Investment Rating - The report maintains a "Buy" rating for the electric power equipment sector [6][18]. Core Viewpoints - The domestic computing power sector is experiencing a significant opportunity for growth driven by multiple factors, including the integration of domestic chips and liquid cooling technology, which is reshaping the computing infrastructure [14][15]. - The report highlights the increasing demand for high-power AIDC cabinets, with power ratings reaching 20-100kW, indicating a shift from optional to essential cooling solutions [14]. - Policy support is crucial, with state-owned data centers required to procure over 50% of their chips from domestic sources, further stimulating the domestic computing power ecosystem [15]. - The report emphasizes the potential for domestic manufacturers to expand overseas, particularly in the diesel generator market, as global demand for AI computing infrastructure rises [16]. Summary by Sections Investment Viewpoints - The report identifies the diesel generator sector as having the most straightforward growth logic, recommending companies such as Weichai Heavy Machinery and KOTAI Power [6][17]. - It also suggests monitoring the gradually increasing penetration of HVDC segments, recommending companies like Kehua Data and Hewei Electric [6][17]. - Lastly, it highlights opportunities in server power supplies and liquid cooling segments, recommending companies like Invec and Shunling Environment [6][17]. Industry Dynamics - The report notes that the electric power equipment sector has seen a 1.94% increase in market performance recently, ranking 16th among various sectors [20]. - It discusses the successful launch of the Ningxia-Hunan ±800 kV UHVDC project, which is expected to enhance the transmission capacity of renewable energy [22]. - The report also mentions the ongoing global demand for AI computing infrastructure, which is expected to provide long-term growth momentum for domestic IDC and computing rental companies [16]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several key companies, including: - KOTAI Power (300153.SZ): EPS forecast of 0.85 in 2025E, with a "Buy" rating [19]. - Weichai Heavy Machinery (000880.SZ): EPS forecast of 0.98 in 2025E, currently unrated [19]. - Kehua Data (002335.SZ): EPS forecast of 1.30 in 2025E, currently unrated [19]. - Invec (002837.SZ): EPS forecast of 0.66 in 2025E, currently unrated [19]. - Shunling Environment (301018.SZ): EPS forecast of 1.05 in 2025E, with a "Buy" rating [19]. - Hewei Electric (603063.SH): EPS forecast of 1.40 in 2025E, with a "Buy" rating [19].

Group 1 - The core viewpoint of the news highlights the performance of the Huaxia Sci-Tech AI ETF (589010), which has risen by 1.38%, reflecting a market style switch and maintaining a strong upward trend with resilience [1] - The ETF's holdings include significant gains from stocks such as Aerospace Hongtu, which hit a 20% limit up, Yuntian Lifei up 10.57%, Optics Valley up 7.14%, and Aobo Zhongguang up 6.36% [1] - The trading volume during the session exceeded 75 million yuan, indicating a vibrant market with trading activity far surpassing the usual levels [1] Group 2 - Guojin Securities notes that the domestic computing power chain is experiencing multiple favorable conditions, with accelerated iterations in overseas optical communication solutions [2] - The introduction of DeepSeek V3.1 utilizing UE8M0 FP8 compatible with domestic chips and the halt of H20 by Nvidia suggests a significant expansion in the domestic computing power chain [2] - The Huaxia Sci-Tech AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2]

We turn more bullish on Envicool capturing the surging global demand for GPU/ASIC AI server (liquid) cooling and raise TP to Rmb70.8 (maintain Buy). We expect Envicool to take 5% global server liquid cooling market share in 2027E and 10% by 2030E, as evidenced by (1) robust server cooling and others sales growth of 216% yoy in 1H25; (2) active recruitment and investment in SEA and US; and (3) key qualifications with NVIDIA/Intel in place. We now forecast 38%/47% sales/net income CAGRs in 2025E-30E (vs. 31%/ ...

Core Insights - The report highlights the release of DeepSeek-V3.1, which utilizes UE8M0FP8Scale parameter precision, aiming to enhance the capabilities of domestic AI chips and promote large-scale production [1][2] - Nvidia's request for suppliers like Hon Hai Group and Samsung Electronics to halt H20 chip production indicates a shift in the competitive landscape, reinforcing the potential for domestic AI chip alternatives [1] - The report emphasizes the strong growth in the liquid cooling business of Yingweike, with a revenue increase of 50.3% year-on-year, driven by robust demand from AI data centers [1] Industry Developments - The domestic computing power chain is experiencing multiple positive developments, including the adaptation of UE8M0FP8 floating-point format for next-generation domestic chips [1] - The overseas optical communication solutions are accelerating, with Nvidia's Quantum-X InfiniBand switch expected to be commercially available in early 2026, and the introduction of new Ethernet technologies [1][2] - The server index has increased by 8.30% this week and 17.28% this month, indicating strong market performance and demand for AI servers [2] Financial Performance - Yingweike reported a revenue of 2.573 billion yuan for H1 2025, reflecting a 50.3% increase, with a net profit of 216 million yuan, up 17.5% [1] - Major tech companies like Microsoft, Google, Meta, and Amazon have shown significant capital expenditures in Q2 2025, with year-on-year increases of 28%, 70%, 102%, and 91% respectively [3] Investment Recommendations - The report suggests focusing on sectors driven by domestic AI development, such as servers and IDC, as well as those benefiting from overseas AI advancements, including servers and optical modules [4]

