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丨证券研究报告丨 [Table_Title] 业绩表现持续亮眼，国内算力建设高景气 分析师及联系人 SAC：S0490517110002 SFC：BUX641 英维克（002837.SZ） cjzqdt11111 [Table_Title2] 业绩表现持续亮眼，国内算力建设高景气公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 ⚫ 二季报再超预期，业绩表现持续亮眼。2024H1，公司预计实现归母净利润 1.65 亿元~1.93 亿元，同比增长 80%~110%，中值约 1.79 亿元，同比增长 95%；实现扣非归母净利润 1.53 亿元~1.81 亿元，同比增长 91%~125%，中值约 1.67 亿元，同比增长 108%。折算 至 24Q2，公司预计实现归母净利润 1.03 亿元~1.31 亿元，同比增长 55%~96%，中值约 1.17 亿元，同比增长 75%；实现扣非归母净利润 0.99 亿元~1.27 亿元，同比增长 65%~111%，中值约 1.13 亿元，同比增长 88%，已连续两个季度超预期，业绩持续亮眼。 ⚫ 投资建议：公司 2024Q2 业绩再超预期，业绩表现持续亮眼。业绩实 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 32x, 25x, and 19x for 2024, 2025, and 2026, respectively [4] Core Views - The company's Q2 2024 performance shows rapid growth, with estimated net profit attributable to the parent company ranging from 103 to 131 million yuan, a year-on-year increase of 54%-96% and a quarter-on-quarter increase of 66%-111% [1] - The company's liquid cooling technology is accelerating its adoption, with a cumulative delivery of 900MW for liquid cooling projects as of March 2024 [12] - The company's energy storage business continues to grow, with significant achievements in expanding both domestic and international customers [2][15] Financial Performance - Revenue is expected to grow from 2,923 million yuan in 2022 to 8,352 million yuan in 2026, with a CAGR of 30.1% [1] - Net profit attributable to the parent company is projected to increase from 280 million yuan in 2022 to 862 million yuan in 2026, with a CAGR of 32.5% [1] - ROE is expected to improve from 13.1% in 2022 to 23.9% in 2026 [1] - EPS is forecasted to rise from 0.38 yuan in 2022 to 1.17 yuan in 2026 [1] Business Highlights - The company's data center liquid cooling solutions, particularly the Coolinside platform, have gained significant traction, with a comprehensive product line covering various components of liquid cooling systems [12] - The company has been recognized as the "Best Equipment Supplier" and "Most Influential Enterprise" in the energy storage industry for 2024 [2] - The company's BattCool energy storage liquid cooling solution has been successfully deployed in a 5MWh high-density energy storage system, showcasing its innovation in the sector [12] Industry Outlook - The demand for digital infrastructure and energy storage power station construction is expected to drive the adoption of liquid cooling technology, benefiting the company's leading position in the market [12] - The company's strong brand and customer base in the energy storage sector, coupled with continuous innovation, position it well to capitalize on the growing demand for energy storage solutions [15]

Investment Rating - The report maintains a "Buy" rating for the company [1][23]. Core Insights - The company is expected to benefit from the growing trend of liquid cooling solutions, which is becoming essential as power density in server racks increases [23]. - The company has shown significant improvement in its financial performance, with projected net profit growth of 80.0% to 110.0% year-on-year for the first half of 2024 [23]. - The report highlights the company's comprehensive product line and efficient production processes as key drivers for revenue growth [23]. Financial Summary - The company’s revenue is projected to grow from 35.29 billion in 2024 to 86.0 billion in 2026, with corresponding net profits of 5.4 billion, 6.9 billion, and 8.0 billion respectively [23]. - The expected growth rates for revenue are 20.72% in 2023, 47.81% in 2024, 27.29% in 2025, and 29.50% in 2026 [13]. - The company's net profit margin is projected to be 10.41% in 2024, increasing to 10.44% in 2025 before declining to 9.35% in 2026 [13]. Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 53 in 2023 to 23 by 2026, indicating a more attractive valuation over time [13]. - The price-to-book (P/B) ratio is projected to decline from 7.3 in 2023 to 4.8 in 2026, reflecting improved financial health [13]. - The report anticipates a dividend yield of 1.41% in 2024, increasing to 1.57% in 2025 before dropping to 0.80% in 2026 [13].

