Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported excellent performance in the first half of 2024, with a revenue of 1.713 billion yuan, representing a year-on-year growth of 38.24% [1] - The net profit attributable to shareholders reached 183 million yuan, a year-on-year increase of 99.63% [1] - The company benefits from the development of computing power, with its liquid cooling advantages becoming more prominent [1] - New application scenarios such as AI are driving higher demand for computing equipment and data centers, which is beneficial for the company's growth [1] - The company has a rich product line that meets energy-saving and emission reduction needs, leading the liquid cooling industry [1] Financial Performance Summary - For 2024, the company forecasts revenues of 4.724 billion yuan, 6.194 billion yuan, and 7.885 billion yuan for 2024, 2025, and 2026 respectively [2] - The projected net profits for the same years are 528 million yuan, 696 million yuan, and 888 million yuan [2] - The earnings per share (EPS) are expected to be 0.71 yuan, 0.94 yuan, and 1.20 yuan for 2024, 2025, and 2026 respectively [2] - The company's current price-to-earnings (P/E) ratios are 30, 23, and 18 for the years 2024, 2025, and 2026 [2] Business Model and Market Position - The company is a leading provider of precision temperature control energy-saving solutions and products, serving various sectors including cloud computing, data centers, and electric vehicle charging [1] - The company has established a comprehensive business layout based on a unified technology and business platform, which provides both differentiation and scale advantages [1] - The liquid cooling technology revenue from data center rooms and computing equipment has increased approximately twofold compared to the same period last year [1]

Investment Rating - The report maintains a "Buy" rating for the company, which is a leader in the domestic temperature control sector, with a target price of 28.57 CNY [3][4]. Core Viewpoints - The company's performance in H1 2024 met expectations, with rapid growth in data center temperature control and a slowdown in cabinet temperature control. Revenue from liquid cooling technology is also growing rapidly, indicating steady growth prospects [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.713 billion CNY, a year-on-year increase of 38.24%, and a net profit attributable to shareholders of 183 million CNY, up 99.63%. The net profit excluding non-recurring items was 171 million CNY, reflecting a 113.50% increase [3]. - In Q2 2024, revenue reached 967 million CNY, a 35.92% year-on-year increase, with a net profit of 121 million CNY, up 81.86% [3]. Business Segments - The data center temperature control segment generated revenue of 856 million CNY in H1 2024, a significant year-on-year increase of 85.91%, driven by strong demand and the company's solid industry position [3]. - The cabinet temperature control segment reported revenue of 702 million CNY, a modest increase of 6.11%, primarily due to a slowdown in energy storage-related business [3]. - The rail transit air conditioning segment achieved revenue of 48 million CNY, up 35.88%, while the bus air conditioning segment saw revenue of 28 million CNY, a 42.35% increase [3]. Liquid Cooling Technology - The company has made long-term investments in liquid cooling technologies, launching products such as the Coolinside liquid cooling cabinet and comprehensive solutions for data centers. Revenue from liquid cooling technology in H1 2024 was approximately double that of H1 2023 [3].

股 票 研 究 证 券 研 究 报 告 ——英维克 2024 半年报点评 机房温控高速增长，液冷技术加速放量 英维克(002837) [Table_Industry] 资本货物/工业 | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------------|-------|-------|-------| | | | | | | | | | [table_Authors] 徐乔威 ( 分析师 ) | 张越 ( 分析师 ) | | | | | | 021-38676779 | 0755-23976385 | | | | | | xuqiaowei023970@gtjas.com | zhangyue025639@gtjas.com | | | | | 登记编号 | S0880521020003 | S0880522090004 | | | | 本报告导读： 公司 2024H1 业绩符合预期，机房温控快速增长，机柜温控增速放缓，同时公司液 冷相关营收快速放量， ...

