1.2 十四五期間，預(yù)計(jì)國(guó)內(nèi)光伏年均新增裝機(jī)76-86GW

我國(guó)將2030年非化石能源占比目標(biāo)提升至25%（此前2030年非化石能源占比目標(biāo)為20%）。2019年我國(guó)非化石能源占 比已經(jīng)達(dá)到了15.3%，預(yù)計(jì)2020年可以提升至16%；在此基礎(chǔ)上2030年非化石能源占比目標(biāo)達(dá)到25%，平均每年提升幅 度為0.9pct。考慮水電、核電的資源儲(chǔ)備、建設(shè)周期及地理限制條件后，我們認(rèn)為2030年的光伏、風(fēng)電累計(jì)裝機(jī)合理區(qū)間應(yīng)該在 1800-2000GW左右，即未來(lái)十年風(fēng)電+光伏年均裝機(jī)規(guī)模達(dá)到130GW-150GW區(qū)間，其中十四五期間的合理年均新增裝 機(jī)規(guī)模為108-124GW，十五五期間的合理年均裝機(jī)規(guī)模為155-178GW。十三五期間這一數(shù)值為55GW左右。

1.3 儲(chǔ)能兩大根本驅(qū)動(dòng)→七種場(chǎng)景

儲(chǔ)能的本質(zhì)驅(qū)動(dòng)來(lái)自于新型電力系統(tǒng)所需靈活性資源及用戶側(cè)的低成本高質(zhì)量用電需求，具體可分為發(fā)電側(cè)、電網(wǎng)側(cè) 和用戶側(cè)共七種場(chǎng)景（互有交叉）。

發(fā)電側(cè)：平抑發(fā)電波動(dòng)，維持電網(wǎng)平衡，以新能源配套儲(chǔ)能為主。

電網(wǎng)側(cè)：以調(diào)峰調(diào)頻等輔助服務(wù)維持電網(wǎng)平衡需求為主，另外還有延緩電網(wǎng)投資需求。

1.2 During the 14th Five-Year Plan period, it is estimated that 76-86GW will be newly installed annually in China  

The country has raised its non-fossil energy share target to 25% by 2030, up from 20% previously.  In 2019, the share of non-fossil energy in China reached 15.3 percent, and is expected to increase to 16 percent in 2020.  On this basis, the proportion of non-fossil energy in 2030 will reach 25%, with an average annual increase of 0.9 PCT.  After considering the resource reserve, construction cycle and geographical constraints of hydropower and nuclear power, we believe that the reasonable range of cumulative installed capacity of photovoltaic and wind power in 2030 should be about 1800-2000GW, that is, the average annual installed capacity of wind power and PV in the next ten years should reach 130GW-150GW.  Among them, the reasonable average annual new installation scale during the 14th Five-Year plan is 108-124GW, and the reasonable average annual installation scale during the 15th five-year plan is 155-178GW.  During the 13th Five-Year Plan period, this value is about 55GW.  

1.3 Two fundamental drives of energy storage → Seven scenarios  

The essential drive of energy storage comes from the flexible resources required by the new power system and the low cost and high quality power demand of the user side, which can be divided into seven scenarios (intersecting each other) of the generation side, the grid side and the user side.  

Generation side: to smooth the fluctuation of power generation, maintain the balance of power grid, and mainly use new energy to support energy storage.  

On the power grid side, auxiliary services such as peak regulation and frequency modulation are mainly used to maintain the balance demand of the power grid, and the demand for delaying the investment of the power grid is also delayed.  

User side: Domestic energy storage is mainly industrial and commercial energy storage, while overseas energy storage includes household energy storage and industrial and commercial energy storage.  

1.4 The global installed capacity is expected to reach 196GWh in 2025  

Installed capacity forecast: In 2021, the global installed capacity of new electrochemical energy storage is 9.69GW, with a year-on-year growth of 100%, and in 2025, the new capacity can reach 74.77GW.  

