Shenzhen Envicool Technology (002837.SZ)

研报英文原文证据摘录

Shenzhen Envicool Technology (002837.SZ)

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19 Jul 2026 21:19:47 ET │ 15 pages

Expectation of Another 2Q26 Results Miss; Sell

CITI'S TAKE

Sell Per A-share regulator (xueqiu.com 3-Apr-2026), the deadline of posting

1H26 preliminary results is 15 July for A-share listed on Shenzhen. Since Price (17 Jul 26 15:00) Rmb61.570

Envicool hasn’t released the preliminary results before the due date, that Target price Rmb49.000↑

would mean the 1H26 net profit growth should be below 50% on yoy. from Rmb46.154

There are no consensus forecast for 1H26E on Envicool but the VA Expected share price return -20.4%

consensus forecast for full year net profit growth is more than double to Expected dividend yield 0.3%

Rmb1.08bn in 2026E from Rmb522m in 2025. We believe the company

Expected total return -20.1% will very likely deliver another missing quarterly results for 2Q26. Note our

Market Cap Rmb78,462M earnings forecast 2026 is 26% well below VA consensus. We add 2028E

forecast with 3-yr EPS CAGR of 33% thru 2028E and fine tune our TP to US$11,591M

Rmb49 from Rmb46.154 (following bonus share dilution), based on ~63x

2027E PE (was 60x) for higher historical and comp valuation. Reiterate

Sell.

Eric LauAC

+852-2501-2726

No preliminary result is a negative surprise — Per A-share regulator, company has eric.h.lau@citi.com

to release preliminary results in 1H26 before 15 July if net profit is up or down over

Alice Cai50%. We see the consensus forecast of Rmb1.07bn in 2026E or more than double

on yoy basis. The consensus forecast translates to 1H26E net profit Rmb428m if +852-2501-2704

assuming 1H accounting for 40% of full-year profit according to 2024 and 2025 alice.cai@citi.com

record. In other words, the VA consensus implies 98% yoy growth during 1H26E, Andy Li