天眼查商业履历信息显示，深圳市英维克科技股份有限公司，成立于2005年，位于深圳市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本74382.2694万人民币，实缴资本 32223.616万人民币。公司法定代表人为齐勇。 通过天眼查大数据分析，深圳市英维克科技股份有限公司共对外投资了18家企业，参与招投标项目792 次，知识产权方面有商标信息145条，专利信息1303条，此外企业还拥有行政许可22个。 来源：金融界 金融界消息 截至2025年5月6日收盘，英维克（002837）报收于33.65元，上涨6.45%，换手率6.41%，成 交量41.48万手，成交金额13.83亿元。 资金流向方面，今日主力资金净流入1.45亿元，占比成交额10.51%。其中，超大单净流入6879.60万 元、占成交额4.98%，大单净流入7657.11万元、占成交额5.54%，中单净流出流出5311.56万元、占成交 额3.84%，小单净流出9225.15万元、占成交额6.67%。 英维克最新一期业绩显示，截至2025一季报，公司营业总收入9.33亿元、同比增长25.07%，归属净利润 4801.05万元， ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high operating performance, with total revenue of 4.6 billion yuan in 2024, a year-on-year increase of 30%, and a net profit attributable to shareholders of 450 million yuan, up 32% year-on-year [1] - The cooling business for data centers is showing steady growth, with revenue reaching 2.4 billion yuan in 2024, a 49% increase year-on-year, and accounting for 53% of total revenue [1] - The energy storage cooling business is recovering, with revenue of 1.7 billion yuan in 2024, a 17% increase year-on-year, and a gross margin of 31% [2] - The company is positioned as a leader in the energy storage cooling industry, having delivered a comprehensive liquid cooling solution for high-density energy storage systems [2] - Future revenue projections for 2025-2027 are estimated at 6.2 billion, 7.9 billion, and 9.9 billion yuan, with net profits of 610 million, 780 million, and 960 million yuan respectively, corresponding to P/E ratios of 39, 30, and 24 times [2] Financial Summary - In 2024, the company reported total revenue of 4.6 billion yuan, with a year-on-year growth rate of 30% [4] - The net profit attributable to shareholders for 2024 was 450 million yuan, reflecting a year-on-year increase of 32% [4] - The company's gross margin for the cooling business was 27% in 2024, down from 32% in 2023 [1] - The projected earnings per share (EPS) for 2025 is 0.82 yuan, increasing to 1.29 yuan by 2027 [4] - The return on equity (ROE) is expected to rise from 15.5% in 2024 to 21.5% in 2027 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company continues to experience rapid growth in revenue and profit, with 2024 revenue reaching 4.589 billion yuan, a year-on-year increase of 30.0%, and a net profit of 453 million yuan, up 31.6% year-on-year. However, the Q1 2025 performance was impacted by the rhythm of project confirmations, with revenue of 933 million yuan, a year-on-year increase of 25.1%, but a net profit decline of 22.5% [6][12]. - The company has a historical high level of orders on hand, which is expected to support future performance growth. Inventory and contract liabilities have also increased significantly, indicating strong demand in the data center sector [12][12]. - The gross profit margin has been affected by accounting standard adjustments, but the changes are considered acceptable. The company has increased personnel investment to meet the higher demands for R&D and rapid response from international clients, which is expected to benefit long-term growth [12][12]. - The company leads the industry in liquid cooling delivery scale and has gained recognition from overseas major clients, indicating potential breakthroughs in international markets [12][12]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 45.89 billion yuan, with a net profit of 4.53 billion yuan. For Q1 2025, revenue was 9.33 billion yuan, with a net profit of 0.48 billion yuan [6][12]. - The company’s inventory increased by 500 million yuan to 1.14 billion yuan, and contract liabilities rose by nearly 200 million yuan to 370 million yuan, primarily from the data center sector [12][12]. Market Position and Strategy - The company’s liquid cooling technology revenue from data centers and computing equipment was approximately 300 million yuan in 2024. By March 2025, cumulative deliveries in the liquid cooling chain reached 1.2 GW [12][12]. - The company’s products have been validated by major players like Intel and NVIDIA, enhancing its reputation and market position [12][12]. Future Outlook - The company is expected to maintain strong revenue and profit growth through 2025-2027, with projected net profits of 650 million yuan, 880 million yuan, and 1.11 billion yuan, corresponding to year-on-year growth rates of 43%, 36%, and 26% respectively [12][12].