12 January 2026 | 7:34PM HKT Equity Research Shenzhen Envicool Technology (002837.SZ) Raise TP on higher global server cooling TAM, expecting 7% global share in 2028E with full-fledged expansion into ASIC/GPU supply chain; Maintain Buy 002837.SZ 12m Price Target: Rmb121.10 Price: Rmb102.19 Upside: 18.5% We raise Envicool TP to Rmb121.1 (+49.5% vs. Rmb81.0 previously) and revise up our 2025E-30E sales/net income forecasts by 1%~9%/1%~17% respectively to reflect our global tech teams' latest server cooling TA ...