Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [7]. Core Views - The company achieved a revenue of 799 million RMB in H1 2024, representing a year-on-year growth of 13.38%, while the net profit attributable to shareholders decreased by 67.12% to 22 million RMB [1]. - The company is actively expanding its market presence, with significant growth in liquid temperature control equipment and electrical box temperature control devices, although revenue from pure water cooling units declined by 22.51% due to increased competition [1]. - The storage temperature control segment saw a revenue increase of approximately 46% to 363 million RMB in H1 2024, with key clients including CATL and Sungrow [1]. - The data center temperature control business is expected to become a significant growth driver, with projections indicating that the liquid cooling data center market in China could reach 102 billion RMB by 2027 [1]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 525 million RMB, a year-on-year increase of 21.47% and a quarter-on-quarter increase of 91.32% [1]. - The gross margin decreased by 4.96 percentage points year-on-year due to price pressures in the power electronics temperature control product sector [1]. - Total operating expenses increased by 35.38 million RMB year-on-year, primarily due to investments in new product development and participation in various exhibitions [1]. Revenue and Profit Forecast - The company is projected to achieve revenues of 2.573 billion RMB, 3.360 billion RMB, and 4.331 billion RMB for the years 2024, 2025, and 2026, respectively [3]. - The net profit attributable to shareholders is expected to be 263 million RMB, 348 million RMB, and 442 million RMB for the same years, with corresponding P/E ratios of 16, 12, and 9 times [3].
同飞股份：收入稳健增长，利润短期承压