金十数据4月28日讯，就美国关税政策对公司2025年的业绩会影响有多大的问题，英维克4月25日在业绩 说明会上表示，关税政策不断在变动，公司在密切跟踪情况，对影响尚未能做出准确的评估，由于公司 2024年海外收入占比14.38%，故影响不会很大。 （证券时报） 英维克：美国关税政策对公司业绩影响不会很大 ...

深圳市英维克科技股份有限公司投资者关系活动记录表 公司的机房业务一般是需要安装后交付的。对于需要提供安装服务的设 备销售，公司发货后由售后服务部门或外请工程安装公司提供设备安装服务， 客户验收合格后向公司出具验收合格书或验收报告，此时相关产品的控制权 均已转移，公司据此确认销售收入及应收账款。具体的收入确认政策可查看 公司披露的年度审计报告。 编号：2025-002 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 线上参与公司 2024 年度网上业绩说明会的投资者。 时 间 2025 年 4 月 25 日 地 点 "英维克投资者关系"微信小程序 上市公司接待人员姓名 董事长、总经理：齐勇先生 独立董事：田志伟先生 董事、财务总监：叶桂梁先生 董事会秘书：欧贤华先生 投资者关系活动 主要内容介绍 1、公司业绩没有什么增长，是什么原因？ 公司 2024 年收入增长 30.04%，一季度收入增长 25.07%，一些项目未验 收对收入确认有所滞后的影响。 2、美国加税对于 2025 年的业绩会有多大影响？ 关税政策不断在 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company is expected to experience rapid growth in its data center and computing power equipment-related businesses, driven by the booming AI applications and the adoption of liquid cooling solutions [1][4]. - The company has increased its R&D investment and capacity expansion, which is anticipated to lay a solid foundation for capturing opportunities in the AIDC industry cycle [3][4]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue reached 4.589 billion RMB, a year-on-year increase of 30.04%, while the net profit attributable to the parent company was 453 million RMB, up 31.59% [1]. - The company's gross margin for Q1 2024 was 28.75%, reflecting a decline of 3.6 percentage points year-on-year, primarily due to accounting policy adjustments and rising commodity prices [3]. - The company’s revenue from the data center cooling business grew by 48.83% to 2.441 billion RMB in 2024, driven by high demand for data center construction [2]. Business Segments - The data center cooling business is expected to continue its rapid growth, benefiting from the high demand for AI and the introduction of liquid cooling technology [2]. - The cabinet cooling business also saw a year-on-year growth of 17.03% to 1.715 billion RMB, with the energy storage segment growing by 22% to 1.5 billion RMB [2]. Future Projections - The company’s net profit is projected to reach 6.29 billion RMB in 2025, 7.82 billion RMB in 2026, and 9.61 billion RMB in 2027, with a downward adjustment of 20% and 24% for 2025 and 2026, respectively [4]. - The target price for the company is set at 36.35 RMB, based on a PE ratio of 43 times for 2025 [4][7].

