Financial Performance - The company's operating revenue for Q1 2024 was CNY 745,644,712.04, representing a 41.36% increase compared to CNY 527,465,864.45 in the previous period, primarily due to increased revenue from temperature control energy-saving products[12]. - Net profit attributable to shareholders was ¥61,975,220.35, representing a significant increase of 146.93% from ¥25,097,874.30 year-over-year[24]. - Net profit excluding non-recurring items was ¥54,307,745.62, up 169.65% from ¥20,139,963.91 in the previous year[24]. - Comprehensive income for Q1 2024 was ¥62,036,276.62, a substantial rise from ¥28,075,145.08 in Q1 2023[40]. - The company reported a net profit of ¥61,570,555.24, compared to ¥28,511,888.89 in the previous period, reflecting an increase of approximately 116.2%[51]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY 56,269,339.69, a 198.31% increase from a negative CNY 57,237,614.28 in the previous period, driven by higher cash receipts from sales[12]. - Operating cash flow improved to ¥56,269,339.69, a 198.31% increase from a negative cash flow of -¥57,237,614.28 in the same period last year[24]. - The company's cash inflow from operating activities reached ¥997,495,854.22, compared to ¥592,506,988.74 in the previous period, indicating a significant increase of approximately 68.3%[53]. - The company's cash and cash equivalents increased slightly to CNY 950,845,280.27 from CNY 940,337,221.98, indicating stable liquidity[17]. - The company's cash and cash equivalents at the end of the period were ¥777,128,581.98, down from ¥500,275,702.86 in the previous period[53]. Assets and Liabilities - The company's total assets decreased to CNY 4,839,965,583.79 from CNY 5,091,055,172.06, indicating a reduction in overall asset base[18]. - Total assets at the end of the reporting period were ¥4,839,965,583.79, down 4.93% from ¥5,091,055,172.06 at the end of the previous year[24]. - The company’s total liabilities decreased, reflecting a strategic focus on reducing debt levels[18]. - The total equity attributable to shareholders of the parent company increased to ¥2,565,023,783.11 from ¥2,486,071,338.29, marking a growth of about 3.2%[49]. - The company’s total liabilities and equity amounted to ¥4,839,965,583.79, compared to ¥5,091,055,172.06 in the previous period, indicating a decrease of approximately 4.9%[49]. Operating Costs and Expenses - The company experienced a 48.14% increase in operating costs, which rose to CNY 525,630,685.25, in line with the increase in operating revenue[12]. - Total operating costs for Q1 2024 were ¥691,642,199.61, up from ¥502,680,474.33, reflecting a significant increase in operational expenses[37]. - R&D expenses for Q1 2024 amounted to ¥65,212,628.16, compared to ¥52,350,816.15 in the previous year, indicating a 24.5% increase[37]. Strategic Initiatives - The company plans to expand its market presence and invest in new product development as part of its growth strategy[15]. - The stock option incentive plan was approved, allowing the company to grant 9.16 million stock options at a price of CNY 19.61 per option to 305 eligible participants[15]. - The company is actively pursuing market expansion and new product development strategies, although specific details were not disclosed in the current report[30]. Shareholder Information - The number of common shareholders at the end of the reporting period was 29,627, with the largest shareholder holding 25.49%[29]. - The largest shareholder, Shenzhen Yingweike Investment Co., Ltd., held 144,981,955 shares, representing 25.49% of total shares[29].

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"）第四届监事会第十一次 会议通知于 2024 年 4 月 16 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 4 月 22 日；地点：公司三楼会议室；方 式：现场。 3、本次监事会会议应出席的监事 3 名，实际出席会议的监事 3 名。 证券代码：002837 证券简称：英维克 公告编号：2024-029 深圳市英维克科技股份有限公司 第四届监事会第十一次会议决议公告 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。 1、公司第四届监事会第十一次会议决议。 特此公告。 4、本次会议由监事会主席刘军先生召集和主持，董事会秘书欧贤华先生列席会 议。 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 1、审议通过《关于 2024 年第一季度报告的议案》 监事会认为，公司编制和审核《2024 年第一季度报告》的程序合法合规。季度报 告真实、准确、完整地反映了公司经营情况，不存在任何虚假记载 ...

证券代码：002837 证券简称：英维克 公告编号：2024-028 深圳市英维克科技股份有限公司 第四届董事会第十一次会议决议公告 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"）第四届董事会第十一次会 议通知于 2024 年 4 月 18 日以电子邮件等形式送达全体董事，会议于 2024 年 4 月 22 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 邢洁女士、朱晓鸥女士、屈锐征女士、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。 公司董事会同意报出《2024 年第一季度报告》。 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 ...

