Envicool(002837) 东北证券·2025-04-25 09:37Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high annual performance in 2024, with revenue of 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit attributable to shareholders of 453 million yuan, up 31.59% year-on-year [1][2] - The growth in revenue is driven by the rapid expansion of data center construction, particularly in energy-saving temperature control products, which generated 2.441 billion yuan in revenue, a 48.83% increase year-on-year [2] - The company's electronic cooling products are expected to see significant growth due to increasing performance and power density in various electronic devices [3] Financial Summary - For 2024, the company reported a gross margin of 28.75%, down 3.60 percentage points year-on-year, primarily due to changes in accounting policies [2] - The projected revenues for 2025-2027 are 6.378 billion yuan, 8.611 billion yuan, and 11.194 billion yuan, respectively, with corresponding net profits of 702 million yuan, 960 million yuan, and 1.161 billion yuan [3][4] - The company’s net profit margin for 2024 is projected at 9.9%, with a net asset return rate of 16.88% [4]