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.

证券代码：002837 证券简称：英维克 公告编号：2024-057 深圳市英维克科技股份有限公司 第四届董事会第十五次会议决议公告 本公司及董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。 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"）第四届董事会第十五 次会议通知于 2024 年 11 月 15 日以电子邮件等形式送达全体董事，会议于 2024 年 11 月 19 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、董事会会议审议情况 1.审议通过《关于拟续聘会计师事务所的议案》 2.审议通过《关于修改<公司章程>及办理工商变更登记的议案》 《公司章程修订对照表》及修订后的《公司章程（2024 年 11 月）》已于同日 披露于巨潮资讯网（www.cninfo.com. ...

证券代码：002837 证券简称：英维克 公告编号：2024-060 深圳市英维克科技股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司及董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。 深圳市英维克科技股份有限公司（以下简称"公司"）决定于2024年12月6日召开2024 年第二次临时股东大会，现将会议相关事项通知如下： 一、召开会议的基本情况 1、 股东大会届次：2024年第二次临时股东大会 2、 会议召集人：公司董事会经第四届董事会第十五次会议审议通过，公司决定召开 公司2024年第二次临时股东大会。 3、 会议召开的合法、合规性：本次股东大会的召集程序符合相关法律、行政法规、 部门规章、规范性文件、深圳证券交易所（以下简称"深交所"）业务规则和公司章程的 规定。 4、 会议时间： （2） 网络投票：公司将通过深交所交易系统和互联网投票系统（网址： http://wltp.cninfo.com.cn）向公司股东提供网络形式的投票平台，公司股东应在本通 （1） 现场会议召开时间：2024年12月6日下午14:00开始。 （2） 网络投票时间：通过深 ...

深圳市英维克科技股份有限公司 公司章程 深圳市英维克科技股份有限公司 公司章程 二〇二四年十一月 | | | | 第一章 | 总则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 2 | | | 第三章 | 股份 2 | | | 第一节 | 股份发行 2 | | | 第二节 | 股份增减和回购 4 | | | 第三节 | 股份转让 5 | | | 第四章 | 股东和股东大会 6 | | | 第一节 | 股东 6 | | | 第二节 | 股东大会的一般规定 8 | | | 第三节 | 股东大会的召集 11 | | | 第四节 | 股东大会的提案与通知 | 12 | | 第五节 | 股东大会的召开 14 | | | 第六节 | 股东大会的表决和决议 | 17 | | 第五章 | 董事会 21 | | | 第一节 | 董事 21 | | | 第二节 | 董事会 24 | | | 第六章 | 经理及其他高级管理人员 | 29 | | 第七章 | 监事会 31 | | | 第一节 | 监事 31 | | | 第二节 | 监事会 31 | | | 第八章 | 财务会计制度、利润分配和审 ...

证券代码：002837 证券简称：英维克 公告编号：2024-058 深圳市英维克科技股份有限公司 第四届监事会第十五次会议决议公告 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。 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"）第四届监事会第十五次 会议通知于 2024 年 11 月 13 日以专人送达形式向各位监事送出。 2、召开本次监事会会议的时间：2024 年 11 月 19 日；地点：公司三楼会议室； 方式：现场。 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《关于拟续聘会计师事务所的议案》 鉴于立信会计师事务所（特殊普通合伙）在为本公司提供审计服务过程中表现出 的良好的业务水平和职业道德，监事会同意继续聘请立信会计师事务所（特殊普通合 伙）承担公司 2024 年度财务报表和内部控制审计工作。 表决结果：3 票同意、0 票反对、0 票弃权。 具体内容详见巨潮资讯网（www.cninfo.com.cn）披露的《关于拟续聘会计师 ...

特别提示： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 一、拟续聘会计师事务所的基本情况 （一）机构信息 证券代码：002837 证券简称：英维克 公告编号：2024-059 深圳市英维克科技股份有限公司 关于拟续聘会计师事务所的公告 本公司及董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。 2023 年度立信为 671 家上市公司提供年报审计服务，审计收费 8.32 亿元， 同行业上市公司审计客户 83 家。 2．投资者保护能力 截至 2023 年末，立信已提取职业风险基金 1.66 亿元，购买的职业保险累计 赔偿限额为 12.50 亿元，相关职业保险能够覆盖因审计失败导致的民事赔偿责任。 近三年在执业行为相关民事诉讼中承担民事责任的情况： 截至 2023 年末，立信拥有合伙人 278 名、注册会计师 2,533 名、从业人员 总数 10,730 名，签署过证券服务业务审计报告的注册会计师 693 名。 立信 2023 年业务收入（经审计）50.01 亿元，其中审计业务收 ...

深圳市英维克科技股份有限公司 董事会 （2024 年 11 月） | | 原章程 | | | | | | | | | | | | | 新章程 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第六条 公 | 资 | 司 | 注 | 册 | 本 | 为 | 人 | 民 | 币 | 第六条 | 公 | 司 | 注 | 册 | 资 | 本 | 为 | 人 | 民 | 币 | | 568,818,725.00 | | | 元。 | | | | | | | 743,822,694.00 元。 | | | | | | | | | | | | 第二十条 | 公司股份总数为 | | | | | 568,818,725 | | 股，均 | | 第二十条 公司股份总数为 | | | | | | 743,822,694 | | | | 股， | | 为人民币普通股。 | | | | | | | | ...

证券代码：002837 证券简称：英维克 公告编号：2024-056 深圳市英维克科技股份有限公司 2024 年 5 月，公司实施 2023 年年度权益分派方案，公司 2023 年利润分配 方案为：以公司总股本 568,901,593 股为基数，向全体股东每 10 股派发现金红 利 2 元（含税），共派发现金红利 113,780,318.60 元（含税）；不送红股；同时 以资本公积金转增股本方式向全体股东每 10 股转增 3 股。上述权益分派方案实 施后，上海秉原的股份减持数量应相应调整为：股东上海秉原计划以大宗交易方 式减持公司股份不超过 3,900,000 股（含 3,900,000 股），约占公司当时总股本 比例 0.53%。 近日，公司收到上海秉原出具的《上海秉原旭股权投资发展中心（有限合伙） 关于减持计划期限届满的告知函》，截止本公告披露日，上述减持计划期限已届 满。现将相关情况公告如下： 一、 股东减持情况 1.减持明细 | 股东名称 | 减持方式 | 减持期间 | 减持均价 | 减持股数 | 占公司目前总 | | --- | --- | --- | --- | --- | --- | | | | ...

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]