其他 93.41 111.06 120.00 135.00 150.00 每股收益（元） 0.38 0.47 0.67 0.91 1.18 财务预测摘要 速动比率 每股收益 市净率 少数股东权益 (8.88) (4.14) 0.66 7.14 15.56 主要财务比率 其他 0.91 1.36 0.61 0.96 0.98 归属于母公司净利润 分析师声明 特别声明 天风证券研究 浪潮"All in 液冷"，互联网厂商推进。浪潮信息在 2022 年将"All in 液冷"纳入公司发 展战略，在 2023 年上半年位列中国液冷服务器市场占比第一，占据了中国液冷近 5 成的 市场份额（根据 IDC 数据）。目前浪潮信息已拥有 500 多项液冷技术领域核心专利，已参 与制定与发布 10 余项冷板式液冷、 浸没式液冷相关设计技术标准。 依托先进研发技术平台，英维克 Coolinside 全链条液冷解决方案从液冷系统长效运行的可 靠性出发，通过长效工质、流量均分、防脱漏、低流阻等技术，实现液冷系统的全要素保 图 24：英维克与超聚变合作 请务必阅读正文之后的信息披露和免责申明 19 其他主营业务我们预计保持稳定增长，24 ...

| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 公司概况: 国内精密温控龙头企业 | | | 历史发展 : 深耕温控领域多年，产品矩阵丰富 . | | | 公司业务：机房温控、储能温控与电子散热，三驾马车布局成长 | | | 管理层及股权结构: 高管多有产业背景, 股权激励常态化 | | | 财务状况：近年营收复合增速超 30%，成长能力突出 . | | | 液冷:功率密度持续提升,AI 带动散热"冷"革命 . | | | 液冷: 代表中长期技术方向 . | | | 一数据中心温控：AI 催化液冷加速，解耦式交付大势所趋 场景一 | | | | | | 场景二- 一电子散热: 液冷冷板空间广阔，国产替代有望加速 | | | 场景三 -- 储能温控:储能装机持续增长,液冷温控 .. | ...

Financial Data and Key Metrics - The company's revenue from liquid cooling in data centers increased approximately threefold year-over-year in 2023 [3] - The company delivered over 900 MW of liquid cooling equipment by March 2024 [3] - The company's total revenue and net profit attributable to shareholders have grown at a compound annual growth rate (CAGR) of over 20% in the past five years [4] - In Q1 2024, the company's performance was strong due to delayed settlements of data center orders from Q3 and Q4 2023, as well as incremental revenue from liquid cooling [4] Business Line Data and Key Metrics - Data center liquid cooling revenue grew approximately threefold year-over-year in 2023 [3] - The company's energy storage temperature control business revenue reached RMB 337 million in 2021, a 3.5x increase year-over-year, driving a 30% increase in total revenue that year [4] - The company's liquid cooling products saw rapid growth in 2022, with a year-over-year increase of 4x, and maintained a fast growth rate in 2023, with a year-over-year increase of approximately threefold [4] - The company's data center temperature control business accounted for 46.5% of total revenue in 2023, with a five-year CAGR of 27% [22] - The outdoor cabinet temperature control business accounted for 41.5% of total revenue in 2023, with a five-year CAGR of 40.68%, of which energy storage contributed RMB 1.22 billion, a 44% year-over-year increase [22] Market Data and Key Metrics - The company has a strong customer base, including Huawei, ZTE, Baidu, Alibaba, Tencent, CNPC, CNOOC, and third-party operators such as GDS, Chindata, China Mobile, China Telecom, and China Unicom [3] - The company's overseas revenue has been steadily increasing, with active expansion in Southeast Asia, Singapore, and other regions, following clients like ByteDance and Chindata [33] Company Strategy and Industry Competition - The company has a full-chain layout and self-developed products, with a complete solution from server internal cold plates to external equipment, achieving large-scale commercialization in 2021 [3] - The company has a strong technical and industrial background, with executives from Huawei and Emerson, providing a competitive edge in the liquid cooling industry [3] - The company has been proactive in seizing industry opportunities, such as entering the energy storage application field before the industry demand exploded in 2022 [32] - The company's full-chain solution helps avoid issues like inconsistent product standards and unclear post-operation responsibilities, facilitating rapid market deployment [27] Management Commentary on Operating Environment and Future Outlook - The company believes that the liquid cooling industry will experience a significant increase in penetration rate this year, driven by AI chip power consumption, high-density cabinet demand, and telecom operators' active deployment of liquid cooling computing centers [18] - The company expects its data center temperature control business to maintain a rapid growth rate of around 30% in the future, driven by the rapid growth of liquid cooling business [22] - The company's overseas revenue is expected to gradually increase in the future, with active expansion in overseas energy storage projects [40] Other Important Information - The company's gross margin has been recovering, with the comprehensive gross margin reaching over 30% in 2023, and net profit margin maintained at around 10% [22] - The company's R&D investment, both in absolute terms and as a percentage of revenue, is at a leading level in the industry, helping to maintain core competitiveness [35] Summary of Q&A Session Question: What are the advantages of the company in the liquid cooling industry? - The company has a full-chain layout and self-developed products, with a complete solution from server internal cold plates to external equipment, achieving large-scale commercialization in 2021 [3] - The company has a strong customer base, including Huawei, ZTE, Baidu, Alibaba, Tencent, CNPC, CNOOC, and third-party operators such as GDS, Chindata, China Mobile, China Telecom, and China Unicom [3] - The company has a strong technical and industrial background, with executives from Huawei and Emerson, providing a competitive edge in the liquid cooling industry [3] Question: What are the company's achievements in the energy storage temperature control field? - The company achieved RMB 1.22 billion in energy storage revenue in 2023, a 44% year-over-year increase, and expects future growth to remain between 30% to 40% [44] - The company has launched a full-chain liquid cooling thermal management 2.0 solution, including cabinets, water machines, zero-line connectors, and various pipeline products, gaining recognition from multiple customers [44] Question: What are the challenges faced by the liquid cooling thermal management industry? - The industry faces challenges such as certification barriers and the need for recognition from chip manufacturers, server manufacturers, and data center integrators [10] - The company's ABC temperature control products have been certified by Huawei and other chip manufacturers, gaining recognition from supercomputing centers and other clients [10]

