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].

12月2日，英维克盘中下跌2.02%，截至09:39，报72.14元/股，成交2.46亿元，换手率0.40%，总市值 704.49亿元。 资金流向方面，主力资金净流出1985.02万元，特大单买入854.94万元，占比3.48%，卖出2171.71万元， 占比8.84%；大单买入3939.57万元，占比16.04%，卖出4607.82万元，占比18.76%。 英维克今年以来股价涨133.29%，近5个交易日跌1.68%，近20日涨4.69%，近60日跌10.00%。 今年以来英维克已经13次登上龙虎榜，最近一次登上龙虎榜为11月13日，当日龙虎榜净买入6.29亿元； 买入总计13.25亿元 ，占总成交额比21.05%；卖出总计6.95亿元 ，占总成交额比11.05%。 资料显示，深圳市英维克科技股份有限公司位于广东省深圳市龙华区观澜街道观光路1303号鸿信工业园 9号厂房1-3楼，成立日期2005年8月15日，上市日期2016年12月29日，公司主营业务涉及精密温控节能 设备的研发、生产、销售;轨道交通列车空调、架修及维护服务、传统客车空调等。主营业务收入构成 为：机房温控节能产品52.50%，机柜温控节能产 ...

Core Viewpoint - The stock of Invec has experienced a significant increase of 129.73% year-to-date, despite a recent decline in trading activity and a net outflow of funds [1][2]. Group 1: Stock Performance - As of November 28, Invec's stock price is 71.04 CNY per share, with a market capitalization of 69.375 billion CNY [1]. - The stock has seen a 3.11% increase over the last five trading days and a 1.40% increase over the last twenty days, but a decline of 10.12% over the last sixty days [1]. - Invec has appeared on the daily trading leaderboard 13 times this year, with the most recent appearance on November 13, where it recorded a net buy of 629 million CNY [1]. Group 2: Company Overview - Invec, established on August 15, 2005, and listed on December 29, 2016, is located in Longhua District, Shenzhen, Guangdong Province [2]. - The company specializes in the research, production, and sales of precision temperature control energy-saving equipment, with its main revenue sources being: 52.50% from server room temperature control products, 36.00% from cabinet temperature control products, and 0.93% from rail transit train air conditioning services [2]. - As of October 31, the number of shareholders is 157,400, a decrease of 4.17% from the previous period, with an average of 5,401 circulating shares per person, an increase of 4.36% [2]. Group 3: Financial Performance - For the period from January to September 2025, Invec reported a revenue of 4.026 billion CNY, representing a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 399 million CNY, up 13.13% year-on-year [2]. - The company has distributed a total of 581 million CNY in dividends since its A-share listing, with 345 million CNY distributed over the last three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 37.06 million shares, a decrease of 45.195 million shares from the previous period [3]. - The fourth-largest circulating shareholder is the China Aviation Opportunity Pioneer Mixed Fund A, which is a new shareholder with 16.127 million shares [3].

Group 1 - The core point of the news is that Yingweike Technology Co., Ltd. experienced a stock price increase of 5.1%, reaching 72.39 CNY per share, with a trading volume of 964 million CNY and a turnover rate of 1.59%, resulting in a total market capitalization of 70.693 billion CNY [1] - Yingweike specializes in the research, production, and sales of precision temperature control energy-saving equipment, with its main revenue sources being: 52.50% from data center temperature control products, 36.00% from cabinet temperature control products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1] Group 2 - According to data from the top ten holdings of funds, Wanji Fund has one fund heavily invested in Yingweike, specifically Wanji Yida A (519197), which held 7,500 shares in the third quarter, accounting for 1.02% of the fund's net value, ranking as the eighth largest holding [2] - Wanji Yida A (519197) has achieved a year-to-date return of 31.13%, ranking 1943 out of 8136 in its category, and a one-year return of 34.2%, ranking 1682 out of 8058 [2]