Driving factors: In 2020, China is mainly driven by the new energy power generation side and the power grid side, and the industrial and commercial users are slightly delayed in the short term but safe in the long term due to the impact of recent fire accidents.   Both large projects and user-side energy storage in the U.S. are already market-driven and are expected to more than double in 2021.  Europe, Australia, Japan, South Africa, South America and other places are maintaining a rapid growth of home energy storage.  

Yihua Shares: photovoltaic bracket rookie, automotive connector into the harvest period  

2.1 Since its establishment, the company has continuously expanded and segmented areas horizontally and upgraded product structure vertically  

Since its establishment in 1995, Yihua has expanded from communication connectors, consumer electronics and machines to automotive connectors and photovoltaic supports through endogenous growth and extension acquisition.  

2.2 The company's products mainly include connectors and photovoltaic supports  

The main products of Yihua are connectors and photovoltaic tracking brackets;  Among them, connectors include communication connectors, consumer electronics connectors, automotive connectors, and so on. The main products of optical volt bracket are structural systems (rotatable bracket).  

2.3 Photovoltaic tracking support is one of the components of photovoltaic power generation system  

Photovoltaic power generation system includes photovoltaic module, inverter, photovoltaic support and other core equipment and other accessories.   As the "skeleton" of the power plant, the performance of the photovoltaic scaffold directly affects the power generation efficiency and investment income of the photovoltaic power plant.  The upstream of the PV bracket is aluminum alloy, steel and other non-metallic raw materials, the middle reaches is the design and production of the PV bracket, and the downstream is the application of the PV bracket, namely the PV power station.  

2.4 Automotive connector business has entered the strategic harvest period and become a new driver of performance  

The company automobile connector early development investment gradually complete, business has begun to enter the harvest period.  The early company's automotive connector business losses, mainly due to the initial investment in the construction of larger spending.   In the first half of 2021, Suzhou Eno's revenue was 33 million yuan, a year-on-year increase of 109.8%, and its net profit was 720,000 yuan, gradually turning a loss into a profit (a loss of 6 million yuan in the same period last year).  

Products: The company's automotive connector business covers new energy vehicles and ASDS autonomous driving plate, the current products include vehicle high-speed connector HSD series, BMS new energy connector, body ECU/VCU, automotive glass lift connector, etc.  

Customers: The company has obtained more than 200 million yuan of projects from BYD, Geely, GKN, Huawei, Dongfeng, CRRC, Ambofu and other big customers, and is gradually increasing the volume, and has won a good reputation from customers.   The future automotive connector business is expected to continue to benefit from the downstream customer order volume, scale effect significantly enhanced.  

Kehua Data: IDC transformation is successful, and inverter business layout is expanded again  

3.1 IDC strategic transformation is successful, and the new energy business sets sail  

The company was founded in 1988 in Zhangzhou, Fujian Province, focusing on power electronic technology research and development and equipment manufacturing;   In 1999, it completed the shareholding system transformation and formed the layout of high-tech enterprises in Xiamen, Zhangzhou and Shenzhen.  In 2010, the company was listed on Shenzhen Stock Exchange and entered a new stage of development.   In 2016, it began to build its own data center in Beijing, Shanghai and Guangzhou to promote the nationwide distribution of cloud basic services.  Relying on the advantages of UPS technology and customer resources, the company realizes the strategic transformation of IDC and accelerates the expansion of new energy business.  Currently, the company's main businesses are data centers, new energy and smart power (63%, 13% and 22% of revenue in the first half of 2021, respectively).  

