证券代码：002837 证券简称：英维克 公告编号：2024-047 你方（广东英维克技术有限公司）位于中山市三角镇三角村，面积 99406 平方米 的国有建设用地的使用权人(土地证/不动产权证号为: 粤(2021)中山市不动产权第 0148847 号)。该宗地约定动工日期为 2023 年 7 月 3 日。 上述宗地存在"超过国有建设用地使用权有偿使用合同或者划拨决定书约定、规 定动工开发日期满一年未动工开发"的情况，已向你方送达了《闲置土地调查通知书》 （中自然闲调字[2024](三角镇)第 006 号)。根据调查结果和《闲置土地处置办法》(国 土资源部第 53 号令)的规定，认定上述宗地为闲置土地，系因自身原因造成土地闲置， 应按照有关规定进行处置。 对本认定不服的，可以自收到本认定书之日起 60 日内向中山市人民政府行政复议 办公室(中山市东区博爱五路 68 号)申请行政复议，或自本认定书送达之日起 6 个月内 向中山市第一人民法院(中山市东区博爱五路 62 号)提起行政诉讼。 深圳市英维克科技股份有限公司 关于全资子公司收到闲置土地认定书的公告 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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved revenue of 1.713 billion yuan in H1 2024, representing a year-on-year growth of 38.2%, and a net profit attributable to shareholders of 183 million yuan, up 99.6% year-on-year [3][4]. - The growth in data center cooling exceeded expectations, with energy-saving revenue from cooling reaching 860 million yuan, a year-on-year increase of 85.9% [4][5]. - The liquid cooling revenue doubled compared to H1 2023, indicating strong demand and a solid market position [5]. - The company is uniquely positioned as the only manufacturer with a full-chain layout in liquid cooling products and comprehensive coverage of industry clients [5]. Summary by Sections Financial Performance - In H1 2024, the company reported operating income of 1.713 billion yuan, a 38.2% increase year-on-year, and a net profit of 183 million yuan, reflecting a 99.6% growth [3][4]. - The second quarter of 2024 saw revenues of 967 million yuan, up 35.9% year-on-year, and a net profit of 121 million yuan, an 81.9% increase [4]. Cost Management - The company improved its expense ratio to approximately 20.1% in H1 2024, a decrease of 3.3 percentage points year-on-year, driven by enhanced platform capabilities and reduced share-based payment expenses [4]. Product Performance - The energy-saving revenue from data center cooling reached 860 million yuan, with a gross margin of 30.6%, up 1.1 percentage points year-on-year [4]. - The cabinet cooling segment generated 700 million yuan in revenue, a 6.1% increase year-on-year, with expectations for accelerated growth in H2 2024 [4][5]. Market Position - The company continues to benefit from its unique position in the liquid cooling market, with a full-chain layout and extensive client coverage, which is expected to yield significant advantages as the liquid cooling trend accelerates [5]. Future Projections - The projected net profits for 2024-2026 are 557 million yuan, 756 million yuan, and 957 million yuan, with corresponding year-on-year growth rates of 62%, 36%, and 27% [5].

公司报告 | 半年报点评 业绩亮眼高增，AI 液冷需求有望拉动持续高增长 事件： 公司发布 2024 年半年报，24H1 实现收入 17.13 亿元，同比增长 38.24%， 实现归母净利润 1.83 亿元，同比增长 99.63%，实现扣非净利润 1.71 亿元， 同比增长 113.5%。利润表现均高于此前预告中值。 机房温控同比高增，数据中心液冷需求旺盛 单季度来看，公司 Q2 实现营业收入 9.67 亿元，同比增长 35.92%，实现归 母净利润 1.21 亿元，同比增长 81.86%。主要得益于机房温控节能产品收入 增加所致。公司来自数据中心机房及算力设备的液冷技术相关营业收入在 24 年上半年内约为上年同期的 2 倍左右。 分业务来看：机房温控节能产品上半年实现收入 8.56 亿元，同比增长 85.91%，机柜温控节能产品实现收入 7.02 亿元，同比增长 6.11%。 盈利能力持续提升 公司上半年实现毛利率 30.99%，实现净利率 10.70%。其中毛利率对比去年 同期小幅下降 1.05pct，分产品来看机房温控节能产品提升 1.05pct，而机 柜温控节能产品对比去年同期下降 2.57pct。费 ...

