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英维克(002837):电子散热增势已现,存货和合同负债表现亮眼
Changjiang Securities· 2025-08-26 04:42
丨证券研究报告丨 公司研究丨点评报告丨英维克(002837.SZ) [Table_Title] 英维克 2025 半年报点评: 电子散热增势已现,存货和合同负债表现亮眼 报告要点 [Table_Summary] 2025H1,公司收入表现略超预期,净利润符合预期,毛利率主受产品和区域销售组合影响。拆 分收入看,数据中心延续快速增长,储能温控增长超预期,在受贸易政策影响的情况下韧性彰 显;此外,电子散热增长曲线已开始兑现。截至 25H1 末,公司存货和合同负债表现亮眼,反 映在手订单依旧充足,预计后续仍将有不错的确收表现。公司今明年处在关键的收入动能转换 阶段,主营业务韧性彰显,海外业务进展领先。公司的液冷全链条能力在全球范围内都具备稀 缺性,或将成为公司海外业务拓展的重要敲门砖,我们坚定看好公司海外突破及持续增长。 分析师及联系人 [Table_Author] 于海宁 温筱婷 SAC:S0490517110002 SAC:S0490524100002 SFC:BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 英维克(002837.SZ) cjzqdt ...
冰轮环境20250822
2025-08-24 14:47
冰轮环境 20250822 摘要 冰轮环境上半年营收 31.2 亿元,同比增长超 30%,但净利润同比下降 20%至 2.66 亿元。低温制冷设备收入占比 55%,同比下降 15%;特 种空调收入占比 39%;工业热能管理收入占比 6%。 低温制冷板块中,食品冷链收入同比增长 4%至 10.1 亿元,能源化工装 备收入同比下降 33%至 7.2 亿元。低温制冷整体毛利率约 23%,食品 冷链略高于 20%,化工设备超过 30%。特种空调和工业热能管理毛利 率均为 31%。 暖通空调板块海外订单显著提升业绩,收入占比达 57%,贡献 6.8 亿元。 海外订单利润率较国内高 7-8 个百分点。国内暖通空调业务同比下降 10%。 为应对产能瓶颈,冰轮环境增加技术工人、租赁场地,并调整市场划分 策略,支持海外市场需求。预计年化暖通空调终端交付产值可接近 30 亿,但今年内难以完全达成。 目前公司在手订单同比增长,暖通空调订单增长 40%,IDC 相关业务表 现突出,上半年交付 5.6 亿,其中 4.8 亿来自海外。上半年 IDC 新签订 单 10 亿,预计下半年将继续签订大额合同。 Q&A 请简要介绍一下冰轮环境 2 ...
盾安环境2025年中报简析:营收净利润同比双双增长,公司应收账款体量较大
Zheng Quan Zhi Xing· 2025-08-23 22:58
据证券之星公开数据整理,近期盾安环境(002011)发布2025年中报。截至本报告期末,公司营业总收入 67.29亿元,同比上升6.05%,归母净利润5.35亿元,同比上升12.94%。按单季度数据看,第二季度营业 总收入37.08亿元,同比下降0.31%,第二季度归母净利润3.18亿元,同比上升19.69%。本报告期盾安环 境公司应收账款体量较大,当期应收账款占最新年报归母净利润比达247.67%。 本次财报公布的各项数据指标表现尚佳。其中,毛利率17.32%,同比减3.03%,净利率7.81%,同比增 4.85%,销售费用、管理费用、财务费用总计3.37亿元,三费占营收比5.01%,同比减9.58%,每股净资 产5.71元,同比增24.44%,每股经营性现金流0.3元,同比增17.34%,每股收益0.51元,同比增13.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 63.46亿 | 67.29 | 6.05% | | 归母净利润(元) | 4.74亿 | 5.35 C | 12.94% | | 扣非 ...