Investment Rating - The investment rating for the company is "Add" (maintained rating) with a target price of 24.54 CNY [5]. Core Viewpoints - The company is a leading provider of precision temperature control energy-saving solutions and products, poised to benefit from the AI wave and the trend of liquid cooling penetration [10][11]. - The company has shown strong performance with a significant increase in revenue and net profit, driven by the growth in the data center cooling market and optimization of product design and procurement strategies [9][11]. - The company has established deep partnerships with major clients and is actively expanding into overseas markets, which is expected to enhance its growth prospects in the AI era [10][11]. Financial Data and Valuation - Revenue (in million CNY): - 2022: 2,923.18 - 2023: 3,528.86 - 2024E: 4,986.93 - 2025E: 6,721.10 - 2026E: 8,794.91 - Revenue Growth Rate (%): - 2022: 31.19 - 2023: 20.72 - 2024E: 41.32 - 2025E: 34.77 - 2026E: 30.86 - Net Profit Attributable to Parent Company (in million CNY): - 2022: 280.28 - 2023: 344.01 - 2024E: 517.22 - 2025E: 709.65 - 2026E: 945.80 - Earnings Per Share (CNY): - 2022: 0.38 - 2023: 0.47 - 2024E: 0.70 - 2025E: 0.96 - 2026E: 1.28 - Price-to-Earnings Ratio (P/E): - 2022: 64.75 - 2023: 52.76 - 2024E: 35.09 - 2025E: 25.57 - 2026E: 19.19 - Price-to-Book Ratio (P/B): - 2022: 8.57 - 2023: 7.30 - 2024E: 5.98 - 2025E: 5.14 - 2026E: 4.33 - EV/EBITDA: - 2022: 24.20 - 2023: 18.43 - 2024E: 22.68 - 2025E: 16.72 - 2026E: 12.78 [2][6][13][15]. Profit Forecast and Investment Suggestions - The company's net profit forecasts for 2024-2026 have been revised upwards to 5.2 billion CNY, 7.1 billion CNY, and 9.5 billion CNY respectively, reflecting strong growth potential [11]. - The company is expected to maintain a P/E valuation of 35, 26, and 19 times for 2024-2026 [11].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | --- | --- | |----------------|---------------------------|--------------------------| | | | | | [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 | 业绩超预期，AI 推动液冷加速成长 动液冷方案加速成长，业绩有望高速增长。 公 司 更 新 报 告 本报告导读： 证 券 研 究 报 告 公司 2024H1 业绩超预期，机房温控增长较快，电子散热有望加速，同时 AI 应用推 [Table_Summary 维持增持评级] 。公司为国内温控领域龙头，维持 2024-26 年 ...

机械设备/专用设备 英维克（002837.SZ） 2024 年 07 月 12 日 ——公司信息更新报告 殷晟路（分析师） 蒋颖（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 jiangying@kysec.cn 证书编号：S0790523120003 业绩有望实现大幅增长，持续受益于液冷行业发展，维持"买入"评级 各业务均保持增长，机房温控业务持续发力 数据中心液冷全链条自研龙头，获华为等多家客户认可，竞争实力雄厚 风险提示：网络建设不及预期、政企客户拓展不及预期、中美贸易摩擦加剧等。 股价走势图 F原证券 公 司 研 究 业绩超预期，AI 液冷龙头提速成长 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/7/11 | | 当前股价 ( 元 ) | 22.31 | | 一年最高最低 ( 元 ) | 35.70/17.11 | | 总市值 ( 亿元 ) | 165.00 | | 流通市值 ( 亿元 ) | 143.31 | | 总股本 ( 亿股 ) | 7 ...

地址：南昌市红谷滩新区凤凰中大道 1115 号北京银行大厦 邮编：330038 本报告的信息均来源于本公司认为可信的公开资料，但本公司及其研究人员对该等信息的准确性及完整性不作任何保证。 本报告中的资料、意见及预测仅反映本公司于发布本报告当日的判断，可能会随时调整。在不同时期，本公司可发出与本 报告所载资料、意见及推测不一致的报告。本公司不保证本报告所含信息及资料保持在最新状态，对本报告所含信息可在 不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。 本公司力求报告内容客观、公正，但本报告所载的资料、工具、意见、信息及推测只提供给客户作参考之用，不构成任何 投资、法律、会计或税务的最终操作建议，本公司不就报告中的内容对最终操作建议做出任何担保。本报告中所指的投资 及服务可能不适合个别客户，不构成客户私人咨询建议。投资者应当充分考虑自身特定状况，并完整理解和使用本报告内 容，不应视本报告为做出投资决策的唯一因素。 投资者应注意，在法律许可的情况下，本公司及其本公司的关联机构可能会持有本报告中涉及的公司所发行的证券并进行 交易，也可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等各种金融 ...

注：①上述数据以合并报表数据填列。 深圳市英维克科技股份有限公司 一、本期业绩预计情况 2、预计的业绩： □亏损 □扭亏为盈 同向上升 □同向下降 证券代码：002837 证券简称：英维克 公告编号：2024-036 2024 年半年度业绩预告 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。 1、业绩预告期间：2024 年 1 月 1 日-2024 年 6 月 30 日 | --- | --- | --- | |-----------------------------------|-------------------------------------------|------------------------| | 项目 | 本报告期 | 上年同期 | | 归属于上市公司股 | 盈利： 16,542.72 万元– 19,299.84 万元 | | | 东的净利润 | 比上年同期增长： 80.00%-110.00% | 盈利： 9,190.40 万元 | | 归属于上市公司股 东的扣除非经常性 | 盈利： 15,326.09 万元 -18,083.21 ...

[Table_MainInfo] 公司研究/机械工业/其他专用机械 证券研究报告 英维克（002837）公司研究报告 2024 年 07 月 01 日 投资评级 优于大市 首次 覆盖 | --- | |----------------------------| | | | 分析师 : 吴杰 | | Tel:(021)23183818 | | Email:wj10521@haitong.com | | 证书 :S0850515120001 | | 联系人 : 姚望洲 | | Tel:(021)23185691 | | Email:ywz13822@haitong.com | [Table_Summary] 投资要点： 储能温控规模持续扩大，液冷占比逐步提升。液冷除了具有更好的散热效果， 还可以提高电池系统的工作效率和寿命，并且能应用于各种复杂环境，目前 大型储能系统存在风冷向液冷转换的趋势。液冷渗透率提高，英维克在液冷 的提前布局有望带来业绩变现。 投资策略与评级。我们预计公司 2024-2026 年 EPS 分别为 0.75 元、0.94 元、 1.11 元，根据可比公司估值，我们给予公司 2024 年 35 ...