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].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | --- | --- | |----------------|---------------------------|--------------------------| | | | | | [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 | 业绩超预期，AI 推动液冷加速成长 动液冷方案加速成长，业绩有望高速增长。 公 司 更 新 报 告 本报告导读： 证 券 研 究 报 告 公司 2024H1 业绩超预期，机房温控增长较快，电子散热有望加速，同时 AI 应用推 [Table_Summary 维持增持评级] 。公司为国内温控领域龙头，维持 2024-26 年 ...

机械设备/专用设备 英维克（002837.SZ） 2024 年 07 月 12 日 ——公司信息更新报告 殷晟路（分析师） 蒋颖（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 jiangying@kysec.cn 证书编号：S0790523120003 业绩有望实现大幅增长，持续受益于液冷行业发展，维持"买入"评级 各业务均保持增长，机房温控业务持续发力 数据中心液冷全链条自研龙头，获华为等多家客户认可，竞争实力雄厚 风险提示：网络建设不及预期、政企客户拓展不及预期、中美贸易摩擦加剧等。 股价走势图 F原证券 公 司 研 究 业绩超预期，AI 液冷龙头提速成长 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/7/11 | | 当前股价 ( 元 ) | 22.31 | | 一年最高最低 ( 元 ) | 35.70/17.11 | | 总市值 ( 亿元 ) | 165.00 | | 流通市值 ( 亿元 ) | 143.31 | | 总股本 ( 亿股 ) | 7 ...

地址：南昌市红谷滩新区凤凰中大道 1115 号北京银行大厦 邮编：330038 本报告的信息均来源于本公司认为可信的公开资料，但本公司及其研究人员对该等信息的准确性及完整性不作任何保证。 本报告中的资料、意见及预测仅反映本公司于发布本报告当日的判断，可能会随时调整。在不同时期，本公司可发出与本 报告所载资料、意见及推测不一致的报告。本公司不保证本报告所含信息及资料保持在最新状态，对本报告所含信息可在 不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。 本公司力求报告内容客观、公正，但本报告所载的资料、工具、意见、信息及推测只提供给客户作参考之用，不构成任何 投资、法律、会计或税务的最终操作建议，本公司不就报告中的内容对最终操作建议做出任何担保。本报告中所指的投资 及服务可能不适合个别客户，不构成客户私人咨询建议。投资者应当充分考虑自身特定状况，并完整理解和使用本报告内 容，不应视本报告为做出投资决策的唯一因素。 投资者应注意，在法律许可的情况下，本公司及其本公司的关联机构可能会持有本报告中涉及的公司所发行的证券并进行 交易，也可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等各种金融 ...

注：①上述数据以合并报表数据填列。 深圳市英维克科技股份有限公司 一、本期业绩预计情况 2、预计的业绩： □亏损 □扭亏为盈 同向上升 □同向下降 证券代码：002837 证券简称：英维克 公告编号：2024-036 2024 年半年度业绩预告 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。 1、业绩预告期间：2024 年 1 月 1 日-2024 年 6 月 30 日 | --- | --- | --- | |-----------------------------------|-------------------------------------------|------------------------| | 项目 | 本报告期 | 上年同期 | | 归属于上市公司股 | 盈利： 16,542.72 万元– 19,299.84 万元 | | | 东的净利润 | 比上年同期增长： 80.00%-110.00% | 盈利： 9,190.40 万元 | | 归属于上市公司股 东的扣除非经常性 | 盈利： 15,326.09 万元 -18,083.21 ...

[Table_MainInfo] 公司研究/机械工业/其他专用机械 证券研究报告 英维克（002837）公司研究报告 2024 年 07 月 01 日 投资评级 优于大市 首次 覆盖 | --- | |----------------------------| | | | 分析师 : 吴杰 | | Tel:(021)23183818 | | Email:wj10521@haitong.com | | 证书 :S0850515120001 | | 联系人 : 姚望洲 | | Tel:(021)23185691 | | Email:ywz13822@haitong.com | [Table_Summary] 投资要点： 储能温控规模持续扩大，液冷占比逐步提升。液冷除了具有更好的散热效果， 还可以提高电池系统的工作效率和寿命，并且能应用于各种复杂环境，目前 大型储能系统存在风冷向液冷转换的趋势。液冷渗透率提高，英维克在液冷 的提前布局有望带来业绩变现。 投资策略与评级。我们预计公司 2024-2026 年 EPS 分别为 0.75 元、0.94 元、 1.11 元，根据可比公司估值，我们给予公司 2024 年 35 ...

