[Table_FinanceDetail] [Table_Page] 中报点评|通信 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|---------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-----------------------------------------------|--------------------------|--------------|---------------------------------------------|------------------------------------------------------ ...

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a 6-month target price of 25.68 CNY [4]. Core Insights - The company reported a significant revenue growth of 38.24% year-on-year, achieving 1.713 billion CNY in the first half of 2024, with a net profit growth of 99.63% to 183 million CNY [2][3]. - The rapid growth is attributed to the strong performance of various business segments, particularly the liquid cooling technology for data centers, which has seen a doubling in revenue [2][3][7]. - The company is well-positioned to benefit from the increasing demand for temperature control solutions driven by AI and energy storage developments [8]. Revenue Breakdown - The revenue from data center temperature control products reached 856 million CNY, up 85.91% year-on-year, driven by new AI applications and increased demand for data centers [3]. - Cabinet temperature control products generated 702 million CNY, a 6.11% increase, while the bus air conditioning business saw a revenue of 276 million CNY, growing by 42.35% [3]. - Revenue from rail transit air conditioning and services reached 479 million CNY, reflecting a 35.88% increase due to several project deliveries [3]. Profitability and Cost Control - The overall gross margin for the first half of 2024 was 30.99%, a slight decrease of 1.05 percentage points from the previous year, but the company has effectively managed costs [4][6]. - The company reported a decrease in sales, management, and R&D expense ratios, indicating improved operational efficiency [6]. Future Projections - The company is expected to achieve revenues of 4.684 billion CNY, 6.222 billion CNY, and 7.725 billion CNY for the years 2024, 2025, and 2026, respectively, with net profits projected at 542.5 million CNY, 728.7 million CNY, and 928.7 million CNY [9][10]. - The projected P/E ratios for the upcoming years are 29.50, 21.97, and 17.23, indicating a favorable valuation trend [9][10].

Investment Rating - The report maintains an "Outperform" rating for the company [1][3] Core Views - The company's data center business has shown strong performance, with liquid cooling technology reaching an inflection point for accelerated growth [1] - The company's revenue in H1 2024 reached 1.71 billion yuan, a year-on-year increase of 38.2%, with net profit attributable to the parent company reaching 180 million yuan, a 100% increase [1] - The data center temperature control business grew by 86% year-on-year, contributing 50% of total revenue, while other segments such as bus and rail air conditioning also showed strong growth [1] - The company's overseas revenue accounted for 16% of total revenue, with a focus on expanding in the Southeast Asian data center market [1] Financial Performance - In Q2 2024, the company achieved revenue of 970 million yuan, a 36% year-on-year increase, and net profit attributable to the parent company of 120 million yuan, an 82% increase [1] - The company's gross margin slightly declined due to rising copper prices and structural changes in the data center business, but net margin improved to 10.7%, the highest in three years [1] - The company's revenue from liquid cooling technology related to data centers and computing equipment doubled compared to the same period last year [1] Industry and Market Trends - The rapid development of AI has increased demand for data center computing power and thermal density, accelerating the adoption of liquid cooling technology [1] - The company has developed a full-chain liquid cooling solution, gaining recognition in the industry and opening up new growth opportunities in the electronic cooling market [1] Financial Forecasts - The report forecasts revenue for 2024-2026 to be 4.65 billion, 6.14 billion, and 7.75 billion yuan, respectively, with net profit attributable to the parent company expected to be 540 million, 700 million, and 890 million yuan [1][6] - The company's PE ratio is projected to be 29x, 22x, and 18x for 2024-2026, respectively [1][6] Valuation and Comparisons - The company's valuation metrics, including PE, PB, and EV/EBITDA, are compared with peers, showing a relatively favorable position [6] - The company's EPS is expected to grow from 0.72 yuan in 2024 to 1.21 yuan in 2026 [6]

Investment Rating - The report assigns a "Buy" rating for Envicool (002837.SZ) [1][8] Core Insights - Envicool reported robust Q2 performance, aligning with its previous earnings forecast, with revenue, gross profit, EBIT, and net profit showing significant year-on-year growth of 36%, 39%, 96%, and 82% respectively [1] - The company anticipates continued strong growth in its data center (liquid cooling) temperature control business, driven by increased orders in June and July, although growth in the energy storage temperature control segment is expected to slow [1][4] - The report highlights the company's strategic focus on enhancing product value and expanding its customer base both domestically and internationally, particularly in the CPU server market [2][4] Financial Performance Summary - For Q2 2024, Envicool's financials were as follows: revenue of RMB 967 million, gross profit of RMB 311 million, EBIT of RMB 120 million, and net profit of RMB 121 million, all exceeding prior forecasts [1][4] - The gross profit margin for Q2 was 32%, with EBIT and net profit margins at 12% and 13% respectively, reflecting improvements compared to previous periods [1][4] - The company has adjusted its net profit forecasts for 2024-2030 slightly upward by 1%, with a new target price set at RMB 33.1, based on a 30x P/E ratio for 2025 [1][8] Business Segment Insights - The data center temperature control revenue grew by 86% year-on-year in the first half of 2024, driven by strong demand from domestic cloud and hosting clients, as well as telecom operators [1][2] - The liquid cooling business maintained approximately 100% year-on-year growth, supported by projects in China and Southeast Asia [1][2] - The energy storage temperature control segment saw only an 11% year-on-year increase, attributed to a high base effect from 2023 and declining prices in temperature control systems [2][4] Strategic Outlook - Envicool aims to maintain a strong R&D focus while improving operational efficiency, with plans to enhance its product offerings and expand into overseas markets [4][7] - The company is also focusing on securing service contracts for energy storage projects to drive sustainable growth [4][7]

