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].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved a revenue of 4.59 billion yuan in 2024, representing a year-on-year growth of 30%. The net profit attributable to shareholders was 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 the net profit decreased by 22.5% to 50 million yuan [1]. - The company has made significant advancements in its liquid cooling solutions, with its Coolinside full-chain liquid cooling solution being validated by Intel and included in NVIDIA's MGX ecosystem [2]. - The company is a leader in the thermal management of electrochemical energy storage systems, with a revenue of nearly 1.5 billion yuan from energy storage applications in 2024, marking a growth of approximately 22% year-on-year [3]. Financial Projections - The projected revenues for 2025, 2026, and 2027 are 6.34 billion yuan, 8.25 billion yuan, and 10.06 billion yuan, respectively, with corresponding net profits of 493 million yuan, 537 million yuan, and 575 million yuan [4][8]. - The report forecasts a P/E ratio of 47x for 2025, 43x for 2026, and 40x for 2027 based on the closing price on April 22, 2025 [4][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown continuous growth, benefiting significantly from the AIDC construction wave, with a revenue increase of 30.04% year-on-year in 2024, reaching 4.589 billion yuan, and a net profit increase of 31.59% to 0.453 billion yuan [6][7] - The demand for data centers is rapidly increasing due to the acceleration of AI model and application iterations, which is expected to sustain the company's growth in the coming years [6] - The company has adjusted its profit forecasts for 2025 and 2026 due to international trade friction affecting chip supply, with expected net profits of 0.651 billion yuan and 0.901 billion yuan for 2025 and 2026 respectively [6] Financial Performance Summary - In 2024, the company achieved a revenue of 45.89 billion yuan, a year-on-year increase of 30.04%, and a net profit of 4.53 billion yuan, up 31.59% [6] - For Q1 2025, the company reported a revenue of 9.33 billion yuan, a year-on-year increase of 25.07%, and a net profit of 0.48 billion yuan [6] - The company's revenue from the data center cooling business grew significantly, with a 48.83% increase in revenue from room temperature control products [7] - The company has increased its R&D investment, reaching 3.5 billion yuan in 2024, a 32.98% increase year-on-year [8] Valuation Metrics - The current stock price is 31.01 yuan, with a market capitalization of 230.86 billion yuan [2] - The projected P/E ratios for 2025, 2026, and 2027 are 39.4, 28.5, and 22.9 respectively [6][9] - The company’s gross margin for 2024 is expected to be around 28.7%, with a net profit margin of 9.9% [9]

4月22日，上证指数上涨0.25%，深证成指下跌0.36%，创业板指下跌0.82%。盘后龙虎榜数据显示，共 有52只个股因当日异动登上龙虎榜，资金净流入最多的是中油资本（000617.SZ），达2.25亿元。 据21投资通智能监测，21只个股龙虎榜出现了机构的身影，北向资金参与龙虎榜中的个股共涉及10只。 2.25亿资金抢筹中油资本，3.11亿资金出逃英维克 52只上榜的龙虎榜个股中，30只个股被净买入，22只个股被净卖出。其中，资金净买入最多的是中油资 本，达2.25亿元，占总成交金额的7.51%。中油资本当日收盘上涨10.03%，换手率为3.1%。 | 泰木股份 | 8.28% | 3 | 0 | 2117 | 3.9% | 51.1% | | --- | --- | --- | --- | --- | --- | --- | | 中油资本 | 10.03% | 1 | 2 | 962 | 0.32% | 3.1% | | 优博讯 | 20% | 1 | 2 | 365 | 1.2% | 6.57% | | 西陇科学 | 10.05% | 2 | 3 | 337 | 0.29% | 28.39% | | ...

Market Performance - As of April 22, Nvidia concept stocks fell by 1.48%, ranking among the top declines in the concept sector, with stocks like Yingweike hitting the daily limit down, while stocks such as Guangxian Media, Shenghong Technology, and Maigemeite also saw significant declines [1] - The top gainers in the market included Ninebot Company, Aoni Electronics, and Advanced Digital Communication, which rose by 4.62%, 3.23%, and 2.89% respectively [1] Capital Flow - The Nvidia concept sector experienced a net outflow of 2.77 billion yuan, with 44 stocks seeing net outflows, and 6 stocks exceeding 100 million yuan in outflows [1] - Guangxian Media led the outflow with a net withdrawal of 1.11 billion yuan, followed by Shenghong Technology, Yingweike, and Maigemeite with net outflows of 529 million yuan, 246 million yuan, and 182 million yuan respectively [1] Stock Performance - The stocks with the largest net outflows in the Nvidia concept included Guangxian Media (-9.23%), Shenghong Technology (-7.28%), Yingweike (-9.99%), and Maigemeite (-5.11%) [2] - Conversely, stocks with net inflows included Aobi Zhongguang, Guangdian Yuntong, and Yangjie Technology, with inflows of 82.51 million yuan, 34.59 million yuan, and 18.91 million yuan respectively [3]

