Invic (002837): IDC, cabinet refrigeration and power generation performance growth far exceeds expectations

Invic (002837): IDC, cabinet refrigeration and power generation performance growth far exceeds expectations
Event: Invic has released the 2019 annual performance forecast, and it is expected that in 2019, it will realize the net profit attributable to shareholders of listed companies.51?1.72 ppm, a 40% increase in ten years?60%, where the median Q4 net profit is 0.600 million, a surge of 161 in ten years.87%, far more than expected. Invico’s rapid growth in 2019 is mainly driven by the demand of IDC, communication network, ETC gantry system and rail transit construction. The company’s corresponding business has achieved rapid growth, among which the sales of ETC supporting cabinet temperature control products areIncreased.At the same time, the company optimized its R & D, market, 杭州桑拿网 product and supply chain strategies in 2019, driving the related sectors to show a good trend of simultaneous increase in revenue and gross profit margin. The technical advantages are obvious, leading the trend of IDC temperature control.The core technical team of Inventor is from Emerson and Huawei Electric. They have mastered “frequency conversion drive technology”, “fluorine pump multi-cycle natural cooling technology and unit”, “indirect evaporative cooling technology and unit”, “wind wall fresh air cooling technology”Industry-leading technology.At present, the proportion of large and medium-sized data centers in newly-built IDCs continues to increase, energy conservation and consumption reduction, and rapid construction and deployment have become the industry trend.Invic’s asynchronous evaporative cooling solution has significant advantages in reducing PUE and OPEX, and has been highly recognized by customers. Its market share has continued to increase, and it has successfully entered the short list of IDC supply of well-known giants such as Tencent, Ali, and the three major communications operators.At present, the company is actively developing various emerging refrigeration technologies, and is committed to creating a vertical refrigeration product line from the network element level to the data center level, which penetrates up and down to reliably and efficiently reduce the data center PUE. Risk warnings: 1. IDC industry investment grows rapidly; 2. Intensified competition in the IDC refrigeration industry leads to pressure on gross profit margin; 3. Shanghai Ketai is less integrated than expected; 4. Goodwill impairment risk.