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].

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 ...

Invik Technology 2024 Semi-Annual Performance Forecast [Overview of Performance Forecast](index=1&type=section&id=Item%20I.%20Expected%20Performance) The company forecasts substantial performance growth for the first half of 2024, driven by significant increases in key profitability metrics 2024 Semi-Annual Performance Forecast Core Indicators | Item | Current Reporting Period (2024.1.1 - 2024.6.30) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | **Profit: 165.43 Million CNY – 193.00 Million CNY** | Profit: 91.90 Million CNY | | Year-over-Year Growth | 80.00% - 110.00% | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | **Profit: 153.26 Million CNY - 180.83 Million CNY** | Profit: 80.23 Million CNY | | Year-over-Year Growth | 91.02% - 125.39% | - | | **Basic Earnings Per Share** | **0.22 CNY/Share - 0.26 CNY/Share** | 0.13 CNY/Share | [Communication with Accounting Firm](index=1&type=section&id=Item%20II.%20Communication%20with%20Accounting%20Firm) The company confirms that the financial data in this performance forecast has not undergone pre-audit by an accounting firm - The financial data in this performance forecast has not been pre-audited by an accounting firm[6](index=6&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) Performance growth is attributed to broad business segment expansion, effective cost control through R&D and procurement, and reduced share-based compensation expenses - All business segments achieved growth, with particularly rapid expansion in **data center temperature control and energy-saving products**[7](index=7&type=chunk) - The company effectively mitigated adverse impacts from rising raw material prices through continuous technology and product R&D, optimized product design, and procurement strategies[7](index=7&type=chunk) - A year-over-year decrease in **share-based compensation expenses** also contributed to profit growth[7](index=7&type=chunk) [Other Relevant Information](index=2&type=section&id=Item%20IV.%20Other%20Relevant%20Information) The company advises investors that this preliminary forecast is subject to the final semi-annual report and cautions against investment risks - This performance forecast represents preliminary results from the financial department, with specific data subject to the **2024 semi-annual report**[8](index=8&type=chunk) - Investors are advised to make cautious decisions and be aware of investment risks[8](index=8&type=chunk)

Investment Rating - The report assigns an "Outperform" rating to the company [2]. Core Insights - The company is positioned to benefit from the growing trend of liquid cooling in energy storage systems, which is expected to enhance performance and lifespan of battery systems [5]. - The projected earnings per share (EPS) for 2024-2026 are estimated at 0.75, 0.94, and 1.11 yuan respectively, with a price-to-earnings (PE) ratio of 35-40 times for 2024, leading to a fair value range of 26.40-30.17 yuan per share [6]. Summary by Sections Business Overview - The company is a leading provider of precision temperature control energy-saving solutions, with major business segments including data center temperature control, cabinet temperature control, bus air conditioning, and rail transit air conditioning services [10]. Revenue Growth - The core business segments of data center and cabinet temperature control are experiencing revenue growth, with significant contributions from energy storage temperature control [11]. Financial Performance - The company’s revenue is projected to grow significantly, with total revenue expected to reach 4,709.89 million yuan in 2026, reflecting a growth rate of 30.82% [28]. - The gross profit margin for various segments in 2023 is reported as follows: data center temperature control at 31.53%, cabinet temperature control at 32.16%, rail transit air conditioning at 39.66%, and new energy vehicle air conditioning at 39.39% [39]. Market Trends - The energy storage market is expanding, with a projected market size of 109.8 billion yuan by 2024, driven by the increasing adoption of liquid cooling technology [57]. - The report highlights a shift from air cooling to liquid cooling in large energy storage systems, indicating a trend that could enhance the company's market position [59]. R&D and Innovation - The company maintains a strong focus on R&D, with a research and development expense ratio of 6%-8% from 2019 to 2023, indicating a commitment to innovation and product development [25]. - Key R&D projects include the development of high-efficiency cooling systems and energy-saving control algorithms, which are expected to enhance product competitiveness [26]. Competitive Advantage - The company has established a comprehensive product development system and a strong market presence in liquid cooling solutions, which is expected to provide a competitive edge in the industry [43].

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 ...

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]

Summary of Conference Call on Invek's Liquid Cooling Solutions Company Overview - **Company**: Invek - **Industry**: Liquid Cooling Solutions for Data Centers and AI Infrastructure Key Points and Arguments 1. **Market Potential**: The liquid cooling industry is expected to enter a phase of explosive growth driven by AI advancements, marking 2024 as a pivotal year for the sector [2][6][12] 2. **Technological Shift**: The increasing power consumption of chips, with new models reaching over 1000 watts, necessitates a shift from traditional air cooling to liquid cooling solutions [3][4][30] 3. **High-Density Cabinets**: AI clusters are driving demand for high-density cabinets, with power densities exceeding 120 kW, making liquid cooling a standard requirement [4][6] 4. **Ecosystem Development**: Telecom operators are investing in liquid cooling infrastructure, promoting industry standards and enhancing the ecosystem [5][6][32] 5. **Invek's Leadership**: Invek is positioned as a leader in the liquid cooling market due to its comprehensive product offerings and self-developed technologies [7][10][12] 6. **Experience and Expertise**: The company has over 15 years of experience in precision temperature control, with a strong technical background among its leadership team [8][9][11] 7. **Client Base**: Invek has established a diverse client base, including major tech companies like Huawei, Alibaba, and Tencent, as well as telecom giants [11][12] 8. **Revenue Growth**: Invek's revenue from data center operations in Vietnam has tripled year-over-year, indicating strong market demand [10][12][18] 9. **Financial Performance**: The company has achieved over 20% compound annual growth in revenue and net profit over the past five years, with a significant increase in Q1 2024 due to delayed order settlements [19][20] 10. **Product Segmentation**: The primary revenue driver is the data center cooling business, accounting for 46.5% of total revenue, with a projected growth rate of around 30% [20][21] 11. **Profit Margins**: The overall gross margin has improved to 32.3%, with net profit margins around 10% [23][24] 12. **R&D Investment**: Invek prioritizes R&D, with significant investments leading to innovative product offerings and maintaining competitive advantages [28][29] 13. **Liquid Cooling Technology**: The company offers a range of liquid cooling solutions, including cold plate, immersion, and spray cooling technologies, with cold plate solutions dominating the market [35][36] 14. **Market Trends**: The liquid cooling market is projected to grow rapidly, driven by increasing chip power consumption and the need for efficient cooling solutions in data centers [30][31] 15. **Regulatory Support**: Government policies are gradually easing restrictions on data center power usage, further supporting the adoption of liquid cooling technologies [33][34] Additional Important Insights - **Competitive Landscape**: Invek's comprehensive product line and self-research capabilities differentiate it from competitors who often focus on limited product offerings [10][46] - **Future Outlook**: The company is well-positioned to capitalize on the growing demand for liquid cooling solutions, with expectations of continued revenue growth and market share expansion [12][52] - **Global Expansion**: Invek is actively pursuing international opportunities, particularly in Southeast Asia, to enhance its market presence [25][54] This summary encapsulates the key insights from the conference call regarding Invek's strategic positioning and the broader liquid cooling industry dynamics.

Summary of Conference Call Company Overview - The conference call is hosted by Kaiyuan Communication, focusing on their mobile operations and deep report interpretation [1] Key Points and Arguments - The call is led by Jiang Youna, the mobile operations manager, expressing gratitude to investors for attending the meeting [1] - A colleague, Lei Xinyu, is also present to assist in the presentation [1] Additional Important Content - No specific financial data, industry trends, or detailed insights were provided in the excerpt [1]