Envicool(SZ:002837) Chang Jiang Shang Bao·2025-10-14 23:34Core Viewpoint - The demand for liquid cooling in data centers is increasing due to the rise of the computing power era, leading to steady growth in the operating performance of Invec (002837.SZ) [1][3]. Financial Performance - For the first three quarters of 2025, Invec achieved operating revenue of 4.026 billion yuan, a year-on-year increase of 40.19% [1][3]. - The net profit attributable to shareholders was 399 million yuan, up 13.13% year-on-year, while the net profit excluding non-recurring gains and losses was 384 million yuan, reflecting a 14.76% increase [1][3]. - R&D expenses reached 297 million yuan, a 31.36% increase year-on-year, accounting for 7.39% of the operating revenue during the same period [2][6]. Business Growth Drivers - The growth in revenue is primarily attributed to increased sales of energy-saving temperature control products for server rooms and cabinets [2][4]. - Invec's temperature control products serve major clients in the data center sector, including ByteDance, Tencent, Alibaba, and major telecommunications companies [4]. Market Position and Technology - Invec is recognized as a leading provider of precision temperature control solutions, with a strong focus on cooling solutions for cloud computing data centers and communication networks [3][5]. - The company has established a comprehensive R&D system and has been recognized by Intel for its cooling products, becoming a key partner in Intel's liquid cooling innovation program [5][6]. Inventory and Demand Indicators - As of September 2025, Invec's inventory reached 1.232 billion yuan, a 39.32% increase from the end of 2024, indicating strong downstream customer demand [7]. - The company's contract liabilities also increased by 42.37% to 326 million yuan, reflecting ongoing robust demand from clients [7].