证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交6.69亿元，其中，买入成交额为2.58亿 元，卖出成交额为4.11亿元，合计净卖出1.53亿元。 证券时报网讯，英维克今日涨停，全天换手率7.74%，成交额19.92亿元，振幅11.49%。 龙虎榜数据显示，机构净卖出9273.65万元，营业部席位合计净卖出6031.87万元。 深交所公开信息显示，当日该股因日涨幅偏离值达9.15%上榜，机构专用席位净卖出9273.65万元。 ...

①重磅！国常会部署深化药品医疗器械监管改革，机构称医药行业具有很高的配置性价比，这家公司是 国内四大抗生素生产基地之一，公司有19个品规居全国第一位； ②光伏行业龙头减产，机构称行业盈 利拐点加速来临，这家公司是华为在光伏逆变器领域的核心供应商； ③这家公司目前正在有序推进精 密温控节能设备华南总部基地项目建设。 【大头条】 一、医药|重磅！国常会部署深化药品医疗器械监管改革，机构称医药行业具有很高的配置性价比，这 家公司是国内四大抗生素生产基地之一，公司有19个品规居全国第一位 据媒体报道，今日召开的国务院常务会议部署深化药品医疗器械监管改革，促进医药产业高质量发展有 关举措。会议指出，要深化药品医疗器械监管全过程改革，更好满足群众对高质量药品医疗器械的需 求。要加大对药品医疗器械研发创新支持，积极推广使用创新药和医疗器械。要提高审评审批质效，加 快临床急需药品医疗器械审批上市。要以高效严格监管提升医药产业合规水平，支持医药产业扩大开放 合作。要及时跟进医保、医疗、价格等方面政策，协同发力促进医药产业高质量发展。 点评：东方证券表示，回望2024年，过往高基数消化完成，院内刚性需求正常释放。与此同时，创新 ...

Key Points Industry and Company * **Company**: Yingwei Ke * **Industry**: Thermal Management, Data Center, Energy Storage Core Views and Arguments * **Yingwei Ke's Technical Strength**: Yingwei Ke has over 20 years of technical experience in the thermal management field, with proprietary products like the first domestic communication outdoor cabinet air conditioner and the globally first Ec fan. They have a leading position in data centers and energy storage markets. * **Key Success Factors**: Yingwei Ke's success is attributed to strong technical driving capabilities, deep technical roots, reasonable organizational structure, and the ability to quickly respond to customer needs. * **Market Performance**: Yingwei Ke has performed well in various segments, including communication base stations, data centers, and energy storage. They have a full-chain solution in liquid cooling technology and have established partnerships with industry giants like Tencent, Alibaba, and NVIDIA. * **Project Challenges**: To address the challenges of project-based work, Yingwei Ke has established an independent technical support department, strengthened cross-departmental collaboration, and implemented platform-based processing to improve research and development efficiency and project response speed. * **Future Outlook**: Yingwei Ke plans to consolidate its existing advantages, seize the growth opportunities in data center liquid cooling and energy storage markets, and expects the liquid cooling market size to exceed 80 billion yuan by 2027. * **Revenue Growth**: As of September 30, 2023, Yingwei Ke has delivered projects totaling approximately 1GW. It is expected to experience rapid growth in 2024, driven by increasing demand for liquid cooling solutions globally and the collaboration with NVIDIA. * **Valuation and Performance**: Yingwei Ke's valuation is considered reasonable, with 2023 earnings forecasted at approximately 550 million yuan and 2024 expected to exceed 700 million yuan, with a year-on-year growth rate of over 30%. * **Global Market Expansion**: Yingwei Ke has entered the NVIDIA ecosystem, allowing the company to expand into broader global markets. The U.S. is the largest market currently, but with the development of data centers worldwide, including Southeast Asia and China, Yingwei Ke has significant market opportunities. * **Overseas Market Expansion**: Yingwei Ke plans to enter the overseas market with individual small products, quickly gain customer recognition through technology quality and service capabilities, and then gradually expand to more products. * **Liquid Cooling Projects**: As of September 30, 2023, Yingwei Ke has delivered projects totaling approximately 1GW. With increasing demand for liquid cooling solutions globally, especially with the launch of NVIDIA's B series products, the liquid cooling market is expected to grow rapidly. Yingwei Ke's collaboration with NVIDIA and Intel will contribute to its growth. * **Valuation and Performance**: The market values Yingwei Ke reasonably, indicating recognition of its value. The company's 2023 earnings are forecasted at approximately 550 million yuan, and 2024 is expected to exceed 700 million yuan, with a year-on-year growth rate of over 30%. * **NVIDIA Collaboration**: Entering the NVIDIA ecosystem demonstrates the global leading chip manufacturer's recognition of Yingwei Ke in terms of technology, quality, service, and delivery. This recognition determines the company's future development potential. * **Overseas Market Capacity and Service**: Currently, the overseas market is mainly focused on energy storage, with some involvement in data center products. Yingwei Ke has the service capabilities, but capacity needs to be further improved. * **Valuation**: The company's valuation is considered reasonable, reflecting the idea of purchasing excellent companies at reasonable prices. The stock price has increased significantly since the company's listing, creating significant value for shareholders. The future outlook is optimistic, with a high probability of continued growth. * **Impact of Sino-US Trade War**: The impact of the Sino-US trade war on the company is difficult to accurately measure due to factors such as the final implementation of tariffs and the allocation methods between products and customers. However, the company is believed to have corresponding measures in place. * **Domestic Competitors**: In the liquid cooling product field, domestic competitors are mainly divided into system solution providers and single-product manufacturers. Currently, there are few companies that truly provide system solutions, with most focusing on single products such as CPUs, cold plates, pipes, and quick connectors. Therefore, Yingwei Ke has a strong position in the domestic liquid cooling market. * **Prospects for Liquid Cooling Industry**: The liquid cooling industry is expected to grow rapidly, especially at this point in time. It is expected to enter a rapid放量 stage next year and continue to increase in value with technological upgrades and iterations. This trend will be a main theme throughout the year, and it is recommended to invest early. * **Recommended Companies**: The company recommends two companies: one is an American-listed state-owned enterprise, and the other is Yingwei Ke. Both are leaders in the solution field and also involve core components. In addition, they also recommend Chuanghua Technology, which excels in the pipe field. They are firmly optimistic about the future development of these companies.