446 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|-----------------------------------------------|-------------------------------------------| | 2024 年 04 月 21 日 \n英维克（ 002837.SZ ） \n行业红利叠加公司实力，全链条"热管理"将迎 \n来增长 | 投资评级 \n股价 | (2024-04-19) | 公司研究●证券研究报告 \n机械 \| \n增持-B(维持 | 公司快报 \n 其他专用机械Ⅲ \n) \n30.52 元 | | | 交易数据 | | | | | 投资要点 | 总市值（百万元） | | | 17,292.09 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company achieved a record high in operating performance in 2023, continuing the trend of double growth in revenue and profit [6][9] - Revenue for 2023 reached 3.529 billion yuan, a year-on-year increase of 20.7%, while net profit attributable to shareholders was 344 million yuan, up 22.7% year-on-year [6][9] - The company is expected to benefit significantly from the rapid advancement of its liquid cooling business, with projected net profits for 2024-2026 of 507 million yuan, 694 million yuan, and 896 million yuan, representing year-on-year growth rates of 47%, 37%, and 29% respectively [9] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.457 billion yuan, a year-on-year increase of 1.3%, with net profit of 134 million yuan, down 18.1% year-on-year [6][7] - The company’s gross margin for data center temperature control products improved significantly, reaching 31.53%, an increase of 6.03 percentage points year-on-year [7] - The company’s inventory increased by approximately 230 million yuan, a year-on-year growth of 53%, and contract liabilities rose by about 80 million yuan, up 84% year-on-year [7] Business Segments - The revenue from data center temperature control products was 1.64 billion yuan, a year-on-year increase of 13.8% [7] - The cabinet temperature control segment saw revenue of 1.47 billion yuan, a year-on-year increase of 33%, with storage applications contributing approximately 1.22 billion yuan, up about 44% [8] - The liquid cooling business has rapidly advanced, with related revenue in 2023 being approximately four times that of 2022, and cumulative deliveries reaching 900MW by March 2024 [8] Future Outlook - The company is positioned to benefit from the accelerated implementation of liquid cooling technologies, with a strong management capability reflected in stable gross margins despite increased competition [9] - The projected financials indicate a robust growth trajectory, with expected revenue growth from 4.39 billion yuan in 2024 to 6.8 billion yuan in 2026 [20]

买入（维持评级） 行业 机械 英维克（002837.SZ） | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,923 | 3,529 | 4,891 | 6,613 | 8,352 | | 增长率 yoy （ % ） | 31.2 | 20.7 | 38.6 | 35.2 | 26.3 | | 归母净利润（百万元） | 280 | 344 | 510 | 666 | 862 | | 增长率 yoy （ % ） | 36.7 | 22.7 | 48.2 | 30.6 | 29.4 | | ROE （ % ） | 13.1 | 14.1 | 19.1 | 21.9 | 23.9 | | EPS 最新摊薄（元） | 0.49 | 0.60 | 0.90 | 1.17 | 1.52 | | P/E （倍） | 61.7 | 50.3 | ...

Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of **37.38 RMB**, down from the previous target of **38.13 RMB** [1][15] - The current stock price is **29.55 RMB** as of **2024-04-18** [1] Core Views - The company's **2023 performance met expectations**, with revenue reaching **3.529 billion RMB** (up **20.72% YoY**) and net profit attributable to shareholders of **344 million RMB** (up **22.74% YoY**) [1] - The **data center and energy storage temperature control businesses** are progressing steadily, with **liquid cooling technology** expected to accelerate its penetration [1] - The company has launched **Coolinside** and **BattCool**, comprehensive liquid cooling solutions for computing equipment, data centers, and energy storage systems, which are expected to gain traction due to the trend of high heat density and high-efficiency cooling requirements [1] Financial Performance - **2023 revenue breakdown**: - **Data center temperature control**: **1.640 billion RMB** (up **13.83% YoY**) - **Cabinet temperature control**: **1.465 billion RMB** (up **33.00% YoY**) - **Bus air conditioning**: **92 million RMB** (up **35.53% YoY**) - **Rail transit train air conditioning**: **106 million RMB** (down **24.97% YoY**) [1] - **2024-2026 EPS forecasts** have been revised upward to **0.89/1.17/1.51 RMB** (previously **0.87/1.10 RMB**) [1] Industry and Market Position - The company is a leading provider of **precision temperature control and energy-saving equipment**, serving industries such as **cloud computing data centers, communication networks, and IoT infrastructure** [30] - The **liquid cooling market** is expected to grow significantly, driven by the increasing demand for high-density cooling solutions in data centers and energy storage systems [1] Valuation and Financial Metrics - The company is valued at **42x 2024 PE**, based on the industry average of **43.75x** [1] - Key financial metrics for **2023**: - **Operating profit margin**: **13.4%** (up from **11.4%** in 2022) - **ROE**: **13.8%** (up from **13.2%** in 2022) - **ROIC**: **13.1%** (up from **10.5%** in 2022) [7] - **2024-2026 revenue growth** is projected at **31.6%/30.5%/28.7%**, with **EBIT growth** at **24.8%/32.0%/28.3%** [7] Stock Performance - The stock's **52-week price range** is **17.97-45.30 RMB**, with a current market cap of **16.809 billion RMB** [2] - The stock has underperformed the **Shenzhen Component Index** over the past year, with a **relative decline of 6%** [25]

