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]

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].

深圳市英维克科技股份有限公司 关于举行 2024 年度网上业绩说明会的公告 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"）2024 年年度报告及摘 要于 2025 年 4 月 22 日在巨潮资讯网（www.cninfo.com.cn）披露。为便于广大 投资者进一步了解公司 2024 年年度经营情况，公司定于 2025 年 04 月 25 日（星 期五）下午 15:00 至 17:00 时在"约调研"小程序举行 2024 年度网上业绩说明 会。本次网上业绩说明会将采用网络远程的方式举行，投资者可登陆"约调研" 小程序参与互动交流。为广泛听取投资者的意见和建议，提前向投资者征集问题， 提问通道自发出公告之日起开放。 参与方式一：在微信小程序中搜索"约调研"，点击"网上说明会"，搜索"英 维克"参与交流； 证券代码：002837 证券简称：英维克 公告编号：2025-018 投资者依据提示，授权登入"约调研"小程序，即可参与交流。 本次出席公司年度报告说明会的人员有：董事长、总经理齐勇先生；独立董 事田志伟先生；董事 ...

证券代码：002837 证券简称：英维克 公告编号：2025-007 深圳市英维克科技股份有限公司 | 减：手续费支出 | 5,883.36 | | --- | --- | | 减：累计使用募集账户资金 | 310,196,109.65 | | 其中：精密温控节能设备华南总部基地项目（一期） | 210,196,109.65 | | 补充流动资金项目 | 100,000,000.00 | | 转出募集资金账户产生的节余金额 | 672,030.94 | | 其中：精密温控节能设备华南总部基地项目（一期） | 23,120.25 | | 补充流动资金项目 | 648,910.69 | | 募集资金应存余额 | 0.00 | 二、 募集资金存放和管理情况 （一） 募集资金管理情况 2024年度募集资金存放与使用情况专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、 《深圳证券交易所上市公司自律监管指引第 ...

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"）自上市以来，始终高度 重视投资者保护工作，通过持续现金分红、严格履行相关承诺、严格按照监管要求 履行信息披露义务、多渠道与投资者交流沟通等方式，建立了股东和投资者保护的 长效机制，切实保护广大投资者特别是中小投资者的合法权益。 一、积极回报广大股东 公司在实现自身发展的同时，积极回报投资者，并根据相关规范性文件，综合 公司行业特点、发展阶段、自身经营模式、盈利水平以及资金安排等因素，完善《公 司章程》利润分配的相关内容，并严格执行，以回报广大股东。 报告期内，公司实施了 2023 年度权益分派方案：以公司总股本 568,901,593 股 为基数，向全体股东每 10 股派发现金红利 2 元（含税），共派发现金红利 113,780,318.60 元（含税）；不送红股；同时以资本公积金转增股本方式向全体股 东每 10 股转增 3 股，共计转增 170,670,477 股。转增金额未超过报告期末"资本公 积——股本溢价"的余额。转增后公司总股份增加至 739,572,070 股。 公司近三年现金分红情况如下表： 2024 年度投资者保护工 ...

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。 2025 年 4 月 19 日，深圳市英维克科技股份有限公司（以下简称"公司"） 第四届董事会第十六次会议、第四届监事会第十六次会议审议通过了《关于公司 及全资、下属公司拟向金融机构申请授信额度的议案》，主要内容如下： 证券代码：002837 证券简称：英维克 公告编号：2025-008 深圳市英维克科技股份有限公司 关于公司及全资、下属公司拟向金融机构申请授信额度 董事一致同意该议案。上述议案尚需提交公司 2024 年度股东大会审议批准。 三、对公司的影响 本次申请综合授信额度是为了满足公司快速发展、实现战略布局的需要。合 理使用银行融资，有利于公司获得稳定的信用评价，提高未来融资的效率、降低 融资成本，促进公司发展。同时，有利于建立和巩固与银行的战略合作关系。目 前，公司经营状况良好，具备较好的偿债能力，本次申请授信不会给公司带来重 大财务风险及损害公司利益。 四、备查文件 1.第四届董事会第十六次会议决议； 2.第四届监事会第十六次会议决议。 特此公告。 一、向银行申请综合授信额度的具体情况 为满足 ...