Investment Rating - The report does not explicitly state an investment rating for the specialized equipment industry or the specific company being analyzed [1]. Core Insights - The company primarily provides energy and artificial environment solutions and equipment tailored to the needs of various sectors, focusing on data centers and power energy, including nuclear power [20]. - The company emphasizes close collaboration with major clients, offering both air-cooled and liquid-cooled solutions, and is committed to innovation in high-efficiency products to meet market demands driven by AI technology [20][22]. - The liquid cooling segment is experiencing rapid growth and is expected to become the primary cooling method for intelligent computing centers, prompting the company to increase R&D and production capacity in this area [22]. - The new manufacturing base for data center temperature control is in the trial production phase and is expected to support the rapid growth of the data center business soon [22]. - The company is enhancing its production capacity to meet the high demand from data centers, particularly those related to AI, and is coordinating with major clients to ensure supply meets their growing needs [22][23]. Summary by Sections 1. Basic Research Information - The research was conducted on February 27, 2025, focusing on the specialized equipment industry, specifically the company Shunling Environment [13]. 2. Detailed Research Institutions - Various securities firms and asset management companies participated in the research, including Changjiang Securities, Guolian Minsheng Securities, and CITIC Securities [14][15]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [18]. 4. Main Content Information - The company offers end-to-end liquid cooling solutions, covering project planning, design, manufacturing, installation, and operational services [20]. - The pricing strategy is based on a cost-plus model, with expectations for stable or increasing gross margins as production scales up [23].