Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.374 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 3.55%, while the net profit attributable to the parent company was 70 million RMB, a decline of 50.37% year-on-year [1] - In Q3 alone, the company achieved a revenue of 574 million RMB, down 7.61% year-on-year, and a net profit of 48 million RMB, down 35.16% year-on-year [1] - The company is actively expanding its market and customer base, leading to stable revenue growth despite increased competition in the temperature control products sector, which has pressured profit margins [2] - The gross margin for the first three quarters was 21.51%, with a slight improvement to 22.39% in Q3 [2] - The net profit margin for the first three quarters was 5.09%, down 5.53 percentage points year-on-year, but improved significantly to 8.34% in Q3 [2] - The energy storage temperature control segment is experiencing rapid growth, with a revenue of approximately 363 million RMB in the first half of 2024, a year-on-year increase of about 46% [2] - The data center business is expected to become a second growth engine for the company, with the liquid cooling market projected to reach 102 billion RMB by 2027 [2] Summary by Sections Financial Performance - For 2024, the company expects revenues of 2.137 billion RMB, 2.783 billion RMB, and 3.646 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 145 million RMB, 232 million RMB, and 319 million RMB for the same years [2][4] - The projected P/E ratios are 42, 26, and 19 for 2024, 2025, and 2026 respectively [2] Business Segments - The energy storage temperature control solutions have been successfully deployed in various extreme environments, showcasing strong performance and competitiveness [2] - The company has developed a full range of liquid cooling solutions for data centers, with expected revenue contributions starting in 2024 [2] Market Outlook - The company is well-positioned to benefit from the growing demand in the energy storage and data center sectors, with a focus on innovative temperature control solutions [2]
同飞股份：利润短期承压，数据中心业务蓄势待发