| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 公司概况: 国内精密温控龙头企业 | | | 历史发展 : 深耕温控领域多年，产品矩阵丰富 . | | | 公司业务：机房温控、储能温控与电子散热，三驾马车布局成长 | | | 管理层及股权结构: 高管多有产业背景, 股权激励常态化 | | | 财务状况：近年营收复合增速超 30%，成长能力突出 . | | | 液冷:功率密度持续提升,AI 带动散热"冷"革命 . | | | 液冷: 代表中长期技术方向 . | | | 一数据中心温控：AI 催化液冷加速，解耦式交付大势所趋 场景一 | | | | | | 场景二- 一电子散热: 液冷冷板空间广阔，国产替代有望加速 | | | 场景三 -- 储能温控:储能装机持续增长,液冷温控 .. | ...

Financial Data and Key Metrics - The company's revenue from liquid cooling in data centers increased approximately threefold year-over-year in 2023 [3] - The company delivered over 900 MW of liquid cooling equipment by March 2024 [3] - The company's total revenue and net profit attributable to shareholders have grown at a compound annual growth rate (CAGR) of over 20% in the past five years [4] - In Q1 2024, the company's performance was strong due to delayed settlements of data center orders from Q3 and Q4 2023, as well as incremental revenue from liquid cooling [4] Business Line Data and Key Metrics - Data center liquid cooling revenue grew approximately threefold year-over-year in 2023 [3] - The company's energy storage temperature control business revenue reached RMB 337 million in 2021, a 3.5x increase year-over-year, driving a 30% increase in total revenue that year [4] - The company's liquid cooling products saw rapid growth in 2022, with a year-over-year increase of 4x, and maintained a fast growth rate in 2023, with a year-over-year increase of approximately threefold [4] - The company's data center temperature control business accounted for 46.5% of total revenue in 2023, with a five-year CAGR of 27% [22] - The outdoor cabinet temperature control business accounted for 41.5% of total revenue in 2023, with a five-year CAGR of 40.68%, of which energy storage contributed RMB 1.22 billion, a 44% year-over-year increase [22] Market Data and Key Metrics - The company has a strong customer base, including Huawei, ZTE, Baidu, Alibaba, Tencent, CNPC, CNOOC, and third-party operators such as GDS, Chindata, China Mobile, China Telecom, and China Unicom [3] - The company's overseas revenue has been steadily increasing, with active expansion in Southeast Asia, Singapore, and other regions, following clients like ByteDance and Chindata [33] Company Strategy and Industry Competition - The company has a full-chain layout and self-developed products, with a complete solution from server internal cold plates to external equipment, achieving large-scale commercialization in 2021 [3] - The company has a strong technical and industrial background, with executives from Huawei and Emerson, providing a competitive edge in the liquid cooling industry [3] - The company has been proactive in seizing industry opportunities, such as entering the energy storage application field before the industry demand exploded in 2022 [32] - The company's full-chain solution helps avoid issues like inconsistent product standards and unclear post-operation responsibilities, facilitating rapid market deployment [27] Management Commentary on Operating Environment and Future Outlook - The company believes that the liquid cooling industry will experience a significant increase in penetration rate this year, driven by AI chip power consumption, high-density cabinet demand, and telecom operators' active deployment of liquid cooling computing centers [18] - The company expects its data center temperature control business to maintain a rapid growth rate of around 30% in the future, driven by the rapid growth of liquid cooling business [22] - The company's overseas revenue is expected to gradually increase in the future, with active expansion in overseas energy storage projects [40] Other Important Information - The company's gross margin has been recovering, with the comprehensive gross margin reaching over 30% in 2023, and net profit margin maintained at around 10% [22] - The company's R&D investment, both in absolute terms and as a percentage of revenue, is at a leading level in the industry, helping to maintain core competitiveness [35] Summary of Q&A Session Question: What are the advantages of the company in the liquid cooling industry? - The company has a full-chain layout and self-developed products, with a complete solution from server internal cold plates to external equipment, achieving large-scale commercialization in 2021 [3] - The company has a strong customer base, including Huawei, ZTE, Baidu, Alibaba, Tencent, CNPC, CNOOC, and third-party operators such as GDS, Chindata, China Mobile, China Telecom, and China Unicom [3] - The company has a strong technical and industrial background, with executives from Huawei and Emerson, providing a competitive edge in the liquid cooling industry [3] Question: What are the company's achievements in the energy storage temperature control field? - The company achieved RMB 1.22 billion in energy storage revenue in 2023, a 44% year-over-year increase, and expects future growth to remain between 30% to 40% [44] - The company has launched a full-chain liquid cooling thermal management 2.0 solution, including cabinets, water machines, zero-line connectors, and various pipeline products, gaining recognition from multiple customers [44] Question: What are the challenges faced by the liquid cooling thermal management industry? - The industry faces challenges such as certification barriers and the need for recognition from chip manufacturers, server manufacturers, and data center integrators [10] - The company's ABC temperature control products have been certified by Huawei and other chip manufacturers, gaining recognition from supercomputing centers and other clients [10]

