买入（维持评级） 行业 机械 英维克（002837.SZ） | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,923 | 3,529 | 4,891 | 6,613 | 8,352 | | 增长率 yoy （ % ） | 31.2 | 20.7 | 38.6 | 35.2 | 26.3 | | 归母净利润（百万元） | 280 | 344 | 510 | 666 | 862 | | 增长率 yoy （ % ） | 36.7 | 22.7 | 48.2 | 30.6 | 29.4 | | ROE （ % ） | 13.1 | 14.1 | 19.1 | 21.9 | 23.9 | | EPS 最新摊薄（元） | 0.49 | 0.60 | 0.90 | 1.17 | 1.52 | | P/E （倍） | 61.7 | 50.3 | ...

Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of **37.38 RMB**, down from the previous target of **38.13 RMB** [1][15] - The current stock price is **29.55 RMB** as of **2024-04-18** [1] Core Views - The company's **2023 performance met expectations**, with revenue reaching **3.529 billion RMB** (up **20.72% YoY**) and net profit attributable to shareholders of **344 million RMB** (up **22.74% YoY**) [1] - The **data center and energy storage temperature control businesses** are progressing steadily, with **liquid cooling technology** expected to accelerate its penetration [1] - The company has launched **Coolinside** and **BattCool**, comprehensive liquid cooling solutions for computing equipment, data centers, and energy storage systems, which are expected to gain traction due to the trend of high heat density and high-efficiency cooling requirements [1] Financial Performance - **2023 revenue breakdown**: - **Data center temperature control**: **1.640 billion RMB** (up **13.83% YoY**) - **Cabinet temperature control**: **1.465 billion RMB** (up **33.00% YoY**) - **Bus air conditioning**: **92 million RMB** (up **35.53% YoY**) - **Rail transit train air conditioning**: **106 million RMB** (down **24.97% YoY**) [1] - **2024-2026 EPS forecasts** have been revised upward to **0.89/1.17/1.51 RMB** (previously **0.87/1.10 RMB**) [1] Industry and Market Position - The company is a leading provider of **precision temperature control and energy-saving equipment**, serving industries such as **cloud computing data centers, communication networks, and IoT infrastructure** [30] - The **liquid cooling market** is expected to grow significantly, driven by the increasing demand for high-density cooling solutions in data centers and energy storage systems [1] Valuation and Financial Metrics - The company is valued at **42x 2024 PE**, based on the industry average of **43.75x** [1] - Key financial metrics for **2023**: - **Operating profit margin**: **13.4%** (up from **11.4%** in 2022) - **ROE**: **13.8%** (up from **13.2%** in 2022) - **ROIC**: **13.1%** (up from **10.5%** in 2022) [7] - **2024-2026 revenue growth** is projected at **31.6%/30.5%/28.7%**, with **EBIT growth** at **24.8%/32.0%/28.3%** [7] Stock Performance - The stock's **52-week price range** is **17.97-45.30 RMB**, with a current market cap of **16.809 billion RMB** [2] - The stock has underperformed the **Shenzhen Component Index** over the past year, with a **relative decline of 6%** [25]

本报告署名分析师声明，本人具有中国证券业协会授予的证券投资咨询执业资格，勤勉尽 责、诚实守信。本人对本报告的内容和观点负责，保证信息来源合法合规、研究方法专业 审慎、研究观点独立公正、分析结论具有合理依据，特此声明。 2024 年 04 月 16 日 英维克(002837.SZ) 事件： 行业高景气拉动业绩持续增长，毛利率提升： 液冷技术加速导入，2023 年相关营收约为上一年度的 4 倍： | --- | --- | |--------------------------|--------------------| | | 公司快报 | | | 证券研究报告 | | | 其他专用机械 | | 投资评级 | 买入 -A | | | 维持评级 | | 6 个月目标价 | 32.56 元 | | 股价 (2024-04-16) 27.68 | 元 | | 交易数据 | | | 总市值(百万元 | ) 16,552.62 | | 流通市值 | (百万元) 14,078.95 | | 总股本 | (百万股) 568.82 | | 流通股本(百万股 | ) 483.81 | | 12 个月价格区间 | 17.97/45 ...

英维克（002837.SZ） 增持 数据中心液冷批量交付，关注电子散热新布局 2023 年净利润增长 22.7%，毛利率同比修复。2023 年，公司实现实现营业收 入 35.3 亿元，同比增长 20.7%；实现归母净利润 3.4 亿元，同比增长 22.7%。 单四季度来看，公司实现营业收入 14.6 亿元，同比增长 1.3%；实现归母净 利润 1.3 亿元，同比下降 18.1%。公司计提商誉减值准备 7530.6 万元，影响 净利润表现。公司毛利率实现同比修复，全年实现毛利率 32.4%，同比提升 2.5pct；单四季度来看，实现毛利率 32.0%，同比提升 2.3pct。现金流持续 向好，经营性净现金流同比增长 135%至 4.5 亿元。 分业务来看：（1）机房温控实现收入 16.4 亿元，同比增长 13.8%；毛利率 显著回暖，全年毛利率 31.6%，同比提升 6.0pct，主要受益于产品销售组合 变化、公司降本增效、以及大宗商品价格波动等因素。（2）机柜温控实现 收入 14.7 亿元，同比增长 33%，其中储能业务收入约 12.2 亿元，同比增长 约 44%；毛利率略有下降，全年毛利率约 32.2%。（ ...

