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]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [8]. Core Insights - The company has experienced significant revenue growth, with a 38.61% year-on-year increase in revenue for the first three quarters of 2024, reaching 2.872 billion yuan, and a 67.79% increase in net profit attributable to shareholders, amounting to 353 million yuan [2][3]. - The company is positioned to benefit from the rapid growth in liquid cooling technology driven by AI developments, with a projected doubling of related revenue in the first half of 2024 compared to the previous year [1]. - The company has successfully secured large liquid cooling projects in Southeast Asia and has been recognized for its advanced cooling solutions validated by major tech firms like Intel [1]. Financial Performance Summary - The company's revenue is projected to grow from 3.529 billion yuan in 2023 to 4.746 billion yuan in 2024, representing a 35% growth rate [2]. - Net profit attributable to shareholders is expected to increase from 344 million yuan in 2023 to 552 million yuan in 2024, reflecting a 60% growth rate [2]. - The company's earnings per share (EPS) is forecasted to rise from 0.61 yuan in 2023 to 0.75 yuan in 2024 [2][3]. Operational Efficiency - The company has maintained a stable gross margin of approximately 31.73% for the first three quarters of 2024, with a slight decrease of 0.9 percentage points year-on-year [3]. - The operating expense ratio has improved, decreasing to 18.88% in the first three quarters of 2024, down 2.97 percentage points year-on-year [3]. - The net profit margin has increased to 12.25%, up 1.89 percentage points year-on-year, indicating enhanced profitability [3]. Market Position and Growth Potential - The company is recognized as a leading provider of precision temperature control and energy-saving solutions, with a comprehensive liquid cooling solution capability [3]. - The expansion into electronic cooling products is expected to further enhance growth opportunities, particularly in the context of increasing AI computing power and energy storage installations [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 31.60 CNY [3]. Core Insights - The company reported a significant profit increase, with a revenue of 2.87 billion CNY for the first three quarters of 2023, representing a year-on-year growth of 38.6%, and a net profit of 350 million CNY, up 67.8% year-on-year [1]. - The gross margin has been improving steadily, reaching 32.8% in Q3 2024, driven by strong demand for high-end cooling products in data centers and computing environments [1]. - The company is deepening partnerships with industry leaders, such as NVIDIA, to enhance its position in the liquid cooling market, which is becoming essential for energy efficiency in data centers [1]. - The energy storage business is also highlighted as a strength, with the company being a key supplier for major projects, including a significant sodium-ion storage project [1]. - Revenue projections for 2024-2026 are estimated at 5.22 billion CNY, 6.64 billion CNY, and 8.60 billion CNY, with net profits of 540 million CNY, 690 million CNY, and 800 million CNY respectively, indicating a strong growth trajectory [1]. Financial Summary - For Q3 2024, the company achieved a revenue of 1.16 billion CNY, a year-on-year increase of 39.2% and a quarter-on-quarter increase of 19.9% [1]. - The net profit for Q3 2024 was 170 million CNY, reflecting a year-on-year growth of 43.1% and a quarter-on-quarter growth of 39.3% [1]. - The company’s gross margin for the first three quarters of 2024 was 29.5%, 32.1%, and 32.8% respectively, indicating a positive trend in profitability [1]. - The projected P/E ratios for 2024, 2025, and 2026 are 43x, 34x, and 29x respectively, based on the closing price on October 24, 2024 [1].

证券研究报告 | 季报点评 gszqdatemark 2024 10 25 年 月 日 英维克（002837.SZ） 业绩增速持续高企，重视液冷后续机遇 事件：公司发布 2024 年三季度报告，前三季度实现营业收入 28.7 亿元， 同比增长 38.6%；归母净利润 3.5 亿元，同比增长 67.8%；扣非归母净利 润 3.3 亿元，同比增长 78.5%。 营收与利润环比增速持续提升，再次验证全年高增速基调。单 Q3 来看， 公司营业收入达到 11.6 亿元，同比增长 39%，环比增长 20%；归母净利 润 1.7 亿元，同比增长 43%，环比增长 39%；扣非归母净利润 1.6 亿元， 同比增长 52%，环比增长 39%。结合往年数据，一些大项目的验收确认 集中在第四季度完成，因此公司营收普遍呈现前低后高走势，尤其是第四 季度的收入占比较高；今年 Q1/Q2/Q3 公司营收环比增速分别为49%/30%/20%，归母净利润的环比增速分别为-54%/96%/39%，两者持 续维持正向增长，我们认为，从三季度看全年，基本验证了伴随 IDC 行业 景气度的提升，温控业务增速持续高企，奠定了公司全年的高增速基调。 盈 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.872 billion yuan, a year-on-year growth of 38.61%, and net profit attributable to shareholders at 353 million yuan, a year-on-year increase of 67.79% [1] - The rapid growth in performance is attributed to the company's ability to capitalize on industry opportunities, particularly in energy-saving products for data centers, despite a slight decrease in gross margin due to rising raw material prices [1] - The development of AI technology has accelerated the company's liquid cooling business, with related revenues approximately doubling compared to the same period last year [1] - The company has successfully expanded its overseas customer base, which is expected to provide a solid foundation for future revenue growth [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.159 billion yuan, a year-on-year increase of 39.16%, and net profit of 169 million yuan, up 43.06% year-on-year [1] - The gross margin for the first three quarters of 2023 was 31.73%, a slight decrease of 0.9 percentage points year-on-year, while the net margin improved to 12.28%, an increase of 2.13 percentage points year-on-year [1] Business Analysis - The company has launched a comprehensive liquid cooling solution for data centers and computing equipment, which has become a core competitive advantage [1] - The company has delivered over 1GW of liquid cooling projects as of September 2024, indicating strong market demand and operational capability [1] Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 4.866 billion yuan, 6.406 billion yuan, and 8.361 billion yuan, respectively, with net profits expected to be 549 million yuan, 722 million yuan, and 943 million yuan [1] - The corresponding price-to-earnings ratios are projected to be 42, 32, and 25 times for the respective years [1]

