Investment Rating - The report assigns an "Invest Buy" rating to the company, marking its first coverage [1] Core Views - The company is a leader in precision temperature control and energy-saving solutions, benefiting from the growth in AI computing power and energy storage installations, with potential for accelerated performance expansion [7] - The company has end-to-end liquid cooling solution capabilities, with its electronic cooling products opening up new growth opportunities [4] - The report forecasts the company's net profit for 2024-2026 to be 552 million, 754 million, and 982 million yuan, respectively, with EPS of 0.75, 1.02, and 1.33 yuan [4] Financial Projections and Valuation - Revenue is projected to grow from 2,923 million yuan in 2022 to 8,469 million yuan in 2026, with a CAGR of 32% [1] - Net profit is expected to increase from 280 million yuan in 2022 to 982 million yuan in 2026, with a CAGR of 30% [1] - The P/E ratio is expected to decrease from 68.7 in 2022 to 19.6 in 2026, indicating a more attractive valuation over time [1] Industry and Market Analysis - The AI-driven demand for liquid cooling is expected to grow significantly, with the domestic liquid cooling data center market projected to exceed 100 billion yuan by 2027, with a CAGR of 76% [3] - The energy storage temperature control market is also expected to grow, with the domestic market size for liquid cooling in energy storage projected to reach 16.4 billion yuan by 2025, with liquid cooling accounting for 45% [3] - The company has delivered 900MW of liquid cooling projects as of March 2024, with its Coolinside full-chain solution covering various liquid cooling schemes [4] Company Strengths and Strategy - The company has a comprehensive product matrix and a strong customer base, including major internet companies, telecom operators, and energy storage system integrators [3] - The company has a robust R&D capability, with 1,279 R&D personnel as of the end of 2023, accounting for 33.19% of the total workforce [25] - The company has a nationwide production layout, with seven manufacturing bases and a new headquarters base in South China that began production in 2024 [26] Technological Advancements - The company has developed a full-chain liquid cooling solution, including cold plate liquid cooling, single-phase/phase-change immersion liquid cooling, and other schemes [4] - The company has also introduced the BattCool solution for the energy storage field, demonstrating its capability in end-to-end liquid cooling solutions [4] - The company is actively expanding into the electronic cooling market, with products such as GPU/CPU liquid cooling plates, server liquid cooling modules, and heat pipes [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][4]. Core Insights - The company is a leader in precision temperature control, with data center and energy storage businesses as primary growth drivers. Revenue increased from 1.338 billion to 3.529 billion yuan from 2019 to 2023, with a CAGR of 27.45%. In H1 2024, revenue reached 1.712 billion yuan, a year-on-year increase of 38.24%, and net profit grew by 99.63% to 183 million yuan [3][4][6]. - The high-density IDC trend and low energy consumption policies are expected to drive stable growth in data center temperature control. The data center market in China surpassed 240 billion yuan in 2023, with a CAGR of 28.66% from 2019 to 2023 [4][34]. - The energy storage market is experiencing rapid growth, with the global new energy storage installed capacity increasing from 2.9 GW to 45.6 GW from 2019 to 2023, achieving a CAGR of 99.13% [4][6]. Summary by Sections Company Overview - The company has been focused on precision temperature control for nearly 20 years, providing energy-saving solutions across various sectors, including data centers and energy storage [6][16]. Market Trends - The IDC industry is growing rapidly, driven by increasing data volumes from AI, cloud computing, and 5G technologies. The total number of operational data center racks in China exceeded 8.1 million by the end of 2023, a year-on-year increase of 24.6% [34][35]. - The company has a comprehensive product matrix, including solutions for data centers, energy storage systems, and various cooling technologies [16][19]. Financial Performance - The company's revenue has shown consistent growth, with a CAGR of 27.0% from 2018 to 2023. The net profit for 2023 was 344 million yuan, with a significant increase in H1 2024 [28][29]. - The gross margin has remained stable around 30%, with a slight increase to 32.35% in 2023 due to improved cost management and product offerings [31][32]. Future Projections - Revenue forecasts for 2024-2026 are 4.772 billion, 6.298 billion, and 8.240 billion yuan, respectively, with net profits projected at 540 million, 690 million, and 904 million yuan [6][5]. - The company is expected to benefit from the increasing demand for energy storage temperature control solutions, which are anticipated to become a significant growth driver [4][6].

