记者丨覃毅 编辑丨谭璐 总部位于深圳的温控龙头，涨势凶猛。 9月23日，英维克开盘再度飙涨，市值越过800亿元大关。过去2个月，大涨超500亿元。 这是一家提供全链路液冷解决方案的隐形小巨头，身处算力产业链，成为资本焦点。 实控人、董事长齐勇正大干快上，已布局全链条液冷+AI应用，拓展高性能计算、新能源汽车等领域。 他提供的核心服务，就是帮大厂的算力设施散热降温。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 2, 573, 139, 460. 90 | 1, 712, 557, 931. 47 | 50. 25% | | 归属于上市公司股东的净利润(元) | 215, 640, 426. 56 | 183, 466, 097. 22 | 17.54% | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 202, 219, 634. 69 | 171, 293, 089. 93 | 18. 05% | | 经营活动产生的现金流量净额(元) | -233, 913, 848. 18 | -45, 657, ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [28]. Core Views - The company achieved a total revenue of 2.573 billion yuan in the first half of 2025, representing a year-on-year growth of 50.25%, with a net profit attributable to shareholders of 216 million yuan, up 17.54% year-on-year [7][8]. - The rapid growth in revenue is driven by significant increases in the data center cooling and cabinet cooling segments, which grew by 58% and 32% respectively [8]. - The company is positioned to benefit from the increasing adoption of liquid cooling technology in high-density data centers, particularly in overseas markets [11][12]. Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 2.573 billion yuan, a 50.25% increase year-on-year, and a net profit of 216 million yuan, reflecting a 17.54% growth [7][8]. - The gross margin and net margin for H1 2025 were 26.15% and 8.78%, respectively, with slight declines of 2.33 percentage points and 1.92 percentage points year-on-year [9]. - The company's revenue from the data center cooling business was 1.351 billion yuan, a 57.91% increase, making it the largest segment [10]. Business Segments - The data center cooling segment accounted for 52.5% of total revenue, while the cabinet cooling segment contributed 36% [10]. - The company has seen a significant increase in revenue from energy storage applications, which reached approximately 800 million yuan, a growth of about 35% year-on-year [10]. - Other business segments, including customized cooling solutions for various electronic fields, generated 253 million yuan, marking a 216.04% increase [10]. Market Position and Outlook - The company is recognized as a leader in liquid cooling solutions, with a comprehensive product offering that includes components from cooling plates to delivery systems [11]. - The increasing power consumption of AI servers, such as NVIDIA's GB200, is driving demand for liquid cooling solutions, positioning the company to benefit from this trend [12]. - Revenue projections for the company are optimistic, with expected revenues of 6.621 billion yuan, 8.847 billion yuan, and 11.362 billion yuan for 2025, 2026, and 2027, respectively [13][14].

Group 1 - As of August 30, 2025, a total of 582 A-share companies are included in the top ten heavy positions of the social security fund, with a total holding market value of 502.91 billion yuan [1] - The social security fund has new positions in 158 stocks, increased positions in 171 stocks, decreased positions in 126 stocks, and maintained positions in 127 stocks [1] - The sectors with significant holdings include chemical products, semiconductors, chemical pharmaceuticals, automotive parts, general equipment, specialized equipment, and medical devices, each with more than 15 stocks [1] Group 2 - Among the 582 companies, 104 stocks have holdings exceeding 500 million yuan, and 37 stocks have holdings exceeding 1 billion yuan, accounting for 76.47% of the total holding market value [3] - Agricultural Bank is the largest heavy position stock of the social security fund, with a holding market value exceeding 138.3 billion yuan and a year-to-date increase of approximately 37% [7] - The average increase of the 582 A-share companies this year is 27.62%, with 32 stocks increasing over 50% since the end of June [8] Group 3 - The top five stocks by holding market value all exceed 10 billion yuan, with four of them maintaining their holding market value [6] - The average holding ratio of the 582 A-share companies is approximately 1.8%, with 28 stocks having a holding ratio exceeding 5%, accounting for 51.83% of the total holding market value [14] - The stocks with the highest holding ratios include China Life Insurance, Founder Securities, and Bank of Communications, each exceeding 10% [16]