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 专用机械 AI 推动机房业务大幅增长，储能温控未来 可期 ——英维克(002837)2024 年中报点评 | --- | --- | --- | --- | |--------------------------------|-----------------------------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

深圳市英维克科技股份有限公司 关于部分股票期权注销完成的公告 证券代码：002837 证券简称：英维克 公告编号：2024-046 公司本次注销部分股票期权符合《上市公司股权激励管理办法》及公司《2022 年 股票期权激励计划（草案）》的相关规定，注销原因及数量合法、有效，且程序合规。 本次注销的股票期权尚未行权，不影响公司股本结构，不会对公司的财务状况和经营 成果产生重大影响，且不影响公司 2022 年股票期权激励计划的继续实施。 特此公告。 深圳市英维克科技股份有限公司 董事会 二〇二四年八月二十日 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。 深圳市英维克科技股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 12 日召开了第四届董事会第十二次会议和第四届监事会第十二次会议，审议通过了 《关于注销 2022 年股票期权激励计划部分股票期权的议案》。根据《上市公司股权激 励管理办法》及公司《2022 年股票期权激励计划（草案）》的相关规定以及 2022 年 第一次临时股东大会的授权，2022 年股票期权激励计划中因激励对象离职以及部分激 ...

证券代码：002837 证券简称：英维克 公告编号：2024-045 深圳市英维克科技股份有限公司 关于 2022 年股票期权激励计划第二个行权期采用自主行 权模式的提示性公告 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。 特别提示： 1、本次行权的股票期权代码：037273，期权简称：英维 JLC1。 2、公司《2022 年股票期权激励计划（草案）》（以下简称"《2022 年激励计划》" 或"本次激励计划"）第二个行权期符合行权条件可行权的激励对象为 232 名，合计 可行权期权数量为 505.9276 万份（调整后），行权价格为 8.420 元/股（调整后）。 3、根据业务办理的实际情况，本次实际可行权期限为 2024 年 8 月 22 日至 2025 年 7 月 21 日期间的交易日。截至本公告披露日，中国证券登记结算有限责任公司深圳 分公司的手续已办理完成。 4、本次行权采用自主行权模式。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 深圳市英维克科技股份有限公司（以下简称"公司"）公司于 2024 年 8 月 12 日 召开第四届董事 ...

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Investment Rating - The investment rating for the company is maintained at "Buy - A" with a 6-month target price of 25.68 CNY [4]. Core Insights - The company reported a significant revenue growth of 38.24% year-on-year, achieving 1.713 billion CNY in the first half of 2024, with a net profit growth of 99.63% to 183 million CNY [2][3]. - The rapid growth is attributed to the strong performance of various business segments, particularly the liquid cooling technology for data centers, which has seen a doubling in revenue [2][3][7]. - The company is well-positioned to benefit from the increasing demand for temperature control solutions driven by AI and energy storage developments [8]. Revenue Breakdown - The revenue from data center temperature control products reached 856 million CNY, up 85.91% year-on-year, driven by new AI applications and increased demand for data centers [3]. - Cabinet temperature control products generated 702 million CNY, a 6.11% increase, while the bus air conditioning business saw a revenue of 276 million CNY, growing by 42.35% [3]. - Revenue from rail transit air conditioning and services reached 479 million CNY, reflecting a 35.88% increase due to several project deliveries [3]. Profitability and Cost Control - The overall gross margin for the first half of 2024 was 30.99%, a slight decrease of 1.05 percentage points from the previous year, but the company has effectively managed costs [4][6]. - The company reported a decrease in sales, management, and R&D expense ratios, indicating improved operational efficiency [6]. Future Projections - The company is expected to achieve revenues of 4.684 billion CNY, 6.222 billion CNY, and 7.725 billion CNY for the years 2024, 2025, and 2026, respectively, with net profits projected at 542.5 million CNY, 728.7 million CNY, and 928.7 million CNY [9][10]. - The projected P/E ratios for the upcoming years are 29.50, 21.97, and 17.23, indicating a favorable valuation trend [9][10].

