Ge Long Hui A P P·2025-12-17 07:05Core Viewpoint - Dongwu Securities report highlights that Invec is a leader in temperature control systems, with AI computing server liquid cooling creating a new growth driver. The company's main business operates steadily, and its product matrix is comprehensive [1] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 4.026 billion yuan, a year-on-year increase of 40.19% [1] - The net profit attributable to the parent company reached 399 million yuan, reflecting a year-on-year growth of 13.13% [1] Market Position and Partnerships - The company has established itself as a stable partner for leading enterprises such as Huawei, ZTE, Tencent, and Alibaba due to its strong technological foundation [1] - As a domestic leader in temperature control systems, the company is making significant progress in introducing overseas computing power chains, leading the domestic market [1] Growth Potential - The continuous iteration of computing servers is expected to drive the expansion of the liquid cooling market, allowing the company to gradually realize its performance potential [1] - The report initiates coverage with a "buy" rating for the company, indicating positive future expectations [1]