Investment Rating - The investment rating for the company is "Buy" (first coverage) [5] Core Viewpoints - The company specializes in enhanced heat transfer technology and high-efficiency heat exchanger manufacturing, providing energy-efficient and stable heat transfer solutions [5][8] - The market for heat exchange equipment in China is expected to continue growing, with a projected increase from 81.05 billion yuan in 2019 to 90.02 billion yuan in 2023, and an estimated compound annual growth rate of 3.29% until it reaches 99.21 billion yuan by 2026 [5][40] - The company has a strong competitive advantage in heat transfer solutions, focusing on technology-driven development and possessing multiple core technologies and patents [5][43] Company Overview - The company, Beijing Guangsha Huaneng Technology Co., Ltd., was established in 2001 and aims to become a global leader in enhanced heat transfer technology products [8] - The main products include high-flow heat exchangers, high-condensation heat exchangers, corrugated tube heat exchangers, and falling film evaporators, which are critical in various industrial applications [9][11] Financial Forecast - The company's total revenue is projected to grow from 524.38 million yuan in 2023 to 695.13 million yuan by 2026, with a compound annual growth rate of approximately 9.15% [4] - The net profit attributable to the parent company is expected to increase from 125.64 million yuan in 2023 to 176.35 million yuan by 2026, with a notable growth rate of 22.84% in 2024 [4] Industry Development Status - The heat exchange equipment market in China is experiencing steady growth, driven by stable demand from downstream industries such as refining, petrochemicals, and modern coal chemistry [40] - The company is well-positioned in the high-efficiency heat exchanger sector, having developed significant capabilities in research, design, and manufacturing over its 20 years of operation [42]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 154 million yuan in 2024, representing a year-on-year growth of 22.75% [2] - The company maintains a dual-driven development model focusing on import substitution and expansion into foreign markets, which supports its growth prospects [2][3] Financial Summary - The company reported an estimated operating revenue of 540.52 million yuan for 2024, a year-on-year increase of 3.08% [2] - The projected net profit for 2024-2026 is 154 million yuan, 155 million yuan, and 174 million yuan respectively, with corresponding EPS of 1.43 yuan, 1.44 yuan, and 1.61 yuan [2] - The current price-to-earnings (P/E) ratio is projected to be 15.9X for 2024, 15.8X for 2025, and 14.1X for 2026 [2] Industry Insights - The trend of "reducing oil and increasing chemicals" is a significant energy transition in the refining industry, positively impacting the promotion of efficient heat exchangers [3] - The Chinese government has initiated policies to phase out smaller refining units, which is expected to enhance the market for the company's efficient products [3] - The company has established partnerships to develop new high-efficiency heat exchangers for the nuclear power sector, indicating strong growth potential in this area [4]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company is expected to achieve steady growth in profitability, driven by energy-saving and carbon-reduction initiatives that boost downstream demand [1]. - The company is a national high-tech enterprise specializing in the research, design, manufacturing, and sales of enhanced heat transfer technology and efficient heat exchange equipment [7]. - The anticipated revenue for 2024 is 540.51 million yuan, reflecting a year-on-year growth of 3.08%, while the net profit attributable to the parent company is projected to be 154.23 million yuan, a year-on-year increase of 22.76% [7]. - The company is positioned to benefit from government policies promoting energy efficiency and carbon reduction in industrial sectors, with significant investments expected in equipment upgrades [7]. Financial Performance Forecast - Revenue is projected to grow from 524.38 million yuan in 2023 to 782.00 million yuan in 2026, with growth rates of 10.14%, 3.08%, 21.74%, and 18.84% respectively [2][9]. - Net profit attributable to the parent company is forecasted to increase from 125.64 million yuan in 2023 to 202.56 million yuan in 2026, with growth rates of -4.28%, 22.76%, 11.54%, and 17.75% respectively [2][9]. - The diluted EPS is expected to rise from 1.17 yuan in 2023 to 1.88 yuan in 2026, with corresponding P/E ratios decreasing from 20.09 to 12.46 [2][9]. Market Position and Opportunities - The company’s products are well-suited to meet the increasing demand for efficient heat exchange in the refining and petrochemical industries, driven by the need for energy efficiency and reduced emissions [7]. - The report highlights the potential for the company to become a leading supplier of enhanced heat transfer technology products globally, focusing on R&D and market expansion [7].