隐证券 机械设备/专用设备 英维克（002837.SZ） 2024 年 04 月 16 日 商誉减值影响短期业绩，下游应用多点开花 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/16 | | 当前股价 ( 元 ) | 27.68 | | 一年最高最低 ( 元 ) | 45.54/17.11 | | 总市值 ( 亿元 ) | 157.45 | | 流通市值 ( 亿元 ) | 133.92 | | 总股本 ( 亿股 ) | 5.69 | | 流通股本 ( 亿股 ) | 4.84 | | 近 3 个月换手率 (%) | 171.59 | 股价走势图 -48% -32% -16% 0% 16% 2023-04 2023-08 2023-12 英维克 沪深300 数据来源：聚源 相关研究报告 《盈利能力提升超预期，温控龙头有 望加速成长 —公司信息更新报告》 -2023.10.20 《精密温控龙头，受益下游应用场景 多点开花—公司深度报告》-2023.4.20 殷晟路（分析师） 鞠 ...

证券代码：002837 证券简称：英维克 公告编号：2024-024 深圳市英维克科技股份有限公司 关于提请股东大会授权董事会以简易程序向特定对象发 行股票的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市英维克科技股份有限公司（以下简称"公司"）于 2024 年 4 月 13 日召 开第四届第十次董事会会议，审议通过了《关于提请股东大会授权董事会以简易程 序向特定对象发行股票的议案》。根据《上市公司证券发行注册管理办法》等相关 规定，公司董事会提请股东大会授权董事会办理以简易程序向特定对象发行融资总 额不超过人民币 3 亿元且不超过最近一年末净资产 20%的股票（以下简称"本次发 行"）的相关事宜，授权期限自公司 2023 年度股东大会审议通过之日起至 2024 年 度股东大会召开之日止。 上述事项尚需提交公司 2023 年度股东大会审议。具体内容如下： 一、授权具体内容 派发现金股利：P1=P0-D 送红股或转增股本：P1=P0/（1+N） 两项同时进行：P1=（P0-D）/（1+N） 1.确认公司是否符合以简易程序向特定对象发行股票的条件授权 ...

Market Presence and Product Development - The company has delivered a cumulative total of 900MW in liquid cooling solutions as of March 2024, highlighting its significant market presence in this technology[4]. - The company has launched the Coolinside liquid cooling cabinet and a full-chain liquid cooling solution, which includes various components such as cold sources and leak detection systems[4]. - The company has provided efficient cooling systems to major data center clients, including Tencent and Alibaba, positioning itself in the rapidly growing cloud computing market[9]. - The company’s latest subway air conditioning model, featuring intelligent and environmentally friendly characteristics, is expected to be operational by April 2024[5]. - The company launched several new products in 2023, including XFreeCooling pneumatic heat pipe and XRow 4.0 row air conditioning systems, enhancing its product offerings in the data center cooling solutions market[59]. - The company is actively involved in the development of new technologies, including low-temperature heat pump technology and integrated cooling systems for electric buses[61]. - The company is focusing on expanding its product line in the automotive air conditioning sector to enhance competitiveness[115]. Financial Performance - The total operating revenue for the reporting period was CNY 3,528.86 million, representing a growth of 20.72% compared to the previous year[66]. - The net profit attributable to shareholders was CNY 344.01 million, an increase of 22.74% year-on-year[66]. - The net cash flow from operating activities was CNY 453.07 million, showing a significant increase of 135.50% compared to the previous year[66]. - The company's total operating costs for 2023 amounted to ¥2,387,250,457.53, representing a year-on-year increase of 16.36% compared to ¥2,051,688,195.61 in 2022[49]. - The company's revenue from energy storage applications reached approximately CNY 1.22 billion, a year-on-year increase of about 44%[61]. - The revenue from cabinet temperature control energy-saving products grew by 33.00% year-on-year, amounting to ¥1,465,415,511.23[127]. - The company achieved a gross profit margin of 32.35% for precision temperature control energy-saving products, with a gross profit of ¥1,141,608,619.60[128]. Research and Development - The company has a total of 1,126 intellectual property rights, including 1,026 patents, of which 59 are invention patents, indicating a strong focus on innovation[8]. - Research and development (R&D) investment reached ¥263,007,210.55 in 2023, up 34.45% from ¥195,624,350.29 in 2022, with R&D expenses accounting for 7.45% of operating revenue[51]. - The company increased its R&D personnel to 1,279, a 26.38% increase from 2022, with R&D personnel now representing 33.19% of the total workforce[137]. - The company is committed to developing new products and business lines based on a unified technology platform to mitigate operational risks[174]. - The company’s long-term commitment to R&D investment aligns with the increasing energy efficiency requirements in the data center construction[79]. Strategic Partnerships and Collaborations - The company signed a project cooperation memorandum with Intel and other partners to accelerate the testing and promotion of liquid cooling solutions[4]. - The company has established strong partnerships with major clients such as Huawei and Eltek, indicating robust market trust and collaboration[101]. - The company has expanded its presence in the new energy bus air conditioning sector, gaining trust from manufacturers like BYD and Nanjing Jinlong[103]. Market Trends and Industry Position - The company is positioned as a leading supplier in the domestic energy storage temperature control industry, with a growing demand for energy storage systems driven by carbon neutrality goals[60]. - The demand structure for temperature control systems in the data center industry continues to evolve, with the indirect evaporative cooling technology being widely recognized as one of the most effective mature technologies for reducing energy consumption, leading to an increase in market penetration[79]. - The newly installed capacity of new energy storage in China reached 21.5GW/46.6GWh in 2023, with both power and energy scales exceeding 150% year-on-year[82]. - The liquid cooling system has become mainstream in large-capacity energy storage systems, helping to extend battery life and reduce system costs[82]. Operational Challenges and Risks - The company has seen a slight decline in the gross profit margin of its cabinet temperature control business due to increased market competition[36]. - The company faces risks from potential changes in national industrial policies that could impact its business operations[176]. - The company reported a goodwill impairment provision, resulting in goodwill decreasing to CNY 157,334,097.19, down from CNY 232,640,040.85 in the previous year[162]. Corporate Governance and Management - The company held 1 shareholders' meeting during the reporting period, approving a total of 14 proposals[184]. - The board of directors consists of 9 members, including 3 independent directors, and held 5 meetings during the reporting period, passing 26 proposals[196]. - The supervisory board, comprising 3 members, held 5 meetings and approved 21 proposals, ensuring compliance and oversight of major company matters[197]. - The company emphasizes investor relations management, utilizing various communication methods to enhance investor understanding of its operations and development prospects[198].

