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 ...

AI 算力需求高景气，加大海外市场拓展 ——英维克 24 年年报&25 年一季报点评报告 投资要点 ❑ 24 年收入利润双增，在手订单历史高位水平 24 年公司实现营收 45.89 亿元，YOY +30.04%；归母净利润 4.53 亿元，YOY +31.59%；毛利率 28.75%，同比-3.6pct，主要系会计政策变更，将售后服务费用 转入产品成本，导致毛利率下降约 2.36pct，还原后毛利率可比口径同比下降 1.0pct，主要受大宗商品价格上涨以及下半年机房温控产品收入组合不利变化的 影响；还原会计政策变更影响后销售、管理、财务费用率分别同比-0.4pct/- 0.0pct/-0.2pct，期间费用率仍持续优化。 已发货未验收商品与备货增加，在手订单处于历史高位。截止 24 年末应收账款 24.28 亿元，较年初同比增长 40.30%，部分项目实施及验收回款周期较长；存货 8.84 亿元，年初为 6.73 亿元，主要系已发货未验收的发出商品与备货库存增 加，其中发出商品 4.03 亿元。目前公司在手待发货订单数据处于历史高位，未 来公司规模将持续成长。 注重研发投入，费用及人员数量大幅增长。24 年研 ...

金十数据4月28日讯，就美国关税政策对公司2025年的业绩会影响有多大的问题，英维克4月25日在业绩 说明会上表示，关税政策不断在变动，公司在密切跟踪情况，对影响尚未能做出准确的评估，由于公司 2024年海外收入占比14.38%，故影响不会很大。 （证券时报） 英维克：美国关税政策对公司业绩影响不会很大 ...

Group 1: Financial Performance - The company's revenue for 2024 increased by 30.04%, with a 25.07% growth in the first quarter, affected by project acceptance delays [1] - The net profit attributable to shareholders decreased by 22.53% in the first quarter due to revenue recognition timing and increased expenses from R&D and marketing [4][11] - The overall business outlook for 2025 is optimistic, with strong demand expected in key sectors [5] Group 2: Impact of External Factors - The impact of U.S. tariff policies on 2025 performance is expected to be minimal, as overseas revenue accounted for 14.38% of total revenue in 2024 [1] - The company is closely monitoring changes in tariff policies but has not made specific assessments of their impact [1] Group 3: Information Disclosure and Investor Relations - The company adheres to consistent information disclosure principles and complies with legal requirements, despite recent stock price declines [1][30] - There is a commitment to improving communication with investors, including potential increases in disclosure frequency [33] Group 4: Operational Insights - The company’s production capacity is currently sufficient to meet existing order demands, with ongoing construction of new facilities progressing as planned [9][56] - The liquid cooling business is experiencing rapid growth, although it is influenced by chip types and market demand [3][13] Group 5: Cost Management and Profitability - Management expenses increased by 28.75% in 2024 due to business expansion, but the company aims to keep cost growth below revenue growth [27] - The gross profit margin decreased by 3.6 percentage points in 2024, primarily due to accounting policy changes and commodity price increases [32][20] Group 6: Market Position and Competitive Advantage - The company maintains a strong competitive position in the cooling and precision environmental control sectors, focusing on innovation and operational efficiency [8][62] - The liquid cooling technology is recognized as a growing trend, although its implementation speed is affected by specific chip categories [46]

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company is expected to experience rapid growth in its data center and computing power equipment-related businesses, driven by the booming AI applications and the adoption of liquid cooling solutions [1][4]. - The company has increased its R&D investment and capacity expansion, which is anticipated to lay a solid foundation for capturing opportunities in the AIDC industry cycle [3][4]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue reached 4.589 billion RMB, a year-on-year increase of 30.04%, while the net profit attributable to the parent company was 453 million RMB, up 31.59% [1]. - The company's gross margin for Q1 2024 was 28.75%, reflecting a decline of 3.6 percentage points year-on-year, primarily due to accounting policy adjustments and rising commodity prices [3]. - The company’s revenue from the data center cooling business grew by 48.83% to 2.441 billion RMB in 2024, driven by high demand for data center construction [2]. Business Segments - The data center cooling business is expected to continue its rapid growth, benefiting from the high demand for AI and the introduction of liquid cooling technology [2]. - The cabinet cooling business also saw a year-on-year growth of 17.03% to 1.715 billion RMB, with the energy storage segment growing by 22% to 1.5 billion RMB [2]. Future Projections - The company’s net profit is projected to reach 6.29 billion RMB in 2025, 7.82 billion RMB in 2026, and 9.61 billion RMB in 2027, with a downward adjustment of 20% and 24% for 2025 and 2026, respectively [4]. - The target price for the company is set at 36.35 RMB, based on a PE ratio of 43 times for 2025 [4][7].

