YINLUN(002126) 证券时报网·2024-12-25 06:15Core Viewpoint - Silver Wheel Co., Ltd. (002126.SZ) has received significant orders for liquid cooling systems from data center solution providers, indicating a potential growth trajectory in its digital and energy business segment [1][3][10] Group 1: Orders and Business Development - The company’s subsidiary, Zhejiang Kaishan Silver Wheel Heat Exchanger Co., Ltd., has secured orders for a total of 193 sets of liquid cooling systems for data centers [1][2] - The new orders are valued in the tens of millions, and the company is in discussions with more data centers for potential contracts [3][8] - The digital and energy business segment, referred to as the "third curve business," is expected to see an increase in revenue contribution due to these new orders [3][10][26] Group 2: Financial Performance and Growth Expectations - Silver Wheel's revenue for the first three quarters of the year reached 9.205 billion yuan, a year-on-year increase of 15.18%, with a net profit of 604 million yuan, up 36.20% [15] - The digital and energy business has shown slow growth, with revenue contributions of 5.07 billion yuan in 2022 and 6.96 billion yuan in 2023, accounting for only 7.08% of total revenue in the first half of 2024 [16][5][25] - The company anticipates a significant increase in the digital and energy business in the fourth quarter, driven by the new large orders [6][11][31] Group 3: Market Position and Future Outlook - The liquid cooling systems are more efficient than traditional air cooling, addressing energy consumption and heat dissipation issues in data centers, although initial investment costs are higher [18] - The company has established relationships with several leading clients in the data center and computing sectors, indicating a solid market position [17][28] - Silver Wheel expects the digital energy segment to maintain rapid growth in the coming year, with a focus on energy storage and data center business as key growth drivers [20][30][32]