本报告署名分析师声明，本人具有中国证券业协会授予的证券投资咨询执业资格，勤勉尽 责、诚实守信。本人对本报告的内容和观点负责，保证信息来源合法合规、研究方法专业 审慎、研究观点独立公正、分析结论具有合理依据，特此声明。 2024 年 04 月 16 日 英维克(002837.SZ) 事件： 行业高景气拉动业绩持续增长，毛利率提升： 液冷技术加速导入，2023 年相关营收约为上一年度的 4 倍： | --- | --- | |--------------------------|--------------------| | | 公司快报 | | | 证券研究报告 | | | 其他专用机械 | | 投资评级 | 买入 -A | | | 维持评级 | | 6 个月目标价 | 32.56 元 | | 股价 (2024-04-16) 27.68 | 元 | | 交易数据 | | | 总市值(百万元 | ) 16,552.62 | | 流通市值 | (百万元) 14,078.95 | | 总股本 | (百万股) 568.82 | | 流通股本(百万股 | ) 483.81 | | 12 个月价格区间 | 17.97/45 ...

英维克（002837.SZ） 增持 数据中心液冷批量交付，关注电子散热新布局 2023 年净利润增长 22.7%，毛利率同比修复。2023 年，公司实现实现营业收 入 35.3 亿元，同比增长 20.7%；实现归母净利润 3.4 亿元，同比增长 22.7%。 单四季度来看，公司实现营业收入 14.6 亿元，同比增长 1.3%；实现归母净 利润 1.3 亿元，同比下降 18.1%。公司计提商誉减值准备 7530.6 万元，影响 净利润表现。公司毛利率实现同比修复，全年实现毛利率 32.4%，同比提升 2.5pct；单四季度来看，实现毛利率 32.0%，同比提升 2.3pct。现金流持续 向好，经营性净现金流同比增长 135%至 4.5 亿元。 分业务来看：（1）机房温控实现收入 16.4 亿元，同比增长 13.8%；毛利率 显著回暖，全年毛利率 31.6%，同比提升 6.0pct，主要受益于产品销售组合 变化、公司降本增效、以及大宗商品价格波动等因素。（2）机柜温控实现 收入 14.7 亿元，同比增长 33%，其中储能业务收入约 12.2 亿元，同比增长 约 44%；毛利率略有下降，全年毛利率约 32.2%。（ ...

隐证券 机械设备/专用设备 英维克（002837.SZ） 2024 年 04 月 16 日 商誉减值影响短期业绩，下游应用多点开花 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/16 | | 当前股价 ( 元 ) | 27.68 | | 一年最高最低 ( 元 ) | 45.54/17.11 | | 总市值 ( 亿元 ) | 157.45 | | 流通市值 ( 亿元 ) | 133.92 | | 总股本 ( 亿股 ) | 5.69 | | 流通股本 ( 亿股 ) | 4.84 | | 近 3 个月换手率 (%) | 171.59 | 股价走势图 -48% -32% -16% 0% 16% 2023-04 2023-08 2023-12 英维克 沪深300 数据来源：聚源 相关研究报告 《盈利能力提升超预期，温控龙头有 望加速成长 —公司信息更新报告》 -2023.10.20 《精密温控龙头，受益下游应用场景 多点开花—公司深度报告》-2023.4.20 殷晟路（分析师） 鞠 ...