Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.872 billion yuan, a year-on-year growth of 38.61%, and net profit attributable to shareholders at 353 million yuan, a year-on-year increase of 67.79% [1] - The rapid growth in performance is attributed to the company's ability to capitalize on industry opportunities, particularly in energy-saving products for data centers, despite a slight decrease in gross margin due to rising raw material prices [1] - The development of AI technology has accelerated the company's liquid cooling business, with related revenues approximately doubling compared to the same period last year [1] - The company has successfully expanded its overseas customer base, which is expected to provide a solid foundation for future revenue growth [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.159 billion yuan, a year-on-year increase of 39.16%, and net profit of 169 million yuan, up 43.06% year-on-year [1] - The gross margin for the first three quarters of 2023 was 31.73%, a slight decrease of 0.9 percentage points year-on-year, while the net margin improved to 12.28%, an increase of 2.13 percentage points year-on-year [1] Business Analysis - The company has launched a comprehensive liquid cooling solution for data centers and computing equipment, which has become a core competitive advantage [1] - The company has delivered over 1GW of liquid cooling projects as of September 2024, indicating strong market demand and operational capability [1] Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 4.866 billion yuan, 6.406 billion yuan, and 8.361 billion yuan, respectively, with net profits expected to be 549 million yuan, 722 million yuan, and 943 million yuan [1] - The corresponding price-to-earnings ratios are projected to be 42, 32, and 25 times for the respective years [1]

F原证券 机械设备/专用设备 英维克（002837.SZ） 2024 年 10 月 25 日 Q3 业绩亮眼，液冷龙头海内外成长加速 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/24 | | 当前股价 ( 元 ) | 31.60 | | 一年最高最低 ( 元 ) | 35.70/17.11 | | 总市值 ( 亿元 ) | 234.67 | | 流通市值 ( 亿元 ) | 203.96 | | 总股本 ( 亿股 ) | 7.43 | | 流通股本 ( 亿股 ) | 6.45 | | 近 3 个月换手率 (%) | 141.44 | 股价走势图 -60% -30% 0% 30% 60% 90% 2023-10 2024-02 2024-06 2024-10 英维克 沪深300 数据来源：聚源 相关研究报告 《Q2 业绩高增，AI 液冷龙头加速成长 —公司信息更新报告》-2024.8.13 《业绩超预期，AI 液冷龙头提速成长 —公司信息更新报告》-2024.7.12 《 ...