F原证券 机械设备/专用设备 英维克（002837.SZ） 2024 年 10 月 25 日 Q3 业绩亮眼，液冷龙头海内外成长加速 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/24 | | 当前股价 ( 元 ) | 31.60 | | 一年最高最低 ( 元 ) | 35.70/17.11 | | 总市值 ( 亿元 ) | 234.67 | | 流通市值 ( 亿元 ) | 203.96 | | 总股本 ( 亿股 ) | 7.43 | | 流通股本 ( 亿股 ) | 6.45 | | 近 3 个月换手率 (%) | 141.44 | 股价走势图 -60% -30% 0% 30% 60% 90% 2023-10 2024-02 2024-06 2024-10 英维克 沪深300 数据来源：聚源 相关研究报告 《Q2 业绩高增，AI 液冷龙头加速成长 —公司信息更新报告》-2024.8.13 《业绩超预期，AI 液冷龙头提速成长 —公司信息更新报告》-2024.7.12 《 ...

证券代码：002837 证券简称：英维克 公告编号：2024-049 公司董事会同意报出《深圳市英维克科技股份有限公司 2024 年第三季度报告》。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 具体内容详见同日披露于《中国证券报》《证券时报》《上海证券报》《证 券日报》及巨潮资讯网（www.cninfo.com.cn）的《2024 年第三季度报告》。 本议案已经公司董事会审计委员会审议通过。 2、审议通过《关于修订<内部审计制度>的议案》 一、董事会会议召开情况 深圳市英维克科技股份有限公司（以下简称"公司"）第四届董事会第十三次会 议通知于 2024 年 10 月 20 日以电子邮件等形式送达全体董事，会议于 2024 年 10 月 24 日在深圳市龙华区观澜街道观光路 1303 号鸿信工业园 9 号厂房 3 楼公司会 议室以现场与通讯相结合的方式召开。本次会议应出席董事 9 人，实际出席董事 9 人（其中董事韦立川先生、邢洁女士、朱晓鸥女士、田志伟先生以通讯表决方式 出席）。本次会议由董事长齐勇先生主持。本次会议的召集、召开和表决程序均 符合《公司法》《公司章程》的有关规定。 二、董事会会议审议 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥1,159,184,626.28, representing a 39.16% increase compared to the same period last year[1] - Net profit attributable to shareholders was ¥169,289,816.48, up 43.06% year-over-year[1] - The basic earnings per share (EPS) for the period was ¥0.23, reflecting a 43.75% increase compared to the previous year[1] - Total operating revenue for the current period reached ¥2,871,742,557.75, a significant increase of 38.5% compared to ¥2,071,884,070.28 in the previous period[16] - Net profit for the current period was ¥351,855,406.01, representing a 63.9% increase from ¥214,779,989.24 in the same period last year[17] - Basic earnings per share increased to ¥0.48 from ¥0.29, reflecting a growth of 65.5%[18] - The company reported a total profit of ¥393,785,892.21, which is a 65.7% increase from ¥237,958,558.83 in the prior year[17] - The company’s total comprehensive income for the period was ¥351,740,564.08, compared to ¥215,809,228.99 in the previous period, indicating a growth of 63.0%[17] Cash Flow - The company reported a significant increase in cash flow from operating activities, which rose by 570.91% to ¥156,233,696.34[1] - The net cash flow from operating activities increased to ¥156,233,696.34, a 570.91% increase compared to the previous period of ¥23,286,822.65, primarily due to increased cash received from sales of goods and services[7] - The net cash flow from investing activities decreased to -¥247,709,045.00, a 228.19% decline from -¥75,477,952.79, mainly due to increased investment in the construction of headquarters in South China and Central China[7] - The net cash flow from financing activities improved to -¥30,541,681.23, a 67.21% increase compared to -¥93,146,668.84, attributed to a net inflow of bank loans during the reporting period[7] - Cash inflow from financing activities totaled 586,371,262.09 CNY, up from 496,930,210.79 CNY year-over-year[20] - The net cash flow from financing activities was -30,541,681.23 CNY, an improvement from -93,146,668.84 CNY in the same quarter last year[20] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,587,126,916.69, a 9.74% increase from the end of the previous year[1] - The total liabilities of the company rose to approximately CNY 2.80 billion, compared to CNY 2.61 billion at the beginning of the period, marking an increase of about 7.3%[14] - The company's equity attributable to shareholders increased to