3.2 IDC core assets are still scarce  

Industry digitalization and cloud-driven traffic on enterprises grow rapidly, and IDC has long-term high growth: massive data storage and computing drive up the demand for data center construction. According to the data of China Information and Communication Institute, the revenue of IDC industry in China from 2018 to 2020 is CAGR of 31.55%.   The Ministry of Industry and Information Technology issued the Three-year Action Plan for the Development of New Data Centers (2021-2023). In the past three years, the average annual growth rate of the rack size of data centers in China has been maintained at about 20%.  First-tier cities gather a large number of Internet customers, cloud service providers and financial customers. IDC in the core city has the advantages of short distance, low delay, convenient management and maintenance, and the demand keeps growing at a high speed.  However, due to the strict control of PUE and the restriction of land and power indicators, the effective supply is insufficient.  According to the estimation of the Ministry of Industry and Information Technology, the expected number of available data center racks in Beijing, Shanghai and Guangzhou and Shenzhen in 2021 is less than the number of racks required in 2020, and the scarcity of IDC assets in core areas is still strong.  

3.3 Kehua Data's IDC business is deeply bound to Tencent  

The company has built 7 data centers in Beijing, Shanghai and Guangzhou, operates more than 20 data centers in more than 10 cities nationwide, and owns about 30,000 cabinets. It plans to add more than 10,000 self-built cabinets every year from 2021 to 2023.   At present, the company's on-board rate is about 71%, much higher than the average level of data center utilization;   On the one hand, the company's data centers are located in the core areas of first-tier cities. On the other hand, with the customer resources of UPS business, the company has the leading sales capacity.  

The company is deeply bound to Tencent, and has carried out in-depth cooperation in product development, EPC construction, operation and maintenance, cloud service sales and other aspects.   Co-developed T-Block products have been widely used in Tencent's data centers;  Participated in the planning, design, construction and operation of three customized data centers: Guangzhou Keyun, Zhangjiakou Tengzhi and Qingyuan Guoteng.   Recently, the company has signed an annual framework agreement with Tencent for the construction of 2.2 data centers in Qingcheng, Qingyuan, Guangdong. The subsequent stable bidding of Tencent provides strong support for the order growth of the company.  

04 Invek: precision temperature control leader, continue to lead the energy storage temperature control market  

4.1 Multi-field expansion of precision temperature control faucet  

The company is a leading domestic supplier of precision temperature control and energy saving solutions and products, committed to providing equipment cooling solutions for cloud computing data centers, server rooms, communication networks, power grids, energy storage systems and other fields.   In 2016, the company was successfully listed on the Shenzhen Stock Exchange.  In 2018, the company acquired Shanghai Ketai, entered the rail transit train air conditioning business, and carried out the research and development of electronic cooling products;  In 2019, the air environment machine was launched to layout the field of indoor healthy environment.  

4.2 Expansion of precision temperature control faucet in multiple fields  

The company's business is divided into room temperature control and energy saving (application fields include data center, etc.), cabinet temperature control and energy saving (application fields include energy storage power station, wireless communication base station, etc.), rail transit train air conditioning and service, bus air conditioning, and others (including electronic heat dissipation, healthy environment, etc.).   From 2016 to 2020, the company recorded a CAGR of 32.25% in operating revenue and 21.76% in net profit attributable to its parent.  

In the first half of 2021, the company achieved revenue of 981 million yuan, up 46.31 percent year on year, and net profit attributable to its parent reached 107 million yuan, up 40.81 percent year on year.   Among them, the new infrastructure drove the large-scale construction of data centers in 2020, and the company's multi-year project intensive acceptance confirmed that the revenue of this business increased by 75.67% year-on-year to 530 million yuan.  Benefiting from the rapid growth of energy storage applications, the revenue of cabinet temperature control energy-saving products increased by 61.68% year-on-year to 292 million yuan.  The peak of 5G construction in 2021 was concentrated in the second half of the year (the peak in 2020 was in the second quarter), and the seasonal difference caused the year-on-year decline in the revenue of communication base stations.  

4.3 Carbon Neutrality has stringent requirements on data center energy consumption  

China's data center green development process increasingly accelerated.  Before 2013, the average PUE of China's VLDCS exceeded 1.7, and by the end of 2019, the average PUE of China's VLDCS was 1.46.  In the context of carbon neutrality, the Three-year Action Plan for the Development of New Data Centers (2021-2023) plans that by the end of 2023, the PUE of new data centers of large size or above will be reduced to below 1.3, and the PUE will be reduced to below 1.25 in cold and cold areas.  