Core Viewpoint - The article discusses the second quarter holdings of the social security fund in A-shares, highlighting significant investments in various sectors and the performance of key stocks. Group 1: Holdings Overview - As of August 30, 2025, 582 A-share companies appeared in the top ten heavy stocks of the social security fund, with a total holding market value of 502.91 billion yuan [2] - There were 158 new stocks added, 171 stocks increased, 126 stocks decreased, and 127 stocks remained unchanged in holdings [2] - The sectors with more than 15 stocks held include chemical products, semiconductors, pharmaceuticals, automotive parts, general equipment, specialized equipment, and medical devices [2] Group 2: Market Value and Performance - Among the 582 companies, 104 stocks had holdings exceeding 500 million yuan, and 37 stocks had holdings over 1 billion yuan, accounting for 76.47% of the total holding market value [3] - Agricultural Bank is the largest holding stock with a market value of over 138.3 billion yuan, experiencing a year-to-date increase of approximately 37% [5] - The average increase for the 582 A-share companies this year is 27.62%, with 32 stocks rising over 50% since the end of June [6] Group 3: Sector Performance - The top five stocks by holding market value are all above 10 billion yuan, with three being large state-owned banks [5] - The banking sector has seen significant stock price increases this year, with over ten bank stocks reaching historical highs [5] - The liquid cooling concept stocks have shown remarkable performance, with the top three stocks doubling in price since the end of June [6] Group 4: Notable Stocks - Yingweike, a leader in temperature control, saw its stock price increase by nearly 170% since the end of June, with a market value exceeding 446 million yuan [8] - Jibite, a gaming company, reported a year-to-date increase of over 110%, with a market value of over 289 million yuan [9] - 28 stocks have a holding ratio exceeding 5%, collectively accounting for 51.83% of the total holding market value [10]

Core Insights - The company reported a total operating revenue of 2.573 billion yuan for the first half of 2025, representing a year-on-year increase of 50.25% [1] - The net profit attributable to shareholders was 216 million yuan, up 17.54% year-on-year, while the net profit excluding non-recurring items was 202 million yuan, an increase of 18.05% [1] - The company's return on equity (ROE) for the first half of 2025 was 7.16% [1] Revenue Growth - The company's revenue for Q2 2025 was 1.641 billion yuan, showing a year-on-year increase of 69.67% [1] - The rapid growth in the data center cooling business was highlighted, with room cooling and cabinet cooling revenues increasing by 57.9% and 32.0%, respectively, reaching 1.35 billion yuan and 930 million yuan [2] - The company has introduced a high-reliability liquid cooling solution, benefiting from the growth in data centers, with liquid cooling-related revenue exceeding 200 million yuan in H1 2025 [2] Cost and Profitability - The gross profit margin for H1 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year [3] - The sales, management, and R&D expense ratios for 2024 were 3.91%, 4.01%, and 7.61%, respectively, showing a decline compared to the previous year [3] - The operating cash flow for H1 2025 was -234 million yuan, a significant decrease of 412.33% year-on-year, primarily due to increased sales scale and inventory buildup [3] Market Position and Strategy - The company has established strong relationships with major clients such as NVIDIA, ByteDance, Tencent, Alibaba, telecom operators, Huawei, and BYD [3] - The company is actively expanding its overseas market presence and enhancing cooperation in the liquid cooling sector [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][7][31]. Core Insights - The company reported a total revenue of 2.573 billion yuan for the first half of 2025, representing a year-on-year increase of 50.25%. The net profit attributable to shareholders was 216 million yuan, up 17.54% year-on-year [2][11]. - The company's room temperature control and cabinet temperature control businesses grew significantly, with year-on-year increases of 57.9% and 32.0%, respectively, achieving revenues of 1.35 billion yuan and 930 million yuan [3][19]. - The company is actively expanding its overseas data center business and has established a strong customer base, including major clients like Nvidia, ByteDance, Tencent, Alibaba, and Huawei [4][19]. Financial Performance - The company's gross profit margin for the first half of 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year. The operating cash flow for the same period was -234 million yuan, a decline of 412.33% year-on-year, primarily due to increased sales scale and inventory buildup [4][23]. - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 628 million yuan, 946 million yuan, and 1.386 billion yuan, respectively, with corresponding price-to-earnings ratios of 59, 40, and 27 [5][28]. Revenue Forecast - The revenue forecast for the company is as follows: 2025 estimated revenue of 7.023 billion yuan, 2026 estimated revenue of 9.835 billion yuan, and 2027 estimated revenue of 13.878 billion yuan, with growth rates of 53%, 40%, and 41%, respectively [6][30].

