（编辑 楚丽君） 证券日报网讯 1月6日，佳力图在互动平台回答投资者提问时表示，液冷系公司产品系列之一，包括液 冷微模块、集装箱式液冷、冷板式液冷、浸没式液冷等类别产品，具体产品及典型案例情况，请详见公 司定期报告或者公司官网。 ...

Group 1: Market Trends and Strategies - The company anticipates that overseas adoption of liquid cooling will accelerate, particularly in Europe and the U.S., with AI servers expected to enter the liquid cooling era by next year [1] - The company is focusing on expanding its overseas market presence, with orders already in Southeast Asia and plans to penetrate the Far East Asia-Pacific market [2] - The company has confirmed overseas order revenue of CNY 47.72 million for 2024, covering regions such as Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Oman [3] Group 2: Product Development and Technology - The company offers a comprehensive liquid cooling solution, including various systems such as fluorinated and water-cooled plates, and has successfully deployed these solutions in the Middle East [4] - The company is developing products based on NVIDIA's NV72 architecture, leveraging its existing technology base for domestic market needs [2] - The liquid cooling solutions include features like rapid deployment and integration capabilities, ensuring a seamless transition from construction to operation [4] Group 3: Strategic Partnerships and Clientele - Key strategic clients include Alibaba, ByteDance, Huawei, Qinhuai, Baidu, and Tencent, with the company maintaining a healthy order situation and normal operational activities [5] - The company aims to enhance its ability to provide comprehensive solutions throughout the entire lifecycle of digital infrastructure, responding quickly to client needs [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Views - The company has established itself as a leading provider of intelligent computing centers, smart energy, and renewable energy solutions in China, leveraging over 30 years of experience in power electronics technology [8][20]. - The company's dual business model consists of intelligent computing center services and renewable energy solutions, which are expected to drive future growth [8][20]. - The collaboration with Tencent is highlighted as a significant advantage, providing a strong safety margin and potential for further partnerships in the AI cycle [9][11]. Financial Data and Profit Forecast - Total revenue projections for 2024-2026 are estimated at 79.27 billion, 100.14 billion, and 115.46 billion yuan, with year-on-year growth rates of -2.6%, 26.3%, and 15.3% respectively [7][9]. - The net profit attributable to the parent company is forecasted to be 3.96 billion, 7.52 billion, and 9.71 billion yuan for the same period, with growth rates of -22.0%, 90.0%, and 29.2% respectively [7][9]. - The company’s earnings per share are projected to be 0.86, 1.63, and 2.10 yuan for 2024, 2025, and 2026 respectively [7]. Business Segments - The intelligent computing center business is expected to see significant growth, driven by the demand for data center services and products, including UPS and HVDC systems [10][11]. - The renewable energy segment, particularly in energy storage, is positioned for expansion, with the company being a leader in global energy storage PCS shipments [8][11]. - The IDC service segment benefits from a strong partnership with Tencent, with a well-established operational footprint in major cities [8][11]. Market Position and Competitive Advantage - The company is recognized as a key player in the IDC market, with a comprehensive product matrix in UPS technology and a strong understanding of HVDC systems [11][41]. - The report emphasizes the company's unique position akin to "Vertiv" in the domestic market, providing integrated solutions for power supply and temperature control [11][41]. - The company has a stable shareholding structure, with a significant portion held by the actual controller, ensuring consistent strategic direction [24][29].