英维克_因海外液冷潜力上调目标价；维持买入评级

We turn more bullish on Envicool capturing the surging global demand for GPU/ASIC AI server (liquid) cooling and raise TP to Rmb70.8 (maintain Buy). We expect Envicool to take 5% global server liquid cooling market share in 2027E and 10% by 2030E, as evidenced by (1) robust server cooling and others sales growth of 216% yoy in 1H25; (2) active recruitment and investment in SEA and US; and (3) key qualifications with NVIDIA/Intel in place. We now forecast 38%/47% sales/net income CAGRs in 2025E-30E (vs. 31%/ ...