英维克（002837.SZ）2024 年半年度业绩报告点评 [盈利预测与财务指标 Table_Forcast] 高质量业务拓展顺利，拉动利润稳步放量 2024 年 08 月 13 日 ➢ 英维克发布 2024 年半年度业绩。公司 1H24 实现收入 17.1 亿元，同比增 长 38.2%；归母净利润 1.8 亿元，同比增长 99.6%；扣非净利润 1.7 亿元，同比 增长 113.5%。单季度看，2Q24 实现收入 9.7 亿元，同比增长 35.9%，环比增 长 29.7%；归母净利润 1.2 亿元，同比增长 81.9%，环比增长 96.0%；扣非净利 润 1.2 亿元，同比增长 94.7%，环比增长 115.4%。 ➢ 数据中心需求提升，机房温控业务快速增长。数据中心能效要求提高，公司 率先大力推广的间接蒸发冷却技术作为有效降低能耗的成熟风冷技术已获广泛 认同，市场渗透率继续提升。算力密度提升驱动液冷需求快速增长，作为"全链 条"平台，公司在数据中心机房及算力设备的液冷技术相关营业收入约为同期 2 倍。公司的优势领域需求旺盛、行业地位稳固、持续投入研发迭代产品、积极拓 展海外市场，机房温控节能营业收入同比快 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 1.71 billion yuan in the first half of 2024, representing a year-on-year growth of 38.2%. The net profit attributable to shareholders was 180 million yuan, up 99.6% year-on-year, while the non-recurring net profit reached 170 million yuan, growing by 113.5% year-on-year [2]. - The demand for data centers is increasing, leading to rapid growth in the company's cooling business. The company has successfully promoted indirect evaporative cooling technology, which is recognized for its energy-saving capabilities, resulting in a significant increase in market penetration [2]. - The company has launched innovative products such as the Pack+PCS integrated liquid cooling unit for energy storage applications and has delivered a full-chain liquid cooling solution for high-density energy storage systems [2]. - The company is benefiting from the growth in cold chain logistics air conditioning demand and the recovery of subway construction projects, with significant revenue growth in these areas [2]. - The company is expected to benefit from AI-related businesses, with projected revenues of 5.22 billion, 6.64 billion, and 8.60 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 540 million, 690 million, and 800 million yuan for the same years [2]. Financial Summary - In the first half of 2024, the company reported a revenue of 1.71 billion yuan, with a net profit of 180 million yuan and a non-recurring net profit of 170 million yuan [2]. - The gross margin for the cooling business reached 30.6%, an increase of 1.05 percentage points compared to the previous period [2]. - The company’s revenue is projected to grow significantly, with a compound annual growth rate (CAGR) of approximately 29.5% from 2024 to 2026 [5].

F原证券 机械设备/专用设备 英维克（002837.SZ） 2024 年 08 月 13 日 Q2 业绩高增，AI 液冷龙头加速成长 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/12 | | 当前股价 ( 元 ) | 21.72 | | 一年最高最低 ( 元 ) | 35.70/17.11 | | 总市值 ( 亿元 ) | 160.64 | | 流通市值 ( 亿元 ) | 139.52 | | 总股本 ( 亿股 ) | 7.40 | | 流通股本 ( 亿股 ) | 6.42 | | 近 3 个月换手率 (%) | 122.42 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-08 2023-12 2024-04 英维克 沪深300 数据来源：聚源 相关研究报告 《业绩超预期，AI 液冷龙头提速成长 —公司信息更新报告》-2024.7.12 《AI 高密度时代的液冷全链条自研龙 头—公司深度报告》-2024.6.6 《商誉减值影响短期业绩，下 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company Invek (002837.SZ) [1] Core Insights - Invek's revenue from liquid cooling solutions has doubled, and the company has a rich order backlog for data center temperature control solutions [1] - The company achieved a revenue of 1.713 billion yuan in the first half of 2024, representing a year-on-year growth of 38.24%, and a net profit attributable to shareholders of 183 million yuan, up 99.63% year-on-year [1][2] - The report highlights the company's strong performance in both the data center cooling and liquid cooling segments, with expectations for continued robust growth in the second half of 2024 [2] Financial Performance Summary - In the first half of 2024, Invek's revenue reached 1.713 billion yuan, with a net profit of 183 million yuan, and a non-recurring net profit of 171 million yuan, marking increases of 38.24%, 99.63%, and 113.50% respectively [1] - The company's gross margin was 30.99%, with a net margin of 10.70%, reflecting a year-on-year increase of 3.13 percentage points [1][6] - The report projects the company's net profit for 2024 to be 542 million yuan, with an EPS of 0.73 yuan, and a PE ratio of 29.6 times [2][11] Business Segment Performance - The data center temperature control business generated 856 million yuan in revenue in the first half of 2024, accounting for 49.96% of total revenue, with a year-on-year growth of 85.91% [1] - The liquid cooling segment's revenue has increased significantly, expected to continue its strong growth trajectory in the second half of 2024 [1][2] - The cabinet temperature control business achieved revenue of 702 million yuan, representing a year-on-year growth of 6.11% [1] Future Outlook - The company is expected to benefit from a strong order backlog, with anticipated revenue growth in the second half of 2024 due to seasonal demand [2] - The report forecasts a continued increase in net profit for the years 2024 to 2026, with projected figures of 542 million yuan, 712 million yuan, and 946 million yuan respectively [2][11]