About 43 percent of the energy consumption in a data center is generated by refrigeration equipment.  IT equipment energy consumption and power supply loss are difficult to reduce. To reduce PUE, reduce cooling energy consumption.   Indirect evaporative cooling can effectively realize the utilization of natural cold source, and is the most effective natural cold source utilization scheme at present. Compared with the traditional chilled water system, it can reduce the refrigeration energy consumption by about 30%.  

4.4 Indirect evaporative cooling leader  

The company has provided a large number of energy-efficient cooling products and systems for the large-scale data centers of Tencent, Alibaba, Qinhuai Data, Wanguo Data, Data Harbor, China Mobile, China Telecom, China Unicom and other users.   The company is the mainstream supplier of indirect evaporative cooling for large-scale commercial use in China. It is also the first company to introduce this technology into the large-scale commercial use of data centers, and keeps the first share in the industry.  Indirect evaporative cooling has expanded the company's effective demand by about three times compared to traditional chilled water cooling systems, and the company has benefited greatly from the increased penetration rate of this technology (currently about 10%-20%).  

Liquid cooling: Facing the heat dissipation of data centers with high thermal density and high energy efficiency, liquid cooling technology is on the rise.   China's liquid-cooled data center market size penetration will grow to 25% in 2022-2025, according to estimates from CCID Consultants.  Invek's full-chain liquid cooling solution has achieved batch application of 200kW for a single cabinet. The fully liquid-cooled cold plate solution has refreshed the highest thermal density and completed commercial use in ultra-high computing power scenarios.   The company already has the capability to provide end-to-end full chain products and solutions for several Internet leading enterprises to provide trials and enter the small-scale application stage. 

用戶側(cè)：國(guó)內(nèi)以工商業(yè)儲(chǔ)能為主，海外包括戶用儲(chǔ)能和工商業(yè)儲(chǔ)能。

1.4 2025年全球新增裝機(jī)有望達(dá)196GWh

裝機(jī)預(yù)測(cè)：2021年全球新增電化學(xué)儲(chǔ)能裝機(jī)9.69GW，同比增長(zhǎng)100%，2025年當(dāng)年新增可達(dá)74.77GW。

驅(qū)動(dòng)因素：中國(guó)2020年主要由新能源發(fā)電側(cè)、電網(wǎng)側(cè)推動(dòng)，工商業(yè)用戶側(cè)受近期火災(zāi)事故影響短期內(nèi)略有遲滯但長(zhǎng)期無(wú)虞。美國(guó)的大型項(xiàng)目及用戶側(cè)儲(chǔ)能均已實(shí)現(xiàn)市場(chǎng)化驅(qū)動(dòng)，2021年有望翻倍以上。歐洲、澳洲、日本、南非、南美等地的家庭儲(chǔ)能正保持快速增長(zhǎng)態(tài)勢(shì)。

2.1 成立以來(lái)，公司不斷橫向拓展細(xì)分領(lǐng)域、縱向升級(jí)產(chǎn)品結(jié)構(gòu)

1995年成立以來(lái)，意華通過(guò)內(nèi)生增長(zhǎng)、外延并購(gòu)等，從通訊連接器、消費(fèi)電子連機(jī)器，拓展至汽車(chē)連接器和光伏支架領(lǐng)域。

2.2 公司的產(chǎn)品，主要包括連接器和光伏支架

意華股份的主要產(chǎn)品為連接器和光伏跟蹤支架；其中，連接器包括通訊連接器、消費(fèi)電子連接器、汽車(chē)連接器等，光 伏支架主要產(chǎn)品為結(jié)構(gòu)系統(tǒng)（可旋轉(zhuǎn)支架）。

