证券代码：002837 证券简称：英维克 公告编号：2024-034 深圳市英维克科技股份有限公司 关于完成工商变更登记的公告 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"）分别于 2024 年 4 月 13 日、2024 年 5 月 8 日召开第四届董事会第十次会议、2023 年度股东大会审议 通过《关于修改<公司章程>及办理工商变更登记的议案》。具体内容详见 2024 年 4 月 16 日、2024 年 5 月 9 日披露在巨潮资讯网（www.cninfo.com.cn）的《第 四届董事会第十次会议决议公告》《公司章程修订对照表（2024 年 4 月）》《2023 年度股东大会决议公告》等公告相关文件。 公司于近期已办理完成上述事项的工商变更及《公司章程》备案手续，并取 得了由深圳市市场监督管理局出具的《登记通知书》。本次变更（备案）事项如 下： | 序号 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | --- | | 1 | 注册资本 | 56,497.6399 万元人民 ...

证券代码：002837 证券简称：英维克 公告编号：2024-033 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"）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）的《关于预计 ...

证券代码：002837 证券简称：英维克 公告编号：2024-032 深圳市英维克科技股份有限公司 2023 年度股东大会决议公告 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、本次股东大会召开期间无增加、否决或变更议案的情况。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席的情况 （一）会议召开情况 1、会议召开时间 现场会议：2024 年 5 月 8 日下午 14:30 开始。 （二）会议出席情况 1、股东出席会议情况 通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票的具体 时间为：2024 年 5 月 8 日上午 9:15—9:25，9：30 至 11：30，下午 13：00 至 15：00。 通过深交所互联网投票系统进行网络投票的具体时间为：2024 年 5 月 8 日上 午 9：15 至 2024 年 5 月 8 日下午 15：00 期间的任意时间。 2、现场会议召开地点：深圳市龙华区观澜街道观光路 1303 号鸿信工业园 9 号厂房 3 楼公司会议室。 3、投票方式：采取现场投票和网络投票相结 ...

中国 深圳 福田区 益田路6001号太平金融大厦11-12楼 邮政编码：518038 11-12F., TAIPING FINANCE TOWER, NO. 6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755) 88265537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于深圳市英维克科技股份有限公司 2023年度股东大会的 法律意见书 信达会字（2024）第 101 号 致：深圳市英维克科技股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳市英维克科技股份有限 公司（以下简称"贵公司"）的委托，指派律师参加了贵公司2023年度股东大会 （以下简称"本次股东大会"），并进行了必要的验证工作。现根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》（以下简称"《股 东大会规则》"）以及贵公司《公司章程》等规定，按照律师业公认的业务标准、 道德规范和勤勉尽责精神，对本次股东大会的召集和召开程序、出席会议人员 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company achieved rapid growth in Q1 2024, with revenue and profit exceeding expectations. Revenue reached 746 million yuan, a year-on-year increase of 41.4%, while net profit attributable to shareholders was 62 million yuan, up 146.9% year-on-year. The growth in revenue was primarily driven by increased sales of energy-saving products for data center temperature control, and profit benefited from a significant decline in expense ratios [5][6][8]. - The company's liquid cooling business is advancing rapidly, with industry-leading scale. The company has begun mass shipments of cold plates for computing equipment, contributing significantly to revenue. As a leading player in the liquid cooling sector, the company is expected to benefit significantly from the accelerated adoption of liquid cooling technologies [7][8]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 746 million yuan, a 41.4% increase year-on-year, and a net profit of 62 million yuan, reflecting a 146.9% year-on-year growth. The increase in revenue was mainly due to higher sales of energy-saving temperature control products for data centers [5][6]. - The overall gross margin for Q1 2024 was 29.5%, a decrease of 3.2 percentage points year-on-year, primarily due to product mix effects. The expense ratio saw a significant decline, with sales, management, and R&D expense ratios decreasing by 2.4, 2.5, and 1.2 percentage points respectively [6][8]. Business Development - The liquid cooling business is progressing rapidly, with revenue from liquid cooling technologies related to data centers and computing equipment approximately four times that of 2022. As of March 2024, the cumulative delivery in the liquid cooling chain reached 900 MW, leading the industry [7]. - The company has secured significant contracts, including winning the first share in China Telecom's elastic DC cabin procurement project for 2024-2025 and the second share for small data center air conditioning projects for 2024-2026. These projects are expected to form a substantial revenue base for the company's temperature control business in the coming years [5][8]. Investment Outlook - The company is projected to achieve net profits of 507 million yuan, 694 million yuan, and 896 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 47%, 37%, and 29%. The corresponding price-to-earnings ratios are expected to be 38, 28, and 21 times [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved steady revenue growth in 2023, with a remarkable performance in Q1 2024 [2] - In 2023, the company reported revenue of 3.53 billion yuan, a year-on-year increase of 20.72%; net profit attributable to shareholders was 344 million yuan, up 22.74% [2] - The company's revenue structure has changed, with the revenue from energy-saving equipment for data centers accounting for 46.48% of total revenue, surpassing the revenue from cabinet temperature control products [2] - The company is well-positioned to benefit from the digitalization wave, becoming an important supplier in the data center temperature control industry [2] Financial Performance Summary - For 2023, the company reported: - Revenue: 3,528.9 million yuan - Year-on-year revenue growth: 20.72% - Net profit attributable to shareholders: 344 million yuan - Year-on-year net profit growth: 22.74% - Basic earnings per share: 0.60 yuan [14][16] - Forecasted financials for 2024-2026: - Revenue: 4,723.7 million yuan (2024E), 6,194.0 million yuan (2025E), 7,884.9 million yuan (2026E) - Net profit: 527 million yuan (2024E), 693 million yuan (2025E), 886 million yuan (2026E) - Basic earnings per share: 0.93 yuan (2024E), 1.22 yuan (2025E), 1.56 yuan (2026E) [14][16] Investment Recommendations - The report suggests a positive outlook for the company's data center liquid cooling and charging pile businesses for 2024, with slight adjustments to profit forecasts [2] - The revised revenue forecasts for 2024-2026 are 47.24 billion yuan, 61.94 billion yuan, and 78.85 billion yuan respectively, with net profit forecasts of 5.27 billion yuan, 6.93 billion yuan, and 8.86 billion yuan [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 15% relative to the market index [11]. Core Insights - The company has demonstrated strong performance in Q1 2024, with revenue growth of 41.36% year-on-year and a significant increase in net profit by 146.93% [10]. - The company is focusing on a "full-chain" platform strategy, enhancing its competitive edge in the market, particularly in the data center cooling and energy storage sectors [6][10]. - Revenue forecasts for 2024-2026 indicate a robust growth trajectory, with expected revenues of 46.24 billion, 60.85 billion, and 75.33 billion yuan, representing year-on-year growth rates of 31.04%, 31.60%, and 23.79% respectively [7][16]. Financial Summary - For 2023, the company reported total revenue of 35.29 billion yuan, a year-on-year increase of 20.72%, and a net profit of 3.44 billion yuan, up 22.74% [10]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.89, 1.17, and 1.53 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 34, 26, and 20 [7][16]. - The company’s EBITDA is expected to grow from 549.66 million yuan in 2023 to 1,110.78 million yuan by 2026, reflecting a strong operational performance [16].

