Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 103.2 CNY based on a 65x PE for 2026 [5]. Core Views - The company is positioned as a comprehensive solution provider in environmental regulation, with a strong focus on data services driving performance growth. The data services segment is expected to be a major growth driver from 2025 to 2027, with projected revenues of 27 billion, 46 billion, and 64 billion CNY, reflecting year-on-year growth rates of 77%, 67%, and 39% respectively [3][5]. Summary by Sections Investment Logic - The company has 25 years of experience in environmental regulation equipment, focusing on four main scenarios: data services, industrial processes, specialized applications, and public/commercial use. The data services segment saw a 16.2% year-on-year revenue increase in the first half of 2025, with new orders up 200% from January to August, providing strong support for sustained performance [2]. Data Center Business Growth - The data center business is identified as the company's largest growth point, driven by rapid increases in global data center investments and a shift from air cooling to liquid cooling solutions. The company has established a comprehensive solution covering all aspects of temperature control for data centers, enhancing cooling performance and energy efficiency [3][4][5]. Industrial Demand - The industrial temperature control market is projected to reach 23.6 billion USD by 2025, with the public and power sectors accounting for 43% of this market. The company has extensive experience in thermal management systems across various power projects, positioning it to benefit from the growing demand in specialized industrial fields [4]. Financial Projections - The company is expected to achieve revenues of 43.9 billion, 63.8 billion, and 83.4 billion CNY from 2025 to 2027, with corresponding net profits of 2.9 billion, 4.2 billion, and 6.7 billion CNY, reflecting significant growth rates [5][7].

Core Viewpoint - The establishment of the intelligent temperature control product manufacturing base by Guangdong Shenling Environment marks a significant step in the new infrastructure and green low-carbon industry layout in Shunde, aiming to become a leading center for data center and energy storage temperature control equipment research and manufacturing [1][2]. Group 1: Project Overview - The project has a total investment of 680 million yuan and covers an area of 63 acres, with the goal of creating a globally leading research and manufacturing center for intelligent temperature control products [1]. - The new facility includes two digitalized four-story buildings and a nearly zero-energy comprehensive green building, expanding the total construction area from 35,000 square meters to over 100,000 square meters [2]. Group 2: Technological Innovation - The company has developed the "Shenling IoT Platform," integrating equipment, energy-saving self-control systems, and platform services to provide green low-carbon solutions [2]. - The project has been recognized as a national advanced technology demonstration project for green low-carbon initiatives, showcasing a model for energy-efficient utilization and precise carbon emission management [2]. Group 3: Corporate Development - Guangdong Shenling Environment, established in 2000 and listed in 2021, operates across the entire chain of air conditioning, environmental governance, and energy management, serving major clients like Huawei and Tesla [3]. - The company aims to expand into the Malaysian market by 2025, offering comprehensive lifecycle services for green low-carbon temperature control products and technologies [3]. Group 4: Government Support - The local government has implemented innovative measures to enhance service efficiency for enterprises, facilitating the project's development and ensuring a supportive environment for high-quality growth [4]. - The project is part of the "Green Beautiful Enterprise" initiative, promoting urban quality improvement through collaboration between government and enterprises [5]. Group 5: Regional Development - Chen Village is experiencing a new wave of high-quality development, with multiple enterprises choosing it as a preferred investment destination [6].