英维克（002837 CH）持有需要看到更多积极进展

Issuer of report:HSBC Qianhai Securities LimitedView HSBCQianhai Securitiesat:https://www.research.hsbc.comHSBC Global Research Podcasts| Listen to our insightsMAINTAIN HOLDTARGET PRICE(CNY)34.40SHARE PRICE(CNY)32.76(as of16 May 2025)MARKET DATAMarket cap(CNYm)Market cap (USDm)3m ADTV (USDm)FINANCIALS AND RATIOS(CNY)Year to12/2024aHSBC QH EPSHSBC QH EPS prevChange (%)Consensus EPSPE (x)Dividend yield (%)EV/EBITDA (x)ROE (%)52-WEEK PRICE(CNY)Source: LSEG IBES, HSBC Qianhai Securities estimatesDun Wang*, CFA, CPA (Reg. No. S1700519060002)Analyst, A-share Industrials & Renewables ResearchHSBC Qianhai Securities Limiteddun.wang@hsbcqh.com.cn+86 21 5066 2027Corey Chan* (Reg. No. S1700518100001)Head, A-share Industrials & Renewables ResearchHSBC Qianhai Securities Limitedcorey.chan@hsbcqh.com.cn+86 21 5066 2001Echo Zhang* (Reg. No. S1700122110002)AssociateShenzhen* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulationsEquitiesMachineryChina05/24Target price: 34.40 ◆◆◆ PREVIOUS TARGET(CNY)41.60UPSIDE/DOWNSIDE+5.0%24,401Free float3,384BBG139RIC12/2025e0.610.790.700.98-12.8-18.90.740.8853.941.20.60.840.832.716.818.911/24High: 50.71 Low: 19.51 Current: 32.76 Find out more86%002837 CH002837.SZ12/2026e12/2027e1.031.241.27na-18.9na1.151.4331.726.41.01.225.221.121.121.615.0035.0055.0005/25 2Financial statementsYear to12/2024a12/2025e12/2026eProfit & loss summary(CNYm)Revenue4,5896,073EBITDA597786Depreciation & amortisation-87-114Operating profit/EBIT510672Net interest1-4PBT511668HSBC QianhaiPBT511668Taxation-57-74Net profit453592HSBC Qianhainet profit453592Cash flow summary(CNYm)Cash flow from operations597786Capex-332-301Cash flow from investment-332-301Dividends-149-195Change in net debt3871,341FCF equity265485Balance sheet summary(CNYm)Intangible fixed assets284304Tangible fixed assets7912,730Current assets4,8024,049Cash & others758-416Total assets6,0147,221Operating liabilities2,3642,959Gross debt737904Net debt-211,320Shareholders' funds2,9163,359Invested capital2,7544,540Ratio, growth and per share analysisYear to12/2024a12/2025e12/2026eY-o-y % changeRevenue30.032.3EBITDA23.431.6Operating profit25.131.7PBT27.330.7HSBC QianhaiEPS0.330.7Ratios (%)Revenue/IC (x)1.91.7ROIC19.516.5ROE16.818.9ROA8.29.0EBITDA margin13.012.9Operating profit margin11.111.1EBITDA/net interest (x)184.3Net debt/equity-0.739.3Net debt/EBITDA (x)-0.01.7CF from operations/net debt59.5Per share data(CNY)EPS Rep (diluted)0.610.79HSBC QianhaiEPS (diluted)0.610.79DPS0.200.26Book value3.924.51Financials & valuation:Envicool Source: HSBCQianhai SecuritiesNote:Priced at close of 16 May 2025 Secular growth trend intactOversupply and undersupplyexistat the same time in ChinaIn the reportEnvicool (002837 CH): Downgrade to Hold: Still positive but valuation fair(19Feb 2025),we have observed thatthe number of large-scale intelligent computing orders inthe training marketwas decreasingin China, mainly due to under-utilisation.This is still thecase, in our view.The supply-demand dynamics havebecomemore complicated than weexpected, and haveslightlynegativeimplicationonliquid cooling applicationsand Envicool’s order intake:◆The oversupply in data centres in China is mainlyfromsmall scale (several megawatts)IDCs, which cannot meet thedemandofhyperscalers’cloud services.Some domesticcomputing centres only rented out 20-30% of their servers in 2024, while the utilisation rateof national average intelligent computing centres was 32% in 1H24 (source: Jazzyear, 14January2025).◆The undersupplyisinboth mega projects and mini projects.Mega projects take time to getapproval and constructed. Manycorporationsare purchasing and installing local servers inmini scale to apply AIin their business. Liquid cooling technology isonly necessaryformega projects.◆The increasing construction activity of mega datacentresthatcan runinference modelsin China iscurbedby shortage of high-performance GPUs from suppliers such as Nvidia.Thishasalso slowed down theapplicationof liquid cooling in data centres.◆Majority of domestic data centres and servers still adopttheair cooling technology. Theapplication of liquid coolingtechnologyis growing slower than expectations.We think the application of liquid cooling in data centres in Chinaisstill on a growing trend,albeitata slower pace than expected. Some of these negative factorswill likelysubside in timebut others are likely to linger.Overseasbusiness an important growth driverEnvicool’sdomestic and overseasrevenuegrew by 35.7%and4.0% y-o-y,respectively,in2024.Overseasrevenue and gross profit contribution for Envicool was 14.4% and 24.7% in2024, respectively.Most ofEnvicool’s overseasgross profit contributioncamefromenergy storage in 2024, and weexpect more overseasprofit contribution from data centre cooling in 2025. Envicoolhasactivelyexpandedits overseas datacentrebusiness andiscontinuously expandingits customer base.Intheoverseasmarkets, Envicool enjoys higher gross margi