Envicool(SZ:002837) East Money Securities·2024-04-25 09:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 15% relative to the market index [11]. Core Insights - The company has demonstrated strong performance in Q1 2024, with revenue growth of 41.36% year-on-year and a significant increase in net profit by 146.93% [10]. - The company is focusing on a "full-chain" platform strategy, enhancing its competitive edge in the market, particularly in the data center cooling and energy storage sectors [6][10]. - Revenue forecasts for 2024-2026 indicate a robust growth trajectory, with expected revenues of 46.24 billion, 60.85 billion, and 75.33 billion yuan, representing year-on-year growth rates of 31.04%, 31.60%, and 23.79% respectively [7][16]. Financial Summary - For 2023, the company reported total revenue of 35.29 billion yuan, a year-on-year increase of 20.72%, and a net profit of 3.44 billion yuan, up 22.74% [10]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.89, 1.17, and 1.53 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 34, 26, and 20 [7][16]. - The company’s EBITDA is expected to grow from 549.66 million yuan in 2023 to 1,110.78 million yuan by 2026, reflecting a strong operational performance [16].