Investment Rating - The report maintains an "Outperform" rating for the company [1][3] Core Views - The company's data center business has shown strong performance, with liquid cooling technology reaching an inflection point for accelerated growth [1] - The company's revenue in H1 2024 reached 1.71 billion yuan, a year-on-year increase of 38.2%, with net profit attributable to the parent company reaching 180 million yuan, a 100% increase [1] - The data center temperature control business grew by 86% year-on-year, contributing 50% of total revenue, while other segments such as bus and rail air conditioning also showed strong growth [1] - The company's overseas revenue accounted for 16% of total revenue, with a focus on expanding in the Southeast Asian data center market [1] Financial Performance - In Q2 2024, the company achieved revenue of 970 million yuan, a 36% year-on-year increase, and net profit attributable to the parent company of 120 million yuan, an 82% increase [1] - The company's gross margin slightly declined due to rising copper prices and structural changes in the data center business, but net margin improved to 10.7%, the highest in three years [1] - The company's revenue from liquid cooling technology related to data centers and computing equipment doubled compared to the same period last year [1] Industry and Market Trends - The rapid development of AI has increased demand for data center computing power and thermal density, accelerating the adoption of liquid cooling technology [1] - The company has developed a full-chain liquid cooling solution, gaining recognition in the industry and opening up new growth opportunities in the electronic cooling market [1] Financial Forecasts - The report forecasts revenue for 2024-2026 to be 4.65 billion, 6.14 billion, and 7.75 billion yuan, respectively, with net profit attributable to the parent company expected to be 540 million, 700 million, and 890 million yuan [1][6] - The company's PE ratio is projected to be 29x, 22x, and 18x for 2024-2026, respectively [1][6] Valuation and Comparisons - The company's valuation metrics, including PE, PB, and EV/EBITDA, are compared with peers, showing a relatively favorable position [6] - The company's EPS is expected to grow from 0.72 yuan in 2024 to 1.21 yuan in 2026 [6]

Investment Rating - The report assigns a "Buy" rating for Envicool (002837.SZ) [1][8] Core Insights - Envicool reported robust Q2 performance, aligning with its previous earnings forecast, with revenue, gross profit, EBIT, and net profit showing significant year-on-year growth of 36%, 39%, 96%, and 82% respectively [1] - The company anticipates continued strong growth in its data center (liquid cooling) temperature control business, driven by increased orders in June and July, although growth in the energy storage temperature control segment is expected to slow [1][4] - The report highlights the company's strategic focus on enhancing product value and expanding its customer base both domestically and internationally, particularly in the CPU server market [2][4] Financial Performance Summary - For Q2 2024, Envicool's financials were as follows: revenue of RMB 967 million, gross profit of RMB 311 million, EBIT of RMB 120 million, and net profit of RMB 121 million, all exceeding prior forecasts [1][4] - The gross profit margin for Q2 was 32%, with EBIT and net profit margins at 12% and 13% respectively, reflecting improvements compared to previous periods [1][4] - The company has adjusted its net profit forecasts for 2024-2030 slightly upward by 1%, with a new target price set at RMB 33.1, based on a 30x P/E ratio for 2025 [1][8] Business Segment Insights - The data center temperature control revenue grew by 86% year-on-year in the first half of 2024, driven by strong demand from domestic cloud and hosting clients, as well as telecom operators [1][2] - The liquid cooling business maintained approximately 100% year-on-year growth, supported by projects in China and Southeast Asia [1][2] - The energy storage temperature control segment saw only an 11% year-on-year increase, attributed to a high base effect from 2023 and declining prices in temperature control systems [2][4] Strategic Outlook - Envicool aims to maintain a strong R&D focus while improving operational efficiency, with plans to enhance its product offerings and expand into overseas markets [4][7] - The company is also focusing on securing service contracts for energy storage projects to drive sustainable growth [4][7]