分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-08-25 | | --- | --- | | 当前股价（元） | 14.23 | | 总市值（亿元） | 141 | | 总股本（百万股） | 993 | | 流通股本（百万股） | 970 | | 52 周价格范围（元） | 7.81-15.16 | | 日均成交额（百万元） | 352.83 | 市场表现 -50 0 50 100 150 200 (%) 冰轮环境 沪深300 2025 年 08 月 26 日 数据中心液冷技术完善，境外业务稳步增长 —冰轮环境（000811.SZ）公司事件点评报告 买入(维持) 事件 资料来源：Wind，华鑫证券研究 相关研究 1、《冰轮环境（000811）：技术优 势支撑韧性，海外布局打开增量空 间》2025-03-09 冰轮环境于 2025 年 8 月 20 日发布 2025 年半年度报告，2025 年上半年实现营业收入 31.18 亿元，比 2024 年同期减少 6.92%；实现归母净利润 2.66 亿元，同比减少 19.71%；实现 扣非归母净利润 2. ...

Key Points Summary of Ice Wheel Environment Conference Call Company Overview - Ice Wheel Environment primarily produces special compressors and heating devices, providing temperature control and pressure management functions across a temperature range from -271°C to +200°C [3][4] - The company experienced a decline in revenue and profit in Q1 2025 due to a high base from Q1 2024, but the decline narrowed in Q2 2025 [2][3] Industry Insights - Ice Wheel Environment's products account for approximately 6% of the total investment value in data center construction, which includes civil engineering and server equipment [5] - The demand for data centers is significantly tighter overseas, particularly in the U.S., where the company is adapting its production capacity to meet this demand [2][6] - The company has seen a 187% increase in orders from its U.S. factory from January to May 2025 [2][7] Product Applications - In the data center sector, Ice Wheel Environment offers cooling machines and heat exchange devices, including variable frequency centrifugal chillers and air-cooled screw chillers, which are recognized in the national green data center technology directory [4] - The company also provides various heat exchangers, including evaporative condensers and closed cooling towers, with low-carbon energy-saving technologies being highlighted [4] Nuclear Power and Advanced Technologies - Ice Wheel Environment's subsidiary, Vambush, is a global supplier of nuclear refrigerants and has been involved in multiple nuclear power projects in China [9][10] - The company has made significant advancements in the field of controlled nuclear fusion, supplying helium compressors that achieve ultra-low temperatures of -269°C [12][13] Market Trends and Growth Areas - The cold chain logistics equipment sector has seen significant growth due to local government debt optimization and project restarts, with new markets emerging in pet food and central kitchen systems [15] - Liquid cooling technology is gaining traction, with Ice Wheel Environment developing liquid cooling system heat exchangers to support various end configurations [16][18] - The AIDC sector has experienced a 187% increase in orders from January to May 2025, with a total of 1 billion yuan in orders secured [19] Competitive Landscape - Ice Wheel Environment differentiates itself from competitors like Danfoss by offering a range of cooling machines suitable for different scenarios, including magnetic levitation centrifugal, high-pressure variable frequency screw, and air-cooled screw machines [8] Strategic Partnerships and Collaborations - The company collaborates with major domestic players such as Huawei, Alibaba, Tencent, and Baidu on various projects, including cloud computing data centers [21] - Ice Wheel Environment has also expanded its overseas market presence in regions like North America, the Russian-speaking area, India, Bangladesh, and Malaysia [28] Financial Performance and Order Trends - The company has seen a shift in its order composition, with a significant increase in overseas orders compared to the previous year [23] - The industrial heat management sector and cold chain equipment have shown growth, while the energy and chemical equipment sectors have remained stable [30][31] Future Outlook - Ice Wheel Environment is exploring potential joint ventures to expand production capacity, particularly in the U.S. market, while leveraging its Chinese base for additional support [32][33][34]