Q1营收利润增长显著，AI散热驱动后续增长

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Views - The company's Q1 performance sets a strong tone for the entire year, with a significant increase in revenue and profit, indicating a positive industry demand and outlook [2][6]. - The company is expected to benefit from the growth in AI computing power and cooling technology, with projected revenues of 52 billion, 69 billion, and 87 billion for 2024, 2025, and 2026 respectively [3][4]. Financial Performance - In Q1 2024, the company achieved a revenue of 750 million, a year-on-year increase of 41%, and a net profit attributable to the parent company of 60 million, up 147% year-on-year [1][6]. - The company’s historical performance shows a seasonal trend with Q1 typically being lower than subsequent quarters, but the current year's Q1 results are the highest in nearly nine years, suggesting a robust demand [2][6]. - The projected financials for 2024-2026 indicate a strong growth trajectory, with net profits expected to reach 520 million, 700 million, and 920 million respectively, reflecting growth rates of 51.2%, 34.6%, and 31.4% [4][3]. Market Position and Growth Drivers - The company is well-positioned in the cooling technology sector, with a comprehensive product and system solution capability in liquid cooling, which is expected to drive future growth [7]. - The increasing demand for data centers and AI computing power is anticipated to enhance the company's revenue and profit scales, supported by its full-chain capabilities in liquid cooling technology [7][6].