大涨6.77%！“AI液冷龙头”Vertiv财报超预期，上调全年业绩预期！小摩：数据中心需求已从“光速”向“荒谬”加速59/64

Core Insights - Vertiv's third-quarter orders increased by approximately 60% year-over-year, leading to a record backlog of $9.5 billion [1][2] - Morgan Stanley raised Vertiv's target price to $230, citing AI-driven data center demand accelerating from "light speed" to "ludicrous speed" [1][2] - The strong order and project pipeline may support Vertiv's performance in 2027, potentially exceeding current market consensus by 50% [3] Financial Performance - Vertiv reported third-quarter sales of $2.676 billion, a year-over-year increase of about 28%, surpassing the company's guidance [2] - Adjusted earnings per share were $1.24, significantly above the market expectation range of $0.94 to $1.00 [2] - The order-to-shipment ratio rose to 1.4, contributing to the record backlog [2] Market Outlook - Analysts believe that despite a significant rise in Vertiv's stock price this year, the risk-reward profile remains attractive [3] - The substantial backlog provides a solid foundation for future performance, with projections for 2026 and 2027 earnings per share being 15-20% higher than market consensus [3] - In a favorable scenario, 2027 earnings per share could reach $9, representing a 30-50% increase over current market consensus [3] Valuation and Growth Potential - Although Vertiv's valuation is currently high, it is considered reasonable due to strong growth prospects [4][6] - From a price-to-earnings growth ratio perspective, Vertiv's valuation remains one of the "cheapest" in the industry, given its leading growth outlook [7] - Morgan Stanley noted that market consensus may still underestimate Vertiv's growth potential, with projected P/E ratios for 2026/2027 at 31x/25x, lower than the market consensus of 36x/31x [7]