Core Viewpoint - The company reported significant revenue growth in its 2025 semi-annual report, with a 50.25% year-on-year increase to 2.573 billion yuan, primarily driven by the rapid expansion of its data center cooling and liquid cooling businesses. However, profitability is under pressure, with net profit growth lagging at 17.54% to 216 million yuan, indicating challenges in maintaining margins amid increasing competition in the market [1][3][16]. Revenue and Profitability - The company's revenue for the first half of the year reached 2.573 billion yuan, a 50.25% increase from 1.713 billion yuan in the same period last year [6][9]. - The net profit attributable to shareholders was 216 million yuan, reflecting a 17.54% increase compared to 183 million yuan in the previous year [9][10]. - The overall gross margin decreased from 28.48% to 26.15%, with core businesses experiencing declines in gross margins due to increased competition and rising material costs [16]. Liquid Cooling Business - The liquid cooling segment is highlighted as the company's brightest growth point, contributing over 200 million yuan in revenue during the reporting period, marking its first clear disclosure in financial statements [2][3][7]. - The company emphasizes its leadership in providing a full-chain liquid cooling solution, which has gained recognition from major chip manufacturers and is being scaled in data centers [7][3]. - Despite the growth, the liquid cooling business accounts for less than 8% of total revenue, indicating it is still in the early stages of development and has not yet become a core revenue driver [5][16]. Cash Flow and Financial Health - The company faced a significant cash flow crisis, with net cash flow from operating activities at -233 million yuan, a drastic decline of 412.33% year-on-year [10][12]. - Accounts receivable increased to 2.628 billion yuan, and inventory rose to 1.239 billion yuan, indicating a high proportion of current assets tied up in receivables and inventory [10][12]. - Short-term borrowings surged from 312 million yuan to 772 million yuan, a 147% increase, reflecting reliance on external financing to support operations and expansion [12][10]. Market Competition - The semi-annual report reveals a decline in profitability, with the company facing increased competition in the liquid cooling market, leading to a potential price war [13][16]. - The competitive landscape includes new entrants, which may pressure pricing strategies, particularly in the domestic market and energy storage sectors [16][13]. - The company’s aggressive expansion strategy has resulted in deteriorating cash flow and declining profitability, posing significant financial challenges [16].

Investment Rating - The report suggests a positive outlook for the AI chip sector, particularly in the context of domestic developments and overseas demand for servers and optical modules [4]. Core Insights - Domestic AI development is driving growth in sectors such as servers and IDC, while overseas AI advancements are boosting demand for servers and optical modules [4]. - The launch of DeepSeek-V3.1 is expected to facilitate the large-scale deployment of domestic AI chips, enhancing the competitive landscape [1][2]. - The liquid cooling market is anticipated to expand significantly, with companies like Invec benefiting from strong demand in AI data centers [1][12]. Summary by Sections Communication Sector - Telecom business revenue reached 905.5 billion yuan in the first half of the year, showing a year-on-year growth of 1% [3][14]. - The number of fixed broadband users reached 684 million, with gigabit users accounting for 33% [20]. Server Sector - The server index increased by 8.30% this week and 17.28% this month, with Industrial Fulian reporting improved efficiency and yield for its GB200 and GB300 models [2][6]. - GB300 is expected to become a significant profit driver for the company's AI server business next year [6]. Optical Module Sector - The optical module index rose by 4.34% this week and 14.59% this month, driven by Google's adoption of OCS technology [2][9]. - Coherent and Lumentum reported their first revenue from OCS orders, indicating market expansion [9]. IDC Sector - The IDC index increased by 6.78% this week and 14.41% this month, with DeepSeek-V3.1's release expected to alleviate the shortage of domestic AI inference cards [2][12]. Liquid Cooling Sector - Invec reported a revenue of 2.573 billion yuan in the first half of 2025, a year-on-year increase of 50.3%, driven by strong demand for liquid cooling solutions [12][52]. - The establishment of the UQD alliance aims to enhance the reliability and interchangeability of liquid cooling connectors, reducing operational complexity [12].