approximately CNY 2.79 billion from CNY 2.49 billion, a growth of about 12.2%[15] - The company's cash and cash equivalents decreased to approximately CNY 857.36 million from CNY 940.34 million, a decline of about 8.8%[12] - Accounts receivable rose to approximately CNY 1.82 billion, an increase of about 5.3% compared to CNY 1.73 billion at the beginning of the period[12] Investments and Expenses - Research and development expenses increased by 32.46% to ¥226,468,614.32, attributed to a rise in personnel and material costs[5] - The company’s inventory grew by 33.20% to ¥896,096,768.27, due to an increase in raw materials and uninspected goods[4] - The company received government subsidies amounting to ¥4,967,214.79 during the reporting period[2] - The company’s financial expenses decreased by 45.17% to ¥835,902.75, primarily due to increased bank interest income[5] - Other income increased to ¥44,840,850.11, compared to ¥33,882,125.69 in the previous period, marking a growth of 32.3%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,701, with the largest shareholder, Shenzhen Yingweike, holding 25.39% of shares[8] - Shenzhen Yingweike holds 188,476,541 shares, with 33,105,410 shares pledged[8] - The company plans to distribute a cash dividend of ¥2 per 10 shares, totaling ¥113,780,318.60, and to increase capital by converting reserves into shares at a ratio of 3 shares for every 10 shares held[10] - The company plans to implement a stock option incentive plan for 232 individuals, with a total of 5.06 million stock options available for exercise, representing 0.68% of the total share capital[11] Stock Options - The exercise price for the 2022 stock option incentive plan was adjusted from ¥11.146 to ¥8.420, with the number of unexercised options increasing from 9,732,541 to 12,652,303[10] - The exercise price for the 2024 stock option incentive plan was adjusted from ¥19.61 to ¥14.931, with the number of unexercised options increasing from 9,160,000 to 11,908,000[10] Operational Adjustments - The company’s subsidiary received a notice regarding idle land, which was later revoked, indicating potential operational adjustments[11] - The increase in investment activities reflects the company's commitment to expanding its operational infrastructure[7] Audit Status - The report for the third quarter was not audited, which may affect the reliability of the financial data presented[20]

深圳市英维克科技股份有限公司 内部审计制度 深圳市英维克科技股份有限公司 内部审计制度 (2024 年 10 月) 第一章 总则 第一条 为了规范深圳市英维克科技股份有限公司（以下简称"公司"）内部 审计工作，提高内部审计工作质量，保护投资者合法权益，不断提高企业运营的 效率及效果，根据《中华人民共和国审计法》《审计署关于内部审计工作的规定》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《深圳市英维克科技股份有限公司章程》（以 下简称"《公司章程》"）等的有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称内部审计，是指由公司内部机构或人员，对公司内部控 制和风险管理的有效性、财务信息的真实性、准确性、完整性以及经营活动的效 率和效果等开展的一种评价活动。 第三条 本规范所称内部控制，是由指公司董事会、监事会、高级管理人员 及其他有关人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效率和效果； （三）保障公司资产的安全； （四）确保公司信息披露的真实、准确、完整和公平。 第四条 ...

证券代码：002837 证券简称：英维克 公告编号：2024-050 深圳市英维克科技股份有限公司 第四届监事会第十三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 5、本次监事会会议的召集、召开和表决程序符合有关法律、行政法规、部门规 章、规范性文件和公司章程的规定。 二、监事会会议审议情况 （一）审议通过《关于 2024 年第三季度报告的议案》 监事会认为，公司编制和审核《2024 年第三季度报告》的程序符合法律、行政法 规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 公司监事会同意报出《深圳市英维克科技股份有限公司 2024 年第三季度报告》。 表决结果：3 票同意、0 票反对、0 票弃权。 具体内容详见同日披露于《中国证券报》《证券时报》《上海证券报》《证券日报》 及巨潮资讯网（www.cninfo.com.cn）的《2024 年第三季度报告》。 一、监事会会议召开情况 1、深圳市英维克科技股份有限公司（以下简称"公司"）第四届监事会第十三次 会议通知于 2024 ...