证券代码：002837 证券简称：英维克 公告编号：2024-047 你方（广东英维克技术有限公司）位于中山市三角镇三角村，面积 99406 平方米 的国有建设用地的使用权人(土地证/不动产权证号为: 粤(2021)中山市不动产权第 0148847 号)。该宗地约定动工日期为 2023 年 7 月 3 日。 上述宗地存在"超过国有建设用地使用权有偿使用合同或者划拨决定书约定、规 定动工开发日期满一年未动工开发"的情况，已向你方送达了《闲置土地调查通知书》 （中自然闲调字[2024](三角镇)第 006 号)。根据调查结果和《闲置土地处置办法》(国 土资源部第 53 号令)的规定，认定上述宗地为闲置土地，系因自身原因造成土地闲置， 应按照有关规定进行处置。 对本认定不服的，可以自收到本认定书之日起 60 日内向中山市人民政府行政复议 办公室(中山市东区博爱五路 68 号)申请行政复议，或自本认定书送达之日起 6 个月内 向中山市第一人民法院(中山市东区博爱五路 62 号)提起行政诉讼。 深圳市英维克科技股份有限公司 关于全资子公司收到闲置土地认定书的公告 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 20.8 CNY, indicating a potential upside of 10%-20% over the next six months [6]. Core Insights - The company reported strong financial performance for the first half of 2024, achieving revenue of 1.713 billion CNY, a year-on-year increase of 38.24%, and a net profit of 183 million CNY, up 99.63% year-on-year [1]. - The demand for liquid cooling solutions in data centers is expected to drive sustained high growth, particularly due to the increasing need for energy-efficient cooling products [2][5]. - The company has established strong relationships with major domestic clients, including Tencent and Alibaba, and is making progress in expanding its overseas market presence, notably with Intel [4]. Financial Performance - The company achieved a gross margin of 30.99% and a net margin of 10.70% in the first half of 2024, with a slight decrease in gross margin compared to the previous year [3]. - In Q2 2024, the company reported a revenue of 967 million CNY, a 35.92% increase year-on-year, and a net profit of 121 million CNY, reflecting an 81.86% growth [2]. - The company’s revenue from energy-saving products for data center cooling reached approximately double that of the same period last year [2]. Business Segmentation - The energy-saving products for data center cooling generated 856 million CNY in revenue in the first half of 2024, marking an 85.91% increase year-on-year, while cabinet cooling products saw a revenue of 702 million CNY, a 6.11% increase [2]. - The company has launched the Coolinside liquid cooling solution, with over 900 MW of liquid cooling projects delivered, positioning itself to capitalize on industry opportunities [5]. Future Outlook - The company is expected to benefit from the AI wave and the increasing penetration of liquid cooling solutions, with projected net profits of 520 million CNY, 710 million CNY, and 950 million CNY for 2024, 2025, and 2026, respectively [6]. - The report anticipates a PE valuation of 29, 21, and 16 times for the years 2024, 2025, and 2026, respectively, indicating a favorable investment outlook [6].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [1][14]. Core Views - The company has experienced significant growth in its data center cooling and energy storage temperature control businesses, driven by advancements in AI and increasing demand in the data center sector [3][4]. - The company reported a total revenue of 1.713 billion yuan for the first half of 2024, representing a year-on-year increase of 38.24%, with a net profit attributable to shareholders of 183 million yuan, up 99.63% year-on-year [1][4]. - The company is recognized as a leading provider of precision temperature control solutions, focusing on cooling solutions for cloud computing data centers, power grid systems, and energy storage applications [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 1.713 billion yuan, with a year-on-year growth of 38.24% [1]. - The net profit attributable to shareholders reached 183 million yuan, marking a 99.63% increase year-on-year, while the non-recurring net profit was 171 million yuan, up 113.50% [1][4]. - The company's gross margin for the first half of 2024 was 30.99%, with a slight decline of 1.05 percentage points compared to the previous year [1][4]. Business Segments - The data center cooling business generated revenue of 856 million yuan, a substantial increase of 85.91%, accounting for 49.96% of total revenue [1][3]. - The cabinet cooling business reported revenue of 702 million yuan, growing by 6.11% and representing 40.97% of total revenue [1][3]. - Revenue from energy storage applications was approximately 600 million yuan, reflecting an 11% year-on-year growth [1][3]. Future Outlook - The company is expected to benefit from the ongoing growth in AI computing and energy storage sectors, with projected revenues of 4.804 billion yuan, 6.365 billion yuan, and 8.119 billion yuan for 2024, 2025, and 2026, respectively [4][5]. - The forecasted net profits for the same years are 513 million yuan, 682 million yuan, and 892 million yuan, indicating strong growth potential [4][5]. - The company maintains a robust market position with a focus on innovative cooling technologies, including liquid cooling solutions, which are gaining traction in the industry [3][4].

