英维克：业绩增长亮眼，液冷产品加速放量

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 27.00 [1][4]. Core Views - The company has shown impressive performance with a 38.24% year-on-year increase in revenue to RMB 1.713 billion in the first half of 2024, and a 99.63% increase in net profit attributable to shareholders, reaching RMB 183 million [1][4]. - The growth is primarily driven by the rapid increase in revenue from energy-saving temperature control products for data centers, supported by the ongoing development of AIGC, which has led to higher power consumption in computing equipment and accelerated the adoption of liquid cooling technology [1][2]. - The company is expected to benefit from its leading position in the liquid cooling technology sector, with projected net profits for 2024-2026 estimated at RMB 563 million, RMB 749 million, and RMB 964 million respectively [1][4]. Revenue Performance - In the first half of 2024, the company's data center temperature control business revenue grew by 86% to RMB 856 million, with liquid cooling technology revenue approximately doubling compared to the same period last year [2]. - The cabinet temperature control business revenue increased by 6% to RMB 702 million, while the energy storage business revenue rose by 11% to RMB 600 million [2]. Profitability and Cost Control - The company's gross margin for the first half of 2024 was 30.99%, a decrease of 1.05 percentage points year-on-year, with the gross margin for the data center temperature control business improving by 1.05 percentage points to 30.62% [3]. - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing to 6.81%, 4.57%, and 8.37% respectively [3]. Long-term Growth Potential - The company is expected to continue benefiting from the increasing penetration of liquid cooling technology in data centers, with revenue and profit anticipated to maintain high growth rates [4]. - The target price reflects a price-to-earnings ratio of 35.5 times for 2024, compared to a comparable average of 25.7 times [1][4].