Envicool(002837) 民生证券·2025-04-23 08:23Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Viewpoints - The company achieved a revenue of 4.59 billion yuan in 2024, representing a year-on-year growth of 30%, and a net profit of 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 a net profit decline of 22.5% to 50 million yuan [1]. - The company has made significant advancements in liquid cooling solutions, with its Coolinside solution being validated by Intel and included in NVIDIA's MGX ecosystem [2]. - The company is a leader in thermal management for electrochemical energy storage systems, with a revenue of nearly 1.5 billion yuan from energy storage applications in 2024, a 22% increase year-on-year [3]. - The company is expected to benefit from AI-related businesses, with projected revenues of 6.34 billion yuan in 2025, 8.25 billion yuan in 2026, and 10.06 billion yuan in 2027 [3]. Financial Summary - The company's total revenue is forecasted to grow from 4.59 billion yuan in 2024 to 10.06 billion yuan in 2027, with growth rates of 30.0%, 38.2%, 30.1%, and 22.0% respectively [4]. - The net profit attributable to shareholders is projected to increase from 453 million yuan in 2024 to 575 million yuan in 2027, with growth rates of 31.6%, 8.9%, 8.9%, and 7.2% respectively [4]. - The earnings per share (EPS) is expected to rise from 0.61 yuan in 2024 to 0.77 yuan in 2027 [4].