Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook compared to the Shanghai and Shenzhen 300 Index [26]. Core Insights - The company is positioned to benefit from the increasing demand for cooling solutions in data centers, particularly through its cold plate liquid cooling products, which saw a significant revenue increase of 430.66% year-on-year in 2023 [4][29]. - The overall revenue for the company in 2023 reached 650 million yuan, reflecting a year-on-year growth of 25.63%, while the net profit attributable to the parent company was 104 million yuan, down 10.63% year-on-year [35]. - The report highlights the expected growth in the liquid cooling server market in China, projected to grow at a CAGR of 45.8% from 2023 to 2028, driven by the increasing adoption of AI technologies [4][29]. Financial Performance - In 2023, the company's gross margin was 31.37%, a decrease of 8.61 percentage points year-on-year, primarily due to the higher revenue contribution from lower-margin cold plate liquid cooling products [20]. - The company anticipates a recovery in gross margins as the market matures and competition stabilizes, with the Qingdao innovation base expected to enhance production efficiency [20][29]. - The report forecasts the company's net profit for 2023-2025 to be 139 million yuan, 181 million yuan, and 233 million yuan respectively, with corresponding EPS of 0.69, 0.91, and 1.16 yuan per share [29][38]. Market Position and Strategy - The company is actively expanding its presence in the cold plate liquid cooling market, which is expected to experience rapid growth over the next 3-5 years [4][29]. - The report notes that the company is leveraging its technological advantages and comprehensive service offerings to capture market share in the evolving data center infrastructure landscape [4][29]. - The demand for liquid cooling solutions is being driven by the increasing computational power requirements from AI applications, which is expected to further enhance the penetration of cold plate liquid cooling technologies [4][28].
2023年冷板液冷营收高增， AI算力推动液冷渗 透率提升