Envicool(002837) 开源证券·2025-04-23 05:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown continuous growth, benefiting significantly from the AIDC construction wave, with a revenue increase of 30.04% year-on-year in 2024, reaching 4.589 billion yuan, and a net profit increase of 31.59% to 0.453 billion yuan [6][7] - The demand for data centers is rapidly increasing due to the acceleration of AI model and application iterations, which is expected to sustain the company's growth in the coming years [6] - The company has adjusted its profit forecasts for 2025 and 2026 due to international trade friction affecting chip supply, with expected net profits of 0.651 billion yuan and 0.901 billion yuan for 2025 and 2026 respectively [6] Financial Performance Summary - In 2024, the company achieved a revenue of 45.89 billion yuan, a year-on-year increase of 30.04%, and a net profit of 4.53 billion yuan, up 31.59% [6] - For Q1 2025, the company reported a revenue of 9.33 billion yuan, a year-on-year increase of 25.07%, and a net profit of 0.48 billion yuan [6] - The company's revenue from the data center cooling business grew significantly, with a 48.83% increase in revenue from room temperature control products [7] - The company has increased its R&D investment, reaching 3.5 billion yuan in 2024, a 32.98% increase year-on-year [8] Valuation Metrics - The current stock price is 31.01 yuan, with a market capitalization of 230.86 billion yuan [2] - The projected P/E ratios for 2025, 2026, and 2027 are 39.4, 28.5, and 22.9 respectively [6][9] - The company’s gross margin for 2024 is expected to be around 28.7%, with a net profit margin of 9.9% [9]