领跑国内液冷行业，业绩稳健增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved steady revenue growth in 2023, with a remarkable performance in Q1 2024 [2] - In 2023, the company reported revenue of 3.53 billion yuan, a year-on-year increase of 20.72%; net profit attributable to shareholders was 344 million yuan, up 22.74% [2] - The company's revenue structure has changed, with the revenue from energy-saving equipment for data centers accounting for 46.48% of total revenue, surpassing the revenue from cabinet temperature control products [2] - The company is well-positioned to benefit from the digitalization wave, becoming an important supplier in the data center temperature control industry [2] Financial Performance Summary - For 2023, the company reported: - Revenue: 3,528.9 million yuan - Year-on-year revenue growth: 20.72% - Net profit attributable to shareholders: 344 million yuan - Year-on-year net profit growth: 22.74% - Basic earnings per share: 0.60 yuan [14][16] - Forecasted financials for 2024-2026: - Revenue: 4,723.7 million yuan (2024E), 6,194.0 million yuan (2025E), 7,884.9 million yuan (2026E) - Net profit: 527 million yuan (2024E), 693 million yuan (2025E), 886 million yuan (2026E) - Basic earnings per share: 0.93 yuan (2024E), 1.22 yuan (2025E), 1.56 yuan (2026E) [14][16] Investment Recommendations - The report suggests a positive outlook for the company's data center liquid cooling and charging pile businesses for 2024, with slight adjustments to profit forecasts [2] - The revised revenue forecasts for 2024-2026 are 47.24 billion yuan, 61.94 billion yuan, and 78.85 billion yuan respectively, with net profit forecasts of 5.27 billion yuan, 6.93 billion yuan, and 8.86 billion yuan [2]