东吴证券研报指出，英维克为温控系统龙头，AI算力服务器液冷构筑新增长极。公司主业经营稳健， 产品矩阵完善。凭借深厚技术积淀，公司成为华为、中兴、腾讯、阿里巴巴等头部企业的稳定合作伙 伴，2025前三季度公司实现营收40.26亿元，同比增加40.19%，实现归母净利润3.99亿元，同比增加 13.13%，业绩稳健增长。公司作为国内温控系统龙头企业，海外算力链导入进展国内领先，伴随算力 服务器持续迭代拉动液冷市场空间扩容，公司有望逐步兑现业绩。首次覆盖，给予公司"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating for the company, Invech, as a leading player in the temperature control system market [4]. Core Insights - Invech has a robust main business with a comprehensive product matrix, focusing on energy-saving temperature control solutions for various applications, including data centers and transportation [2][22]. - The server liquid cooling market is in its early stages but is expected to grow into a trillion-dollar market, driven by the explosive demand for AI computing power [3][38]. - The company has developed a mature liquid cooling solution and is actively expanding its customer base in North America, positioning itself to capture market share in the liquid cooling system components [4][20]. Summary by Sections 1. Company Overview - Invech, established in 2005 and listed in 2016, specializes in energy-saving temperature control solutions across four core product lines: data center cooling, cabinet cooling, bus air conditioning, and rail transit air conditioning [2][14]. - The company has established stable partnerships with major clients such as Huawei, Tencent, and Alibaba, achieving a revenue of 4.026 billion yuan in the first three quarters of 2025, a year-on-year increase of 40.19% [2][23]. 2. Market Potential - The global server liquid cooling market is projected to reach 80 billion yuan by 2026, with significant contributions from ASIC and NVIDIA NVL72 related cooling demands [3][42]. - Liquid cooling technology is becoming essential due to the increasing power density of servers, transitioning from an optional to a necessary solution for data centers [3][50]. 3. Product and Technology Capabilities - Invech has developed a comprehensive liquid cooling solution, including core components like cold plates and CDU, and is well-positioned to meet the challenges of high-power chip cooling [4][20]. - The company is actively pursuing opportunities in the North American market and has entered NVIDIA's supplier list, enhancing its potential to capture market share in the ASIC server segment [4][20]. 4. Financial Projections - The company is expected to achieve net profits of 6.5 billion yuan, 10 billion yuan, and 14.2 billion yuan from 2025 to 2027, with corresponding dynamic P/E ratios of 124x, 80x, and 57x [4][8]. - Revenue is projected to grow from 3.529 billion yuan in 2023 to 12.402 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 34.54% [4][8].