October 13, 2025 04:46 PM GMT Shenzhen Envicool Technology Co Ltd | Asia Pacific M Update 3Q25 Results: Revenue in Line; Slight NP Miss Reaction to earnings Unchanged Modest shortfall Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research Key Takeaways Exhibit 1: 3Q25 results summary | Rmb mn | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 3Q25 y-y 3Q25 q-q | | 1-3Q24 | 1-3Q25 1-3Q25 YoY | | | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The company Invec reported a significant increase in stock price, but its profit growth has not kept pace, leading to a high dynamic PE ratio of 173.6 times, raising concerns about future valuation sustainability [2][7]. Financial Performance - For the first three quarters of 2025, Invec achieved revenue of 4.026 billion yuan, a year-on-year increase of 40.19%, primarily driven by increased sales of temperature control energy-saving products [3][4]. - The net profit attributable to shareholders for the same period was 399 million yuan, reflecting a growth of 13.13%, while the net profit excluding non-recurring gains was 384 million yuan, up 14.76% [3][4]. - In Q3 2025, the company reported revenue of 1.453 billion yuan, a year-on-year increase of 25.34%, with a net profit of 183 million yuan, up 8.35% [3][4]. Stock Performance - Invec's stock price surged approximately 169.20% in Q3 2025, with the highest increase exceeding 200% during the quarter [5][6]. - Despite the stock price increase, the company's profit growth has lagged behind revenue growth, raising concerns about sustainability [6]. Shareholder Activity - Significant reductions in holdings were observed from major shareholders, including a reduction of over 8.5 million shares by the social security fund and a more than 50% reduction in holdings by the Stock Connect [11][12]. - New shareholders entered the top ten list, indicating a shift in investor sentiment [13]. Valuation Metrics - The current dynamic PE ratio stands at 173.6 times, with a rolling PE (ttm) of 151 times, indicating a high valuation relative to earnings [2][7].

Core Viewpoint - In the third quarter of 2025, Invec (002837.SZ) reported strong revenue growth driven by increased demand for liquid cooling solutions, particularly in the context of AI infrastructure investments, despite a sequential decline in quarterly performance [1][2]. Financial Performance - For the third quarter, Invec achieved revenue of 14.53 billion yuan, a year-on-year increase of 25.34%, but a quarter-on-quarter decrease of 11.44% [2] - The net profit for the same period was 1.83 billion yuan, with growth rates below 10% for both year-on-year and quarter-on-quarter comparisons [2] - The company’s gross margin improved by 3.4 percentage points to 29.4%, attributed to changes in product and regional mix [2] Market Dynamics - The liquid cooling server index has risen over 47% this year, reaching historical highs, with Invec's stock price surging 169% in the third quarter, peaking at 89.99 yuan [1] - Despite the stock price increase, the net sell-off by the Shanghai-Hong Kong Stock Connect in the third quarter amounted to 45.2 million shares, reducing the holding ratio from 8.49% to 3.79% [1] Future Outlook - Analysts expect Invec's full-year revenue to exceed 60 billion yuan, representing a year-on-year growth of 30%, with net profit projections ranging from 6 billion to 9 billion yuan [3] - The company is positioned to benefit from the rapid expansion of the liquid cooling market driven by high demand in data centers and computing power investments [3][4] Industry Trends - The complexity and importance of liquid cooling technology are expected to increase, evolving from a simple alternative to air cooling into a comprehensive solution involving multiple stakeholders [4] - The growth in contract liabilities and inventory indicates future revenue potential, although inventory levels did not increase as anticipated, suggesting a delay in order conversion [3] Adjustments in Forecasts - Open Source Securities has revised its profit forecast for Invec, lowering the expected net profit for 2025 from 6.51 billion yuan to 6.03 billion yuan, while increasing the 2026 forecast to 11.1 billion yuan [5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has achieved significant revenue growth, with a 40.2% year-on-year increase in revenue for the first three quarters of 2025, reaching 4.03 billion yuan, and a net profit of 400 million yuan, up 13% year-on-year [1] - The growth in Q3 was driven by increased revenue from energy-saving products for server rooms and cabinets, despite a slight quarter-on-quarter decline of 11% due to revenue recognition timing [2] - The company is positioned strongly in the liquid cooling market, with comprehensive product offerings and recognition from major players like Intel and Google, indicating a robust competitive advantage [3][11] Financial Performance - For 2025, the company expects revenues of 6.2 billion yuan, with a year-on-year growth rate of 35.1%, and net profits of 603 million yuan, reflecting a growth rate of 33.2% [12] - The overall gross margin for the company is reported at 29.4%, with a net profit margin of 12.9%, both showing quarter-on-quarter improvements [2] - The company’s inventory has increased to 1.23 billion yuan, up 39% year-on-year, indicating a strong order backlog and project reserves [2] Market Position and Future Outlook - The liquid cooling industry is expected to become increasingly complex, with a shift towards integrated solutions that require collaboration among various stakeholders [4] - Companies with comprehensive solution capabilities will have a competitive edge, as clients increasingly rely on pre-sales design and post-sales operations [5] - The company is well-positioned to capitalize on the growing demand for liquid cooling solutions, particularly in the context of rising energy consumption in AI clusters [11]

