9月17日，西子洁能大宗交易成交37.87万股，成交额570.32万元，占当日总成交额的1.12%，成交价 15.06元，较市场收盘价15.06元持平。 | 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-09-17 | 002534 | 西子洁能 | 15.06 | 37.87 | 570.32 机构专用 | | 中信证券股份有限 | | | | | | | | | 公司泉州温陵北路 | | | | | | | | | 证券营业部 | ...

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－098 | | --- | --- | --- | | 债券代码：127052 | 债券简称：西子转债 | | 西子清洁能源装备制造股份有限公司 关于提前赎回西子转债实施暨即将停止转股的重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025年9月19日 2025年9月19日是"西子转债"最后一个转股日，当日收市前，持有"西子 转债"的投资者仍可进行转股；2025年9月19日收市后，未转股的"西子转债" 将停止转股。 2、截至2025年9月17日收市后，距离"西子转债"停止转股并赎回仅剩2个 交易日。本公司特提醒投资者仔细阅读本公告内容，关注相关风险，谨慎交易"西 子转债"。 特别提示： 1、"西子转债"赎回价格：101.12元/张（含息税，当期年利率1.50%），扣 税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中登 公司"）核准的价格为准。 2、有条件赎回条款触发日：2025年8月28日 3、赎回登记日：2025年9月 ...

Core Points - Xizi Clean Energy Equipment Manufacturing Co., Ltd. announced the early redemption of "Xizi Convertible Bonds" and the upcoming cessation of conversion rights [1] - The last conversion date for the bonds is September 19, 2025, after which unconverted bonds will be forcibly redeemed at a price of 101.12 CNY per bond (including interest and tax) on September 22 [1] - As of the market close on September 17, there are only 2 trading days left for investors to convert their bonds [1] - The company issued these convertible bonds in December 2021, and the conversion price has been adjusted multiple times due to the stock price triggering the redemption clause [1] - Investors are advised to be aware of the potential difference between the redemption price and the market price, and to convert in a timely manner to avoid losses [1]

Core Points - Xizi Clean Energy announced that the "Xizi Convertible Bonds" will be forcibly redeemed if not converted by the close of trading on September 19, 2025 [2] - Following the redemption, the "Xizi Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Investors holding "Xizi Convertible Bonds" that are pledged or frozen are advised to解除质押或冻结 before the conversion deadline to avoid forced redemption [2]

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－097 | | --- | --- | --- | | 债券代码：127052 | 债券简称：西子转债 | | 西子清洁能源装备制造股份有限公司 关于提前赎回西子转债实施暨即将停止转股的重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025年9月19日 2025年9月19日是"西子转债"最后一个转股日，当日收市前，持有"西子 转债"的投资者仍可进行转股；2025年9月19日收市后，未转股的"西子转债" 将停止转股。 2、截至2025年9月16日收市后，距离"西子转债"停止转股并赎回仅剩3个 交易日。本公司特提醒投资者仔细阅读本公告内容，关注相关风险，谨慎交易"西 子转债"。 特别提示： 1、"西子转债"赎回价格：101.12元/张（含息税，当期年利率1.50%），扣 税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中登 公司"）核准的价格为准。 2、有条件赎回条款触发日：2025年8月28日 3、赎回登记日：2025年9月 ...

Core Insights - The renewable energy industry is experiencing unprecedented development opportunities against the backdrop of "dual carbon" goals, with a focus on photovoltaic technology as a key driver for future energy structure transformation [1][2] - Xizi Clean Energy Equipment Manufacturing Co., Ltd. (Xizi Clean Energy) has strategically entered the perovskite photovoltaic sector by investing in Hangzhou Zhongneng Photovoltaic Technology Co., Ltd. (Zhongneng Photovoltaic) in 2021, marking a significant step in the exploration of renewable energy technology [1] - Perovskite photovoltaic technology is recognized for its high efficiency, low cost, and flexibility, positioning it as the core direction for next-generation photovoltaic technology [1] Company Developments - Zhongneng Photovoltaic has achieved significant milestones in technology research and industrialization, including the successful delivery of Hangzhou's first 100MW fully automated perovskite photovoltaic module production line in 2024, which enhances its capabilities in large-scale production [1][2] - The new production line not only automates the manufacturing process but also supports the production of large-area, high-energy-density flexible and rigid components, alongside the development of diversified products such as color-changing and specialty photovoltaic components [1] - The collaboration between Xizi Clean Energy and Zhongneng Photovoltaic is expected to drive the industrialization of perovskite photovoltaic technology and inject new vitality into the renewable energy sector [2] Strategic Outlook - Zhongneng Photovoltaic aims to achieve GW-level perovskite production line delivery, leveraging Xizi Clean Energy's engineering capabilities and large-scale production experience for deep synergy [2] - Xizi Clean Energy's market expansion experience and lean manufacturing capabilities provide robust support for Zhongneng Photovoltaic's strategic positioning in the perovskite production equipment sector [2] - The synergy between thermal power generation and perovskite equipment allows Xizi Clean Energy to offer a more comprehensive and efficient renewable energy solution [2]