Group 1 - The China AI 50 concept index declined by 2.09%, ranking among the top declines in concept sectors, with major declines seen in stocks like Yingweike, Weichai Heavy Industry, and Fanwei Network [1] - Among the China AI 50 concept stocks, only two stocks saw price increases, with North Huachuang rising by 1.20% and China Mobile by 0.01% [1] - The concept sector experienced a net outflow of 2.71 billion yuan, with 44 stocks seeing net outflows, and 13 stocks experiencing outflows exceeding 100 million yuan, led by Yingweike with a net outflow of 247 million yuan [1][2] Group 2 - The top stocks with significant net outflows included ZTE Corporation, SMIC, and Magmi Tech, with net outflows of 219 million yuan, 198 million yuan, and 182 million yuan respectively [1][2] - Conversely, the stocks with the highest net inflows included Haiguang Information, North Huachuang, and Keda Xunfei, with net inflows of 53.94 million yuan, 50.36 million yuan, and 44.28 million yuan respectively [3]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant revenue and profit growth despite some accounting policy changes affecting gross margin [1][2][3]. Financial Performance - In 2024, the company achieved 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% [1]. - For Q1 2025, the company reported revenue of 933 million yuan, a year-on-year growth of 25.07%, but a net profit of 48 million yuan, which represents a decline of 22.53% [1]. Operational Analysis - The company experienced rapid growth in its business, particularly in energy-saving temperature control products for data centers, driven by industry opportunities [2]. - A change in accounting policy led to a decrease in gross margin by approximately 2.36% due to the reclassification of after-sales service costs into product costs [2]. - The company's share-based payment expenses in 2024 amounted to 37.77 million yuan, impacting net profit attributable to shareholders by 32.11 million yuan [2]. Business Expansion - The company has accelerated its liquid cooling business, leveraging AI advancements that increase heat density in data center equipment [3]. - The company introduced the Coolinside full-chain liquid cooling solution, covering all aspects from cold plates to cooling sources, with liquid cooling-related revenue from data centers reaching approximately 300 million yuan in 2024 [3]. - Cumulative deliveries in the liquid cooling chain reached 1.2 GW by March 2025 [3]. Client Acquisition - The company has successfully expanded its client base, providing energy-efficient cooling products to major data center operators such as ByteDance, Tencent, Alibaba, and China Mobile [4]. - The Coolinside solution was validated by Intel as part of its liquid cooling innovation acceleration plan [4]. - The company’s UQD product was included in NVIDIA's MGX ecosystem partner list, indicating successful overseas client expansion [4]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 6.372 billion, 8.214 billion, and 10.316 billion yuan, with net profits of 732 million, 953 million, and 1.223 billion yuan respectively [5]. - Corresponding price-to-earnings ratios are forecasted at 35, 27, and 21 times for the respective years [5].

Group 1 - The concept stocks related to liquid cooling servers experienced a decline at the market opening, with Invec (002837) hitting the daily limit down [1] - Chuanhuan Technology (300547) fell over 8%, indicating significant market pressure on this sector [1] - Other companies such as Strong瑞 Technology (301128), Rihai Intelligent (002313), and Shenling Environment (301018) also saw declines, reflecting a broader trend in the industry [1]

Summary of Key Points Core Viewpoint The report outlines the fundraising activities and financial management of Shenzhen Invek Technology Co., Ltd. for the year 2024, detailing the total amount raised, its allocation, and compliance with regulatory requirements. Group 1: Fundraising Overview - The company raised a total of RMB 308,999,851.52 through a non-public stock issuance of 12,079,744 shares at a price of RMB 25.58 per share, with a net amount of RMB 302,412,589.12 after deducting issuance costs [1][2]. - The funds have been deposited into a special account as verified by an audit report from Lixin Accounting Firm [1]. Group 2: Fund Management and Usage - The company has established a fundraising management system in compliance with relevant laws and regulations, including a tripartite supervision agreement with its sponsor and banks [2][3]. - As of December 31, 2024, the company utilized approximately RMB 202.41 million for its precision temperature control energy-saving equipment project, with all funds used as per regulations [3][11]. Group 3: Fund Allocation and Returns - The company replaced RMB 46,118,648.78 of self-raised funds with the raised funds for previously invested projects and RMB 1,066,037.73 for issuance costs [4][7]. - The company reported no idle funds used for temporary working capital, and all funds raised have been fully utilized by the end of 2024 [8][11]. Group 4: Financial Performance and Profit Distribution - The company plans to distribute a cash dividend of RMB 2 per share, totaling RMB 148,893,316.80, and to increase its capital stock by 223,339,975 shares through capital reserve conversion [27][28]. - The profit distribution plan aligns with the company's commitment to shareholder returns and complies with regulatory requirements [28][29]. Group 5: Stock Option Management - The company has approved the cancellation of 310,180 stock options due to the departure of certain employees and non-fulfillment of performance criteria [38][40]. - The cancellation will not impact the overall stock option incentive plan or the company's financial performance [40][42]. Group 6: Credit Facility Application - The company intends to apply for a comprehensive credit facility of up to RMB 638,500 million from financial institutions to support its operational needs [49][51]. - This credit facility is expected to enhance the company's financial stability and reduce financing costs [51].