其他 93.41 111.06 120.00 135.00 150.00 每股收益（元） 0.38 0.47 0.67 0.91 1.18 财务预测摘要 速动比率 每股收益 市净率 少数股东权益 (8.88) (4.14) 0.66 7.14 15.56 主要财务比率 其他 0.91 1.36 0.61 0.96 0.98 归属于母公司净利润 分析师声明 特别声明 天风证券研究 浪潮"All in 液冷"，互联网厂商推进。浪潮信息在 2022 年将"All in 液冷"纳入公司发 展战略，在 2023 年上半年位列中国液冷服务器市场占比第一，占据了中国液冷近 5 成的 市场份额（根据 IDC 数据）。目前浪潮信息已拥有 500 多项液冷技术领域核心专利，已参 与制定与发布 10 余项冷板式液冷、 浸没式液冷相关设计技术标准。 依托先进研发技术平台，英维克 Coolinside 全链条液冷解决方案从液冷系统长效运行的可 靠性出发，通过长效工质、流量均分、防脱漏、低流阻等技术，实现液冷系统的全要素保 图 24：英维克与超聚变合作 请务必阅读正文之后的信息披露和免责申明 19 其他主营业务我们预计保持稳定增长，24 ...

| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 公司概况: 国内精密温控龙头企业 | | | 历史发展 : 深耕温控领域多年，产品矩阵丰富 . | | | 公司业务：机房温控、储能温控与电子散热，三驾马车布局成长 | | | 管理层及股权结构: 高管多有产业背景, 股权激励常态化 | | | 财务状况：近年营收复合增速超 30%，成长能力突出 . | | | 液冷:功率密度持续提升,AI 带动散热"冷"革命 . | | | 液冷: 代表中长期技术方向 . | | | 一数据中心温控：AI 催化液冷加速，解耦式交付大势所趋 场景一 | | | | | | 场景二- 一电子散热: 液冷冷板空间广阔，国产替代有望加速 | | | 场景三 -- 储能温控:储能装机持续增长,液冷温控 .. | ...