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the domestic computing power industry and the optical communication sector, highlighting the performance of various companies within these industries [1][4][8]. Key Points and Arguments Domestic Computing Power Industry - The Ascend 910C chip has shown performance improvements, narrowing the gap with NVIDIA's H100, primarily used in Huawei's cloud infrastructure. Strong demand from downstream internet companies is expected to lead to large-scale shipments by May 2025, utilizing a dual 910B chip packaging solution [1][2]. - The overall performance of domestic graphics cards has improved, with increased customer acceptance and a positive outlook for the upstream supply chain, including connectors, liquid cooling, and servers [2]. Optical Communication Sector - The optical communication segment has exceeded expectations, with companies like NewEase and Shijia Photon showing strong performance. Source Technology's CW light source shipments have significantly improved revenue and profitability, with new product gross margins exceeding 80% [1][4]. - Domestic optical module companies, such as Guangxun Technology, experienced a slight decline in Q1 but showed significant improvement in profitability. Demand for domestic optical modules remains high, with production capacity expected to ramp up to 700,000 to 800,000 units per month this year [1][4]. Company Performance Highlights - NewEase and Shijia Photon have reported strong revenue and profit growth, driven by overseas demand for passive devices and corresponding chip products. Their revenue and gross margins for AWG, MPO connectors, and indoor optical cable products have significantly improved [5]. - In contrast, Invec's performance in the liquid cooling segment fell short of expectations, leading to a stock price decline. However, revenue met expectations, and the company faces increased margin pressure due to intensified competition in domestic temperature control orders [8]. Market Trends and Future Outlook - The communication sector's overall performance has been mixed, with some companies meeting expectations while others, like Invec, have struggled. The industry remains optimistic due to high investment from major players like ByteDance, Alibaba, and Tencent, which is expected to drive growth [8][9]. - The AI large model continues to evolve, with significant increases in computing power demand. For instance, Baidu's new model has reduced costs to about one-fourth per million tokens, indicating a growing need for computing resources [12]. - Investment recommendations focus on three areas: self-controlled supply chains (including high-speed connectors and liquid cooling), domestic computing power and AI data center industry trends, and advancements in AI applications, particularly in IoT smart modules and controllers [13]. Additional Important Insights - The optical communication sector's performance is expected to see rapid growth in domestic and international capacity releases over the next few years, particularly in overseas DCI business, which will contribute to significant revenue growth [5]. - The overall sentiment in the communication sector is optimistic, with expectations of continued improvement in profitability and growth trajectories for companies involved in new product releases and increased shipments [6][7].

Core Viewpoint - Company reported a 25.07% year-on-year increase in revenue for Q1 2025, but net profit decreased by 22.53% due to delayed project acceptance affecting revenue recognition [63][34][15]. Group 1: Financial Performance - In Q1 2025, the company's revenue reached 933 million yuan, reflecting a 25.07% increase year-on-year [63]. - The net profit attributable to shareholders was 48.01 million yuan, down 22.53% compared to the previous year [63]. - The gross profit margin for the company was reported at 26.45% [63]. Group 2: Revenue Growth Factors - The company experienced a 30.04% revenue growth in 2024, with some projects not yet accepted impacting revenue recognition [2]. - The company maintains an optimistic outlook for 2025, citing strong demand in its main business areas and solid industry position [9]. Group 3: Market and Operational Insights - The company is closely monitoring changes in U.S. tariff policies, noting that overseas revenue accounted for 14.38% of total revenue in 2024, suggesting limited impact from tariffs [3]. - The company has a stable order book and production capacity across multiple bases, including Shenzhen and Suzhou, to meet current demand [13][52]. Group 4: R&D and Future Prospects - The company is increasing its R&D investments, with a 32.98% rise in R&D expenses in 2024, focusing on innovative products like ultra-thin dehumidifiers [27]. - The liquid cooling business is experiencing growing demand, although it is influenced by chip types [7]. Group 5: Stock Performance and Investor Relations - The company's stock has faced a continuous decline, with management emphasizing the importance of value enhancement and shareholder returns [16][50]. - The company adheres to consistent information disclosure principles and encourages investors to refer to official reports for updates [4][51].

