英维克20251217

Summary of the Conference Call for 英维克 Company Overview - 英维克 specializes in precision temperature control, initially focusing on communication base station temperature control and gradually expanding into energy storage and data center liquid cooling markets [5][6][12] - The company has a stable shareholding structure, with the chairman holding 30.7% of the shares and a strong emphasis on employee stock incentives [5] Industry Insights - The liquid cooling market is expected to see significant growth, with the AIDC demand projected to reach 100-150 billion RMB [7] - The overall temperature control market is mature, with applications in various sectors including new energy vehicles and rail transportation, valued at approximately 20 billion USD [7] Key Developments - The year 2026 is anticipated to be the "liquid cooling year," with the domestic supply chain rapidly entering the North American market, providing catalysts for growth [2][3] - 英维克 has secured orders from major clients like Google and NVIDIA, with expectations of replicating the growth seen in the CPU and PCB sectors [2][3][10] Financial Projections - Expected overseas orders for 英维克 in 2026 are projected to be between 2 billion to 3 billion USD, with a net profit margin of around 20%, leading to an estimated net profit of approximately 2 billion RMB [4][14] - The company's market capitalization could see a growth potential of 50% to 80% based on the data center infrastructure market space [4][14] Product and Technology - 英维克's main products include energy-saving temperature control products for server rooms, air conditioning systems, and cabinet temperature control products [6] - The company is advancing in technology, particularly in microchannel cover plates, and has a strong patent portfolio [13][9] Competitive Position - 英维克 has gained market share in Google due to its comprehensive solutions and cost-effectiveness, which are crucial for CSPs like Google [12] - The company is also engaging with other major clients such as Meta, Intel, and Oracle, indicating a broadening customer base [12] Market Strategy - 英维克's CDU UQD and cold plates have entered NVIDIA's code list, with large-scale shipments already initiated [10] - The company is expected to secure 20%-25% of Google's CDU orders, potentially amounting to 2 billion USD [11] Future Outlook - The liquid cooling technology is seen as having unique advantages due to the entry of domestic supply chains into North America, positioning 英维克 favorably for future growth [15][16] - The company is recommended for continued investor attention due to its leading position in the industry and expected performance exceeding forecasts [16]