Key Points Company and Industry Overview 1. **Company Focus**: The discussion revolves around Yingweike, a leading company in the thermal management and precision cooling industry. Yingweike has a strong track record of innovation and has been recommended as a promising investment opportunity. 2. **Industry Focus**: The industry discussed is the thermal management sector, specifically focusing on data center, energy storage, and other related applications. 3. **Company Background**: Yingweike has a history of being the first in China to develop various cooling solutions, such as the first自主研发ed outdoor communication cabinet air conditioner in 2006 and the first domestically developed modular direct evaporative cooling system in 2012. 4. **Market Potential**: The market for thermal management solutions is expected to reach 80 billion yuan by 2027, presenting a significant opportunity for Yingweike. Company Strengths and Advantages 1. **Technical Leadership**: Yingweike is a technology-driven company with a strong focus on research and development. It has developed a range of innovative cooling solutions, including liquid cooling solutions for data centers and energy storage systems. 2. **Organizational Structure**: The company has a well-structured organization that promotes cross-departmental collaboration and efficient product development. This includes dedicated research teams, technical support departments, and product platforms. 3. **Market Position**: Yingweike is positioned as a comprehensive solution provider in the thermal management industry, offering both complete solutions and core components. This allows the company to cater to diverse customer needs and gain a competitive edge. 4. **Growth Prospects**: The company's growth prospects are strong, driven by increasing demand for data centers and energy storage systems globally. Yingweike is well-positioned to capture this growth through its comprehensive product portfolio and strong technical capabilities. Market and Competitive Analysis 1. **Market Segmentation**: The company's products are primarily targeted at data center and energy storage markets. It has successfully expanded its market presence through strategic partnerships and collaborations with major customers such as Tencent and Alibaba. 2. **Competitive Advantage**: Yingweike's competitive advantage lies in its comprehensive product portfolio, strong technical capabilities, and focus on innovation. The company's ability to develop and manufacture core components in-house further strengthens its competitive position. 3. **Competitive Landscape**: The thermal management industry is highly competitive, with several domestic and international players. However, Yingweike's strong technical expertise and comprehensive solution offerings position it as a leader in the market. Financial Outlook and Valuation 1. **Financial Performance**: The company's financial performance is expected to grow significantly in the coming years, driven by increasing demand for its products and services. The company's revenue and profit are expected to grow at a rapid pace. 2. **Valuation**: The company is not considered undervalued, reflecting market recognition of its strong fundamentals and growth prospects. The company's valuation is reasonable, considering its strong position in the market and potential for future growth. Conclusion Yingweike is a leading company in the thermal management industry, with a strong focus on innovation, comprehensive product offerings, and a strong market position. The company's growth prospects are strong, driven by increasing demand for data centers and energy storage systems globally. The company's strong technical expertise and comprehensive solution offerings position it as a leader in the market, making it a promising investment opportunity.