好的各位投资者大家晚上好我是开源通信的手机经营师蒋友那非常感谢大家今天参加我们的一枚课的深度报告解读的计划会议那今天呢跟我一起主讲会议的还有我的同事雷欣宇 那心宇的话呢他本科和硕士呢都是在海外读的他目前呢在我们组呢主要是负责这个海外的AI产业链啊还有这个夜冷服务器交换机啊物联网等板块的研究那我们之前呢在英美克一个市值的比较阶段性的底部就发过一篇啊50多页的这个夜冷行业的深度报告那当时呢我们主要推荐的核心标的啊就是这个英美克 那这次的话呢我们再次发布文艺威克的一个深度深度报告那一方面呢确实是看到了在AI的驱动下我们看到我们判断这个电脑行业正在逐步进入到一个爆发式的发展的这么一个产业阶段 那另外一方面的话呢我们认为这个英维克作为叶冷全产业链资源的一个龙头我们觉得是有望率先授予这个叶冷产业的爆发的那我们组之前的这个叶冷的行业深度报告还有这个英维克的深度报告呢主要是由我和星宇来主笔和完成的 那我下面呢先给大家汇报一下核心观点然后呢再请我们组的雷辛里来给各位投资者汇报一下我们这篇匿位科深度报告的一个详细的一个内容那首先就是我们刚刚提到了我们比较看好啊今年会是一个夜冷的一个爆发的这么一个元年 那为什么我们会提出这样的观点 ...

好的各位投资者大家晚上好我是开源通信的手机经营师蒋友那非常感谢大家今天参加我们的一枚课的深度报告解读的计划会议那今天呢跟我一起主讲会议的还有一个同事雷欣宇 那心宇的话呢他本科和硕士呢都是在海外读的他目前呢在我们组呢主要是负责这个海外的AI产业链啊还有这个夜冷服务器交换机啊物联网等板块的研究那我们之前呢在英美科一个市值的比较阶段性的底部就发过一篇啊50多页的这个夜冷行业的深度报告那当时呢我们主要推荐的核心标的啊就是这个英美科 那这次的话呢我们再次发布文艺威克的一个深度深度报告那一方面呢确实是看到了在AI的驱动下我们看到我们判断这个电脑行业正在逐步进入到一个爆发式的发展的这么一个产业阶段 那另外一方面的话呢我们认为这个英维克作为叶冷全产业链资源的一个龙头我们觉得是有望率先授予这个叶冷产业的爆发的那我们组之前的这个叶冷的行业深度报告还有这个英维克的深度报告呢主要是由我和星宇来主笔和完成的 那我下面呢先给大家汇报一下核心观点然后呢再请我们组的雷辛里来给各位投资者汇报一下我们这篇匿位科深度报告的一个详细的一个内容那首先就是我们刚刚提到了我们比较看好啊今年会是一个烈冷的一个爆发的这么一个元年 那为什么我们会提出这样的观点 ...

