英维克：温控龙头，AI液冷时代迎新机遇

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][27]. Core Viewpoints - The company is positioned as a leading provider of precision temperature control solutions in China, with a strong focus on liquid cooling technology driven by the increasing power density in data centers due to AI applications [5][61]. - The company has demonstrated impressive growth, with a compound annual growth rate (CAGR) of over 30% in revenue over recent years, and is expected to benefit from the accelerating adoption of liquid cooling in data centers and the growth of energy storage applications [5][25][72]. Company Overview - The company specializes in three main business areas: data center temperature control, energy storage temperature control, and electronic cooling solutions, which collectively drive its growth [16][66]. - The company has a rich product matrix and has been deeply involved in the temperature control sector for many years [36]. Financial Analysis - The company achieved revenues of 35.29 billion yuan in 2023, representing a year-on-year growth of 21%, with a net profit of 3.44 billion yuan, up 23% from the previous year [70]. - Revenue projections for the next three years are 46.5 billion yuan, 61.4 billion yuan, and 77.5 billion yuan, with corresponding net profits of 5.4 billion yuan, 7.0 billion yuan, and 8.9 billion yuan [5][28]. Competitive Advantages - The company possesses a comprehensive platform capability, strong R&D strength, and a solid reputation among major clients, making it a trusted supplier in the industry [5][72]. - The company has established a complete product matrix and offers end-to-end solutions for AI data centers, which enhances its competitive edge [5][61]. Market Trends - The report highlights that the liquid cooling market is expected to reach a scale of over 10 billion yuan by 2025, driven by the increasing power density in AI data centers and the growth of energy storage installations [5][72]. - The company is well-positioned to capitalize on the domestic shift towards local alternatives in the electronic cooling market, which is anticipated to accelerate [5][72].