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's performance continues to grow rapidly, with Q1-Q3 2024 net profit exceeding the full-year 2023 figure [3] - The company's IDC temperature control business remains highly prosperous, with revenue growth of 85.9% YoY in H1 2024 [4] - The energy storage temperature control business is accelerating, with expected growth in H2 2024 [4] - Inventory and contract liabilities have increased significantly, providing strong support for future high growth [4] - The company has accumulated over 1GW of liquid cooling project delivery experience, leading the industry [5] - The company is the only one in the industry to achieve full-chain layout of liquid cooling products and full-chain coverage of liquid cooling industry customers [5] Business Performance - Q1-Q3 2024 revenue reached 2.872 billion yuan, up 38.6% YoY [3] - Q1-Q3 2024 net profit attributable to the parent company was 353 million yuan, up 67.8% YoY [3] - Q3 2024 revenue was 1.16 billion yuan, up 39.2% YoY [3] - Q3 2024 net profit attributable to the parent company was 170 million yuan, up 43.1% YoY [3] - Q3 2024 gross margin was 32.8%, up 0.7 pct QoQ but down 0.7 pct YoY [3] Industry Outlook - The IDC temperature control business is expected to maintain high growth [4] - The energy storage temperature control business is expected to accelerate in H2 2024 [4] - The liquid cooling penetration rate is expected to increase with the high prosperity of domestic and foreign computing power construction [4] Financial Projections - 2024-2026 net profit attributable to the parent company is projected to be 557 million yuan, 756 million yuan, and 960 million yuan, respectively [6] - 2024-2026 EPS is projected to be 0.75 yuan, 1.02 yuan, and 1.29 yuan, respectively [10] - 2024-2026 PE ratio is projected to be 44x, 32x, and 25x, respectively [6]

