Envicool(002837) 新浪财经·2025-04-25 02:39Core Viewpoint - The company reported strong annual growth in 2024, with revenue reaching 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit of 453 million yuan, up 31.59% from the previous year. However, the first quarter of 2025 showed a decline in net profit due to order confirmation timing [1][2]. Financial Performance - In 2024, the company achieved revenue of 4.589 billion yuan (yoy +30.04%), net profit of 453 million yuan (yoy +31.59%), and a non-recurring net profit of 430 million yuan (yoy +35.87%) [1]. - For Q1 2025, revenue was 933 million yuan (yoy +25.07%), but net profit decreased to 48 million yuan (yoy -22.53%) [1][2]. - Q4 2024 revenue was 1.717 billion yuan (yoy +17.85%), with net profit of 100 million yuan (yoy -25.31%) [2]. Inventory and Orders - The company reported a significant increase in inventory, with a balance of 1.135 billion yuan in Q1 2025, up 78.73% year-on-year [2]. - The company has a robust order backlog, with contract liabilities increasing to 366 million yuan in Q1 2025, a 107.35% year-on-year growth, indicating high order visibility [2]. Segment Performance - Data center orders saw substantial growth, with revenue from the cooling segment reaching 2.441 billion yuan in 2024, a 48.83% increase [3]. - The cabinet cooling segment generated 1.715 billion yuan in revenue, growing 17.03% year-on-year [3]. - The bus air conditioning segment reported revenue of 111 million yuan, up 20.71%, driven by increased demand in cold chain logistics [4]. Profitability Metrics - The overall gross margin for 2024 was 28.75%, a decrease of 3.60 percentage points year-on-year, primarily due to accounting policy changes and rising commodity prices [5]. - The net profit margin remained stable at 9.90%, with a slight increase of 0.01 percentage points year-on-year [5]. Investment and Development - The company has increased its investment in expenses starting from the second half of 2024, with a focus on expanding its workforce and enhancing R&D capabilities [6]. - The total number of employees reached 5,129 in 2024, a 33.12% increase, with R&D personnel growing by 36.51% [6]. Future Outlook - The company is positioned as a leader in platform-based cooling solutions, with multiple growth avenues in data center, cabinet, and electronic cooling segments expected to drive future profitability [7][8].