证券简称：英维克 证券代码：002837 上海荣正企业咨询服务（集团）股份有限公司 关于 深圳市英维克科技股份有限公司 2022 年及 2024 年股票期权激励计划调整行权价格及 数量、2022 年股票期权激励计划第二个行权期行权条 件达成、注销部分股票期权相关事项 之 独立财务顾问报告 2024 年 8 月 | | | | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、 独立财务顾问意见 | 6 | | 五、备查文件及咨询方式 | 13 | 一、释义 以下词语如无特殊说明，在本文中具有如下含义： （三）本独立财务顾问未委托和授权任何其他机构和个人提供未在本独立财 务顾问报告中列载的信息和对本报告做任何解释或者说明。 （四）本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露的 关于股票期权激励计划的相关信息。 （五）本独立财务顾问本着勤勉、审慎、对上市公司全体股东尽责的态度， 依据客观公正的原则，对股票期权激励计划涉及的事项进行了深入调查并认真审 阅相关资料，调查范围包括上市公司章程、历次董事会、股东大会决议、最近三 年及最近一期公司 ...

二、 可行权核心管理人员及核心技术（业务）人员名单 深圳市英维克科技股份有限公司 2022 年股票期权激励计划第二个行权期激励对象名单 一、 总体情况 | 激励对象 | 获授的股票期 | 本次可行权期 | 可行权数量占 本次获授期权 | 本次可行权数 量占目前总股 | | --- | --- | --- | --- | --- | | | 权数量（万份） | 权数量（万份） | 的比例 | 本的比例 | | 核心管理人员、核心技术 （业务）人员（232 人） | 1,686.4172 | 505.9276 | 30% | 0.6841% | | 合计 | 1,686.4172 | 505.9276 | 30% | 0.6841% | 注： 1、本次激励计划中部分合计数与各明细数相加之和在尾数上如有差异，系四舍五入所致，下同。 2、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票均未超过本次激励 计划草案公告日公司股本总额的 1%。公司全部在有效期内的激励计划所涉及的标的股票总数累计不超过本 次激励计划草案公告日以及股东大会批准最近一次股权激励计划时公司已发行的股本总额的 10%。 | 序号 ...

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].

丨证券研究报告丨 [Table_Title] 业绩表现持续亮眼，国内算力建设高景气 分析师及联系人 SAC：S0490517110002 SFC：BUX641 英维克（002837.SZ） cjzqdt11111 [Table_Title2] 业绩表现持续亮眼，国内算力建设高景气公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 ⚫ 二季报再超预期，业绩表现持续亮眼。2024H1，公司预计实现归母净利润 1.65 亿元~1.93 亿元，同比增长 80%~110%，中值约 1.79 亿元，同比增长 95%；实现扣非归母净利润 1.53 亿元~1.81 亿元，同比增长 91%~125%，中值约 1.67 亿元，同比增长 108%。折算 至 24Q2，公司预计实现归母净利润 1.03 亿元~1.31 亿元，同比增长 55%~96%，中值约 1.17 亿元，同比增长 75%；实现扣非归母净利润 0.99 亿元~1.27 亿元，同比增长 65%~111%，中值约 1.13 亿元，同比增长 88%，已连续两个季度超预期，业绩持续亮眼。 ⚫ 投资建议：公司 2024Q2 业绩再超预期，业绩表现持续亮眼。业绩实 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 32x, 25x, and 19x for 2024, 2025, and 2026, respectively [4] Core Views - The company's Q2 2024 performance shows rapid growth, with estimated net profit attributable to the parent company ranging from 103 to 131 million yuan, a year-on-year increase of 54%-96% and a quarter-on-quarter increase of 66%-111% [1] - The company's liquid cooling technology is accelerating its adoption, with a cumulative delivery of 900MW for liquid cooling projects as of March 2024 [12] - The company's energy storage business continues to grow, with significant achievements in expanding both domestic and international customers [2][15] Financial Performance - Revenue is expected to grow from 2,923 million yuan in 2022 to 8,352 million yuan in 2026, with a CAGR of 30.1% [1] - Net profit attributable to the parent company is projected to increase from 280 million yuan in 2022 to 862 million yuan in 2026, with a CAGR of 32.5% [1] - ROE is expected to improve from 13.1% in 2022 to 23.9% in 2026 [1] - EPS is forecasted to rise from 0.38 yuan in 2022 to 1.17 yuan in 2026 [1] Business Highlights - The company's data center liquid cooling solutions, particularly the Coolinside platform, have gained significant traction, with a comprehensive product line covering various components of liquid cooling systems [12] - The company has been recognized as the "Best Equipment Supplier" and "Most Influential Enterprise" in the energy storage industry for 2024 [2] - The company's BattCool energy storage liquid cooling solution has been successfully deployed in a 5MWh high-density energy storage system, showcasing its innovation in the sector [12] Industry Outlook - The demand for digital infrastructure and energy storage power station construction is expected to drive the adoption of liquid cooling technology, benefiting the company's leading position in the market [12] - The company's strong brand and customer base in the energy storage sector, coupled with continuous innovation, position it well to capitalize on the growing demand for energy storage solutions [15]

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].