Financial Data and Key Metrics - The company's revenue from liquid cooling in data centers increased approximately threefold year-over-year in 2023 [3] - The company delivered over 900 MW of liquid cooling equipment by March 2024 [3] - The company's total revenue and net profit attributable to shareholders have grown at a compound annual growth rate (CAGR) of over 20% in the past five years [4] - In Q1 2024, the company's performance was strong due to delayed settlements of data center orders from Q3 and Q4 2023, as well as incremental revenue from liquid cooling [4] Business Line Data and Key Metrics - Data center liquid cooling revenue grew approximately threefold year-over-year in 2023 [3] - The company's energy storage temperature control business revenue reached RMB 337 million in 2021, a 3.5x increase year-over-year, driving a 30% increase in total revenue that year [4] - The company's liquid cooling products saw rapid growth in 2022, with a year-over-year increase of 4x, and maintained a fast growth rate in 2023, with a year-over-year increase of approximately threefold [4] - The company's data center temperature control business accounted for 46.5% of total revenue in 2023, with a five-year CAGR of 27% [22] - The outdoor cabinet temperature control business accounted for 41.5% of total revenue in 2023, with a five-year CAGR of 40.68%, of which energy storage contributed RMB 1.22 billion, a 44% year-over-year increase [22] Market Data and Key Metrics - The company has a strong customer base, including Huawei, ZTE, Baidu, Alibaba, Tencent, CNPC, CNOOC, and third-party operators such as GDS, Chindata, China Mobile, China Telecom, and China Unicom [3] - The company's overseas revenue has been steadily increasing, with active expansion in Southeast Asia, Singapore, and other regions, following clients like ByteDance and Chindata [33] Company Strategy and Industry Competition - The company has a full-chain layout and self-developed products, with a complete solution from server internal cold plates to external equipment, achieving large-scale commercialization in 2021 [3] - The company has a strong technical and industrial background, with executives from Huawei and Emerson, providing a competitive edge in the liquid cooling industry [3] - The company has been proactive in seizing industry opportunities, such as entering the energy storage application field before the industry demand exploded in 2022 [32] - The company's full-chain solution helps avoid issues like inconsistent product standards and unclear post-operation responsibilities, facilitating rapid market deployment [27] Management Commentary on Operating Environment and Future Outlook - The company believes that the liquid cooling industry will experience a significant increase in penetration rate this year, driven by AI chip power consumption, high-density cabinet demand, and telecom operators' active deployment of liquid cooling computing centers [18] - The company expects its data center temperature control business to maintain a rapid growth rate of around 30% in the future, driven by the rapid growth of liquid cooling business [22] - The company's overseas revenue is expected to gradually increase in the future, with active expansion in overseas energy storage projects [40] Other Important Information - The company's gross margin has been recovering, with the comprehensive gross margin reaching over 30% in 2023, and net profit margin maintained at around 10% [22] - The company's R&D investment, both in absolute terms and as a percentage of revenue, is at a leading level in the industry, helping to maintain core competitiveness [35] Summary of Q&A Session Question: What are the advantages of the company in the liquid cooling industry? - The company has a full-chain layout and self-developed products, with a complete solution from server internal cold plates to external equipment, achieving large-scale commercialization in 2021 [3] - The company has a strong customer base, including Huawei, ZTE, Baidu, Alibaba, Tencent, CNPC, CNOOC, and third-party operators such as GDS, Chindata, China Mobile, China Telecom, and China Unicom [3] - The company has a strong technical and industrial background, with executives from Huawei and Emerson, providing a competitive edge in the liquid cooling industry [3] Question: What are the company's achievements in the energy storage temperature control field? - The company achieved RMB 1.22 billion in energy storage revenue in 2023, a 44% year-over-year increase, and expects future growth to remain between 30% to 40% [44] - The company has launched a full-chain liquid cooling thermal management 2.0 solution, including cabinets, water machines, zero-line connectors, and various pipeline products, gaining recognition from multiple customers [44] Question: What are the challenges faced by the liquid cooling thermal management industry? - The industry faces challenges such as certification barriers and the need for recognition from chip manufacturers, server manufacturers, and data center integrators [10] - The company's ABC temperature control products have been certified by Huawei and other chip manufacturers, gaining recognition from supercomputing centers and other clients [10]

好的各位投资者大家晚上好我是开源通信的手机经营师蒋友那非常感谢大家今天参加我们的一枚课的深度报告解读的计划会议那今天呢跟我一起主讲会议的还有我的同事雷欣宇 那心宇的话呢他本科和硕士呢都是在海外读的他目前呢在我们组呢主要是负责这个海外的AI产业链啊还有这个夜冷服务器交换机啊物联网等板块的研究那我们之前呢在英美克一个市值的比较阶段性的底部就发过一篇啊50多页的这个夜冷行业的深度报告那当时呢我们主要推荐的核心标的啊就是这个英美克 那这次的话呢我们再次发布文艺威克的一个深度深度报告那一方面呢确实是看到了在AI的驱动下我们看到我们判断这个电脑行业正在逐步进入到一个爆发式的发展的这么一个产业阶段 那另外一方面的话呢我们认为这个英维克作为叶冷全产业链资源的一个龙头我们觉得是有望率先授予这个叶冷产业的爆发的那我们组之前的这个叶冷的行业深度报告还有这个英维克的深度报告呢主要是由我和星宇来主笔和完成的 那我下面呢先给大家汇报一下核心观点然后呢再请我们组的雷辛里来给各位投资者汇报一下我们这篇匿位科深度报告的一个详细的一个内容那首先就是我们刚刚提到了我们比较看好啊今年会是一个夜冷的一个爆发的这么一个元年 那为什么我们会提出这样的观点 ...