好的各位投资者大家晚上好我是开源通信的手机经营师蒋友那非常感谢大家今天参加我们的一枚课的深度报告解读的计划会议那今天呢跟我一起主讲会议的还有我的同事雷欣宇 那心宇的话呢他本科和硕士呢都是在海外读的他目前呢在我们组呢主要是负责这个海外的AI产业链啊还有这个夜冷服务器交换机啊物联网等板块的研究那我们之前呢在英美克一个市值的比较阶段性的底部就发过一篇啊50多页的这个夜冷行业的深度报告那当时呢我们主要推荐的核心标的啊就是这个英美克 那这次的话呢我们再次发布文艺威克的一个深度深度报告那一方面呢确实是看到了在AI的驱动下我们看到我们判断这个电脑行业正在逐步进入到一个爆发式的发展的这么一个产业阶段 那另外一方面的话呢我们认为这个英维克作为叶冷全产业链资源的一个龙头我们觉得是有望率先授予这个叶冷产业的爆发的那我们组之前的这个叶冷的行业深度报告还有这个英维克的深度报告呢主要是由我和星宇来主笔和完成的 那我下面呢先给大家汇报一下核心观点然后呢再请我们组的雷辛里来给各位投资者汇报一下我们这篇匿位科深度报告的一个详细的一个内容那首先就是我们刚刚提到了我们比较看好啊今年会是一个夜冷的一个爆发的这么一个元年 那为什么我们会提出这样的观点 ...

好的各位投资者大家晚上好我是开源通信的手机经营师蒋友那非常感谢大家今天参加我们的一枚课的深度报告解读的计划会议那今天呢跟我一起主讲会议的还有一个同事雷欣宇 那心宇的话呢他本科和硕士呢都是在海外读的他目前呢在我们组呢主要是负责这个海外的AI产业链啊还有这个夜冷服务器交换机啊物联网等板块的研究那我们之前呢在英美科一个市值的比较阶段性的底部就发过一篇啊50多页的这个夜冷行业的深度报告那当时呢我们主要推荐的核心标的啊就是这个英美科 那这次的话呢我们再次发布文艺威克的一个深度深度报告那一方面呢确实是看到了在AI的驱动下我们看到我们判断这个电脑行业正在逐步进入到一个爆发式的发展的这么一个产业阶段 那另外一方面的话呢我们认为这个英维克作为叶冷全产业链资源的一个龙头我们觉得是有望率先授予这个叶冷产业的爆发的那我们组之前的这个叶冷的行业深度报告还有这个英维克的深度报告呢主要是由我和星宇来主笔和完成的 那我下面呢先给大家汇报一下核心观点然后呢再请我们组的雷辛里来给各位投资者汇报一下我们这篇匿位科深度报告的一个详细的一个内容那首先就是我们刚刚提到了我们比较看好啊今年会是一个烈冷的一个爆发的这么一个元年 那为什么我们会提出这样的观点 ...

大家好欢迎参加开源通信英维克系列解读一深度报告AI高密度时代的夜冷全链条字眼龙头目前所有参会者均处于静音状态下面开始播面则声明声明完毕后主持人可直接开始发言本次会议紧面向开源证券的专业投资机构客户 以下研究观点的及时交流第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议未经开源证券事先书面许可任何机构或个人严禁录音转发及相关解读涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 好的各位投资者大家晚上好我是开源通信的手机分析师蒋友那非常感谢大家今天参加我们的英媒客的深度报告解读的电话会议那今天呢跟我一起主展会议的还有我的同事雷欣宇 那心宇的话呢他本科和硕士呢都是在海外读的他目前呢在我们组呢主要是负责这个海外的AI产业链啊还有这个夜冷服务器交换机啊物联网等板块的研究那我们之前呢在英威克的一个市值的比较阶段性的底部就发过一篇啊50多页的这个夜冷行业的深度报告那当时呢我们主要推荐的核心标的啊就是这个英威克 那这次的话呢我们再次发布英为克的一个深度深度报告那一方面呢确实是看到了在AI的驱动下我们看到我们判断这个夜冷行业正在逐步进入到一个爆发式的发展的这么一个产业阶段那另外一 ...

