证券代码：002837 证券简称：英维克 公告编号：2024-041 深圳市英维克科技股份有限公司 2024年半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 1 号——主板上市公司规范运作》以 及《深圳证券交易所上市公司自律监管指南第 2 号——公告格式（2023 年修订）》 的相关规定，深圳市英维克科技股份有限公司（以下简称"公司"或"本公司"） 董事会就 2024 年半年度募集资金存放与使用情况作如下专项报告： 一、 募集资金基本情况 2021 年 10 月，本公司与保荐机构国信证券股份有限公司及中国工商银行股 份有限公司深圳观澜支行分别就募集资金专项账户签订《募集资金三方监管协 议》。 2021 年 10 月，本公司与全资子公司广东英维克技术有限公司（以下简称"广 东英维克"）、保荐机构国信证券股份有限公司、中国光大银行股份 ...

证券代码：002837 证券简称：英维克 公告编号：2024-044 深圳市英维克科技股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开 第四届董事会第十二次会议和第四届监事会第十二次会议，审议通过了《关于注 销 2022 年股票期权激励计划部分股票期权的议案》，现将有关事项说明如下： 一、已履行的决策程序和信息披露情况 （一）2022 年股票期权激励计划 1、2022 年 5 月 17 日，公司召开第三届董事会第十九次会议，会议审议通过 《关于公司<2022 年股票期权激励计划（草案）>及其摘要的议案》《关于公司<2022 年股票期权激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会 办理公司 2022 年股票期权激励计划相关事项的议案》。公司独立董事对此发表了 明确同意的独立意见。广东信达律师事务所、上海荣正投资咨询股份有限公司出 具了相应的法律意见书、独立财务顾问报告。 同日，公司召开第三届监事会第十七次会议，对本次激励计划的激励对象名 单进行核查，并审议通过《关于公司<2022 年股票期权激励计划（草案）>及其摘 要的议案》《关于公司<2022 年股票期权激励计划实施考 ...

Key Points Summary Industry/Company Involved - [1] The call focuses on the telecommunications industry, specifically discussing the performance and outlook of Company A. Core Views and Arguments - [2] Company A reported a 15% increase in revenue year-over-year, driven by strong demand in the mobile and fixed-line segments. - [3] The company attributed the revenue growth to the successful launch of its new product line and effective marketing strategies. - [4] Earnings per share (EPS) increased by 12% compared to the previous year, reflecting the company's profitability. - [5] Management highlighted the expansion of the company's global footprint, with a 20% increase in international revenue. - [6] The company expects revenue growth to continue in the upcoming quarters, with a projected increase of 10-15% for the next fiscal year. Other Important Content - [7] Company A announced a dividend increase of 5% for the upcoming fiscal year. - [8] The company is investing in research and development to enhance its product offerings and stay competitive in the market. - [9] Management discussed the challenges faced by the industry, such as regulatory changes and increased competition. - [10] The company is exploring new business models, such as partnerships with other industry players, to diversify its revenue streams. - [11] The call concluded with a Q&A session, where investors inquired about the company's long-term growth prospects and potential risks.

证券代码：002837 证券简称：英维克 公告编号：2024-037 深圳市英维克科技股份有限公司 关于为子公司提供担保的进展公告 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： 深圳市英维克科技股份有限公司（以下简称"公司"或"英维克"）对资产 负债率超过 70%的单位担保，该等担保全部系公司为控股公司提供的担保。敬请 投资者注意相关风险。 深圳市英维克科技股份有限公司于 2024 年 4 月 13 日、2024 年 5 月 8 日分别 召开第四届董事会第十次会议、2023 年度股东大会，审议通过了《关于预计为 子公司向金融机构申请综合授信额度提供担保的议案》，根据公司全资及控股子 公司的生产经营资金需求，同意公司为全资及控股子公司在银行等金融机构的综 合授信提供担保，或向为全资及控股公司申请授信额度提供担保的第三方提供反 担保。预计担保总金额不超过人民币 163,000 万元。在此额度内，具体由子公司 根据业务发展需要选择金融机构及融资金额。具体内容详见公司于 2024 年 4 月 16 日披露于巨潮资讯网（www.cninfo.com.cn） ...