深圳市英维克科技股份有限公司 公司章程 深圳市英维克科技股份有限公司 公司章程 二〇二四年四月 | | | | 第一章 | 总则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 2 | | | 第三章 | 股份 2 | | | 第一节 | 股份发行 2 | | | 第二节 | 股份增减和回购 4 | | | 第三节 | 股份转让 5 | | | 第四章 | 股东和股东大会 6 | | | 第一节 | 股东 6 | | | 第二节 | 股东大会的一般规定 8 | | | 第三节 | 股东大会的召集 11 | | | 第四节 | 股东大会的提案与通知 | 12 | | 第五节 | 股东大会的召开 14 | | | 第六节 | 股东大会的表决和决议 | 17 | | 第五章 | 董事会 21 | | | 第一节 | 董事 21 | | | 第二节 | 董事会 24 | | | 第六章 | 经理及其他高级管理人员 | 29 | | 第七章 | 监事会 31 | | | 第一节 | 监事 31 | | | 第二节 | 监事会 31 | | | 第八章 | 财务会计制度、利润分配和审计 ...

关于对深圳市英维克科技股份有限公司 2023 年度内部控制审计报告 信会师报字[2024]第 ZI10142 号 深圳市英维克科技股份有限公司 内 部 控 制 审 计 报 告 信会师报字[2024]第 ZI10142 号 深圳市英维克科技股份有限公司全体股东： 2023 年度内部控制审计报告 | | | | | | 二、 事务所及注册会计师执业资质证明 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了深圳市英维克科技股份有限公司（以下简称英维 克）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是英维克董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控 ...

深圳市英维克科技股份有限公司 2023 年度董事会工作报告 2023 年，深圳市英维克科技股份有限公司（以下简称"公司"）董事会全体成员根 据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规 则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律法规及《公司章程》《股东大会议事规则》《董事会议事规则》等公司制度的规定， 各位董事本着恪尽职守、勤勉尽责的工作态度，依法独立行使职权，忠实履行股东大 会赋予的董事会职责，严格执行股东大会各项决议，勤勉尽责地开展各项工作，积极 推进董事会各项决议的实施，不断规范公司法人治理结构，确保董事会科学决策和规 范运作。现将公司董事会 2023 年度工作情况汇报如下： 一、2023 年度主要经营指标情况 报告期内，公司实现营业收入 352,885.91 万元，较上年同期增长 20.72%；实现归 属于上市公司股东的净利润 34,400.63 万元，较上年同期增长 22.74%。 二、公司董事会日常工作情况 公司董事会现有董事 9 名，其中独立董事 3 名；董事会下设战略发展委员会、审 计委员会、薪酬和考核委员会、提名委员会 ...