Core Viewpoint - The company reported strong revenue growth for 2024, with a revenue of 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit of 453 million yuan, up 31.59% year-on-year. However, the first quarter of 2025 showed a decline in net profit despite revenue growth [1][2]. Financial Performance - In 2024, the company's gross margin was 28.75%, a decrease of 1 percentage point year-on-year, primarily due to changes in accounting policies that reclassified after-sales service costs into product costs, impacting gross margin by approximately 2.36 percentage points [1]. - The company's net profit for 2024 was 452.66 million yuan, reflecting a year-on-year growth of 31.59% [1]. - For Q1 2025, the company reported revenue of 933 million yuan, a year-on-year increase of 25.07%, but the net profit decreased by 22.53% to 48 million yuan [1]. Business Segments - The data center temperature control business experienced significant growth, with revenue reaching 2.441 billion yuan in 2024, a year-on-year increase of 48.83%. However, the gross margin for this segment was 26.97%, down 2.38 percentage points year-on-year due to rising commodity prices and variations in product sales and regional mix [1]. - The company is expanding its overseas data center business and increasing its customer base, contributing to the rapid growth of the temperature control business [1]. Strategic Initiatives - The company focuses on full-chain liquid cooling as a core competitive advantage and has collaborated with overseas giants. In 2024, revenue from liquid cooling technology related to data centers was approximately 300 million yuan, with cumulative deliveries reaching 1.2 GW by March 2025 [2]. - The company's UQD product was included in NVIDIA's MGX ecosystem as a partner for the development of the Blackwell GB200 system [2]. - The company is leveraging its headquarters in South China and the initial capacity of its Zhengzhou base to meet the demand for temperature control, electronic cooling, liquid cooling, and energy storage [2]. Future Outlook - The company is expected to achieve revenues of 5.856 billion yuan, 7.268 billion yuan, and 8.775 billion yuan for the years 2025 to 2027, with net profits projected at 624 million yuan, 854 million yuan, and 990 million yuan respectively. The corresponding price-to-earnings ratios are estimated to be 37.43, 27.33, and 23.58 times [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high annual performance in 2024, with revenue of 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit attributable to shareholders of 453 million yuan, up 31.59% year-on-year [1][2] - The growth in revenue is driven by the rapid expansion of data center construction, particularly in energy-saving temperature control products, which generated 2.441 billion yuan in revenue, a 48.83% increase year-on-year [2] - The company's electronic cooling products are expected to see significant growth due to increasing performance and power density in various electronic devices [3] Financial Summary - For 2024, the company reported a gross margin of 28.75%, down 3.60 percentage points year-on-year, primarily due to changes in accounting policies [2] - The projected revenues for 2025-2027 are 6.378 billion yuan, 8.611 billion yuan, and 11.194 billion yuan, respectively, with corresponding net profits of 702 million yuan, 960 million yuan, and 1.161 billion yuan [3][4] - The company’s net profit margin for 2024 is projected at 9.9%, with a net asset return rate of 16.88% [4]

Core Viewpoint - The company reported strong annual growth in 2024, with revenue reaching 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit of 453 million yuan, up 31.59% from the previous year. However, the first quarter of 2025 showed a decline in net profit due to order confirmation timing [1][2]. Financial Performance - In 2024, the company achieved revenue of 4.589 billion yuan (yoy +30.04%), net profit of 453 million yuan (yoy +31.59%), and a non-recurring net profit of 430 million yuan (yoy +35.87%) [1]. - For Q1 2025, revenue was 933 million yuan (yoy +25.07%), but net profit decreased to 48 million yuan (yoy -22.53%) [1][2]. - Q4 2024 revenue was 1.717 billion yuan (yoy +17.85%), with net profit of 100 million yuan (yoy -25.31%) [2]. Inventory and Orders - The company reported a significant increase in inventory, with a balance of 1.135 billion yuan in Q1 2025, up 78.73% year-on-year [2]. - The company has a robust order backlog, with contract liabilities increasing to 366 million yuan in Q1 2025, a 107.35% year-on-year growth, indicating high order visibility [2]. Segment Performance - Data center orders saw substantial growth, with revenue from the cooling segment reaching 2.441 billion yuan in 