Envicool(002837) 新浪财经·2025-04-26 08:39Core Viewpoint - The company reported strong revenue growth for 2024, with a revenue of 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit of 453 million yuan, up 31.59% year-on-year. However, the first quarter of 2025 showed a decline in net profit despite revenue growth [1][2]. Financial Performance - In 2024, the company's gross margin was 28.75%, a decrease of 1 percentage point year-on-year, primarily due to changes in accounting policies that reclassified after-sales service costs into product costs, impacting gross margin by approximately 2.36 percentage points [1]. - The company's net profit for 2024 was 452.66 million yuan, reflecting a year-on-year growth of 31.59% [1]. - For Q1 2025, the company reported revenue of 933 million yuan, a year-on-year increase of 25.07%, but the net profit decreased by 22.53% to 48 million yuan [1]. Business Segments - The data center temperature control business experienced significant growth, with revenue reaching 2.441 billion yuan in 2024, a year-on-year increase of 48.83%. However, the gross margin for this segment was 26.97%, down 2.38 percentage points year-on-year due to rising commodity prices and variations in product sales and regional mix [1]. - The company is expanding its overseas data center business and increasing its customer base, contributing to the rapid growth of the temperature control business [1]. Strategic Initiatives - The company focuses on full-chain liquid cooling as a core competitive advantage and has collaborated with overseas giants. In 2024, revenue from liquid cooling technology related to data centers was approximately 300 million yuan, with cumulative deliveries reaching 1.2 GW by March 2025 [2]. - The company's UQD product was included in NVIDIA's MGX ecosystem as a partner for the development of the Blackwell GB200 system [2]. - The company is leveraging its headquarters in South China and the initial capacity of its Zhengzhou base to meet the demand for temperature control, electronic cooling, liquid cooling, and energy storage [2]. Future Outlook - The company is expected to achieve revenues of 5.856 billion yuan, 7.268 billion yuan, and 8.775 billion yuan for the years 2025 to 2027, with net profits projected at 624 million yuan, 854 million yuan, and 990 million yuan respectively. The corresponding price-to-earnings ratios are estimated to be 37.43, 27.33, and 23.58 times [3].