证券代码：002837 证券简称：英维克 公告编号：2025-020 深圳市英维克科技股份有限公司 关于 2024 年股票期权激励计划第一个行权期采用自 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：037424，期权简称：英维 JLC2。 2、公司《2024 年股票期权激励计划（草案）》（以下简称"《2024 年激励计划》" 或"本次激励计划"）第一个行权期符合行权条件可行权的激励对象为 275 名，合计可 行权期权数量为 111.6960 万份，行权价格为 14.931 元/股。 3、根据业务办理的实际情况，本次实际可行权期限为 2025 年 4 月 29 日至 2026 年 3 月 24 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 2025 年 4 月 19 日 召开第四届董事会第十六次会议和第 ...

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 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 2025 年 4 月 19 日召开了第四届董事会第十六次会议和第四届监事会第十六次会议，审议通过了 《关于注销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《2024 年股票期权激励计划（草案）》的相关规定以及 2024 年第一次临时股东大会的授权， 2024 年股票期权激励计划中因激励对象离职以及部分激励对象因个人层面年度考核不 合格共 30 名，董事会拟注销其 2024 年股票期权激励计划中已获授但尚未行权的股票 期权 31.0180 万份。具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）、《证券 时报》《证券日报》登载的《关于注销部分股票期权的公告》（公告编号：2025-013）。 公司已向中国证券登记结算有限责任公司深圳分公司（以下简称"中登公司"） 提 交注销上述股票期权的申请，截至本公告披露日，经中登公司审核确认，公司已完成 上述 31.0180 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 4.589 billion yuan in 2024, representing a year-over-year (YOY) increase of 30.04%, and a net profit attributable to shareholders of 453 million yuan, with a YOY increase of 31.59% [1] - The company has a historical high level of orders on hand, with accounts receivable reaching 2.428 billion yuan, a 40.30% increase compared to the beginning of the year [1] - The company is focusing on expanding its overseas market presence and enhancing its research and development capabilities, with R&D expenses increasing by 32.98% in 2024 [2] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 932 million yuan, a YOY increase of 25.07%, but net profit decreased by 22.53% to 48 million yuan [3] - The gross margin for Q1 2025 was 26.5%, reflecting a decrease of 0.46 percentage points after accounting for policy changes [3] Business Segments - The data center cooling business generated revenue of 2.441 billion yuan in 2024, a YOY increase of 48.8%, with a gross margin of 27.0% [4] - The company has made significant advancements in liquid cooling technology, achieving cumulative deliveries of 1.2 GW by March 2025 [4] Research and Development - The company has established new technology research institutes in Shenzhen and Beijing, focusing on internal incubation of new products and technologies [2] - As of the end of 2024, the company held 102 invention patents, a 73% increase from the previous year [2] Market Outlook - The company is expected to benefit from the growing demand for AI data centers and the increasing penetration of liquid cooling technology [9] - The forecasted revenues for 2025, 2026, and 2027 are 6.267 billion yuan, 7.773 billion yuan, and 9.265 billion yuan, respectively, with corresponding net profits of 697 million yuan, 875 million yuan, and 1.053 billion yuan [14]

Group 1 - The core viewpoint of the article is that the impact of U.S. tariff policies on the company's performance in 2025 is expected to be minimal [1] - The company is closely monitoring the changing tariff policies but has not yet been able to make an accurate assessment of their impact [1] - The company's overseas revenue accounted for 14.38% in 2024, indicating that the influence of tariff policies will not be significant [1]