英维克（002837）：Q2营收利润超预期，液冷业务成长空间较大

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q2 revenue and profit exceeding expectations, with significant growth potential in the liquid cooling business [1] - The company is positioned as a leading provider of precision temperature control energy-saving solutions and products, with the ability to mass-produce end-to-end liquid cooling solutions [5] - The company has established itself as a global partner of NVIDIA, benefiting from the increasing demand for liquid cooling technology in high-density computing scenarios [5] Financial Performance Summary - For 2023, the company expects revenue of 3,529 million yuan, with a year-over-year growth rate of 21% [2] - The projected revenue for 2024 is 4,589 million yuan, with a growth rate of 30% [2] - By 2025, the expected revenue is 6,117 million yuan, reflecting a growth rate of 33% [2] - The net profit for 2023 is projected at 344 million yuan, with a year-over-year growth of 23% [2] - The net profit for 2024 is expected to be 453 million yuan, with a growth rate of 32% [2] - The company anticipates a net profit of 601 million yuan in 2025, maintaining a growth rate of 33% [2] Business Segment Performance - The company's data center temperature control products have seen rapid growth, with revenue from data center temperature control reaching 1.351 billion yuan, a year-over-year increase of 57.91% [5] - Revenue from cabinet temperature control was 926 million yuan, reflecting a year-over-year growth of 32.02% [5] - The overall gross margin for the company is 26.15%, with a net margin of 8.78% [5] Future Outlook - The company is expected to release significant performance improvements over the next two years, driven by the ramp-up of the GB300 product and increased penetration of liquid cooling solutions in the domestic market [5] - The projected net profits for 2025, 2026, and 2027 are 601 million yuan, 1,030 million yuan, and 1,516 million yuan respectively [5] - The earnings per share (EPS) are expected to be 0.62 yuan in 2025, 1.12 yuan in 2026, and 1.65 yuan in 2027 [5]