Key Points **Industry/Company Involved** - **Company**: Yingwei Technology - **Industry**: Thermal management, data center cooling, AI server cooling **Core Views and Arguments** - **Yingwei's Business Expansion**: Yingwei has expanded its business from initial data center and base station thermal control products to new energy buses, rail transit, and emerging markets such as refrigerated trucks, electronic thermal management, and healthy air environment control. [4] - **Market Leadership in Data Center Cooling**: Yingwei has established a leading position in data center and related businesses, driven by its strong technical research and development capabilities and effective business management. [2] - **Liquid Cooling Technology**: Yingwei has capitalized on the opportunity brought by the development of artificial intelligence (AI) to adapt to the growing demand for data center cooling. [5] - **Market Potential of Liquid Cooling**: The market size for liquid cooling technology in data centers is expected to exceed 20 billion yuan. [8] - **Yingwei's Competitive Advantage**: Yingwei has an end-to-end layout advantage in the data center liquid cooling field, involving various links such as cold plates, pipelines, joints, CDU, and manifold, and has independently developed liquid formulas. [20] **Other Important Points** - **Revenue Composition**: In 2023, Yingwei's total revenue reached 3.5 billion yuan, with data center thermal control products accounting for 47% and contributing nearly 1.5 billion yuan in revenue. [13] - **Cost Control and R&D Investment**: Despite the short-term cost pressure caused by rising raw material prices, Yingwei's gross profit margin has recovered well in 2023. The company's overall cost ratio has shown a downward trend, benefiting from the effect of scale expansion and equity incentives. However, R&D investment has continued to grow rapidly, providing a solid foundation for the company to obtain new business scenarios. [15] - **Overseas Market Development**: The overseas liquid cooling market is developing rapidly, with many companies introducing liquid cooling technology and expanding their business scope. [16] - **Domestic Market Development**: The domestic liquid cooling market is not lagging behind overseas. Operators play an important role in the construction of data centers, and their liquid cooling penetration rate plan has been raised from 10% in 2024 to 50% in 2025. [17] - **Future Market Outlook**: The liquid cooling market is expected to reach a scale of over 20 billion yuan, with the market demand for AI servers estimated to be between 10 billion and 100 billion yuan, and the potential of general servers reaching about 150 billion yuan. [23]

Risk Warnings and Disclaimer - **Risk Warning and Disclaimer**: This meeting is organized by the Research and Development Department of CITIC Arrow. It is a closed-door meeting for clients on the CITIC Arrow list. Investors are not allowed to create meeting minutes, including but not limited to written summaries, recordings, video screenshots, and forwarding to any other individuals or institutions. Unauthorized creation, editing, and forwarding of meeting minutes may lead to inappropriate dissemination, and CITIC Arrow reserves the right to pursue legal liability [1].

Investment Rating - The report maintains a "Buy" rating for the company [1][23]. Core Insights - The company is expected to benefit from the growing trend of liquid cooling solutions, which is becoming essential as power density in server racks increases [23]. - The company has shown significant improvement in its financial performance, with projected net profit growth of 80.0% to 110.0% year-on-year for the first half of 2024 [23]. - The report highlights the company's comprehensive product line and efficient production processes as key drivers for revenue growth [23]. Financial Summary - The company’s revenue is projected to grow from 35.29 billion in 2024 to 86.0 billion in 2026, with corresponding net profits of 5.4 billion, 6.9 billion, and 8.0 billion respectively [23]. - The expected growth rates for revenue are 20.72% in 2023, 47.81% in 2024, 27.29% in 2025, and 29.50% in 2026 [13]. - The company's net profit margin is projected to be 10.41% in 2024, increasing to 10.44% in 2025 before declining to 9.35% in 2026 [13]. Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 53 in 2023 to 23 by 2026, indicating a more attractive valuation over time [13]. - The price-to-book (P/B) ratio is projected to decline from 7.3 in 2023 to 4.8 in 2026, reflecting improved financial health [13]. - The report anticipates a dividend yield of 1.41% in 2024, increasing to 1.57% in 2025 before dropping to 0.80% in 2026 [13].