Investment Rating - Buy (Maintained) [1] Core Views - Strong Q3 2024 performance with revenue of 1.159 billion yuan, up 39.16% YoY, and net profit attributable to shareholders of 169 million yuan, up 43.06% YoY [1] - Non-GAAP net profit of 163 million yuan, up 52.19% YoY, and basic EPS of 0.23 yuan, up 43.75% YoY [1] - The company is well-positioned to capitalize on the digital transformation wave, providing efficient thermal management solutions [1] - Liquid cooling technology, including direct and indirect cooling methods, is a key focus area, with the company offering comprehensive solutions [1] - Continued R&D investment, with R&D expenses of 226 million yuan in the first three quarters of 2024, up 32.46% YoY [1] - The company is a leading provider of precision thermal management solutions, serving industries such as cloud computing, data centers, and electric vehicle charging stations [1] - Revenue forecasts for 2024-2026 are 4.724 billion yuan, 6.194 billion yuan, and 7.885 billion yuan, respectively, with net profit forecasts of 528 million yuan, 696 million yuan, and 888 million yuan [1] Financial Performance - Revenue for 2023 was 3.529 billion yuan, with a projected increase to 4.724 billion yuan in 2024, 6.194 billion yuan in 2025, and 7.885 billion yuan in 2026 [2] - Net profit attributable to shareholders was 344 million yuan in 2023, with forecasts of 528 million yuan in 2024, 696 million yuan in 2025, and 888 million yuan in 2026 [2] - Gross margin remained stable at around 32% from 2023 to 2026 [2] - ROE is expected to increase from 13.9% in 2023 to 22.3% in 2026 [2] - EPS is projected to grow from 0.46 yuan in 2023 to 1.20 yuan in 2026 [2] Financial Ratios - Revenue growth rates for 2024-2026 are forecasted at 33.86%, 31.13%, and 27.30%, respectively [6] - Net profit growth rates for 2024-2026 are projected at 53.60%, 31.67%, and 27.62%, respectively [6] - Gross margin is expected to remain stable at around 32% from 2023 to 2026 [6] - ROE is forecasted to increase from 13.86% in 2023 to 22.34% in 2026 [6] - P/E ratios are expected to decrease from 68.43 in 2023 to 26.51 in 2026 [6] Cash Flow and Balance Sheet - Operating cash flow for 2023 was 453 million yuan, with forecasts of 122 million yuan in 2024, 168 million yuan in 2025, and 369 million yuan in 2026 [4] - Net cash flow from financing activities was -116 million yuan in 2023, with forecasts of 67 million yuan in 2024, -396 million yuan in 2025, and -299 million yuan in 2026 [4] - Total assets are projected to increase from 5.091 billion yuan in 2023 to 8.371 billion yuan in 2026 [5] - Total liabilities are expected to rise from 2.609 billion yuan in 2023 to 4.397 billion yuan in 2026 [5] Industry and Market Position - The company is a leader in precision thermal management solutions, with a strong presence in data center liquid cooling and electric vehicle charging station markets [1] - The company's liquid cooling technology is widely used in data centers and telecommunications, with a focus on both direct and indirect cooling methods [1] - The company is well-positioned to benefit from the growing demand for digital transformation and energy-efficient cooling solutions [1]

Investment Rating - The report maintains a "Buy" rating for the company with a 6-month target price of 31.7 RMB [1] Core Views - The company's Q3 revenue reached 1.159 billion RMB, a year-on-year increase of 39.16%, driven by growth in data center temperature control and energy-saving products [1] - AI development trends are driving server power increases, making liquid cooling applications a growing trend, with the company's liquid cooling-related revenue doubling compared to the same period last year [1] - The company's gross margin for the first three quarters was 31.73%, with a net profit margin of 12.25%, showing a year-on-year improvement in profitability [2] - The company has strong domestic partnerships with major clients like Huawei and telecom operators, and has provided cooling systems for large data centers of Tencent, Alibaba, and others [2] - Internationally, the company has made breakthroughs with Intel and is expected to expand further with major clients in the computing power sector [2] Financial Performance - The company's revenue for the first three quarters of 2024 was 2.872 billion RMB, a year-on-year increase of 38.61%, with net profit attributable to shareholders reaching 353 million RMB, up 67.79% year-on-year [3] - Q3 revenue was 1.159 billion RMB, a year-on-year increase of 39.16%, with net profit attributable to shareholders of 169 million RMB, up 43.06% year-on-year [3] - The company's liquid cooling solutions have been delivered for projects exceeding 900MW, positioning it well to capitalize on industry opportunities [3] Industry and Market Position - The company is a leader in the temperature control industry, with nearly 20 years of experience, and is well-positioned to benefit from the AI-driven demand for cooling solutions [3] - The company's Coolinside liquid cooling solution has been widely adopted, with significant potential for growth in both domestic and international markets [3] Financial Projections - The company's revenue is projected to grow from 4.931 billion RMB in 2024E to 8.445 billion RMB in 2026E, with a compound annual growth rate (CAGR) of 29.62% [7] - Net profit attributable to shareholders is expected to increase from 519.99 million RMB in 2024E to 951.66 million RMB in 2026E, with a CAGR of 33.83% [7] - The company's EPS is projected to grow from 0.70 RMB in 2024E to 1.28 RMB in 2026E [7] Valuation Metrics - The company's P/E ratio is expected to decrease from 45.27x in 2024E to 24.74x in 2026E, reflecting strong earnings growth [7] - The P/B ratio is projected to decline from 8.08x in 2024E to 5.77x in 2026E, indicating improving asset efficiency [7] - The EV/EBITDA ratio is expected to decrease from 29.65x in 2024E to 17.03x in 2026E, suggesting improving valuation metrics [7]