Company Overview - Invech Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 15, 2005. The company went public on December 29, 2016. Its main business involves the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1]. Business Revenue Composition - The revenue composition of Invech is as follows: 52.50% from data center temperature control energy-saving products, 36.00% from cabinet temperature control energy-saving products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1]. Stock Performance - On November 24, Invech's stock price fell by 5.09%, closing at 65.39 CNY per share, with a trading volume of 1.76 billion CNY and a turnover rate of 3.07%. The total market capitalization is 63.857 billion CNY [1]. Fund Holdings - The Oriental Alpha Fund has a significant holding in Invech, specifically in the Oriental Alpha Advantage Industry Mixed A Fund (009644), which reduced its holdings by 797,600 shares in the third quarter, now holding 3.2484 million shares, accounting for 6.57% of the fund's net value [2]. Fund Performance - The Oriental Alpha Advantage Industry Mixed A Fund has a total size of 1.915 billion CNY and has achieved a year-to-date return of 41.81%, ranking 891 out of 8209 in its category. Over the past year, it has returned 30.41%, ranking 1566 out of 8129, and since inception, it has returned 66.61% [2]. Fund Manager Information - The fund managers of the Oriental Alpha Advantage Industry Mixed A Fund are Zhou Mi and Tang Lei. Zhou Mi has a tenure of 7 years and 267 days, with a total fund size of 6.989 billion CNY and a best return of 112.22% during his tenure. Tang Lei has a tenure of 9 years and 149 days, managing a fund size of 3.952 billion CNY, with a best return of 66.61% [3].

Core Viewpoint - The stock of Invec has shown significant volatility, with a year-to-date increase of 119.55%, but recent declines in the short term raise questions about future performance [1][2]. Group 1: Stock Performance - As of November 11, Invec's stock price rose by 2.01% to 67.89 CNY per share, with a trading volume of 3.89 billion CNY and a market capitalization of 66.298 billion CNY [1]. - Year-to-date, Invec's stock has increased by 119.55%, but it has decreased by 1.48% over the last five trading days and 12.14% over the last twenty days [1]. - Invec has appeared on the stock market's "龙虎榜" (top trading list) 12 times this year, with the most recent appearance on October 17, where it recorded a net buy of -843 million CNY [1]. Group 2: Company Overview - Invec, established on August 15, 2005, and listed on December 29, 2016, is located in Shenzhen, Guangdong Province, and specializes in precision temperature control energy-saving equipment [2]. - The company's revenue composition includes: 52.50% from room temperature control products, 36.00% from cabinet temperature control products, 9.82% from other sources, 0.93% from rail transit air conditioning and services, and 0.75% from bus air conditioning [2]. - Invec operates within the mechanical equipment industry, specifically in specialized equipment, and is associated with concepts such as Xiaopeng Motors, high-speed rail, digital energy, liquid cooling, and cold chain logistics [2]. Group 3: Financial Performance - For the period from January to September 2025, Invec reported a revenue of 4.026 billion CNY, reflecting a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 399 million CNY, up 13.13% year-on-year [2]. - Since its A-share listing, Invec has distributed a total of 581 million CNY in dividends, with 345 million CNY distributed over the past three years [3]. - As of September 30, 2025, Invec's top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 37.06 million shares, a decrease of 45.195 million shares from the previous period [3].

Core Viewpoint - The stock of Invec has experienced a significant increase of 127.69% year-to-date, but has recently seen a decline of 6.46% over the past five trading days and 15.96% over the past twenty days [1] Group 1: Company Overview - Invec Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 15, 2005, with its IPO on December 29, 2016 [2] - The company's main business includes the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning services for rail transit trains and traditional buses [2] - The revenue composition of Invec is as follows: 52.50% from room temperature control energy-saving products, 36.00% from cabinet temperature control energy-saving products, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [2] Group 2: Financial Performance - For the period from January to September 2025, Invec achieved a revenue of 4.026 billion yuan, representing a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 399 million yuan, up 13.13% year-on-year [2] - Since its A-share listing, Invec has distributed a total of 581 million yuan in dividends, with 345 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, Invec had 164,300 shareholders, an increase of 7.78% from the previous period, with an average of 5,176 circulating shares per person, a decrease of 6.42% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 37.06 million shares, which is a decrease of 45.20 million shares from the previous period [3] - The fourth-largest circulating shareholder is the China Aviation Opportunity Pioneer Mixed Fund A, which is a new shareholder holding 16.13 million shares [3]

Core Viewpoint - The stock of Invec has shown significant volatility, with a year-to-date increase of 131.15%, but has recently experienced declines over the past few trading days [2]. Group 1: Stock Performance - As of November 3, Invec's stock price rose by 2.03% to 71.48 CNY per share, with a trading volume of 1.396 billion CNY and a turnover rate of 2.33%, resulting in a total market capitalization of 69.804 billion CNY [1]. - Invec's stock has seen a decline of 8.63% over the last five trading days and 10.43% over the last twenty days, while it has increased by 74.21% over the last sixty days [2]. Group 2: Financial Performance - For the period from January to September 2025, Invec achieved a revenue of 4.026 billion CNY, representing a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 399 million CNY, which is a 13.13% increase year-on-year [3]. - Since its A-share listing, Invec has distributed a total of 581 million CNY in dividends, with 345 million CNY distributed over the past three years [4]. Group 3: Shareholder Information - As of September 30, 2025, Invec had 164,300 shareholders, an increase of 7.78% from the previous period, with an average of 5,176 circulating shares per shareholder, a decrease of 6.42% [3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 37.06 million shares, which is a decrease of 45.195 million shares from the previous period [4].