Core Viewpoint - The company reported strong revenue growth for 2024, with a revenue of 4.589 billion yuan, a year-on-year increase of 30.04%, and a net profit of 453 million yuan, up 31.59% year-on-year. However, the first quarter of 2025 showed a decline in net profit despite revenue growth [1][2]. Financial Performance - In 2024, the company's gross margin was 28.75%, a decrease of 1 percentage point year-on-year, primarily due to changes in accounting policies that reclassified after-sales service costs into product costs, impacting gross margin by approximately 2.36 percentage points [1]. - The company's net profit for 2024 was 452.66 million yuan, reflecting a year-on-year growth of 31.59% [1]. - For Q1 2025, the company reported revenue of 933 million yuan, a year-on-year increase of 25.07%, but the net profit decreased by 22.53% to 48 million yuan [1]. Business Segments - The data center temperature control business experienced significant growth, with revenue reaching 2.441 billion yuan in 2024, a year-on-year increase of 48.83%. However, the gross margin for this segment was 26.97%, down 2.38 percentage points year-on-year due to rising commodity prices and variations in product sales and regional mix [1]. - The company is expanding its overseas data center business and increasing its customer base, contributing to the rapid growth of the temperature control business [1]. Strategic Initiatives - The company focuses on full-chain liquid cooling as a core competitive advantage and has collaborated with overseas giants. In 2024, revenue from liquid cooling technology related to data centers was approximately 300 million yuan, with cumulative deliveries reaching 1.2 GW by March 2025 [2]. - The company's UQD product was included in NVIDIA's MGX ecosystem as a partner for the development of the Blackwell GB200 system [2]. - The company is leveraging its headquarters in South China and the initial capacity of its Zhengzhou base to meet the demand for temperature control, electronic cooling, liquid cooling, and energy storage [2]. Future Outlook - The company is expected to achieve revenues of 5.856 billion yuan, 7.268 billion yuan, and 8.775 billion yuan for the years 2025 to 2027, with net profits projected at 624 million yuan, 854 million yuan, and 990 million yuan respectively. The corresponding price-to-earnings ratios are estimated to be 37.43, 27.33, and 23.58 times [3].

深股通专用席位一周上榜龙虎榜个股 | 代码 | 简称 | 深股通专用席位净买入（万元） | 一周涨跌幅（%） | 一周换手率（%） | | --- | --- | --- | --- | --- | | 002648 | 卫星化学 | 58960.09 | 21.43 | 25.48 | | 002261 | 拓维信息 | 23414.60 | 3.93 | 68.12 | | 300773 | 拉卡拉 | 8096.46 | 23.83 | 123.35 | | 300468 | 四方精创 | 6572.22 | -3.14 | 123.37 | | 002537 | 海联金汇 | 3224.96 | 46.57 | 80.36 | | 002085 | 万丰奥威 | 3150.73 | 14.72 | 23.36 | | 000601 | 韶能股份 | 2917.95 | 17.03 | 74.90 | | 002693 | 双成药业 | 1446.05 | -27.74 | 48.70 | | 301558 | 三态股份 | 1083.21 | -4.43 | 154.25 | | 301486 | 致 ...

中国基金报 孙晓辉 编者按：四月中旬起，公募基金2025年度一季报陆续披露，明星基金经理们的调仓动作和仓位变化也成为基民们关注的焦点。而在每一份定期报告背后，也 隐藏着这些优秀管理人的"投资秘籍"。基金君将继续为大家更新人物库专题【调仓风向标】，解码明星基金产品持仓变化及其管理人的投资理念。 今年一季度，雷志勇在管基金规模增幅超50%，整体持仓较为稳定，继续聚焦于数字化、智能化为代表的数字经济板块。 雷志勇在一季报中表示，一季度增配的国产智算基础设施对基金净值有所贡献，持仓的海外算力链下跌，拖累基金净值跑输比较基准。展望二季度，继续看 好智算基础设施以及AI应用的投资机会，将在上述方向选择质地和股价匹配的优质公司进行配置，力争实现基金资产的增值。看好智算基础设施以及AI应 用在未来的投资机会，将在上述方向继续挖掘质地和股价匹配的公司。 本期【调仓风向标】，基金君将为大家详解摩根士丹利基金经理雷志勇的2025年一季报及其调仓变化。 保持较高仓位运作 单季度规模增幅超50% 雷志勇目前在管基金3只，截至2025年一季度末，总管理规模55.31亿元，较上季度的36.09亿元增长超53%。 2025年一季报显示，大摩 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high annual performance in 2024, with 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% year-on-year [1][2] - The growth in revenue is driven by the rapid expansion of data center construction, particularly in energy-saving temperature control products, which generated 2.441 billion yuan in revenue, a 48.83% increase year-on-year [2] - The company's electronic cooling products are expected to see significant growth due to increasing performance and power density in various electronic devices [3] Financial Summary - For 2024, the company reported a gross margin of 28.75%, down 3.60 percentage points year-on-year, primarily due to changes in accounting policies [2] - The projected revenues for 2025-2027 are 6.378 billion yuan, 8.611 billion yuan, and 11.194 billion yuan, respectively, with corresponding net profits of 702 million yuan, 960 million yuan, and 1.161 billion yuan [3][4] - The company’s net profit margin for 2024 is projected at 9.9%, with a net asset return rate of 16.88% [4]