2.3 光伏跟蹤支架是光伏發(fā)電系統(tǒng)的組成部分之一

光伏發(fā)電系統(tǒng)包括光伏組件、逆變器、光伏支架等核心設(shè)備及 其他配件。光伏支架作為電站的“骨骼” ，其性能直接影響光伏電站的發(fā)電效率及投資收益。光伏支架上游為鋁合金，鋼材以及其他非金屬原材料，中游為光伏支架的設(shè)計(jì)和生產(chǎn)，下游 是光伏支架的運(yùn)用即光伏電站。

2.4 汽車(chē)連接器業(yè)務(wù)進(jìn)入戰(zhàn)略收獲期，成為業(yè)績(jī)新驅(qū)動(dòng)

公司汽車(chē)連接器的前期開(kāi)發(fā)投入逐漸完備，業(yè)務(wù)已經(jīng)開(kāi)始進(jìn)入收獲期。前期公司的汽車(chē)連接器業(yè)務(wù)接連虧損，主要是由于 業(yè)務(wù)初期的投入建設(shè)支出較大等。2021年上半年，蘇州遠(yuǎn)野收入0.33億元、同比增長(zhǎng)109.8%，實(shí)現(xiàn)凈利潤(rùn)72萬(wàn)元、逐漸扭虧為盈（去年同期虧損600萬(wàn)元)。

產(chǎn)品：公司汽車(chē)連接器業(yè)務(wù)覆蓋新能源汽車(chē)及ASDS自動(dòng)駕駛板塊，目前的產(chǎn)品包括車(chē)載高速連接器HSD系列，BMS新能源連接器、車(chē)身 ECU/VCU、汽車(chē)玻璃升降連接器等。

客戶：公司已獲得 BYD、吉利、GKN、華為、東風(fēng)、中車(chē)、安波福等大客戶逾2億元的項(xiàng)目，正在逐步放量中，且獲得了客戶的良好口碑。未來(lái)汽車(chē)連接器業(yè)務(wù)有望持續(xù)受益于下游客戶的訂單放量，規(guī)模效應(yīng)顯著增強(qiáng)。

3.1 IDC戰(zhàn)略轉(zhuǎn)型成功，新能源業(yè)務(wù)揚(yáng)帆起航

公司前身于1988年在福建漳州成立，專(zhuān)注于電力電子技術(shù)研發(fā)與設(shè)備制造；1999年完成股份制改造，形成廈門(mén)、漳州 和深圳三地高新技術(shù)企業(yè)布局。2010年公司在深圳證券交易所掛牌上市，發(fā)展邁入新階段。2016年開(kāi)始在北上廣自建 數(shù)據(jù)中心，推進(jìn)云基礎(chǔ)服務(wù)全國(guó)布局。公司依托UPS業(yè)務(wù)的技術(shù)和客戶資源優(yōu)勢(shì)，實(shí)現(xiàn)IDC戰(zhàn)略轉(zhuǎn)型，加速拓展新能 源業(yè)務(wù)。目前，公司的主營(yíng)業(yè)務(wù)為數(shù)據(jù)中心、新能源和智慧電能（2021年上半年的營(yíng)收占比分別為63%、13%、 22%）。

3.2 IDC核心資產(chǎn)仍稀缺

行業(yè)數(shù)字化和企業(yè)上云驅(qū)動(dòng)流量高速增長(zhǎng)，IDC具備長(zhǎng)期高成長(zhǎng)性：海量數(shù)據(jù)的存儲(chǔ)和計(jì)算推升數(shù)據(jù)中心的建設(shè)需求， 根據(jù)中國(guó)信通院數(shù)據(jù)，2018-2020年我國(guó)IDC行業(yè)收入CAGR為31.55%。工信部發(fā)布《新型數(shù)據(jù)中心發(fā)展三年行動(dòng)計(jì)劃 （2021-2023）》，近三年全國(guó)數(shù)據(jù)中心機(jī)架規(guī)模年均增速保持在20%左右。一線城市聚集了大量的互聯(lián)網(wǎng)客戶、云服務(wù)商和金融客戶，核心城市IDC具有距離近、時(shí)延低、管理維護(hù)便利等優(yōu)勢(shì)，需求持續(xù)高速增長(zhǎng)。而受PUE嚴(yán)控、土地和電力指標(biāo)限制等因素影響，有效供給不足。根據(jù)工信部測(cè)算，2021年北京、 上海、廣深的預(yù)計(jì)可用數(shù)據(jù)中心機(jī)架數(shù)均小于2020年需求機(jī)架數(shù)，核心區(qū)域IDC資產(chǎn)稀缺性仍強(qiáng)。