英维克20250820
2025-08-20 14:49
Summary of Invek's Conference Call Company Overview - Invek's revenue primarily comes from two main product lines: temperature control energy-saving products (approximately 50%) and energy storage business (approximately 40%), with 90% of the latter being energy storage-related income [2][3] - The electronic cooling business (including liquid cooling plates and air cooling components) is expected to become a new growth point for the company [2] Financial Performance - The latest interim report shows that data center revenue grew by over 50%, while energy storage business revenue reached 800 million yuan, a year-on-year increase of approximately 35% [2][4] - Despite a significant apparent decline in gross margin due to accounting standard adjustments, the actual impact on profit was negligible. After excluding these adjustments, the overall gross margin decreased by 2.3 percentage points [5] - Liquid cooling revenue reached 200 million yuan, with a year-on-year growth of over 200%, primarily driven by the expansion of electronic cooling [5] Strategic Advantages - Invek's strategic advantages include a management team focused on profitability, a stable workforce, and a combination of Huawei's innovative spirit and Emerson's quality operational advantages. The company avoids price wars and emphasizes quality and operations [6] - The management team has a strong R&D background, which enhances the company's capabilities in technological innovation and strategic planning [9] Future Development Focus - The future focus for Invek will be on the development of the electronic cooling business, which includes liquid cooling plates and cooling modules for base stations and mining machines. This segment is expected to become a significant third growth curve [7][8] - Inventory and contract liabilities increased at the end of Q2 compared to Q1, providing revenue assurance for Q3 [7] Innovation and R&D - Invek employs a platform-based R&D model that enhances overall efficiency and optimizes product design. This model integrates various development steps to achieve high collaboration and efficiency [10] - The company has demonstrated strong innovation capabilities, particularly in the data center sector, where it has maintained positive growth despite industry pressures [11][12] Liquid Cooling Technology - Invek offers a comprehensive solution in the liquid cooling field, covering both the data center side and server-side cooling, allowing the company to capture 100% of the value chain [13] - The company has established strong partnerships in both domestic and international markets, positioning itself as a leading player in the liquid cooling sector [14] Conclusion - Invek is recognized as a high-quality growth company in the liquid cooling market, with a strong foundation in both domestic and international markets, and a comprehensive capability to provide complete solutions [14]
收藏液冷龙头英维克Q2营收同比增长69.67%,净利润增长37.98%
硬AI· 2025-08-19 03:42
Core Viewpoint - The company, Inveck, reported a significant increase in revenue and net profit in Q2 2025, driven by strong demand in data centers, energy storage, and AI servers, despite facing challenges such as declining gross margins and increased cash flow pressure [2][3][7]. Financial Performance - Q2 2025 revenue reached 16.41 billion, a year-on-year increase of 69.67% [4][3]. - Net profit attributable to shareholders was 1.68 billion, reflecting a 37.98% increase year-on-year [5][3]. - For the first half of 2025, total revenue was 25.73 billion, up 50.25% from the previous year [7][17]. - Gross margin for Q2 was 25.97%, down 19 percentage points compared to the previous year [6][8]. Operational Insights - The company generated over 2 billion in revenue from liquid cooling related to computing equipment and data centers during the reporting period [7][17]. - R&D expenses amounted to 1.96 billion, representing 7.6% of revenue, focusing on advanced technologies like liquid cooling and high-density heat dissipation [17]. - The company’s construction in progress balance increased to 2.24 billion, indicating capacity expansion to meet market demand [17]. Cash Flow and Working Capital - The net cash flow from operating activities was -2.34 billion, with a significant increase in inventory and accounts receivable [21][19]. - Accounts receivable rose to 28.1 billion, with an increase in turnover days, indicating potential collection challenges [19][18]. - Inventory surged to 12.39 billion, up 40.10% from the beginning of the year, reflecting strong order intake but increased turnover pressure [15][17]. Market Demand and Product Performance - Demand for data center temperature control equipment remains a key growth driver, benefiting from AI computing needs [13][16]. - The cabinet temperature control energy-saving products performed well, with a low bad debt provision ratio of 1.18%, indicating high customer quality [14][20].
