英维克：算力液冷收入翻倍，机房温控在手订单丰富

Investment Rating - The report maintains a "Strong Buy" rating for the company Invek (002837.SZ) [1] Core Insights - Invek's revenue from liquid cooling solutions has doubled, and the company has a rich order backlog for data center temperature control solutions [1] - The company achieved a revenue of 1.713 billion yuan in the first half of 2024, representing a year-on-year growth of 38.24%, and a net profit attributable to shareholders of 183 million yuan, up 99.63% year-on-year [1][2] - The report highlights the company's strong performance in both the data center cooling and liquid cooling segments, with expectations for continued robust growth in the second half of 2024 [2] Financial Performance Summary - In the first half of 2024, Invek's revenue reached 1.713 billion yuan, with a net profit of 183 million yuan, and a non-recurring net profit of 171 million yuan, marking increases of 38.24%, 99.63%, and 113.50% respectively [1] - The company's gross margin was 30.99%, with a net margin of 10.70%, reflecting a year-on-year increase of 3.13 percentage points [1][6] - The report projects the company's net profit for 2024 to be 542 million yuan, with an EPS of 0.73 yuan, and a PE ratio of 29.6 times [2][11] Business Segment Performance - The data center temperature control business generated 856 million yuan in revenue in the first half of 2024, accounting for 49.96% of total revenue, with a year-on-year growth of 85.91% [1] - The liquid cooling segment's revenue has increased significantly, expected to continue its strong growth trajectory in the second half of 2024 [1][2] - The cabinet temperature control business achieved revenue of 702 million yuan, representing a year-on-year growth of 6.11% [1] Future Outlook - The company is expected to benefit from a strong order backlog, with anticipated revenue growth in the second half of 2024 due to seasonal demand [2] - The report forecasts a continued increase in net profit for the years 2024 to 2026, with projected figures of 542 million yuan, 712 million yuan, and 946 million yuan respectively [2][11]