3.3 科華數(shù)據(jù)IDC業(yè)務(wù)與騰訊深度綁定

公司于北京、上海、廣州建成7大數(shù)據(jù)中心，在全國(guó)10多個(gè)城市運(yùn)營(yíng)20多個(gè)數(shù)據(jù)中心，擁有機(jī)柜數(shù)量約3萬(wàn)架，2021- 2023年計(jì)劃每年新增自建機(jī)柜1萬(wàn)個(gè)以上。目前公司的上架率約為71%，遠(yuǎn)高于數(shù)據(jù)中心利用率平均水平；一方面，公司數(shù)據(jù)中心均處于一線城市核心區(qū)域，另一方面，憑借UPS業(yè)務(wù)的客戶資源，公司銷(xiāo)售能力領(lǐng)先。

公司深度綁定騰訊，從產(chǎn)品開(kāi)發(fā)、EPC建設(shè)運(yùn)維、云服務(wù)銷(xiāo)售等方面開(kāi)展了深度合作。共同開(kāi)發(fā)的T-block產(chǎn)品已廣泛 應(yīng)用于騰訊的數(shù)據(jù)中心；參與規(guī)劃設(shè)計(jì)、建設(shè)及運(yùn)營(yíng)了廣州科云、張家口騰致、清遠(yuǎn)國(guó)騰三大定制化數(shù)據(jù)中心。近期 公司與騰訊在廣東清遠(yuǎn)清城2.2棟數(shù)據(jù)中心的建設(shè)簽訂了年度框架協(xié)議，后續(xù)騰訊穩(wěn)定的招投標(biāo)為公司訂單增長(zhǎng)提供有力支撐。

4.1 精密溫控龍頭多領(lǐng)域拓展

公司是國(guó)內(nèi)領(lǐng)先的精密溫控節(jié)能解決方案和產(chǎn)品提供商，致力于為云計(jì) 算數(shù)據(jù)中心、服務(wù)器機(jī)房、通信網(wǎng)絡(luò)、電力電網(wǎng)、儲(chǔ)能系統(tǒng)等領(lǐng)域提供 設(shè)備散熱解決方案。2016年公司在深交所成功上市；2018年公司收購(gòu)上?？铺?，進(jìn)入軌道交通列車(chē)空調(diào)業(yè)務(wù)，開(kāi)展電子散熱產(chǎn)品研發(fā)；2019年 推出空氣環(huán)境機(jī)，布局室內(nèi)健康環(huán)境領(lǐng)域。

4.2 精密溫控龍頭多領(lǐng)域拓展

公司將業(yè)務(wù)劃分為機(jī)房溫控節(jié)能（應(yīng)用領(lǐng)域包括數(shù)據(jù)中心等）、機(jī)柜溫控節(jié)能（應(yīng)用領(lǐng)域包括儲(chǔ)能電站、無(wú)線通信基 站等） 、軌道交通列車(chē)空調(diào)及服務(wù)、客車(chē)空調(diào)、其他（包括電子散熱、健康環(huán)境等）。2016-2020年，公司營(yíng)業(yè)收入 CAGR為32.25%，歸母凈利潤(rùn)C(jī)AGR為21.76%。

