Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 2.16 billion yuan in 2024, representing a year-on-year increase of 17.07%. However, the net profit attributable to the parent company was 153 million yuan, a decrease of 15.87% year-on-year. Notably, the revenue for Q4 2024 was 787 million yuan, up 51.65% year-on-year, and the net profit for the same quarter was 84 million yuan, exceeding the total net profit of the first three quarters [1]. - In Q1 2025, the company reported a revenue of 574 million yuan, a significant increase of 109.02% year-on-year, with a net profit of 62 million yuan, marking a staggering increase of 1104.89% year-on-year [1]. - The company anticipates substantial growth in revenue from data centers and semiconductor temperature control solutions [2]. Financial Performance Summary - In 2024, the company's liquid temperature control equipment revenue reached 1.466 billion yuan, a year-on-year increase of 20.65%, with a gross margin of 21.22%, down 3.93 percentage points year-on-year. The revenue from energy storage temperature control was approximately 1.176 billion yuan, up 30% year-on-year [2]. - The company has expanded its client base in the semiconductor manufacturing equipment sector, including notable clients such as Northern Huachuang and Jing Sheng Machinery [2]. - The financial projections for the company indicate expected net profits of 288 million yuan, 425 million yuan, and 608 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 87.6%, 47.7%, and 43.1% [4][5]. Key Financial Metrics - The company's revenue for 2023 was 1.845 billion yuan, with a growth rate of 83.1%. The projected revenue for 2025 is 3.404 billion yuan, with a growth rate of 57.6% [5]. - The earnings per share (EPS) for 2024 is projected to be 0.91 yuan, with a significant increase to 1.70 yuan in 2025 [5]. - The net profit margin for 2024 is expected to be 7.1%, with projections of 8.5% and 9.1% for 2025 and 2026, respectively [10].
同飞股份（300990）：25Q1毛利率环比持续提升，期待公司数据中心、半导体温控收入放量