[Table_StockNameRptType] 英维克（002837） 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_StockNameRptType] 英维克（002837） 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

机房温控高速增长，液冷技术加速放量 英维克 2024 半年报点评 | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------|----------------|-------|-------|-------| | | | | | | | | | 徐乔威(分析师) | 张越(分析师) | | | | | | 021-38676779 | 0755-23976385 | | | | | | xuqiaowei023970@gtjas.com zhangyue025639@gtjas.com | | | | | | | 赛记编号 S0880521020003 | $0880522090004 | | | | 本报告导读: 公司 2024H1 业绩符合预期,机房温控快速增长,机柜温拉增速放缓,同时公司液 冷相关营收快速放置,业绩有望稳步增长。 投资要点: O ● ● O 维持增持评级。公司为国内温控领域龙头,机房温控快速增长,机 框温控增速放缓。维持 2024-26 年 EPS ...

股 票 研 究 证 券 研 究 报 告 ——英维克 2024 半年报点评 机房温控高速增长，液冷技术加速放量 英维克(002837) [Table_Industry] 资本货物/工业 | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------------|-------|-------|-------| | | | | | | | | | [table_Authors] 徐乔威 ( 分析师 ) | 张越 ( 分析师 ) | | | | | | 021-38676779 | 0755-23976385 | | | | | | xuqiaowei023970@gtjas.com | zhangyue025639@gtjas.com | | | | | 登记编号 | S0880521020003 | S0880522090004 | | | | 本报告导读： 公司 2024H1 业绩符合预期，机房温控快速增长，机柜温控增速放缓，同时公司液 冷相关营收快速放量， ...

英维克（002837.SZ）2024 年半年度业绩报告点评 [盈利预测与财务指标 Table_Forcast] 高质量业务拓展顺利，拉动利润稳步放量 2024 年 08 月 13 日 ➢ 英维克发布 2024 年半年度业绩。公司 1H24 实现收入 17.1 亿元，同比增 长 38.2%；归母净利润 1.8 亿元，同比增长 99.6%；扣非净利润 1.7 亿元，同比 增长 113.5%。单季度看，2Q24 实现收入 9.7 亿元，同比增长 35.9%，环比增 长 29.7%；归母净利润 1.2 亿元，同比增长 81.9%，环比增长 96.0%；扣非净利 润 1.2 亿元，同比增长 94.7%，环比增长 115.4%。 ➢ 数据中心需求提升，机房温控业务快速增长。数据中心能效要求提高，公司 率先大力推广的间接蒸发冷却技术作为有效降低能耗的成熟风冷技术已获广泛 认同，市场渗透率继续提升。算力密度提升驱动液冷需求快速增长，作为"全链 条"平台，公司在数据中心机房及算力设备的液冷技术相关营业收入约为同期 2 倍。公司的优势领域需求旺盛、行业地位稳固、持续投入研发迭代产品、积极拓 展海外市场，机房温控节能营业收入同比快 ...

英维克（002837.SZ）2024 年半年度业绩报告点评 [盈利预测与财务指标 Table_Forcast] 高质量业务拓展顺利，拉动利润稳步放量 2024 年 08 月 13 日 ➢ 英维克发布 2024 年半年度业绩。公司 1H24 实现收入 17.1 亿元，同比增 长 38.2%；归母净利润 1.8 亿元，同比增长 99.6%；扣非净利润 1.7 亿元，同比 增长 113.5%。单季度看，2Q24 实现收入 9.7 亿元，同比增长 35.9%，环比增 长 29.7%；归母净利润 1.2 亿元，同比增长 81.9%，环比增长 96.0%；扣非净利 润 1.2 亿元，同比增长 94.7%，环比增长 115.4%。 ➢ 数据中心需求提升，机房温控业务快速增长。数据中心能效要求提高，公司 率先大力推广的间接蒸发冷却技术作为有效降低能耗的成熟风冷技术已获广泛 认同，市场渗透率继续提升。算力密度提升驱动液冷需求快速增长，作为"全链 条"平台，公司在数据中心机房及算力设备的液冷技术相关营业收入约为同期 2 倍。公司的优势领域需求旺盛、行业地位稳固、持续投入研发迭代产品、积极拓 展海外市场，机房温控节能营业收入同比快 ...