深圳市英维克科技股份有限公司 关于部分股票期权注销完成的公告 证券代码：002837 证券简称：英维克 公告编号：2024-046 公司本次注销部分股票期权符合《上市公司股权激励管理办法》及公司《2022 年 股票期权激励计划（草案）》的相关规定，注销原因及数量合法、有效，且程序合规。 本次注销的股票期权尚未行权，不影响公司股本结构，不会对公司的财务状况和经营 成果产生重大影响，且不影响公司 2022 年股票期权激励计划的继续实施。 特此公告。 深圳市英维克科技股份有限公司 董事会 二〇二四年八月二十日 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"或"本公司"）于 2024 年 8 月 12 日召开了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》。根据《上市公司股权激 励管理办法》及公司《2022 年股票期权激励计划（草案）》的相关规定以及 2022 年 第一次临时股东大会的授权，2022 年股票期权激励计划中因激励对象离职以及部分激 ...

证券代码：002837 证券简称：英维克 公告编号：2024-045 深圳市英维克科技股份有限公司 关于 2022 年股票期权激励计划第二个行权期采用自主行 权模式的提示性公告 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、本次行权的股票期权代码：037273，期权简称：英维 JLC1。 2、公司《2022 年股票期权激励计划（草案）》（以下简称"《2022 年激励计划》" 或"本次激励计划"）第二个行权期符合行权条件可行权的激励对象为 232 名，合计 可行权期权数量为 505.9276 万份（调整后），行权价格为 8.420 元/股（调整后）。 3、根据业务办理的实际情况，本次实际可行权期限为 2024 年 8 月 22 日至 2025 年 7 月 21 日期间的交易日。截至本公告披露日，中国证券登记结算有限责任公司深圳 分公司的手续已办理完成。 4、本次行权采用自主行权模式。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 深圳市英维克科技股份有限公司（以下简称"公司"）公司于 2024 年 8 月 12 日 召开第四届董事 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a current price of 21.43 CNY and a reasonable value of 28.45 CNY [1]. Core Views - The company has shown continuous growth in performance, with a significant increase in liquid cooling technology leading future growth [1]. - The company reported a net profit attributable to shareholders of 1.83 billion CNY for the first half of 2024, representing a year-on-year increase of 38.24% [1]. - The temperature control room business has experienced substantial growth, supported by large customer orders, with revenue of 856 million CNY in the first half of 2024, up 85.91% year-on-year [1]. - The company’s energy storage business revenue was approximately 1.6 billion CNY in the first half of 2024, reflecting an 11% year-on-year increase [1]. - The introduction of liquid cooling technology is accelerating, with expected significant growth in revenue from data centers and computing equipment [1]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 4.91 billion CNY, 6.47 billion CNY, and 8.34 billion CNY, respectively, with corresponding net profits of 531 million CNY, 693 million CNY, and 907 million CNY [1][2]. - The company’s EBITDA is expected to grow from 684 million CNY in 2024 to 1.13 billion CNY in 2026 [2]. - The projected EPS for 2024, 2025, and 2026 are 0.71 CNY, 0.93 CNY, and 1.22 CNY, respectively [3]. - The company’s ROE is expected to increase from 18.3% in 2024 to 22.9% in 2026 [3].

