证券研究报告 科技 Q3 前瞻：关注 AI 算力链业绩兑现 华泰研究 以 38 家我们覆盖的 A/H 通信行业公司为样本，我们预计 3Q25 通信板块合计 归母净利润同比增长 15%，剔除三大运营商、中兴通讯权重股后，预计板块 归母净利润同比增长 73%。细分来看，电信运营商利润预计稳健增长；光通 信板块在海外与国内市场需求延续高增下，业绩有望持续兑现，且产业链景 气度预计继续呈扩散趋势；IDC 受益国内外智算中心需求增长有望迎来拐点； 铜连接板块业绩有望在产能释放下逐步兑现；光纤光缆景气度有望逐步复苏。 运营商利润预计稳健增长；国内智算需求放量，相关业绩或持续兑现 我们预计 3Q25 电信运营商板块归母净利润同比增长 5%，保持稳健增长， 据工信部，2025 年 1-8 月国内电信业务收入累计完成 11821 亿元，同比增 长 0.8%（1H25：1.0%），保持平稳增长。算力方面，我们预计 3Q25 通信 设备/IDC 板块归母净利润同比提升 10%/10%，随着 25 年以来国内 AI 数据 中心建设起量、规模效应下费用率有望优化，部分公司业绩有望陆续兑现； 同时，阿里在云栖大会上表示其 2032 年数 ...

Company Overview - Invech Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 15, 2005. The company went public on December 29, 2016. Its main business includes the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1]. Business Segmentation - The revenue composition of Invech is as follows: 52.50% from data center temperature control energy-saving products, 36.00% from cabinet temperature control energy-saving products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1]. Stock Performance - On October 16, Invech's stock rose by 5.05%, reaching a price of 78.06 CNY per share, with a trading volume of 2.598 billion CNY and a turnover rate of 4.02%. The total market capitalization is 76.230 billion CNY [1]. Fund Holdings - According to data, one fund under Huashang Fund holds a significant position in Invech. The Huashang Value Sharing Mixed Fund (630016) held 111,100 shares in the second quarter, accounting for 3.74% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 416,700 CNY [2]. Fund Performance - The Huashang Value Sharing Mixed Fund (630016) was established on March 18, 2013, with a latest scale of 88.2041 million CNY. Year-to-date returns are 64.16%, ranking 319 out of 8161 in its category. Over the past year, returns are 66.69%, ranking 435 out of 8021, and since inception, the fund has achieved a return of 417.46% [2]. Fund Management - The fund manager of Huashang Value Sharing Mixed Fund (630016) is Zhang Wenlong, who has been in the position for 2 years and 75 days. The total asset size of the fund is 1.221 billion CNY, with the best return during his tenure being 73.45% and the worst being 31.27% [3].

证券时报·数据宝统计，截至10月16日，有25家公司公布2025年三季报，其中23家净利润同比增长，2家 同比下降，18家营业收入同比增长，7家同比下降，净利润和营业收入同时增长的公司有光华科技等18 家，利润收入均下降的有秦川物联等2家，业绩增幅翻倍的公司有2家，其中光华科技增幅最大，达 1233.70%。（数据宝） 已公布三季报公司净利润增幅排名 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 002741 | 光华科 技 | 0.1944 | 9039.34 | 1233.70 | 204433.57 | 11.50 | | | 道氏技 | | | | | | | 300409 | 术 | 0.5629 | 41544.60 | 182.45 | 600086.22 | -1.79 | | 300078 | 思创医 惠 | 0.0000 | -476.22 | 98.32 | 60381. ...

Group 1 - The core viewpoint is that the energy storage battery sector is experiencing significant growth, driven by new policies and market dynamics [2][3] - Energy storage battery concept stocks saw a rise in early trading, with notable increases in shares of Yangguang Electric (over 7%), Yiwei Lithium Energy (over 4%), and others [1] - The energy storage ETF also increased by approximately 2%, reflecting positive market sentiment [1] Group 2 - Analysts believe that the release of the "Document 136" at the beginning of the year marked a turning point for the energy storage industry, leading to improved profitability and demand growth [2] - The introduction of new profit models, such as capacity pricing and peak-valley arbitrage, has significantly enhanced the profitability of energy storage projects [2] - The recent planning of energy storage projects in Hebei province further strengthens the expectation of an upward trend in the industry next year [2]

