背靠英伟达，600亿英维克年内股价翻倍

Core Viewpoint - In the first half of 2025, Yingweike (002837.SZ) reported significant revenue and profit growth, driven by the rising demand for liquid cooling solutions amid the AI boom [2][4][6]. Financial Performance - For the first half of 2025, Yingweike achieved revenue of 2.573 billion yuan, a year-on-year increase of 50.25%, and a net profit attributable to shareholders of 216 million yuan, up 17.54% year-on-year [2]. - The company's stock has seen a remarkable increase of over 110% this year, with a market capitalization exceeding 60 billion yuan [2][7]. Market Trends - The demand for liquid cooling technology is surging due to the increasing power consumption and density of AI chips, positioning liquid cooling as a key infrastructure for data centers and AI servers [6][10]. - The domestic liquid cooling market is rapidly developing, with internet companies becoming significant demand drivers, alongside telecom operators and government sectors [4][12]. Business Segments - Yingweike's revenue from data center cooling products accounted for 52.5% of total revenue, while cabinet cooling products contributed 36% [6]. - The revenue from data center cooling equipment reached 1.351 billion yuan, growing by 57.91%, and cabinet cooling equipment revenue was 926 million yuan, up 32.02% [6]. Competitive Landscape - Despite being a leading domestic supplier, Yingweike faces competition from both domestic and international players in the liquid cooling sector [4][12]. - The company's gross margin for data center cooling was 25.83%, a decrease of 2.63% year-on-year, attributed to sales mix and increased market competition [7]. Future Outlook - Yingweike aims to become a leading international provider of precision temperature control solutions, focusing on expanding market share and revenue [8]. - The liquid cooling market is projected to grow at a compound annual growth rate of 59% from 2022 to 2027, with expectations to exceed 100 billion yuan by 2027 [12].