英维克：业绩大幅提升，液冷业务未来可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.872 billion yuan, a year-on-year growth of 38.61%, and net profit attributable to shareholders at 353 million yuan, a year-on-year increase of 67.79% [1] - The rapid growth in performance is attributed to the company's ability to capitalize on industry opportunities, particularly in energy-saving products for data centers, despite a slight decrease in gross margin due to rising raw material prices [1] - The development of AI technology has accelerated the company's liquid cooling business, with related revenues approximately doubling compared to the same period last year [1] - The company has successfully expanded its overseas customer base, which is expected to provide a solid foundation for future revenue growth [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.159 billion yuan, a year-on-year increase of 39.16%, and net profit of 169 million yuan, up 43.06% year-on-year [1] - The gross margin for the first three quarters of 2023 was 31.73%, a slight decrease of 0.9 percentage points year-on-year, while the net margin improved to 12.28%, an increase of 2.13 percentage points year-on-year [1] Business Analysis - The company has launched a comprehensive liquid cooling solution for data centers and computing equipment, which has become a core competitive advantage [1] - The company has delivered over 1GW of liquid cooling projects as of September 2024, indicating strong market demand and operational capability [1] Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 4.866 billion yuan, 6.406 billion yuan, and 8.361 billion yuan, respectively, with net profits expected to be 549 million yuan, 722 million yuan, and 943 million yuan [1] - The corresponding price-to-earnings ratios are projected to be 42, 32, and 25 times for the respective years [1]