Workflow
英维克2023年报点评:数据中心与储能温控持续推进,液冷加速布局

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]