in 2025, and 247.56 million yuan in 2026, with growth rates of 21.95%, 34.51%, and 44.45% respectively [10]. - The company’s EPS is expected to increase from 0.52 yuan in 2023 to 1.24 yuan in 2026, with corresponding P/E ratios decreasing from 81.17 to 34.25 [10].
浸没液冷巩固行业领先地位，冷板液冷有望持续放量