Performance Summary - In Q3 2025, the company reported revenue of 14.53 billion yuan, a year-on-year increase of 25.34%, and a net profit attributable to shareholders of 1.83 billion yuan, up 8.35% year-on-year [1] - For the first nine months of 2025, the company achieved revenue of 40.28 billion yuan, representing a year-on-year growth of 40.19%, and a net profit of 3.99 billion yuan, an increase of 13.13% year-on-year [1] Operational Analysis - Revenue growth was slightly below market expectations, attributed to the delivery and acceptance rhythm of project-based orders; Q3 revenue was 40.3 billion yuan, up 25% year-on-year but down 11% quarter-on-quarter [2] - The inventory at the end of Q3 reached 12.32 billion yuan, a 39.32% increase from the beginning of the year, but a slight decrease of 0.56% from Q2 [2] - The company’s gross margin in Q3 was 29.4%, recovering by 3.4 percentage points quarter-on-quarter, although it decreased by 3.4 percentage points year-on-year; the improvement was due to the recovery of gross margin alongside the growth of liquid cooling products in AI data centers [2] Strategic Partnerships - The company is closely collaborating with major CSPs and will showcase its jointly developed Dechutes 5CDU with Google at the OCP conference, with expectations of new large client acquisitions [3] - The company is also exhibiting quick connectors designed for NVIDIA's MGX, indicating significant potential in the liquid cooling market driven by the AI wave [3] Financial Forecast and Valuation - Projected revenues for 2025, 2026, and 2027 are 63.34 billion yuan, 88.87 billion yuan, and 117.48 billion yuan, respectively, with net profits of 9.14 billion yuan, 13.52 billion yuan, and 19.60 billion yuan [4] - The current stock price corresponds to a PE valuation of 83.35, 56.34, and 38.87 times for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [4]

伴随国内外AIGC持续发展，国内外高功率算力芯片及超节点高功率机柜逐渐放量，公司或将持续受益 于数据中心建设，考虑到项目结算进度，以及2025年后液冷需求有望贡献较大弹性，该行下调2025年、 上调2026年及2027年盈利预测，预计其2025-2027年归母净利润为6.03/11.10/16.39亿元（原 6.51/10.97/15.19亿元），当前股价对应PE分别126.3/68.6/46.5倍，维持"买入"评级。责任编辑：小讯 10月14日，开源证券研报指出，英维克2025前三季度公司实现营收40.26亿元，同比+40.19%，主要是机 房及机柜温控节能产品收入增加所致，实现归母净利润3.99亿元，同比+13.13%，实现扣非归母净利润 3.84亿元，同比+14.76%。2025Q3公司实现营收14.53亿元，同比+25.34%，实现归母净利润1.83亿元， 同比+8.35%。 ...