英维克（002837.SZ） 机房温控超预期，液冷加速落地 事件：公司发布 2024 年半年度报告，上半年实现营业收入 17.1 亿元，同比增长 38%； 归母净利润 1.8 亿元（业绩预告中值），同比增长 100%；扣非归母净利润 1.7 亿元 （同上），同比增长 114%。 Q2 利润增速再度高企，行业景气度持续提升逻辑验证，奠定全年高增速基调。单季 度来看，Q2 营收 9.7 亿元，同比增长 36%，归母净利润延续了 Q1 的高增速趋势， 归母净利润 1.2 亿元，同比增长 81%，环比增长 95%。公司业绩有较为明显的季节 性，尤其机房温控项目验收集中在第四季度，我们认为，Q1 和 Q2 利润的连续高增， 本质上验证了行业景气度正在提升，夯实了全年业绩高增速基调。 机房温控业务两大超预期，高增速与高盈利并存。上半年机房温控业务实现营收 8.6 亿元，同比增长 86%，占营收达到 50%。值得注意的是，机房温控业务表现尤其优 异，其一是增速达到 86%远超市场预期（2019-2023 年五年内，受 IDC 行业景气度 影响，公司机房温控业务增速从未超过 40%，23 年增速为 14%），其二是机房温 控 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1]. Core Insights - The company achieved a revenue of 1.713 billion RMB in H1 2024, representing a year-on-year growth of 38.24%, and a net profit of 183 million RMB, up 99.63% year-on-year [1]. - The rapid growth in performance is attributed to the company's strategic focus on AI and the development of energy-saving products, particularly in the liquid cooling segment, which has seen revenues approximately double compared to the same period last year [1]. - The company is a leader in the thermal management of energy storage systems, with H1 2024 revenue from energy storage applications reaching around 600 million RMB, an increase of about 11% year-on-year [1]. Summary by Sections Revenue and Profitability - H1 2024 revenue was 1.713 billion RMB, with a 38.24% increase year-on-year; Q2 alone generated 967 million RMB, a 35.92% increase year-on-year and a 29.67% increase quarter-on-quarter [1]. - The net profit for H1 2024 was 183 million RMB, reflecting a 99.63% year-on-year growth, with Q2 net profit at 121 million RMB, up 81.86% year-on-year and 96.03% quarter-on-quarter [1]. Business Analysis - The company has capitalized on the AI industry's growth, leading to significant increases across all business segments, particularly in energy-saving products for data centers [1]. - The introduction of liquid cooling technology has been accelerated due to increased heat density in computing equipment, with related revenues approximately doubling compared to the previous year [1]. - The company has established deep collaborations with major clients across the computing and cloud sectors, enhancing its competitive edge in the liquid cooling market [1]. Financial Forecast and Valuation - Projected revenues for 2024-2026 are 4.716 billion RMB, 6.171 billion RMB, and 8.006 billion RMB, respectively, with corresponding net profits of 528 million RMB, 685 million RMB, and 882 million RMB [1]. - The expected price-to-earnings (P/E) ratios for these years are 34, 26, and 20 times, respectively [1].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 27.00 [1][4]. Core Views - The company has shown impressive performance with a 38.24% year-on-year increase in revenue to RMB 1.713 billion in the first half of 2024, and a 99.63% increase in net profit attributable to shareholders, reaching RMB 183 million [1][4]. - The growth is primarily driven by the rapid increase in revenue from energy-saving temperature control products for data centers, supported by the ongoing development of AIGC, which has led to higher power consumption in computing equipment and accelerated the adoption of liquid cooling technology [1][2]. - The company is expected to benefit from its leading position in the liquid cooling technology sector, with projected net profits for 2024-2026 estimated at RMB 563 million, RMB 749 million, and RMB 964 million respectively [1][4]. Revenue Performance - In the first half of 2024, the company's data center temperature control business revenue grew by 86% to RMB 856 million, with liquid cooling technology revenue approximately doubling compared to the same period last year [2]. - The cabinet temperature control business revenue increased by 6% to RMB 702 million, while the energy storage business revenue rose by 11% to RMB 600 million [2]. Profitability and Cost Control - The company's gross margin for the first half of 2024 was 30.99%, a decrease of 1.05 percentage points year-on-year, with the gross margin for the data center temperature control business improving by 1.05 percentage points to 30.62% [3]. - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing to 6.81%, 4.57%, and 8.37% respectively [3]. Long-term Growth Potential - The company is expected to continue benefiting from the increasing penetration of liquid cooling technology in data centers, with revenue and profit anticipated to maintain high growth rates [4]. - The target price reflects a price-to-earnings ratio of 35.5 times for 2024, compared to a comparable average of 25.7 times [1][4].