7月机构最新调研动向曝光!
Zheng Quan Shi Bao· 2025-08-01 11:58
Group 1 - In July, the A-share market continued to rise, with the Shanghai Composite Index increasing by 3.74%, marking the third consecutive month of growth [3] - Over 700 listed companies were surveyed by institutions in July, indicating a high level of institutional research activity [2][3] - Notably, several popular stocks that have seen price increases exceeding 10 times in recent years were included in the institutional surveys [8] Group 2 - Ice Wheel Environment was surveyed more than 10 times in July, discussing its product layout in the marine economy and its commitment to low-carbon energy solutions [4][5] - Northern Rare Earth also had over 10 surveys, expressing optimism about future demand in the rare earth industry, particularly in the magnetic materials sector, which is expected to grow by around 10% annually [6] - Dazhu Laser was among the most surveyed companies, with participation from several foreign institutions, highlighting its overseas expansion and adaptation to a diversified supply chain [7] Group 3 - New Yiseng, a notable stock with over 10 times price increase in recent years, participated in a conference call with over 100 institutions, discussing its product structure and sales growth in 800G and 400G products [8] - Shenghong Technology, another significant stock with similar price performance, also engaged in multiple institutional surveys in July [8] - Other companies like Changsheng Bearing and Zhaojin Gold also experienced significant price increases and were included in institutional surveys [8]
冰轮环境:公司中标逾1.9亿元冷链物流园项目,约占公司2024年度经审计营业收入的2.9%。
news flash· 2025-06-10 08:47
Group 1 - The company has won a cold chain logistics park project worth over 190 million yuan, which accounts for approximately 2.9% of the company's audited revenue for the fiscal year 2024 [1]
5月13日早间重要公告一览
Xi Niu Cai Jing· 2025-05-13 03:48
Group 1 - Longjiang Transportation plans to reduce its shareholding by no more than 3% of the company's total shares, amounting to 39.4764 million shares, from June 4, 2025, to September 3, 2025 [1] - Shuangyi Technology intends to acquire 100% equity of Marky Industries Pty Ltd and specific assets for approximately AUD 18 million [1] - Haikong Air Conditioning's controlling shareholder has received a bank loan commitment of up to CNY 32 million for share repurchase [2] Group 2 - Zhaowei Electromechanical's shareholder plans to reduce its stake by no more than 1.50%, equating to 3.6031 million shares, from June 5, 2025, to September 4, 2025 [2] - Zhongwen Online's directors and senior management plan to collectively reduce their holdings by no more than 877,100 shares, representing 0.1203% of the total shares [2] - Liding Optoelectronics' shareholders plan to reduce their holdings by no more than 3%, totaling 12.2113 million shares, from June 5, 2025, to September 4, 2025 [4] Group 3 - Luvi Optoelectronics' shareholder plans to reduce its stake by no more than 1%, amounting to 1.9333 million shares, from June 4, 2025, to September 4, 2025 [5] - Jiejia Weichuang's controlling shareholder and concerted parties plan to reduce their holdings by no more than 0.72%, totaling 250,000 shares [7] - Yancoal Energy will no longer acquire control of Highfield Resources due to a new investment from Qinghai Salt Lake Industry Co., Ltd. [9] Group 4 - Yongdong Co., Ltd. plans to reduce its shareholding by no more than 1.26%, equating to 473,380 shares, from June 5, 2025, to September 4, 2025 [11] - Sanqi Interactive Entertainment plans to distribute a cash dividend of CNY 2.10 per 10 shares [12] - Salt Lake Co., Ltd. intends to acquire Highfield Resources for approximately USD 300 million to become its largest shareholder [13] Group 5 - Hainan Haiyao's shareholder plans to reduce its stake by no more than 3%, totaling 38.921 million shares, within 90 days after the announcement [14] - Lifang Pharmaceutical plans to transfer 2.2184% equity of Nanjing Mainowei Pharmaceutical Technology Co., Ltd. for CNY 22.1837 million [16] - Zhiyou Technology's shareholders plan to reduce their holdings by no more than 