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of Q3, appearing in the top ten circulating shareholders of six stocks, with a total holding of 42.76 million shares valued at 1.174 billion yuan [1][2] Group 1: Stock Holdings - The Social Security Fund has reduced its holdings in two stocks, initiated positions in three new stocks, and increased its stake in one stock [1] - The stocks with the highest holdings by the Social Security Fund are Huaxin Cement, Jiuzhou Pharmaceutical, and Jinling Mining, with holdings of 12.81 million shares, 12.70 million shares, and 8.81 million shares respectively [1][2] - Jinling Mining has the highest percentage of shares held by the Social Security Fund, accounting for 1.48% of its circulating shares, followed by Jiuzhou Pharmaceutical at 1.43% [1] Group 2: Financial Performance - Among the stocks held by the Social Security Fund, five companies reported year-on-year net profit growth in their Q3 reports, with Yuxin Electronics showing the highest increase of 60.21%, followed by Jinling Mining and Jiuzhou Pharmaceutical with increases of 47.09% and 18.51% respectively [2] Group 3: Market Performance - Since October, the average increase of the stocks heavily held by the Social Security Fund is 6.43%, outperforming the Shanghai Composite Index [3] - The stocks held by the Social Security Fund are primarily concentrated in the machinery and equipment sector, with two stocks listed in this category [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a strong performance in the first three quarters of 2025, achieving operating revenue of 4.026 billion yuan, a year-on-year increase of 40.19%, and a net profit attributable to shareholders of 399 million yuan, up 13.13% year-on-year [9] - The liquid cooling business is poised for growth, driven by technological advancements and partnerships with major clients like NVIDIA and Intel [9] - The company is expected to benefit from the rapid growth in data center rack scale and new energy storage installations, with projected revenues of 6.401 billion yuan, 8.710 billion yuan, and 11.923 billion yuan for 2025, 2026, and 2027 respectively [9] Financial Performance Summary - **Revenue Forecast**: - 2023A: 3.529 billion yuan - 2024A: 4.589 billion yuan - 2025E: 6.401 billion yuan - 2026E: 8.710 billion yuan - 2027E: 11.923 billion yuan - **Net Profit Forecast**: - 2023A: 344 million yuan - 2024A: 453 million yuan - 2025E: 609 million yuan - 2026E: 820 million yuan - 2027E: 1.122 billion yuan - **EPS Forecast**: - 2023A: 0.47 yuan - 2024A: 0.61 yuan - 2025E: 0.62 yuan - 2026E: 0.84 yuan - 2027E: 1.15 yuan [8][10] Market Performance - The company's stock has shown a performance of -7% over the last 12 months compared to the Shanghai Composite Index and the CSI 300 Index [4]

Core Viewpoint - The report from Guosheng Securities indicates that Invec achieved a net profit attributable to shareholders of 400 million yuan in the first three quarters of 2025, representing a year-on-year increase of 13% [1] Financial Performance - In Q3 alone, the net profit attributable to shareholders was 180 million yuan, showing a year-on-year growth of 8.4% [1] - The revenue recognition schedule may impact quarterly performance, but the overall growth trend for the year remains unchanged, with profitability improving quarter by quarter [1] Asset Management - The company's inventory reached 1.23 billion yuan, reflecting a year-on-year increase of 39%, indicating a robust order backlog and ample project reserves, which provide solid support for future performance growth [1] Market Opportunities - The overseas liquid cooling market presents significant growth potential, which is expected to drive new revenue streams for the company [1] - The previous growth was driven by energy storage, while cooling technology is becoming a crucial component of AI computing power, with energy consumption management emerging as a core issue [1] - Liquid cooling technology is anticipated to accelerate its implementation, further enhancing the company's revenue prospects [1]