Core Viewpoint - In the context of the booming artificial intelligence sector, Invec has transformed from a previously overlooked entity into a capital darling, with its stock price surging significantly and its market capitalization reaching 63.6 billion yuan, reflecting a year-to-date increase of over 112% [1][11]. Company Performance - Invec's stock price rose by 1.64% on August 22, 2023, marking a substantial increase in its total market value [1]. - The company reported a 50.25% increase in revenue for the first half of the year, reaching 2.573 billion yuan, while net profit grew by 17.54% to 216 million yuan [3]. - Despite revenue growth, the company's gross margin decreased to 26.15%, down over 2 percentage points from the previous year [4]. Industry Context - Invec is a leader in the liquid cooling industry and has been included in NVIDIA's MGX ecosystem as a partner, benefiting from the rising demand for liquid cooling solutions driven by high-performance computing and AI applications [3][15]. - The global data center liquid cooling market is projected to reach approximately 68.8 billion yuan by 2026, with the domestic market expected to be around 17.9 billion yuan [14][15]. Competitive Landscape - Domestic competitors, including Inspur and Huawei, are developing their own liquid cooling technologies, which poses a threat to Invec's market position [4][19]. - International competitors like Vertiv and CPC continue to dominate the liquid cooling market, and new technologies from companies like Amazon could disrupt existing solutions [19]. Future Outlook - Invec plans to invest over 1 billion yuan in a new R&D and production facility in Shenzhen to meet the growing demand for precision temperature control equipment [15]. - The company aims to strengthen its partnerships with major internet companies and expand its global presence, with a focus on integrating new and existing business lines [20].

Core Viewpoint - The stock price of Invec has surged nearly 300% since September 2024, with its market capitalization rising from under 20 billion to 63.6 billion yuan, driven by the booming demand for liquid cooling technology in the AI sector [1][2][3]. Company Performance - Invec's revenue for the first half of 2024 increased by 50.25% to 2.573 billion yuan, while net profit grew by 17.54% to 216 million yuan [3][11]. - The company's gross margin for the same period was 26.15%, down over 2 percentage points year-on-year, with inventory balance increasing by 40.1% to 1.239 billion yuan [3][11]. Market Dynamics - The liquid cooling technology is transitioning from an optional solution to a necessity, with global data center liquid cooling market expected to reach approximately 68.8 billion yuan by 2026, with the domestic market around 17.9 billion yuan [9][10]. - Major cloud service providers, including Google, Microsoft, and Alibaba, are adopting liquid cooling solutions, indicating a significant market opportunity for Invec [9][10]. Competitive Landscape - Domestic server manufacturers like Inspur and Huawei are developing their own liquid cooling technologies, increasing competition for Invec [13]. - International competitors such as Vertiv and CPC dominate the liquid cooling market, posing additional challenges [13]. Strategic Initiatives - Invec has launched the Coolinside full-chain liquid cooling solution and has secured partnerships with major clients like ByteDance and Tencent [10]. - The company plans to invest over 1 billion yuan in a new R&D and production base in Shenzhen to meet the growing demand for precision temperature control equipment [10]. Future Outlook - The company aims to leverage the increasing demand for high-density cooling solutions driven by information technology and energy storage needs [14]. - Invec's leadership expresses confidence in achieving a leading position in the global precision environment control sector by its 30th anniversary [15].