Core Insights - The company reported a total operating revenue of 2.573 billion yuan for the first half of 2025, representing a year-on-year increase of 50.25% [1] - The net profit attributable to shareholders was 216 million yuan, up 17.54% year-on-year, while the net profit excluding non-recurring items was 202 million yuan, an increase of 18.05% [1] - The company's return on equity (ROE) for the first half of 2025 was 7.16% [1] Revenue Growth - The company's revenue for Q2 2025 was 1.641 billion yuan, showing a year-on-year increase of 69.67% [1] - The rapid growth in the data center cooling business was highlighted, with room cooling and cabinet cooling revenues increasing by 57.9% and 32.0%, respectively, reaching 1.35 billion yuan and 930 million yuan [2] - The company has introduced a high-reliability liquid cooling solution, benefiting from the growth in data centers, with liquid cooling-related revenue exceeding 200 million yuan in H1 2025 [2] Cost and Profitability - The gross profit margin for H1 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year [3] - The sales, management, and R&D expense ratios for 2024 were 3.91%, 4.01%, and 7.61%, respectively, showing a decline compared to the previous year [3] - The operating cash flow for H1 2025 was -234 million yuan, a significant decrease of 412.33% year-on-year, primarily due to increased sales scale and inventory buildup [3] Market Position and Strategy - The company has established strong relationships with major clients such as NVIDIA, ByteDance, Tencent, Alibaba, telecom operators, Huawei, and BYD [3] - The company is actively expanding its overseas market presence and enhancing cooperation in the liquid cooling sector [3]

证券研究报告 | 2025年08月24日 英维克（002837.SZ） 优于大市 2025H1 营收同比+50%，积极建设海外资源平台 英维克 2025 年上半年总营业收入 25.73 亿元，同比上升 50.25%；归母净利 润 2.16 亿元，同比上升 17.54%；扣非归母净利润 2.02 亿元,同比上升 18.05%。公司 2025H1 的 ROE（摊薄）为 7.16%。公司 2025 年二季度单季营 收 16.41 亿元，同比上升 69.67%；归母净利润 1.72 亿元，同比上升 40.92%。 机房温控业务快速增长，机柜温控业务稳健发展。2025 年上半年公司机 房温控和机柜温控业务同比分别增长 57.9%/32.0%，收入分别达到 13.5 亿元/9.3 亿元。机房温控：在 AI 算力功耗大幅提升背景下，机房温控 的液冷技术加速导入。公司作为全链条液冷开创者，率先推出高可靠 Coolinside 全链条液冷解决方案，持续受益数据中心发展，2025 年上 半年公司在算力的设备及机房的液冷相关营业收入超过 2 亿元。机柜温 控：公司是最早涉足电化学储能系统温控的厂商，在储能温控行业处于 领导地位，是 ...

证券研究报告 | 2025年08月24日 通信行业周报 2025 年第 34 周 优于大市 DeepSeek V3.1 发布，工信部有序引导国产算力设施建设 行业要闻追踪：DeepSeek V3.1 发布，国产 GPU 芯片等加速突破。（1）8 月 21 日，DeepSeek 发布 DeepSeek-V3.1，基于下一代国产芯片训练。DeepSeek V3.1 采用 UE8M0 FP8 精度训练，可以直接在任何支持 MXFP8 + UE8M0 的硬 件上执行，能降低内存流量、提升矩阵乘法吞吐。V3.1 通过软件定义与更多 芯片适配，能让超低精度训练/推理在中国自研芯片上更容易实现。（2）工 信部表示将有序引导算力设施建设，加快突破 GPU 芯片等关键核心技术。 算力基础设施公司 2025 上半年业绩快速增长。（1）液冷头部企业英维克 2025H1 总营收 25.73 亿元，同比+50.3%，归母净利润 2.16 亿元，同比+17.5%， 受益于 AI 数据中心需求持续增长，公司机房温控业务收入高速增长，其散 热业务获得头部客户认证并被规模化采用。公司提供液冷全产业链解决方 案，下半年有望持续受益于 AI 数据 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Viewpoints - The AI computing direction is a key investment theme due to strong industry momentum and high demand, particularly in the overseas computing industry chain [3][29] - The report emphasizes the importance of the "AI + overseas + satellite" investment opportunities, highlighting the potential in AI infrastructure and applications in 2025 [4][30] - The satellite internet industry is gaining traction, with significant advancements expected to catalyze growth in related sectors [3][30] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [5][32] - Switch server PCBs: Recommended companies include Hudian Co., ZTE, and Unisplendour [5][32] - Low valuation, high dividend: China Mobile, China Telecom, and China Unicom are highlighted for resource revaluation [5][32] - AIDC & cooling: Key recommendations include Yingweike and Runze Technology [5][32] - AIGC applications: Focus on companies like Guohua Tong and Meige Intelligent [5][32] 2. Offshore Wind Power and Intelligent Driving - Key recommendations for offshore cable companies include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [6][33] - The report suggests focusing on companies with strong recovery potential in overseas markets, such as Huace Navigation and Weisheng Information [6][33] - For intelligent driving, recommended companies include Guanghe Tong and Meige Intelligent [6][33] 3. Satellite Internet and Low Altitude Economy - The report highlights the acceleration of low-orbit satellites and the low-altitude economy, recommending companies like Huace Navigation and Haige Communication [7][34] - Suggested companies for attention include Chengchang Technology and Zhenlei Technology [7][34] 4. Market Performance Review - The communication sector rose by 10.47% during the week of August 18-22, outperforming the CSI 300 index by 6.29 percentage points [35][36] - Notable performers included ZTE and Dekeli, while companies like ST Gaohong experienced declines [37][38]