Summary of Shenzhen Envicool Technology (002837.SZ) 3Q25 Earnings Call Company Overview - **Company**: Shenzhen Envicool Technology - **Stock Code**: 002837.SZ - **Market Cap**: Rmb75.5 billion / $10.6 billion - **Industry**: China Industrial Tech & Machinery Key Financial Highlights - **3Q25 Results**: - Revenue: Rmb1,453 million (+25% YoY, -15% vs. Guidance) - Gross Profit: Rmb427 million (+12% YoY, -7% vs. Guidance) - EBIT: Rmb197 million (+16% YoY, -9% vs. Guidance) - Net Income: Rmb183 million (+8% YoY, -15% vs. Guidance) - Gross Profit Margin: 29% (-1pp YoY, +2pp vs. Guidance) [1][17][15] - **Outlook for 4Q25**: - Forecasted Revenue: Rmb2,379 million (+39% YoY, +64% QoQ) - Forecasted Net Income: Rmb220 million (+120% YoY, +20% QoQ) [1][15] Core Insights - **Domestic Project Cycle**: The company experienced a longer domestic data center project deployment cycle due to uncertainties in AI chip supply, impacting revenue recognition and cash collections [1][15]. - **Order Backlog**: Inventories and contract liabilities increased by 37% and 38% YoY respectively, indicating a solid domestic order backlog [1][15][18]. - **Overseas Expansion**: Envicool is making progress in the global liquid cooling supply chain and expects significant overseas sales contributions starting in 2026 [1][16]. Strategic Developments - **Partnerships**: Envicool is recognized as one of NVIDIA's partners for supporting designs of NVIDIA's new server racks, indicating strong industry relationships [1][16]. - **Product Development**: The company has released a new in-row Coolant Distribution Unit (CDU) based on Google specifications, enhancing its product offerings [1][16]. Market Position and Growth Potential - **Market Share Goals**: Envicool aims to capture 5% of the global server liquid cooling market by 2027 and 10% by 2030, up from less than 2% in 2025 [1][16]. - **Revenue Growth Projections**: Expected sales and earnings compound annual growth rates (CAGRs) of 42% and 53% from 2025 to 2030 [1][16]. Risks and Challenges - **Competition**: The company faces risks from tougher competition in the liquid cooling market and potential margin pressures [1][25]. - **ESS Demand**: There is a risk of hiccups in energy storage system (ESS) demand growth, which could impact overall sales [1][25]. Investment Thesis - **Recommendation**: The company maintains a "Buy" rating with a 12-month price target of Rmb81.0, based on a strong growth trajectory and improving margins [1][23][25]. Conclusion Shenzhen Envicool Technology is positioned for growth in the precision cooling market, with a solid domestic order backlog and expanding overseas opportunities. However, it must navigate challenges related to project cycles and competitive pressures.

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 证券时报·数据宝统计，截至10月15日，有12家公司公布2025年三季报，其中11家净利润同比增长，1家 同比下降，8家营业收入同比增长，4家同比下降，净利润和营业收入同时增长的公司有我乐家居等8 家，利润收入均下降的有齐峰新材等1家，业绩增幅翻倍的公司有1家，其中道氏技术增幅最大，达 182.45%。（数据宝） 已公布三季报公司净利润增幅排名 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 300409 | 道氏技 | 0.5629 | 41544.60 | 182.45 | 600086.22 | -1.79 | | | 术 | | | | | | | 603326 | 我乐家 | 0.4314 | 13768.02 | 70.92 | 105508.48 | 2.18 | | | 居 | | | | | ...

长江商报消息 ●长江商报记者 徐佳 随着算力时代数据中心对液冷的需求提升，作为国内领先的精密温控节能设备提供商，英维克 （002837.SZ）经营业绩稳步增长。 10月13日晚间，英维克发布三季报，2025年前三季度，公司实现营业收入40.26亿元，同比增长 40.19%；归属于上市公司股东的净利润（以下简称"净利润"）3.99亿元，同比增长13.13%；扣除非经常 性损益后的净利润（以下简称"扣非净利润"）3.84亿元，同比增长14.76%。 对于前三季度业绩增长，英维克称，主要系报告期机房及机柜温控节能产品收入增加所致。 长江商报记者注意到，2025年前三季度，英维克的研发费用达2.97亿元，同比增长31.36%，占当期营业 收入的比例为7.39%。 业绩连续九年提升 资料显示，英维克是业内领先的精密温控节能解决方案和产品提供商，致力于为云计算数据中心、算力 设备、通信网络等领域提供设备散热解决方案及精密环境控制解决方案。 为最早涉足电化学储能系统温控的厂商，英维克在储能温控行业处于领导地位，也是众多储能系统提供 商重要的温控产品供应商。 2025年上半年，英维克的机房温控节能产品、机柜温控节能产品分别实 ...