2.99%, totaling 11.9986 million shares, from June 4, 2025, to September 3, 2025 [18] Group 6 - Puli Tui has applied for a review of the Shenzhen Stock Exchange's decision to terminate its listing [19] - Saimo Intelligent's shareholder plans to reduce its stake by no more than 3%, equating to 16.0659 million shares, from June 4, 2025, to September 3, 2025 [20] - Entropy Technology is planning to acquire 55% equity of Longzhiyuan to gain control [21] Group 7 - Nanjing Chemical Fiber plans to acquire 100% of Nanjing Process Equipment Manufacturing Co., Ltd. through asset swaps and cash payments [22] - Beijing Lier intends to invest CNY 200 million in Shanghai Zhenliang Intelligent Technology Co., Ltd. [23]
佳力图涨停,上榜营业部合计净买入1291.83万元
Zheng Quan Shi Bao Wang· 2025-05-08 12:11
Core Viewpoint - Jialitu (603912) experienced a trading halt today with a turnover rate of 6.17% and a transaction amount of 305 million yuan, showing a price fluctuation of 6.39% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's daily trading report due to a price deviation of 9.76%, with a net buying amount of 12.92 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 105 million yuan, with a buying amount of 58.79 million yuan and a selling amount of 45.88 million yuan, resulting in a net buying of 12.92 million yuan [2] - The largest buying brokerage was Dongfang Securities Co., Ltd. with a purchase amount of 16.78 million yuan, while the largest selling brokerage was Goldman Sachs (China) Securities Co., Ltd. with a selling amount of 12.72 million yuan [2] Recent Performance - Over the past six months, the stock has appeared on the trading report eight times, with an average price drop of 0.82% the day after being listed and an average drop of 9.59% over the following five days [2] - Today, the stock saw a net inflow of 121 million yuan in main funds, with a significant single order inflow of 123 million yuan and a large order outflow of 2.01 million yuan [2] - In the last five days, the net inflow of main funds totaled 92.55 million yuan [2] Financial Results - In the first quarter, the company reported a revenue of 136 million yuan, representing a year-on-year growth of 18.90%, but incurred a net loss of 12.83 million yuan [3]
英维克:4月25日召开业绩说明会,投资者参与
Sou Hu Cai Jing· 2025-04-28 09:17
Core Viewpoint - Company reported a 25.07% year-on-year increase in revenue for Q1 2025, but net profit decreased by 22.53% due to delayed project acceptance affecting revenue recognition [63][34][15]. Group 1: Financial Performance - In Q1 2025, the company's revenue reached 933 million yuan, reflecting a 25.07% increase year-on-year [63]. - The net profit attributable to shareholders was 48.01 million yuan, down 22.53% compared to the previous year [63]. - The gross profit margin for the company was reported at 26.45% [63]. Group 2: Revenue Growth Factors - The company experienced a 30.04% revenue growth in 2024, with some projects not yet accepted impacting revenue recognition [2]. - The company maintains an optimistic outlook for 2025, citing strong demand in its main business areas and solid industry position [9]. Group 3: Market and Operational Insights - The company is closely monitoring changes in U.S. tariff policies, noting that overseas revenue accounted for 14.38% of total revenue in 2024, suggesting limited impact from tariffs [3]. - The company has a stable order book and production capacity across multiple bases, including Shenzhen and Suzhou, to meet current demand [13][52]. Group 4: R&D and Future Prospects - The company is increasing its R&D investments, with a 32.98% rise in R&D expenses in 2024, focusing on innovative products like ultra-thin dehumidifiers [27]. - The liquid cooling business is experiencing growing demand, although it is influenced by chip types [7]. Group 5: Stock Performance and Investor Relations - The company's stock has faced a continuous decline, with management emphasizing the importance of value enhancement and shareholder returns [16][50]. - The company adheres to consistent information disclosure principles and encourages investors to refer to official reports for updates [4][51].