大家好欢迎参加开源通信英维克系列解读一深度报告AI高密度时代的夜冷全链条字眼龙头目前所有参会者均处于静音状态下面开始播面则声明声明完毕后主持人可直接开始发言本次会议紧面向开源证券的专业投资机构客户 以下研究观点的及时交流第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议未经开源证券事先书面许可任何机构或个人严禁录音转发及相关解读涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 好的各位投资者大家晚上好我是开源通信的手机分析师蒋友那非常感谢大家今天参加我们的英媒客的深度报告解读的电话会议那今天呢跟我一起主展会议的还有我的同事雷欣宇 那心宇的话呢他本科和硕士呢都是在海外读的他目前呢在我们组呢主要是负责这个海外的AI产业链啊还有这个夜冷服务器交换机啊物联网等板块的研究那我们之前呢在英威克的一个市值的比较阶段性的底部就发过一篇啊50多页的这个夜冷行业的深度报告那当时呢我们主要推荐的核心标的啊就是这个英威克 那这次的话呢我们再次发布英为克的一个深度深度报告那一方面呢确实是看到了在AI的驱动下我们看到我们判断这个夜冷行业正在逐步进入到一个爆发式的发展的这么一个产业阶段那另外一 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [49] Core Viewpoints - The liquid cooling data center market is expected to maintain rapid growth, with a projected market size increase to 15.4 billion yuan in 2023, representing a year-on-year growth of 53.2% [16] - The company is a leader in the liquid cooling industry, having developed a comprehensive self-research and production capability across the entire liquid cooling chain, which enhances its competitive strength [41][48] - The company has established a solid customer base, with its temperature control products recognized by major clients such as Huawei and ZTE [52][61] Summary by Sections Company Overview - The company has been deeply involved in temperature control for data centers for over 15 years, mastering various cooling technologies [31] - It has expanded its product offerings from traditional air cooling to include liquid cooling solutions, which are increasingly favored due to rising power consumption in servers [21][31] Market Potential - The rapid development of AI and high-performance computing is driving the demand for liquid cooling solutions, as traditional air cooling methods are becoming inadequate [16][60] - The liquid cooling market is projected to grow at a compound annual growth rate (CAGR) of 59% from 2022 to 2027, with the market size expected to exceed 100 billion yuan by 2027 [16] Financial Performance - The company's revenue is projected to grow from 2.923 billion yuan in 2022 to 8.717 billion yuan by 2026, with a year-on-year growth rate of 31.2% in 2022 and 20.7% in 2023 [53] - The net profit attributable to shareholders is expected to increase from 280 million yuan in 2022 to 947 million yuan by 2026, reflecting a strong growth trajectory [53] Product Development - The company has launched several innovative liquid cooling solutions, including the XFluid and XGlacier series, which cater to varying thermal density requirements [35][41] - It has developed a full-chain liquid cooling solution called Coolinside, which integrates components from the server side to the cooling source, enhancing system efficiency and reliability [27][41] Competitive Advantage - The company has a strong R&D capability, with a focus on developing proprietary cooling fluids and intelligent control systems that improve energy efficiency and reduce leakage risks [23][45] - Its comprehensive product matrix allows it to serve various market segments, including data centers, telecommunications, and industrial applications [72]

证券代码：002837 证券简称：英维克 公告编号：2024-035 深圳市英维克科技股份有限公司 2023 年年度权益分派实施公告 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。 深圳市英维克科技股份有限公司（以下简称"公司"、"本公司"）2023 年年 度权益分派方案已获 2024 年 5 月 8 日召开的 2023 年度股东大会审议通过。现将 权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、本次权益分派方案的具体内容为：以董事会审议利润分配方案当日的公 司总股本 568,818,725 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 113,763,745.00 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，共计转增 170,645,617 股，转增金额未 超过报告期末"资本公积——股本溢价"的余额。转增后公司总股份增加至 739,464,342 股。董事会审议本预案后至实施前，如果股本由于股权激励授予行 权、股份回购、发行新股等原因而发生变动的,公司将按照每股分 ...

证券代码：002837 证券简称：英维克 公告编号：2024-034 深圳市英维克科技股份有限公司 关于完成工商变更登记的公告 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。 深圳市英维克科技股份有限公司（以下简称"公司"）分别于 2024 年 4 月 13 日、2024 年 5 月 8 日召开第四届董事会第十次会议、2023 年度股东大会审议 通过《关于修改<公司章程>及办理工商变更登记的议案》。具体内容详见 2024 年 4 月 16 日、2024 年 5 月 9 日披露在巨潮资讯网（www.cninfo.com.cn）的《第 四届董事会第十次会议决议公告》《公司章程修订对照表（2024 年 4 月）》《2023 年度股东大会决议公告》等公告相关文件。 公司于近期已办理完成上述事项的工商变更及《公司章程》备案手续，并取 得了由深圳市市场监督管理局出具的《登记通知书》。本次变更（备案）事项如 下： | 序号 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | --- | | 1 | 注册资本 | 56,497.6399 万元人民 ...

证券代码：002837 证券简称：英维克 公告编号：2024-033 深圳市英维克科技股份有限公司 关于为子公司提供担保的进展公告 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。 特别提示： 深圳市英维克科技股份有限公司（以下简称"公司"）对资产负债率超过 70% 的单位担保，该等担保全部系公司为控股公司提供的担保。敬请投资者注意相关 风险。 深圳市英维克科技股份有限公司于 2024 年 4 月 13 日、2024 年 5 月 8 日分别 召开第四届董事会第十次会议、2023 年度股东大会，审议通过了《关于预计为 子公司向金融机构申请综合授信额度提供担保的议案》，根据公司全资及控股子 公司的生产经营资金需求，同意公司为全资及控股子公司在银行等金融机构的综 合授信提供担保，或向为全资及控股公司申请授信额度提供担保的第三方提供反 担保。预计担保总金额不超过人民币 163,000 万元。在此额度内，具体由子公司 根据业务发展需要选择金融机构及融资金额。具体内容详见公司于 2024 年 4 月 16 日披露于巨潮资讯网（www.cninfo.com.cn）的《关于预计 ...