3Q26喜忧参半：收入扩张，毛利率仍承压

Nomura published a quick note on Envicool (002837.SZ) following its 3Q26 results. Revenue continued to expand in the quarter while earnings declined modestly y-y, with gross margin still under pressure, which the report attributes to intensified price competition in China's IDC and ESS cooling market and an unfavorable product mix. Helped by higher advance payments from customers, contract liabilities rose sharply versus the start of the year, pointing to a strong order backlog, and operating cash flow improved significantly y-y. The analyst believes demand for the company's air-cooling and liquid-cooling businesses remains solid both domestically and overseas, but competition headwinds in China may last longer as end customers are more price sensitive;