2021年上半年，公司實(shí)現(xiàn)營(yíng)收9.81億元，同比增長(zhǎng)46.31%，實(shí)現(xiàn)歸母凈利潤(rùn)1.07億元，同比增長(zhǎng)40.81%。其中，新基建驅(qū)動(dòng)2020年數(shù)據(jù)中心大規(guī)模建設(shè)，公司跨年度項(xiàng)目密集驗(yàn)收確認(rèn)，該業(yè)務(wù)營(yíng)收同比增長(zhǎng)75.67%至5.30億元。受益于儲(chǔ)能應(yīng)用的高速增長(zhǎng)，機(jī)柜溫控節(jié)能產(chǎn)品營(yíng)收同比增長(zhǎng)61.68%至2.92億元。2021年的5G建設(shè)高峰集中在下半年（2020年高峰 在二季度），季節(jié)性差異造成通信基站營(yíng)收同比下降。

4.3 碳中和對(duì)數(shù)據(jù)中心能耗要求更加嚴(yán)苛

我國(guó)數(shù)據(jù)中心綠色發(fā)展進(jìn)程日益加快。2013年以前，全國(guó)超大型 數(shù)據(jù)中心的平均PUE超過(guò)1.7，到2019年底，全國(guó)超大型數(shù)據(jù)中心 平均PUE為1.46。碳中和背景下，《新型數(shù)據(jù)中心發(fā)展三年行動(dòng)計(jì) 劃（2021-2023年）》計(jì)劃到2023年底，新建大型及以上數(shù)據(jù)中心 PUE降低到1.3以下，嚴(yán)寒和寒冷地區(qū)力爭(zhēng)降低到1.25以下。

在數(shù)據(jù)中心的能耗構(gòu)成中，約43%由制冷設(shè)備產(chǎn)生。IT設(shè)備能耗和供電損耗較難節(jié)約，為降低PUE，減少制冷能耗勢(shì)在必行。間接蒸發(fā)冷卻能有效地實(shí)現(xiàn)自然冷源利用，是當(dāng)前最有效的自然冷源利用方案，與傳統(tǒng)冷凍水系統(tǒng)比可將制冷能耗降低30%左右。

4.4 間接蒸發(fā)冷卻領(lǐng)導(dǎo)者

公司已為騰訊、阿里巴巴、秦淮數(shù)據(jù)、萬(wàn)國(guó)數(shù)據(jù)、數(shù)據(jù)港、中國(guó)移動(dòng)、中國(guó)電信、中國(guó)聯(lián)通等用戶的大型數(shù)據(jù)中心提供了大量高效節(jié)能的制冷產(chǎn)品及系統(tǒng)。公司是國(guó)內(nèi)間接蒸發(fā)冷卻大規(guī)模商用的主流供應(yīng)商，也是最早將該技術(shù)導(dǎo)入數(shù)據(jù)中心規(guī)模商用的公司，持續(xù)保持行業(yè)第一份額。相對(duì)于傳統(tǒng)的冷凍水型制冷系統(tǒng)，間接蒸發(fā)冷卻使得公司的有效需求擴(kuò)張了3倍左右，公司深度受益于該技術(shù)的滲透率提升（目前約 10%~20%）。

液冷：面對(duì)高熱密度和超高能效的數(shù)據(jù)中心散熱，液冷技術(shù)方興未艾。根據(jù)賽迪顧問(wèn)專(zhuān)家估算，在2022-2025年，中國(guó)液冷數(shù)據(jù)中心市場(chǎng)規(guī)模滲透率將增長(zhǎng)至25%。英維克全鏈條液冷解決方案已實(shí)現(xiàn)單機(jī)柜200kW批量應(yīng)用，完全液冷的冷板方案刷新最高熱密度，并在超高算力場(chǎng)景完成商用；公司已經(jīng)具備提供端到端全鏈條產(chǎn)品和方案的能力， 為幾家互聯(lián)網(wǎng)頭部企業(yè)提供試驗(yàn)并進(jìn)入小規(guī)模應(yīng)用階段。