格隆汇10月14日｜开源证券研报指出，英维克2025前三季度公司实现营收40.26亿元，同比+40.19%，主 要是机房及机柜温控节能产品收入增加所致，实现归母净利润3.99亿元，同比+13.13%，实现扣非归母 净利润3.84亿元，同比+14.76%。2025Q3公司实现营收14.53亿元，同比+25.34%，实现归母净利润1.83 亿元，同比+8.35%。伴随国内外AIGC持续发展，国内外高功率算力芯片及超节点高功率机柜逐渐放 量，公司或将持续受益于数据中心建设，考虑到项目结算进度，以及2025年后液冷需求有望贡献较大弹 性，该行下调2025年、上调2026年及2027年盈利预测，预计其2025-2027年归母净利润为 6.03/11.10/16.39亿元（原6.51/10.97/15.19亿元），当前股价对应PE分别126.3/68.6/46.5倍，维持"买入"评 级。 ...

（文章来源：证券时报网） 今日公布三季报公司一览 证券时报·数据宝统计，10月14日共有3家公司公布2025年三季报，其中3家净利润同比增长，3家营业收 入同比增长，净利润和营业收入同时增长的公司有雅葆轩等3家。（数据宝） | 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） | （%） | | 920357 | 雅葆轩 | 0.6100 | 4871.88 | 36.59 | 41891.05 | 55.90 | | 002891 | 中宠股 份 | 1.1135 | 33330.81 | 18.21 | 385990.62 | 21.05 | | 002837 | 英维克 | 0.4100 | 39906.97 | 13.13 | 402603.08 | 40.19 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q3 2025 results that met expectations, with a revenue of 4.026 billion yuan for the first three quarters, representing a year-on-year increase of 40.19%. The net profit attributable to shareholders was 399 million yuan, up 13.13% year-on-year [5] - The company is expected to benefit from the ongoing development of AIGC and the increasing demand for high-power computing chips and supernode cabinets, leading to a significant contribution from liquid cooling demand post-2025 [5] - The company has adjusted its profit forecasts for 2025 downwards and for 2026 and 2027 upwards, projecting net profits of 603 million yuan, 1.11 billion yuan, and 1.639 billion yuan for 2025, 2026, and 2027 respectively [5] Financial Summary - For Q3 2025, the company achieved a revenue of 1.453 billion yuan, a year-on-year increase of 25.34%, and a net profit of 183 million yuan, up 8.35% year-on-year [5] - The company’s revenue projections for 2025 to 2027 are 6.274 billion yuan, 9.601 billion yuan, and 13.157 billion yuan, with year-on-year growth rates of 36.7%, 53.0%, and 37.0% respectively [8] - The projected net profit for the same period is expected to grow at rates of 33.2%, 84.0%, and 47.7% respectively [8] Product Development and Market Position - The company has launched a 2MW CDU based on Google Deschutes 5 specifications, enhancing its supply chain capabilities and aiming to penetrate international markets [6] - The company has a long-standing partnership with Intel, with multiple liquid cooling products certified and recognized by major computing chip manufacturers [7]

南方财经10月14日电，英维克(002837.SZ)公告，2025年前三季度实现营收40.26亿元40.26亿元，同比增 长40.19%；归属于上市公司股东的净利润3.99亿元，同比增长13.13%。 营业收入变动的主要原因系报告期机房及机柜温控节能产品收入增加所致。归属于上市公司股东的净利 润增幅低于营收增速，主要受销售费用、研发费用及信用减值损失大幅上升影响。 2025年前三季度经营活动产生的现金流量净额为-3.19亿元，主要系报告期购买商品、接受劳务与员工 薪酬支出增加所致。销售费用达1.59亿元，同比增长38.66%；研发费用为2.97亿元，同比增长31.36%； 财务费用同比大增675.79%，主因为汇兑收益减少。 ...