Key Insights - The report highlights the potential growth of Xizi Clean Energy (002534.SZ) as a leading manufacturer of waste heat boilers and a supplier of solar thermal power generation equipment and nuclear power equipment [8][9][10] - The company has established a joint venture, Hangzhou Xizi Nuclear Energy Technology Co., Ltd., to enhance its capabilities in nuclear power equipment manufacturing [9] - Xizi Clean Energy is positioned to benefit from the growing market for solar thermal power, with a market share exceeding 40% in China [10][11] - The report emphasizes the significant market potential for solar thermal power development in China, estimating an annual market space of approximately 420 billion yuan [11][12] Industry Analysis - The macroeconomic environment shows a slowdown in economic growth, with industrial value-added growth at 5.2% year-on-year in August, indicating a need for policy support [15][16] - The renewable energy sector is expected to see increased investment and development, particularly in new energy storage and solar thermal power projects [23] - The report notes that the public utility and environmental protection sectors are experiencing growth, with a focus on new energy development and improved pricing mechanisms for renewable energy [22][24] - The food and beverage industry is under pressure, particularly high-end liquor, with a need to monitor sales performance during traditional peak seasons [25][26]

Core Viewpoint - The renewable energy industry is experiencing unprecedented development opportunities against the backdrop of the "dual carbon" goals, with photovoltaic technology, particularly perovskite technology, being identified as a key force in the future energy structure transformation [1][2]. Group 1: Company Overview - Xizi Clean Energy Equipment Manufacturing Co., Ltd. (Xizi Clean Energy) has strategically entered the perovskite photovoltaic field by investing in Hangzhou Zhongneng Photovoltaic Technology Co., Ltd. (Zhongneng Photovoltaic) in 2021, marking a significant step in the exploration of renewable energy technology [1]. - Zhongneng Photovoltaic has achieved notable results in technology research and industrialization, including the successful delivery of Hangzhou's first 100MW fully automated perovskite photovoltaic module production line in 2024, which signifies a solid step in the scale production of perovskite technology [2]. Group 2: Technological Advancements - The perovskite photovoltaic technology is recognized for its high efficiency, low cost, and flexibility, positioning it as the core direction for the next generation of photovoltaic technology [1]. - The new production line at Zhongneng Photovoltaic not only enables fully automated production but also supports the manufacturing of large-area, high-energy density flexible and rigid components, alongside the development of diversified products such as color-changing and specialty photovoltaic components [2]. Group 3: Strategic Collaboration - The collaboration between Xizi Clean Energy and Zhongneng Photovoltaic is expected to accelerate the industrialization of perovskite photovoltaic technology and inject new vitality into the renewable energy industry [3]. - As Zhongneng Photovoltaic aims for GW-level perovskite production capacity, Xizi Clean Energy's engineering capabilities and large-scale production experience are anticipated to provide strong support for this strategic goal, enhancing the overall product matrix in the clean energy equipment sector [2][3].

Investment Rating - The report gives an "Outperform the Market" rating for the company, with a reasonable valuation range of 19.10 - 20.11 CNY per share, indicating a potential upside of 30%-37% from the current price of 14.69 CNY [6][7]. Core Insights - The company is a leading manufacturer of waste heat boilers and is expanding into nuclear and clean energy equipment, having established a joint venture for nuclear power technology [1][2]. - The company holds a significant market share of over 40% in China's solar thermal power sector, with expectations for growth driven by solar thermal and molten salt energy storage [3][4]. - The market for solar thermal power is projected to reach approximately 420 billion CNY annually, with molten salt storage accounting for 84-126 billion CNY of that market [4][58]. Summary by Sections Company Overview - Established in 1955, the company has evolved from a waste heat boiler manufacturer to a comprehensive clean energy solutions provider, entering the nuclear power equipment sector in 1998 [1][9]. - The company has become a qualified supplier for major nuclear power groups and has obtained necessary manufacturing licenses for nuclear safety equipment [2][9]. Financial Performance - The company expects revenues of 71.6 billion CNY in 2025, with a growth rate of 11%, and net profits of 4.26 billion CNY, reflecting a slight decline of 3% [7]. - The company reported a significant increase in net profit in 2024, up 705.7% to 4.40 billion CNY, despite a revenue decline of 20.3% [14]. Market Potential - The report highlights the broad market potential for solar thermal power, with government policies supporting its development and a target of 3GW of new installations annually during the 14th Five-Year Plan [4][55]. - The molten salt energy storage technology is identified as a key component for enhancing the flexibility of thermal power plants and is expected to see increased adoption in various industrial applications [5][70]. Research and Development - The company maintains a strong focus on R&D, with a consistent investment rate of around 6%, aimed at advancing technologies in clean energy, including solar thermal, molten salt storage, and nuclear power [23][39]. - The company has developed significant expertise in molten salt storage systems, which are crucial for both solar thermal power generation and industrial energy efficiency improvements [59][70].

Core Viewpoint - Xizi Clean Energy announced that the "Xizi Convertible Bonds" will be forcibly redeemed if not converted by the close of trading on September 19, 2025, leading to their delisting from the Shenzhen Stock Exchange [1] Group 1 - The announcement specifies that investors holding "Xizi Convertible Bonds" should resolve any pledges or freezes before the conversion deadline to avoid forced redemption [1]