Core Viewpoint - Yingweik is a leading provider of precision temperature control energy-saving solutions in China, with a comprehensive liquid cooling platform advantage and recognized products by mainstream manufacturers [1] Group 1: Business Overview - Yingweik was established on August 15, 2005, and listed on the Shenzhen Stock Exchange on December 29, 2016, with its registered and office address in Shenzhen, Guangdong Province [1] - The company specializes in the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning services for rail transit trains and traditional passenger cars [1] - The company operates in the specialized equipment sector, involving digital energy, liquid cooling concepts, and nuclear power among others [1] Group 2: Financial Performance - In Q3 2025, Yingweik achieved a revenue of 40.26 billion yuan, ranking 5th among 89 companies in the industry, with the top company, Keda Manufacturing, generating 126.05 billion yuan [2] - The main business revenue composition includes 13.51 billion yuan from room temperature control energy-saving products (52.50% of total revenue) and 9.26 billion yuan from cabinet temperature control energy-saving products (36.00% of total revenue) [2] - The net profit for the same period was 4.14 billion yuan, ranking 7th in the industry, with the industry leader's net profit at 18.32 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Yingweik's debt-to-asset ratio was 53.90%, higher than the previous year's 50.16% and above the industry average of 42.80% [3] - The gross profit margin for Q3 2025 was 27.32%, down from 31.73% in the previous year and below the industry average of 28.52% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.78% to 164,300, with an average holding of 5,176.07 shares, a decrease of 6.42% [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, held 37.06 million shares, a decrease of 45.20 million shares from the previous period [5] Group 5: Analyst Insights - Zheshang Securities noted that Q3 revenue was impacted by delivery cycles, with a revenue of 14.53 billion yuan and a net profit of 1.83 billion yuan, while overseas market progress was positive with breakthroughs in partnerships with major clients like Google [6] - Zhongtai Securities highlighted steady growth in Q3 2025, with revenue of 14.53 billion yuan and net profit of 1.83 billion yuan, and an improvement in gross margin [6]

Core Viewpoint - The article discusses the mixed reactions and market concerns following the Q3 2025 earnings report of Invec, a leader in AI liquid cooling, highlighting the divergence between revenue growth and profit margins, as well as cash flow issues [3][6][34]. Financial Performance - In the first three quarters, Invec achieved revenue of 4.03 billion, a year-on-year increase of 40.19%, and a net profit attributable to shareholders of 400 million, up 13.13% [3][4]. - In Q3 alone, revenue reached 1.45 billion, growing 25.34% year-on-year, while net profit was 183 million, an increase of 8.35% [4][10]. - The significant disparity between revenue and profit growth has raised concerns, with profit growth lagging behind revenue growth [8][10]. Cash Flow and Profitability - The company reported a negative net cash flow from operating activities of -319 million, a decline of 304.20% compared to the previous year, marking the first negative cash flow in Q3 since 2019 [10][11]. - Free cash flow, after capital expenditures, was -560 million, indicating a substantial decline from previous years [11]. Margin and Cost Issues - The gross margin has been declining, dropping to 27.3%, down 4.4 percentage points year-on-year [18][20]. - The decline in gross margin is attributed to several factors, including rising raw material costs, particularly copper, which increased by 18.18% in 2025 [24][26]. - The shift in revenue structure, with a higher proportion of domestic sales, has also contributed to the lower overall gross margin, as domestic products typically command lower prices compared to international sales [26][28]. Market Position and Expansion - Despite the challenges, Invec remains a market leader, with a revenue growth of 50.25% in the first half of 2025, positioning it favorably within the industry [45]. - The company is in a phase of aggressive expansion, investing heavily in R&D and capacity building, with R&D expenditures reaching 297 million, a 31.4% increase year-on-year [38][39]. - Invec's total inventory reached a historical high of 1.23 billion, indicating proactive stockpiling in anticipation of future demand [38]. Future Outlook - The liquid cooling market is projected to grow significantly, with the market size expected to reach 2.37 billion in 2024, a 67% increase from 2023 [35]. - Invec's strategy includes expanding its presence in international markets, having established subsidiaries in multiple countries [40]. - The company faces short-term challenges with declining margins and cash flow pressures, but its long-term growth potential remains strong if it can overcome these hurdles [47].