Core Viewpoint - In the first half of 2025, Yingweike (002837.SZ) reported significant revenue and profit growth, driven by the rising demand for liquid cooling solutions amid the AI boom [2][4][6]. Financial Performance - For the first half of 2025, Yingweike achieved revenue of 2.573 billion yuan, a year-on-year increase of 50.25%, and a net profit attributable to shareholders of 216 million yuan, up 17.54% year-on-year [2]. - The company's stock has seen a remarkable increase of over 110% this year, with a market capitalization exceeding 60 billion yuan [2][7]. Market Trends - The demand for liquid cooling technology is surging due to the increasing power consumption and density of AI chips, positioning liquid cooling as a key infrastructure for data centers and AI servers [6][10]. - The domestic liquid cooling market is rapidly developing, with internet companies becoming significant demand drivers, alongside telecom operators and government sectors [4][12]. Business Segments - Yingweike's revenue from data center cooling products accounted for 52.5% of total revenue, while cabinet cooling products contributed 36% [6]. - The revenue from data center cooling equipment reached 1.351 billion yuan, growing by 57.91%, and cabinet cooling equipment revenue was 926 million yuan, up 32.02% [6]. Competitive Landscape - Despite being a leading domestic supplier, Yingweike faces competition from both domestic and international players in the liquid cooling sector [4][12]. - The company's gross margin for data center cooling was 25.83%, a decrease of 2.63% year-on-year, attributed to sales mix and increased market competition [7]. Future Outlook - Yingweike aims to become a leading international provider of precision temperature control solutions, focusing on expanding market share and revenue [8]. - The liquid cooling market is projected to grow at a compound annual growth rate of 59% from 2022 to 2027, with expectations to exceed 100 billion yuan by 2027 [12].

Core Viewpoint - The article highlights the strong performance of Invec (002837.SZ) in the first half of 2025, with significant revenue and profit growth, driven by the rising demand for liquid cooling solutions in the AI and high-performance computing sectors [1][4][6]. Financial Performance - In the first half of 2025, Invec achieved revenue of 2.573 billion CNY, a year-on-year increase of 50.25%, and a net profit attributable to shareholders of 216 million CNY, up 17.54% [1]. - The company's stock price has surged over 110% this year, with a market capitalization exceeding 60 billion CNY, and a rise of over 230% from its low point this year [1][6]. Business Segments - The revenue from the data center temperature control products accounted for 52.5% of total revenue, while cabinet temperature control products contributed 36% [6]. - Revenue from data center temperature control products reached 1.351 billion CNY, growing by 57.91%, while cabinet temperature control products generated 926 million CNY, up 32.02% [6]. Market Trends - The demand for liquid cooling technology is increasing due to the limitations of traditional air cooling in meeting the cooling needs of high-power chips, especially in the context of AI and high-performance computing [6][9]. - The liquid cooling market is expected to grow significantly, with projections indicating a compound annual growth rate of 59% from 2022 to 2027, potentially exceeding 100 billion CNY by 2027 [10]. Competitive Landscape - Invec is positioned as a leading supplier in the domestic liquid cooling market, but it still faces competition from both domestic and international players [4][10]. - The company is part of the NVIDIA supply chain and is actively expanding its liquid cooling ecosystem to capitalize on the AI wave [4][9]. Future Outlook - Invec aims to become a leading provider of precision temperature control solutions and plans to strengthen its market position and expand its revenue base [7]. - The company is exploring international markets, although its overseas revenue currently accounts for only 10% of total revenue, indicating room for growth [10][11].