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Views - The company's Q1 performance sets a strong tone for the entire year, with a significant increase in revenue and profit, indicating a positive industry demand and outlook [2][6]. - The company is expected to benefit from the growth in AI computing power and cooling technology, with projected revenues of 52 billion, 69 billion, and 87 billion for 2024, 2025, and 2026 respectively [3][4]. Financial Performance - In Q1 2024, the company achieved a revenue of 750 million, a year-on-year increase of 41%, and a net profit attributable to the parent company of 60 million, up 147% year-on-year [1][6]. - The company’s historical performance shows a seasonal trend with Q1 typically being lower than subsequent quarters, but the current year's Q1 results are the highest in nearly nine years, suggesting a robust demand [2][6]. - The projected financials for 2024-2026 indicate a strong growth trajectory, with net profits expected to reach 520 million, 700 million, and 920 million respectively, reflecting growth rates of 51.2%, 34.6%, and 31.4% [4][3]. Market Position and Growth Drivers - The company is well-positioned in the cooling technology sector, with a comprehensive product and system solution capability in liquid cooling, which is expected to drive future growth [7]. - The increasing demand for data centers and AI computing power is anticipated to enhance the company's revenue and profit scales, supported by its full-chain capabilities in liquid cooling technology [7][6].

[Table_Page] 年报点评|专用设备 公司业绩稳健增长，液冷龙头蓄势待发 元，预计公司 24-26 年归母净利润为 4.83、6.59、8.83 亿元。参考可 比公司给予 24 年 PE 40x，每股合理价值 34 元，"买入"评级。 ⚫ 风险提示。储能行业竞争加剧风险、AI 发展进程及数据中心市场需求不 及预期风险、上游材料价格上涨风险、新业务拓展不及预期风险。 相对市场 [Table_PicQuote] 表现 yinyifei@gf.com.cn [Table_Title] 英维克（002837.SZ） ⚫ 机柜温控受益于储能业务的持续高增。受益于储能行业的景气度及公司 的品牌优势、客户基础，23 年公司储能业务营收约 12.2 亿元 （YOY+44%）。公司持续推出创新方案，今年 1 月率先交付针对 5MWh 高密度大容量储能系统的 BattCool 储能全链条液冷解决方案，全年能 效高于 AEER 超 30%，进一步丰富产品，提升在储能行业的竞争优势。 ⚫ 液冷技术加速导入，未来有望实现放量突破。公司 23 年来自数据中心 机房及算力设备的液冷技术相关营收约为上一年度的 4 倍，主要得益于 液 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 34, 26, and 20 times for the years 2024, 2025, and 2026 respectively [1]. Core Insights - The company is projected to achieve a net profit of 510 million, 666 million, and 862 million yuan for the years 2024, 2025, and 2026, respectively, indicating a significant growth trajectory [1]. - The company reported a revenue of 7.46 billion yuan in Q1 2024, representing a year-on-year increase of 41.36%, and a net profit of 620 million yuan, which is a 146.93% increase year-on-year [19]. - The company has successfully implemented a stock option incentive plan for 305 core employees, granting 9.16 million options with an exercise price of 19.61 yuan per share, aimed at enhancing employee motivation and long-term development [8][23]. Financial Performance - The company’s revenue for 2022 was 2.923 billion yuan, with projections of 3.529 billion yuan for 2023, 4.891 billion yuan for 2024, 6.613 billion yuan for 2025, and 8.352 billion yuan for 2026, reflecting a compound annual growth rate [7]. - The net profit for 2022 was 280 million yuan, with forecasts of 344 million yuan for 2023, 510 million yuan for 2024, 666 million yuan for 2025, and 862 million yuan for 2026, indicating robust growth [7]. - The company’s gross margin for Q1 2024 was reported at 29.51%, with a net margin of 8.26%, showing improvements in profitability despite a slight decrease in gross margin year-on-year [7]. Market Position and Competitive Advantage - The company is leveraging its liquid cooling technology, which has become a preferred solution for high-density data centers, and has delivered a total of 900MW of liquid cooling projects as of March 2024 [20]. - The introduction of the BattCool solution for energy storage systems positions the company favorably in the growing market for energy storage, with the first delivery of a 5MWh high-density system completed in January 2024 [20].