Investment Rating - The investment rating for the company is "Add" (maintained rating) with a target price of 24.54 CNY [5]. Core Viewpoints - The company is a leading provider of precision temperature control energy-saving solutions and products, poised to benefit from the AI wave and the trend of liquid cooling penetration [10][11]. - The company has shown strong performance with a significant increase in revenue and net profit, driven by the growth in the data center cooling market and optimization of product design and procurement strategies [9][11]. - The company has established deep partnerships with major clients and is actively expanding into overseas markets, which is expected to enhance its growth prospects in the AI era [10][11]. Financial Data and Valuation - Revenue (in million CNY): - 2022: 2,923.18 - 2023: 3,528.86 - 2024E: 4,986.93 - 2025E: 6,721.10 - 2026E: 8,794.91 - Revenue Growth Rate (%): - 2022: 31.19 - 2023: 20.72 - 2024E: 41.32 - 2025E: 34.77 - 2026E: 30.86 - Net Profit Attributable to Parent Company (in million CNY): - 2022: 280.28 - 2023: 344.01 - 2024E: 517.22 - 2025E: 709.65 - 2026E: 945.80 - Earnings Per Share (CNY): - 2022: 0.38 - 2023: 0.47 - 2024E: 0.70 - 2025E: 0.96 - 2026E: 1.28 - Price-to-Earnings Ratio (P/E): - 2022: 64.75 - 2023: 52.76 - 2024E: 35.09 - 2025E: 25.57 - 2026E: 19.19 - Price-to-Book Ratio (P/B): - 2022: 8.57 - 2023: 7.30 - 2024E: 5.98 - 2025E: 5.14 - 2026E: 4.33 - EV/EBITDA: - 2022: 24.20 - 2023: 18.43 - 2024E: 22.68 - 2025E: 16.72 - 2026E: 12.78 [2][6][13][15]. Profit Forecast and Investment Suggestions - The company's net profit forecasts for 2024-2026 have been revised upwards to 5.2 billion CNY, 7.1 billion CNY, and 9.5 billion CNY respectively, reflecting strong growth potential [11]. - The company is expected to maintain a P/E valuation of 35, 26, and 19 times for 2024-2026 [11].

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. - The target price is set at 28.57 CNY, with the current price at 22.31 CNY [9]. Core Insights - The company's performance in H1 2024 is expected to exceed expectations, with a projected net profit of 165-193 million CNY, representing a year-on-year growth of 80%-110% [4][3]. - The rapid growth in data center temperature control and the acceleration of electronic cooling solutions are highlighted as key growth drivers [4][3]. - The company has established a strong customer base in the data center sector, including major clients like Tencent and Alibaba, contributing to its growth [4][3]. Financial Summary - The company forecasts revenue growth from 3,529 million CNY in 2023 to 4,646 million CNY in 2024, reflecting a growth rate of 31.6% [18]. - Net profit is expected to increase from 344 million CNY in 2023 to 506 million CNY in 2024, a growth of 47.2% [18]. - Earnings per share (EPS) is projected to rise from 0.47 CNY in 2023 to 0.68 CNY in 2024 [18]. Business Development - The company is focusing on liquid cooling solutions, which are gaining traction due to the high-density heat generation in AI computing and data centers [4][3]. - The introduction of the Coolinside liquid cooling cabinet and comprehensive solutions is seen as a competitive advantage in the liquid cooling market [4][3]. - The company has optimized its product design and procurement strategies to mitigate the impact of rising raw material costs [4][3].

Investment Rating - The investment rating for the company is "Buy" [8][28]. Core Views - The company is expected to achieve significant growth, benefiting continuously from the development of the liquid cooling industry [2][3]. - The company has established itself as a leader in the data center liquid cooling sector, recognized by major clients such as Huawei, showcasing strong competitive strength [4][9]. Financial Performance - For the first half of 2024, the company anticipates a net profit attributable to shareholders of 165-193 million yuan, with a median of 179 million yuan, representing a year-on-year growth of 95% [8]. - The expected net profit for Q2 2024 is projected to be 103-131 million yuan, with a median of 117 million yuan, indicating a year-on-year increase of 75.49% and a quarter-on-quarter growth of 89.17% [8]. - The company has a solid financial forecast, with net profits expected to reach 514 million yuan, 694 million yuan, and 947 million yuan for the years 2024, 2025, and 2026 respectively [8][10]. Business Segments - All business segments of the company are experiencing growth, particularly the energy-saving products for data center temperature control, which are expected to see significant penetration in the liquid cooling industry this year [9]. - The company has been deeply involved in precision temperature control for data centers for 15 years and has pioneered a full-chain liquid cooling solution that has been commercially scaled since 2021 [9]. Market Position - The company has delivered over 900MW of liquid cooling solutions, with a rich portfolio of product cases, positioning it well to benefit from the increasing penetration of liquid cooling technologies [8][9]. - The client base includes major players such as Huawei, ZTE, Baidu, Alibaba, Tencent, and various state-owned enterprises, indicating a robust market presence [9].