2024, a 48.83% increase [3]. - The cabinet cooling segment generated 1.715 billion yuan in revenue, growing 17.03% year-on-year [3]. - The bus air conditioning segment reported revenue of 111 million yuan, up 20.71%, driven by increased demand in cold chain logistics [4]. Profitability Metrics - The overall gross margin for 2024 was 28.75%, a decrease of 3.60 percentage points year-on-year, primarily due to accounting policy changes and rising commodity prices [5]. - The net profit margin remained stable at 9.90%, with a slight increase of 0.01 percentage points year-on-year [5]. Investment and Development - The company has increased its investment in expenses starting from the second half of 2024, with a focus on expanding its workforce and enhancing R&D capabilities [6]. - The total number of employees reached 5,129 in 2024, a 33.12% increase, with R&D personnel growing by 36.51% [6]. Future Outlook - The company is positioned as a leader in platform-based cooling solutions, with multiple growth avenues in data center, cabinet, and electronic cooling segments expected to drive future profitability [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock price increase exceeding 20% compared to the benchmark index [4]. Core Insights - The company experienced short-term performance fluctuations due to the timing of order confirmations, but a rich backlog of orders in the data center segment is expected to drive revenue growth recovery [1][2]. - In 2024, the company achieved a revenue of 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit of 453 million yuan, up 31.59% year-on-year [1]. - The company is positioned as a leading provider of platform-based temperature control solutions, with three growth curves resonating: "data center + cabinet + electronic cooling" [8]. Financial Performance - In Q4 2024, the company reported a revenue of 1.717 billion yuan, a year-on-year increase of 17.85%, while Q1 2025 revenue was 933 million yuan, up 25.07% year-on-year [2]. - The company’s inventory balance reached 1.135 billion yuan in Q1 2025, reflecting a significant increase of 78.73% compared to the end of 2024 [2]. - The gross profit margin for 2024 was 28.75%, a decrease of 3.60 percentage points year-on-year, primarily due to changes in accounting policies and rising commodity prices [4][8]. Business Segments - The data center segment generated revenue of 2.441 billion yuan in 2024, a year-on-year increase of 48.83%, with over 80% expected to come from air-cooled orders [3]. - The cabinet temperature control segment saw revenue of 1.715 billion yuan in 2024, with a growth rate improvement compared to the first half of 2024 [3]. - The company’s revenue from energy storage temperature control reached nearly 1.5 billion yuan in 2024, reflecting a year-on-year growth of 22% [3]. Future Projections - The company forecasts net profits of 609 million yuan, 816 million yuan, and 1.062 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.82 yuan, 1.10 yuan, and 1.43 yuan [8]. - The expected revenue growth rates for the next few years are 37% for 2025, 27% for 2026, and 25% for 2027 [8].

Financial Performance - In 2024, the company achieved an operating revenue of 458,881.95 million yuan, a year-on-year increase of 30.04% [3] - The net profit attributable to shareholders was 45,266.44 million yuan, up 31.59% from the previous year [3] - The net profit after deducting non-recurring items was approximately 430 million yuan, reflecting a growth of about 35.87% [3] - The comprehensive gross margin for 2024 was 28.75%, a decrease of 1.00% [3] - In Q1 2025, the company reported an operating revenue of 933 million yuan, a year-on-year increase of 25.07% [4] - The net profit attributable to shareholders in Q1 2025 was 48.01 million yuan, down 22.53% [4] Business Segments Data Center Cooling - Revenue from data center cooling energy-saving products reached 2.441 billion yuan, accounting for 53.19% of total revenue, with a year-on-year growth of 48.83% [3] - The liquid cooling technology has been rapidly adopted, with cumulative deliveries reaching 1.2GW by March 2025 [4] Cabinet Cooling - Revenue from cabinet cooling energy-saving products was 1.715 billion yuan, representing 37.37% of total revenue, with a year-on-year increase of 17.03% [3] - Revenue from energy storage applications was approximately 1.5 billion yuan, reflecting a growth of about 22% [4] Other Businesses - Revenue from electronic cooling and server temperature control products has been integrated into major tech companies' systems, enhancing market presence [5] - The company is expanding its market in the electric vehicle sector and cold chain logistics, with significant growth in sales of new energy refrigerated vehicles [6] Cost