证券代码：873703 证券简称：广厦环能 公告编号：2025-001 北京广厦环能科技股份有限公司 第四届董事会第六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 1 月 6 日 2.会议召开地点：公司会议室 5.会议主持人：董事长韩军女士 6.会议列席人员：公司监事、高级管理人员、董事会秘书 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议程序等方面符合相关法律法规、部门规章、规 范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 5 人，出席和授权出席董事 5 人。 董事朱小琳、任淑彬因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于使用部分闲置募集资金进行现金管理的议案》 1.议案内容： 3.会议召开方式：现场和网络相结合方式 4.发出董事会会议通知的时间和方式：2025 年 1 月 3 日以邮件方式发出 公司使用部分闲置募集资金进行现金管理，是基于确 ...

中信建投证券股份有限公司 关于北京广厦环能科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 为北京广厦环能科技股份有限公司（以下简称"广厦环能"或"公司"）向不特 定对象公开发行股票并在北京证券交易所（以下简称"北交所"）上市的保荐机 构。根据《北京证券交易所上市公司持续监管办法（试行）》《北京证券交易所证 券发行上市保荐业务管理细则》《北京证券交易所股票上市规则（试行）》《北京 证券交易所上市公司持续监管引第 9 号——募集资金管理》等有关规定，对广厦 环能使用部分闲置募集资金进行现金管理事项进行了核查，具体情况如下： 一、募集资金基本情况 2023 年 11 月 24 日，公司发行普通股 15,000,000 股，发行方式为向战略投 资者定向配售和网上向开通北交所交易权限的合格投资者定价发行相结合的方 式，发行价格为 23.45 元/股，募集资金总额为 351,750,000.00 元，实际募集资金 净额为 321,851,781.12 元，到账时间为 2023 年 11 月 28 日。公司因行使超额配 售选择权取得的募集资金 ...

证券代码：873703 证券简称：广厦环能 公告编号：2025-002 北京广厦环能科技股份有限公司 第四届监事会第四次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议程序等方面符合相关法律法规、部门规章、规 范性文件和《公司章程》的规定。 公司使用部分闲置募集资金进行现金管理，是基于确保募集资金投资项目正 1.会议召开时间：2025 年 1 月 6 日 2.会议召开地点：公司会议室 3.会议召开方式：现场和网络相结合的方式 4.发出监事会会议通知的时间和方式：2025 年 1 月 3 日以邮件方式发出 5.会议主持人：监事会主席孙文浩先生 常实施和确保募集资金安全的前提下进行的，不会影响募投项目的正常运转。本 次拟使用额度不超过人民币 20,000.00 万元的闲置募集资金进行现金管理，自公 司董事会审议通过之日起 12 个月内有效。 具体内容详见公司在北京证券交易所指定信息披露 ...

Group 1: Company Overview and Commitment - The company and its board guarantee the authenticity, accuracy, and completeness of the announcement content, assuming legal responsibility for any false records or omissions [2] Group 2: Investor Relations Activities - The company hosted an investor relations activity on December 26, 2024, attended by various securities and asset management firms [12][9] - Key personnel included the board secretary and financial head, who addressed questions regarding the company's operations and market trends [4] Group 3: Policy Impact and Market Trends - The "reduce oil and increase chemicals" policy aims to decrease refined oil production while boosting chemical product output, with a focus on energy transition in the refining industry [5][10] - The National Development and Reform Commission has mandated the elimination of refining units with a capacity below 200,000 tons/year, promoting industry consolidation [4] - Over the next five years, central enterprises are expected to invest over 3 trillion yuan in equipment upgrades, enhancing energy efficiency and reducing emissions [4] Group 4: Company Performance and Future Outlook - The company has achieved a compound annual growth rate (CAGR) of 8.05% in revenue over the past five years, primarily by supplying efficient heat exchangers to major integrated refining projects [19] - The company's product delivery is customized, with production cycles ranging from 6 to 12 months, leading to irregular order fulfillment patterns [6] - The ongoing expansion of the chemical product supply chain is anticipated to drive further revenue growth in the coming years [6] Group 5: Global Market Participation - The trend of "reduce oil and increase chemicals" is also applicable internationally, with major companies like ExxonMobil and BASF investing in the ethylene and downstream sectors [22] - The company is actively participating in global chemical projects, collaborating with both domestic and international partners [17]