证券代码：002837 证券简称：英维克 公告编号：2024-049 公司董事会同意报出《深圳市英维克科技股份有限公司 2024 年第三季度报告》。 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 年第三季度报告》。 本议案已经公司董事会审计委员会审议通过。 2、审议通过《关于修订<内部审计制度>的议案》 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"）第四届董事会第十三次会 议通知于 2024 年 10 月 20 日以电子邮件等形式送达全体董事，会议于 2024 年 10 月 24 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（其中董事韦立川先生、邢洁女士、朱晓鸥女士、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。 二、董事会会议审议 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥1,159,184,626.28, representing a 39.16% increase compared to the same period last year[1] - Net profit attributable to shareholders was ¥169,289,816.48, up 43.06% year-over-year[1] - The basic earnings per share (EPS) for the period was ¥0.23, reflecting a 43.75% increase compared to the previous year[1] - Total operating revenue for the current period reached ¥2,871,742,557.75, a significant increase of 38.5% compared to ¥2,071,884,070.28 in the previous period[16] - Net profit for the current period was ¥351,855,406.01, representing a 63.9% increase from ¥214,779,989.24 in the same period last year[17] - Basic earnings per share increased to ¥0.48 from ¥0.29, reflecting a growth of 65.5%[18] - The company reported a total profit of ¥393,785,892.21, which is a 65.7% increase from ¥237,958,558.83 in the prior year[17] - The company’s total comprehensive income for the period was ¥351,740,564.08, compared to ¥215,809,228.99 in the previous period, indicating a growth of 63.0%[17] Cash Flow - The company reported a significant increase in cash flow from operating activities, which rose by 570.91% to ¥156,233,696.34[1] - The net cash flow from operating activities increased to ¥156,233,696.34, a 570.91% increase compared to the previous period of ¥23,286,822.65, primarily due to increased cash received from sales of goods and services[7] - The net cash flow from investing activities decreased to -¥247,709,045.00, a 228.19% decline from -¥75,477,952.79, mainly due to increased investment in the construction of headquarters in South China and Central China[7] - The net cash flow from financing activities improved to -¥30,541,681.23, a 67.21% increase compared to -¥93,146,668.84, attributed to a net inflow of bank loans during the reporting period[7] - Cash inflow from financing activities totaled 586,371,262.09 CNY, up from 496,930,210.79 CNY year-over-year[20] - The net cash flow from financing activities was -30,541,681.23 CNY, an improvement from -93,146,668.84 CNY in the same quarter last year[20] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,587,126,916.69, a 9.74% increase from the end of the previous year[1] - The total liabilities of the company rose to approximately CNY 2.80 billion, compared to CNY 2.61 billion at the beginning of the period, marking an increase of about 7.3%[14] - The company's equity attributable to shareholders increased to approximately CNY 2.79 billion from CNY 2.49 billion, a growth of about 12.2%[15] - The company's cash and cash equivalents decreased to approximately CNY 857.36 million from CNY 940.34 million, a decline of about 8.8%[12] - Accounts receivable rose to approximately CNY 1.82 billion, an increase of about 5.3% compared to CNY 1.73 billion at the beginning of the period[12] Investments and Expenses - Research and development expenses increased by 32.46% to ¥226,468,614.32, attributed to a rise in personnel and material costs[5] - The company’s inventory grew by 33.20% to ¥896,096,768.27, due to an increase in raw materials and uninspected goods[4] - The company received government subsidies amounting to ¥4,967,214.79 during the reporting period[2] - The company’s financial expenses decreased by 45.17% to ¥835,902.75, primarily due to increased bank interest income[5] - Other income increased to ¥44,840,850.11, compared to ¥33,882,125.69 in the previous period, marking a growth of 32.3%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,701, with the largest shareholder, Shenzhen Yingweike, holding 25.39% of shares[8] - Shenzhen Yingweike holds 188,476,541 shares, with 33,105,410 shares pledged[8] - The company plans to distribute a cash dividend of ¥2 per 10 shares, totaling ¥113,780,318.60, and to increase capital by converting reserves into shares at a ratio of 3 shares for every 10 shares held[10] - The company plans to implement a stock option incentive plan for 232 individuals, with a total of 5.06 million stock options available for exercise, representing 0.68% of the total share capital[11] Stock Options - The exercise price for the 2022 stock option incentive plan was adjusted from ¥11.146 to ¥8.420, with the number of unexercised options increasing from 9,732,541 to 12,652,303[10] - The exercise price for the 2024 stock option incentive plan was adjusted from ¥19.61 to ¥14.931, with the number of unexercised options increasing from 9,160,000 to 11,908,000[10] Operational Adjustments - The company’s subsidiary received a notice regarding idle land, which was later revoked, indicating potential operational adjustments[11] - The increase in investment activities reflects the company's commitment to expanding its operational infrastructure[7] Audit Status - The report for the third quarter was not audited, which may affect the reliability of the financial data presented[20]

深圳市英维克科技股份有限公司 内部审计制度 深圳市英维克科技股份有限公司 内部审计制度 (2024 年 10 月) 第一章 总则 第一条 为了规范深圳市英维克科技股份有限公司（以下简称"公司"）内部 审计工作，提高内部审计工作质量，保护投资者合法权益，不断提高企业运营的 效率及效果，根据《中华人民共和国审计法》《审计署关于内部审计工作的规定》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《深圳市英维克科技股份有限公司章程》（以 下简称"《公司章程》"）等的有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称内部审计，是指由公司内部机构或人员，对公司内部控 制和风险管理的有效性、财务信息的真实性、准确性、完整性以及经营活动的效 率和效果等开展的一种评价活动。 第三条 本规范所称内部控制，是由指公司董事会、监事会、高级管理人员 及其他有关人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效率和效果； （三）保障公司资产的安全； （四）确保公司信息披露的真实、准确、完整和公平。 第四条 ...

证券代码：002837 证券简称：英维克 公告编号：2024-050 深圳市英维克科技股份有限公司 第四届监事会第十三次会议决议公告 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。 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 （一）审议通过《关于 2024 年第三季度报告的议案》 监事会认为，公司编制和审核《2024 年第三季度报告》的程序符合法律、行政法 规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 公司监事会同意报出《深圳市英维克科技股份有限公司 2024 年第三季度报告》。 表决结果：3 票同意、0 票反对、0 票弃权。 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 年第三季度报告》。 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"）第四届监事会第十三次 会议通知于 2024 ...

