AI、算力拉动液冷服务器需求快速增长，使之成为热门炒作概念，相关概念公司股价一路攀升。其中 作为典型的川润股份（002272.SZ），近一年内股价涨幅高达75.59%，期间虽经历大涨、大跌，但炒作 势头仍不减半分。五一节后首日，液冷服务器板块震荡拉升，川润股份再次直线涨停。 需要注意的是，川润股份业绩与其股价走势却完全背离，2024年公司净亏损1.16亿元，并且这一亏损态 势已延续至今年一季度。面对这样的业绩，公司在6日举行的业绩说明会上对于投资者何时盈利、预防 坏账和存货高企等较为敏感提问，大多都是援引年报中的话术或是较为笼统的说法给与回复。 不过从一季度公司的业绩来看，2025年公司扭亏的道路并不平坦。 被爆炒的"液冷"业务尚在孵化中 2024年，川润股份实现营收15.97亿元，同比减少4.01%；实现归属净利润-1.16亿元，同比降幅为 81.91%；实现扣非净利润-1.25亿元，同比下降77.08%；经营活动产生的现金流量净额为-1.3亿元，同比 减少247.46%。 对于业绩下滑，川润股份在年报中指出，在市场需求和行业波动影响的情况下，公司调整了销售策略， 更加关注订单毛利水平，对订单结构进行了优化 ...

Group 1: Industry Trends and Market Opportunities - The renewable energy industry is becoming a core engine for sustainable economic growth, supported by policies and market demand for wind, energy storage, clean energy, and photovoltaics [1][2]. - By the end of 2024, China's cumulative installed power generation capacity is expected to reach approximately 3.35 billion kilowatts, a year-on-year increase of 14.6% [2]. - The wind power installed capacity is projected to be around 520 million kilowatts, with an 18.0% year-on-year growth [2]. Group 2: Company Performance and Business Development - In 2024, the company's international business sales revenue increased by 66.47% year-on-year, driven by the establishment of a European subsidiary and expansion into Southeast Asia and the Middle East [4][5]. - The revenue from clean energy equipment and solutions grew by 26.71% compared to the same period last year [5]. - The company has developed over 50 solar storage charging projects, with total orders exceeding 60 MW [5]. Group 3: Research and Development Investments - The company's R&D expenditure accounted for 3.94% of total revenue in 2024, with a focus on offshore wind, nuclear power, energy storage, and hydrogen energy [7][8]. - The company has participated in the development of over 40 domestic first sets and has led or participated in the formulation of 12 national and industry standards [7][8]. Group 4: Liquid Cooling Market and Competitive Advantage - The liquid cooling data center market in China is expected to grow at a compound annual growth rate of 59% from 2022 to 2027, potentially exceeding 100 billion yuan by 2027 [8]. - The company's liquid cooling products are characterized by high-efficiency cooling technology, providing precise cooling and low noise operation, enhancing the efficiency of IT equipment [8]. Group 5: Financial Management and Risk Control - The company has optimized its sales strategy to focus on order gross profit levels, resulting in a slight decrease in revenue but an increase in overall gross margin by 2.34% year-on-year [6]. - Measures to manage accounts receivable include optimizing customer credit assessments and establishing a tracking mechanism for contract performance [11].