英维克20241128

Key Points Industry and Company * Company: Yingwei Ke * Industry: Thermal Management, Data Center, Energy Storage Core Views and Arguments * Yingwei Ke's Technical Strength: Yingwei Ke has over 20 years of technical experience in the thermal management field, with proprietary products like the first domestic communication outdoor cabinet air conditioner and the globally first Ec fan. They have a leading position in data centers and energy storage markets. * Key Success Factors: Yingwei Ke's success is attributed to strong technical driving capabilities, deep technical roots, reasonable organizational structure, and the ability to quickly respond to customer needs. * Market Performance: Yingwei Ke has performed well in various segments, including communication base stations, data centers, and energy storage. They have a full-chain solution in liquid cooling technology and have established partnerships with industry giants like Tencent, Alibaba, and NVIDIA. * Project Challenges: To address the challenges of project-based work, Yingwei Ke has established an independent technical support department, strengthened cross-departmental collaboration, and implemented platform-based processing to improve research and development efficiency and project response speed. * Future Outlook: Yingwei Ke plans to consolidate its existing advantages, seize the growth opportunities in data center liquid cooling and energy storage markets, and expects the liquid cooling market size to exceed 80 billion yuan by 2027. * Revenue Growth: As of September 30, 2023, Yingwei Ke has delivered projects totaling approximately 1GW. It is expected to experience rapid growth in 2024, driven by increasing demand for liquid cooling solutions globally and the collaboration with NVIDIA. * Valuation and Performance: Yingwei Ke's valuation is considered reasonable, with 2023 earnings forecasted at approximately 550 million yuan and 2024 expected to exceed 700 million yuan, with a year-on-year growth rate of over 30%. * Global Market Expansion: Yingwei Ke has entered the NVIDIA ecosystem, allowing the company to expand into broader global markets. The U.S. is the largest market currently, but with the development of data centers worldwide, including Southeast Asia and China, Yingwei Ke has significant market opportunities. * Overseas Market Expansion: Yingwei Ke plans to enter the overseas market with individual small products, quickly gain customer recognition through technology quality and service capabilities, and then gradually expand to more products. * Liquid Cooling Projects: As of September 30, 2023, Yingwei Ke has delivered projects totaling approximately 1GW. With increasing demand for liquid cooling solutions globally, especially with the launch of NVIDIA's B series products, the liquid cooling market is expected to grow rapidly. Yingwei Ke's collaboration with NVIDIA and Intel will contribute to its growth. * Valuation and Performance: The market values Yingwei Ke reasonably, indicating recognition of its value. The company's 2023 earnings are forecasted at approximately 550 million yuan, and 2024 is expected to exceed 700 million yuan, with a year-on-year growth rate of over 30%. * NVIDIA Collaboration: Entering the NVIDIA ecosystem demonstrates the global leading chip manufacturer's recognition of Yingwei Ke in terms of technology, quality, service, and delivery. This recognition determines the company's future development potential. * Overseas Market Capacity and Service: Currently, the overseas market is mainly focused on energy storage, with some involvement in data center products. Yingwei Ke has the service capabilities, but capacity needs to be further improved. * Valuation: The company's valuation is considered reasonable, reflecting the idea of purchasing excellent companies at reasonable prices. The stock price has increased significantly since the company's listing, creating significant value for shareholders. The future outlook is optimistic, with a high probability of continued growth. * Impact of Sino-US Trade War: The impact of the Sino-US trade war on the company is difficult to accurately measure due to factors such as the final implementation of tariffs and the allocation methods between products and customers. However, the company is believed to have corresponding measures in place. * Domestic Competitors: In the liquid cooling product field, domestic competitors are mainly divided into system solution providers and single-product manufacturers. Currently, there are few companies that truly provide system solutions, with most focusing on single products such as CPUs, cold plates, pipes, and quick connectors. Therefore, Yingwei Ke has a strong position in the domestic liquid cooling market. * Prospects for Liquid Cooling Industry: The liquid cooling industry is expected to grow rapidly, especially at this point in time. It is expected to enter a rapid放量 stage next year and continue to increase in value with technological upgrades and iterations. This trend will be a main theme throughout the year, and it is recommended to invest early. * Recommended Companies: The company recommends two companies: one is an American-listed state-owned enterprise, and the other is Yingwei Ke. Both are leaders in the solution field and also involve core components. In addition, they also recommend Chuanghua Technology, which excels in the pipe field. They are firmly optimistic about the future development of these companies.