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a 6-month target price of 25.68 CNY [4]. Core Insights - The company reported a significant revenue growth of 38.24% year-on-year, achieving 1.713 billion CNY in the first half of 2024, with a net profit growth of 99.63% to 183 million CNY [2][3]. - The rapid growth is attributed to the strong performance of various business segments, particularly the liquid cooling technology for data centers, which has seen a doubling in revenue [2][3][7]. - The company is well-positioned to benefit from the increasing demand for temperature control solutions driven by AI and energy storage developments [8]. Revenue Breakdown - The revenue from data center temperature control products reached 856 million CNY, up 85.91% year-on-year, driven by new AI applications and increased demand for data centers [3]. - Cabinet temperature control products generated 702 million CNY, a 6.11% increase, while the bus air conditioning business saw a revenue of 276 million CNY, growing by 42.35% [3]. - Revenue from rail transit air conditioning and services reached 479 million CNY, reflecting a 35.88% increase due to several project deliveries [3]. Profitability and Cost Control - The overall gross margin for the first half of 2024 was 30.99%, a slight decrease of 1.05 percentage points from the previous year, but the company has effectively managed costs [4][6]. - The company reported a decrease in sales, management, and R&D expense ratios, indicating improved operational efficiency [6]. Future Projections - The company is expected to achieve revenues of 4.684 billion CNY, 6.222 billion CNY, and 7.725 billion CNY for the years 2024, 2025, and 2026, respectively, with net profits projected at 542.5 million CNY, 728.7 million CNY, and 928.7 million CNY [9][10]. - The projected P/E ratios for the upcoming years are 29.50, 21.97, and 17.23, indicating a favorable valuation trend [9][10].

Investment Rating - The report maintains an "Outperform" rating for the company [1][3] Core Views - The company's data center business has shown strong performance, with liquid cooling technology reaching an inflection point for accelerated growth [1] - The company's revenue in H1 2024 reached 1.71 billion yuan, a year-on-year increase of 38.2%, with net profit attributable to the parent company reaching 180 million yuan, a 100% increase [1] - The data center temperature control business grew by 86% year-on-year, contributing 50% of total revenue, while other segments such as bus and rail air conditioning also showed strong growth [1] - The company's overseas revenue accounted for 16% of total revenue, with a focus on expanding in the Southeast Asian data center market [1] Financial Performance - In Q2 2024, the company achieved revenue of 970 million yuan, a 36% year-on-year increase, and net profit attributable to the parent company of 120 million yuan, an 82% increase [1] - The company's gross margin slightly declined due to rising copper prices and structural changes in the data center business, but net margin improved to 10.7%, the highest in three years [1] - The company's revenue from liquid cooling technology related to data centers and computing equipment doubled compared to the same period last year [1] Industry and Market Trends - The rapid development of AI has increased demand for data center computing power and thermal density, accelerating the adoption of liquid cooling technology [1] - The company has developed a full-chain liquid cooling solution, gaining recognition in the industry and opening up new growth opportunities in the electronic cooling market [1] Financial Forecasts - The report forecasts revenue for 2024-2026 to be 4.65 billion, 6.14 billion, and 7.75 billion yuan, respectively, with net profit attributable to the parent company expected to be 540 million, 700 million, and 890 million yuan [1][6] - The company's PE ratio is projected to be 29x, 22x, and 18x for 2024-2026, respectively [1][6] Valuation and Comparisons - The company's valuation metrics, including PE, PB, and EV/EBITDA, are compared with peers, showing a relatively favorable position [6] - The company's EPS is expected to grow from 0.72 yuan in 2024 to 1.21 yuan in 2026 [6]