Investment Rating - Maintains an "Overweight" rating for the company [3][4] - Target price raised to 38.7 RMB, based on a 43x PE multiple for 2025 [3][4] Core Views - The company's Q3 2024 results met expectations, with revenue of 2.872 billion RMB (+38.61% YoY) and net profit of 353 million RMB (+67.79% YoY) [3] - AI-driven demand for computing power is accelerating, positioning the company's liquid cooling solutions as a key growth driver [3] - The company's Coolinside liquid cooling cabinets and end-to-end solutions provide a competitive edge in the liquid cooling market [3] - Cost control measures have improved profitability, with a net profit margin of 12.25% (+2.37pct YoY) [3] Financial Performance - Q3 2024 revenue reached 1.159 billion RMB (+39.16% YoY), with net profit of 169 million RMB (+43.06% YoY) [3] - Gross margin remained stable at 31.73% (-0.9pct YoY) despite rising commodity prices [3] - Sales, management, and financial expense ratios were 6.57% (+2.06pct YoY), 4.4% (-0.49pct YoY), and 0.03% (-0.04pct YoY), respectively [3] Industry and Market Context - AI technology is driving higher computing density, increasing demand for liquid cooling solutions in data centers [3] - The company is among 40+ global infrastructure providers innovating on NVIDIA's Blackwell platform [3] - The liquid cooling market is expected to grow significantly due to advancements in AI and data center technologies [3] Valuation and Forecasts - 2024-2026 EPS forecasts are 0.68, 0.90, and 1.16 RMB, respectively [3] - The company's 2025 PE multiple is set at 43x, higher than the industry average of 42.16x [3] - Revenue is projected to grow from 4.646 billion RMB in 2024 to 7.801 billion RMB in 2026 [9] Stock Performance - The stock price has risen 46% over the past month and 65% over the past year [8] - Current price is 31.70 RMB, with a 52-week range of 17.97-35.40 RMB [5][4]

英维克（002837.SZ） 专用设备 证券研究报告/公司点评报告 2024 年 10 月 25 日 执业证书编号：S0740517020004 Email：chenny@zts.com.cn 执业证书编号：S0740524060005 Email：yanglei01@zts.com.cn Email：sheyq@zts.com.cn | --- | --- | |-------------------|-----------| | | | | 基本状况 | | | 总股本(百万股 ) | 742.64 | | 流通股本 (百万股) | 645.44 | | 市价 (元) | 31.70 | | 市值(百万元 ) | 23,541.55 | | 流通市值(百万元 ) | 20,460.29 | 相关报告 1、《AI 液冷拐点已至，温控龙头扬帆 起航》2024-10-07 液冷收入快速增长，受益 AI 发展机遇。AI 高算力需求带动芯片性能与功耗同步显著 增长，风冷散热能力受限，叠加数据中心能耗不断抬升与 PUE 要求趋严，倒逼散热 技术升级，液冷有望迎来快速发展。公司前瞻布局液冷方向，2024H1 数据中心机 ...

英维克（002837.SZ）2024 年三季报点评 利润大幅提升，绑定算力龙头彰显行业核心地位 2024 年 10 月 25 日 [盈利预测与财务指标 Table_Forcast] ➢ 英维克发布 2023 年三季度报告。公司前三季度实现收入 28.7 亿元，同比 增长 38.6%，实现归母净利润 3.5 亿元，同比增长 67.8%。单季度看，3Q24 公 司实现收入 11.6 亿元，同比增长 39.2%，环比增长 19.9%；实现归母净利润 1.7 亿元，同比增长 43.1%，环比增长 39.3%。 ➢ 依靠高端计算温控场景，年初以来毛利率持续改善。1Q~3Q24，公司分别 实现毛利率 29.5%/32.1%/32.8%，毛利率逐渐改善的背后我们看到的是公司机 房温控产品旺盛的需求。根据公司 24 年半年度业绩报告，1H24 公司机房温控 产品、机柜温控产品毛利率分别为 30.6%/30.7%，其中机房温控产品毛利率较 上年同期提升 1.1pct。公司机房温控产品主要针对数据中心、算力设备、通信机 房等高性能计算场景。此外，公司重视效率，管理销售费用率自年初以来逐季度 下降，保持较好盈利能力。 ➢ 加深与龙 ...