一次侧：一次侧冷却环路由冷源、一侧回路、一次侧冷却液等构成，一次侧主 要的冷源包括主要有三种：干冷器、冷却塔和制冷机组。干冷器和冷却塔属于自然 冷却系统；制冷机组属于机械制冷系统。 图33：液冷一次侧散热设备示意图 资料来源：ODCC《冷板液冷标准化及技术优化白皮书》、ODCC《冷板式液冷服务器可靠性测试 规范》、开源证券研究所 请务必参阅正文后面的信息披露和法律声明 20 / 40 公司深度报告 资料来源：ODCC《冷板液冷标准化及技术优化白皮书》 资料来源：OCTC《全液冷冷板系统参考设计及验证白皮书》 二次侧：二次侧回路由服务器机柜或浸没腔体（Tank）、IT 设备、快速接头、 CDU、二次侧管网和二次侧冷却液等组成。从单千瓦价值量来看，服务器冷板在二 次侧整体价值量中占比较高，其次接头+管路、CDU。 3435 资料来源：ODCC《冷板式液冷标准化及技术优化白皮书》 资料来源：中兴通讯《中兴通讯液冷技术白皮书》 图36：冷板组件构成示意图 图37：冷板内部流道结构图 （二）、机柜侧：冷板式服务器后侧通过快速接头（QDC）将冷板组件与 Manifold 进行连接，Manifold 一般安装在机柜内部，用 ...

丨证券研究报告丨 公司研究丨点评报告丨英维克（002837.SZ） [Table_Title] 英维克 2024 一季报点评： Q1 业绩高速增长，液冷龙头乘风而起 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 2024Q1 公司业绩实现高速增长 ...

[Table_StockNameRptType] 英维克（002837） 公司研究/公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_Rank ...

[Table_Finance] 资产负债表（百万元） 现金流量表（百万元） 至 12 月 31 日 2023A 2024E 2025E 2026E 至 12 月 31 日 2023A 2024E 2025E 2026E 流动资产 4229.19 4879.48 5792.15 6771.53 经营活动现金流 453.07 565.59 751.96 982.12 货币资金 940.34 1317.39 1846.81 2573.94 净利润 348.75 513.67 675.05 877.13 应收及预付 1777.35 1895.81 2044.28 2190.38 折旧摊销 75.77 70.77 82.09 93.99 存货 672.73 742.68 862.92 929.22 营运资金变动 -74.24 -64.22 -63.18 -43.31 其他流动资产 838.78 923.59 1038.15 1077.99 其它 102.79 45.36 58.01 54.30 非流动资产 861.87 915.03 966.23 1024.84 投资活动现金流 -93.06 -127.73 -146. ...

英维克（002837.SZ） 事件：公司发布 2024 年一季报，实现营业收入 7.5 亿元，同比增长 41%， 归母净利润 0.6 亿元，同比增长 147%，扣非归母净利润 0.5 亿元，同比增 长 170%。 一季度业绩高增奠定全年基调。从历史角度复盘公司业绩，可以发现历年都 有较为明显的季节性，一季度到四季度呈现前低后高态势，主要原因是机房 温控业务季节性变动较为明显，尤其一些大项目的验收确认集中在第四季度 完成。我们认为，公司在 Q1 就实现 0.6 亿元归母净利润，创近九年来一季 度归母净利润绝对额新高，为后续二三四季度的营收及利润奠定良好基础， 也从侧面验证了行业需求和景气度的抬升，预计后续有望继续维持良好的业 绩表现。 投资建议：我们预计公司 2024-2026 年收入为 52/69/87 亿元，归母净利润 为 5.2/7.0/9.2 亿元，对应 PE 分别为 33/25/19 倍。公司上一轮的增长由储 能驱动，而散热作为 AI 算力的重要一环，能耗管控将成为核心议题，液冷 技术有望加速落地，公司营收有望获得新的增长动力，维持"买入"评级。 | --- | --- | --- | --- | - ...