and Expenses - Sales expenses for 2024 were 206 million yuan, an increase of 18.66% [3] - R&D expenses reached 350 million yuan, up 32.98% [3] - Management expenses totaled 198 million yuan, reflecting a growth of 28.75% [3] Future Outlook - The company aims to solidify its position in the large cloud computing data center market and expand sales of indirect evaporative cooling products [6] - Plans to enhance overseas market penetration, particularly in liquid cooling technology [6] - Continuous innovation and upgrading of energy storage liquid cooling products are prioritized to maintain competitive advantage [6] Investor Relations - The meeting included 46 investors from various securities firms, indicating strong interest in the company's performance and future strategies [2] - The company emphasized its commitment to transparency and accurate information disclosure during the investor meeting [4]

Investment Rating - The report assigns a "Buy" rating for Envicool (002837.SZ) with a 12-month price target of RMB 50.6, indicating a potential upside of 63.2% from the current price of RMB 31.01 [10]. Core Insights - Envicool focuses on precision temperature control technology, which is increasingly adopted to enhance energy efficiency in data centers and energy storage systems, aligning with China's long-term goals of digital economy and carbon reduction [7]. - The company is experiencing strong demand from large-scale data centers and telecom operators, as well as from small and medium enterprises and edge computing projects [2]. - The growth in liquid cooling applications is expected to increase by the end of 2025 and into 2026, driven by domestic GPU manufacturers adopting this technology [2]. - The company aims for over 30% sales growth in 2025, although there are mixed signals regarding future growth drivers [2]. Data Center Cooling Business - Revenue recognition delays in data center projects impacted the overall performance in Q4 2024 and Q1 2025, with significant year-on-year growth in inventory and contract liabilities [2]. - The backlog of orders reached a record high in Q1 2025, indicating strong future demand [2]. - The gross profit margin for the data center cooling business was 27% in 2024, a decrease of 2 percentage points year-on-year, primarily due to changes in product mix [2]. Energy Storage Cooling Business - Sales growth for energy storage cooling products was below expectations, with a year-on-year increase of 23% in 2024, primarily due to price declines [5]. - The gross profit margin for this segment was 31% in 2024, showing a slight improvement, attributed to sales and marketing, supply chain, and cost optimization efforts [5]. - Tariffs imposed by the U.S. are expected to negatively impact the energy storage cooling business in the short term, as U.S. customers have paused direct shipments [5]. Financial Performance - In Q4 2024, the company reported a revenue of RMB 1,717 million, an 18% year-on-year increase, but net profit fell by 25% to RMB 100 million [6]. - The operating expenses increased significantly, with a year-on-year growth of 28% in 2024, primarily due to workforce expansion [5]. - The company plans to maintain capital expenditures between RMB 200 million and RMB 400 million annually to support long-term growth [5].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Viewpoints - The company achieved a revenue of 4.59 billion yuan in 2024, representing a year-on-year growth of 30%, and a net profit of 450 million yuan, up 31.6% year-on-year [1]. - In Q1 2025, the company reported a revenue of 930 million yuan, a year-on-year increase of 25.1%, but a net profit decline of 22.5% to 50 million yuan [1]. - The company has made significant advancements in liquid cooling solutions, with its Coolinside solution being validated by Intel and included in NVIDIA's MGX ecosystem [2]. - The company is a leader in thermal management for electrochemical energy storage systems, with a revenue of nearly 1.5 billion yuan from energy storage applications in 2024, a 22% increase year-on-year [3]. - The company is expected to benefit from AI-related businesses, with projected revenues of 6.34 billion yuan in 2025, 8.25 billion yuan in 2026, and 10.06 billion yuan in 2027 [3]. Financial Summary - The company's total revenue is forecasted to grow from 4.59 billion yuan in 2024 to 10.06 billion yuan in 2027, with growth rates of 30.0%, 38.2%, 30.1%, and 22.0% respectively [4]. - The net profit attributable to shareholders is projected to increase from 453 million yuan in 2024 to 575 million yuan in 2027, with growth rates of 31.6%, 8.9%, 8.9%, and 7.2% respectively [4]. - The earnings per share (EPS) is expected to rise from 0.61 yuan in 2024 to 0.77 yuan in 2027 [4].