Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a leader in temperature control solutions, with its data center liquid cooling business expected to create a second growth curve. In 2023, the company achieved revenue of 1.845 billion yuan, a year-on-year increase of 83%, with energy storage temperature control revenue reaching 900 million yuan [1][4]. - The AI infrastructure demand is anticipated to drive significant growth in data center temperature control orders, benefiting the company's overall performance [1][3]. Company Overview - The company specializes in temperature control solutions, with a focus on liquid cooling products that have seen rapid growth. Its main products include liquid temperature control devices, electrical box temperature control devices, and pure water cooling units [12][19]. - The company has a stable management team, with most executives having over 10 years of tenure. The management structure is designed to align the interests of core employees through performance-based incentives [4][26]. Industry Situation - The global energy storage temperature control market is projected to grow significantly, with a market size of approximately 2.7 billion yuan in China and 3.5 billion yuan globally in 2023, reflecting year-on-year growth rates of 49% and 96%, respectively [2]. - The data center temperature control market is expected to reach 7.7 billion USD in 2023, with a compound annual growth rate (CAGR) of approximately 18.4% from 2023 to 2028 [2]. - The semiconductor temperature control market in China was around 1.5 billion yuan in 2023, with a year-on-year growth of over 10% [2]. Financial Performance - The company reported a revenue of 1.845 billion yuan in 2023, with a year-on-year growth of 83.1%. The net profit attributable to shareholders was 182 million yuan, reflecting a growth of 42.7% [5][28]. - The company's revenue is expected to continue growing, with projections of 2.159 billion yuan in 2024 and 3.208 billion yuan in 2025, representing year-on-year growth rates of 17% and 48.5%, respectively [5][4]. - The earnings per share (EPS) for 2023 was 1.08 yuan, with expectations of 0.83 yuan in 2024 and 1.55 yuan in 2025 [5]. Investment Recommendations - The report suggests a "Buy" rating based on the company's strong growth potential in the temperature control market, particularly in energy storage and data centers, which are expected to drive future revenue growth [4][5].
同飞股份：AI基建大时代，数据中心温控业务放量在即-20250220