英维克- 2025 年第三季度受国内项目周期延长影响但订单储备充足，海外液冷业务进展顺利；买入

3Q25 miss on longer domestic project cycle but backlog intact, overseas liquid cooling progress on track; Buy 14 October 2025 | 10:22PM HKT Equity Research Shenzhen Envicool Technology (002837.SZ) 002837.SZ 12m Price Target: Rmb81.00 Price: Rmb77.27 Upside: 4.8% Post market close on Oct 13, 2025, Envicool announced 3Q25 results, missing GSe but largely in line with the Visible Alpha consensus, mainly due to (1) longer domestic data center project deployment cycle in the short term as a result of AI chip sup ...