英维克：数据中心业务亮眼，液冷已至加速拐点

Investment Rating - The report maintains an "Outperform" rating for the company [1][3] Core Views - The company's data center business has shown strong performance, with liquid cooling technology reaching an inflection point for accelerated growth [1] - The company's revenue in H1 2024 reached 1.71 billion yuan, a year-on-year increase of 38.2%, with net profit attributable to the parent company reaching 180 million yuan, a 100% increase [1] - The data center temperature control business grew by 86% year-on-year, contributing 50% of total revenue, while other segments such as bus and rail air conditioning also showed strong growth [1] - The company's overseas revenue accounted for 16% of total revenue, with a focus on expanding in the Southeast Asian data center market [1] Financial Performance - In Q2 2024, the company achieved revenue of 970 million yuan, a 36% year-on-year increase, and net profit attributable to the parent company of 120 million yuan, an 82% increase [1] - The company's gross margin slightly declined due to rising copper prices and structural changes in the data center business, but net margin improved to 10.7%, the highest in three years [1] - The company's revenue from liquid cooling technology related to data centers and computing equipment doubled compared to the same period last year [1] Industry and Market Trends - The rapid development of AI has increased demand for data center computing power and thermal density, accelerating the adoption of liquid cooling technology [1] - The company has developed a full-chain liquid cooling solution, gaining recognition in the industry and opening up new growth opportunities in the electronic cooling market [1] Financial Forecasts - The report forecasts revenue for 2024-2026 to be 4.65 billion, 6.14 billion, and 7.75 billion yuan, respectively, with net profit attributable to the parent company expected to be 540 million, 700 million, and 890 million yuan [1][6] - The company's PE ratio is projected to be 29x, 22x, and 18x for 2024-2026, respectively [1][6] Valuation and Comparisons - The company's valuation metrics, including PE, PB, and EV/EBITDA, are compared with peers, showing a relatively favorable position [6] - The company's EPS is expected to grow from 0.72 yuan in 2024 to 1.21 yuan in 2026 [6]