Investor Relations Activity - Activity held on December 26, 2024, at the company's conference room [1] - Attended by multiple securities firms and asset management companies, including Kaiyuan Securities, Changjiang Securities, and Huaxin Securities [1] "Reduce Oil, Increase Chemicals" Policy - Policy aims to control gasoline and diesel production while increasing specialty chemical products [6] - Currently in an active promotion and accelerated transformation phase [8] - Applicable globally, with major international chemical producers like ExxonMobil and BASF focusing on ethylene and downstream industries [9] - Supported by policies such as the "Energy Conservation and Carbon Reduction Action Plan for the Refining Industry" and the "Implementation Plan for Promoting Equipment Renewal in the Industrial Sector" [6] Market Prospects and Company Performance - Company's efficient heat exchanger products meet the needs of refining industry upgrades, benefiting from both new and retrofit markets [6] - Achieved a compound annual growth rate of 8.05% in revenue over the past 5 years by providing efficient heat exchangers for most domestic mega-refining projects [11] - Future growth expected from downstream chemical product industries and new material production [4] Order Production and Delivery - No clear pattern in order production and delivery, with significant fluctuations between quarters [4] - Customized products with production and delivery cycles of 6-12 months, adjusted based on user installation progress [4] Overseas Business - Overseas business involves both domestic companies going abroad and collaborations with foreign advanced process package providers like SD and KBR [9] - Actively participating in global chemical projects, including a natural gas chemical project in Uzbekistan [9] Policy Impact and Industry Trends - Policies such as the "Carbon Peak Action Plan Before 2030" and the "14th Five-Year Plan for Promoting High-Quality Development of the Petrochemical and Chemical Industry" emphasize reducing oil refining capacity and increasing chemical production [13] - Central enterprises expected to invest over 3 trillion yuan in equipment renewal and transformation over the next five years [6]

证券代码：873703 证券简称：广厦环能 公告编号：2024-110 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议程序等方面符合相关法律法规、部门规章、规 范性文件和《公司章程》的规定。 （二）会议出席情况 北京广厦环能科技股份有限公司 第四届董事会第五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 12 月 9 日 2.会议召开地点：公司会议室 5.会议主持人：董事长韩军女士 6.会议列席人员：公司监事、高级管理人员、董事会秘书 本议案不涉及关联交易，无需回避表决。 4.提交股东大会表决情况： 本议案无需提交股东大会审议。 会议应出席董事 5 人，出席和授权出席董事 5 人。 董事任淑彬、朱小琳因个人原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于聘任副总经理的议案》 1.议案内容： 3.会议召开方式：现场和网络相结合方式 4.发出董事会会议通知的时间和方式：2024 年 ...

证券代码：873703 证券简称：广厦环能 公告编号：2024-111 北京广厦环能科技股份有限公司高级管理人员任命公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、任免基本情况 （一）任免的基本情况 公司新任董事、监事、高级管理人员候选人的任职资格符合法律法规、部门规章、 业务规则和公司章程等规定。本次任命未导致董事会中兼任高级管理人员的董事和由职 工代表担任的董事人数超过公司董事总数的二分之一。 本次任命不存在公司董事、高级管理人员兼任本公司监事的情形；不存在公司监事 为公司董事、高级管理人员的配偶、父母和子女情形。 根据《公司法》及《公司章程》等有关规定，公司第四届董事会第五次会议于 2024 年 12 月 9 日审议并通过了《关于聘任副总经理的议案》，表决情况：同意 5 票、反对 0 票、弃权 0 票。 聘任郝振良先生为公司副总经理，任职期限至公司第四届董事会任期届满之日止， 自 2024 年 12 月 9 日起生效。上述聘任人员持有公司股份 0 股，占公司股本的 0.00%， 不是失信联 ...