Envicool(002837) 民生证券·2025-04-23 07:12Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved a revenue of 4.59 billion yuan in 2024, representing a year-on-year growth of 30%. The net profit attributable to shareholders was 450 million yuan, up 31.6% year-on-year [1]. - In Q1 2025, the company reported a revenue of 930 million yuan, a year-on-year increase of 25.1%, but the net profit decreased by 22.5% to 50 million yuan [1]. - The company has made significant advancements in its liquid cooling solutions, with its Coolinside full-chain liquid cooling solution being validated by Intel and included in NVIDIA's MGX ecosystem [2]. - The company is a leader in the thermal management of electrochemical energy storage systems, with a revenue of nearly 1.5 billion yuan from energy storage applications in 2024, marking a growth of approximately 22% year-on-year [3]. Financial Projections - The projected revenues for 2025, 2026, and 2027 are 6.34 billion yuan, 8.25 billion yuan, and 10.06 billion yuan, respectively, with corresponding net profits of 493 million yuan, 537 million yuan, and 575 million yuan [4][8]. - The report forecasts a P/E ratio of 47x for 2025, 43x for 2026, and 40x for 2027 based on the closing price on April 22, 2025 [4][8].