Group 1 - Shenzhen Yingweike Intelligent Technology Co., Ltd. has been established with a registered capital of 2 million yuan [1] - The legal representative of the company is Qi Yong [1] - The business scope includes industrial internet data services, artificial intelligence application software development, blockchain technology-related software and services, and artificial intelligence theory and algorithm software development [1] Group 2 - Yingweike holds 100% ownership of the newly established company [1]

证券代码：002837 证券简称：英维克 公告编号：2024-048 一、基本情况概述 深圳市英维克科技股份有限公司 深圳市英维克科技股份有限公司(以下简称"公司")的全资子公司广东英维克技 术有限公司（以下简称"广东英维克"）于 2024 年 9 月 2 日收到中山市自然资源局下 发的《闲置土地认定书》 (中自然闲认字 [2024] (三角镇) 第 003 号)，具体内容详 见公司于 2024 年 9 月 3 日披露的《关于全资子公司收到闲置土地认定书的公告》（公 告编号：2024-047）。 关于全资子公司收到《关于<撤销闲置土地认定书>的决定》的公告 广东英维克在收到《闲置土地认定书》后，积极与相关政府部门沟通，力争妥善 化解该风险。近日，收到中山市自然资源局出具的《关于撤销<闲置土地认定书>的决 定》，该局决定撤销对广东英维克作出的《闲置土地认定书》（中自然闲认字 [2024] (三角镇) 第 003 号）。 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。 二、中山市自然资源局《关于撤销<闲置土地认定书>的决定》的主要内容 中山市自然资源局于 2024 ...

Investment Rating - The report assigns an "Invest Buy" rating to the company, marking its first coverage [1] Core Views - The company is a leader in precision temperature control and energy-saving solutions, benefiting from the growth in AI computing power and energy storage installations, with potential for accelerated performance expansion [7] - The company has end-to-end liquid cooling solution capabilities, with its electronic cooling products opening up new growth opportunities [4] - The report forecasts the company's net profit for 2024-2026 to be 552 million, 754 million, and 982 million yuan, respectively, with EPS of 0.75, 1.02, and 1.33 yuan [4] Financial Projections and Valuation - Revenue is projected to grow from 2,923 million yuan in 2022 to 8,469 million yuan in 2026, with a CAGR of 32% [1] - Net profit is expected to increase from 280 million yuan in 2022 to 982 million yuan in 2026, with a CAGR of 30% [1] - The P/E ratio is expected to decrease from 68.7 in 2022 to 19.6 in 2026, indicating a more attractive valuation over time [1] Industry and Market Analysis - The AI-driven demand for liquid cooling is expected to grow significantly, with the domestic liquid cooling data center market projected to exceed 100 billion yuan by 2027, with a CAGR of 76% [3] - The energy storage temperature control market is also expected to grow, with the domestic market size for liquid cooling in energy storage projected to reach 16.4 billion yuan by 2025, with liquid cooling accounting for 45% [3] - The company has delivered 900MW of liquid cooling projects as of March 2024, with its Coolinside full-chain solution covering various liquid cooling schemes [4] Company Strengths and Strategy - The company has a comprehensive product matrix and a strong customer base, including major internet companies, telecom operators, and energy storage system integrators [3] - The company has a robust R&D capability, with 1,279 R&D personnel as of the end of 2023, accounting for 33.19% of the total workforce [25] - The company has a nationwide production layout, with seven manufacturing bases and a new headquarters base in South China that began production in 2024 [26] Technological Advancements - The company has developed a full-chain liquid cooling solution, including cold plate liquid cooling, single-phase/phase-change immersion liquid cooling, and other schemes [4] - The company has also introduced the BattCool solution for the energy storage field, demonstrating its capability in end-to-end liquid cooling solutions [4] - The company is actively expanding into the electronic cooling market, with products such as GPU/CPU liquid cooling plates, server liquid cooling modules, and heat pipes [4]

上 市 公 司 证 券 研 究 报 告 机械设备 2024 年 09 月 30 日 英维克 (002837) ——算力+能源精密温控，全链条成长的核心资产（液冷 产业链系列报告之三） 公 司 研 究 / 公 司 深 度 报告原因：首次覆盖 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 27 日 | | 收盘价（元） | 23.86 | | 一年内最高/最低（元） | 35.70/17.11 | | 市净率 | 6.8 | | 息率（分红/股价） | 0.84 | | 流通 A 股市值（百万元） | 15,327 | | 上证指数 / 深证成指 | 3,087.53/9,514.86 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 ...