Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 20.9 CNY, indicating a potential upside of approximately 39% from the current price of 15.00 CNY [2][9]. Core Insights - The company is a leading player in the deep cooling technology sector, leveraging a dual-engine model of "equipment manufacturing + gas operation" to drive growth. The company has successfully diversified its operations and is expanding into international markets [6][13]. - The demand for deep cooling technology is expected to grow due to rising oil prices and the economic viability of technological innovations in the energy and chemical sectors. The company has seen a significant increase in new orders, particularly from overseas markets [7][8]. - The gas operation segment is also expanding, with the company investing in industrial and rare gases, which are anticipated to become new revenue sources as projects reach production capacity [6][8]. Financial Summary - The company forecasts total revenue of 27.17 billion CNY in 2024, with a year-on-year decline of 10.9%. However, revenue is expected to rebound with growth rates of 18.8%, 19.7%, and 22.2% in the following years [2][9]. - The net profit attributable to shareholders is projected to be -78 million CNY in 2024, but is expected to recover significantly to 403 million CNY in 2025, reflecting a year-on-year growth of 616.3% [2][9]. - Earnings per share (EPS) are expected to improve from -0.20 CNY in 2024 to 1.04 CNY in 2025, with a projected price-to-earnings (P/E) ratio of 20 times for 2025 [2][9]. Business Model and Market Position - The company has established a strong market position in the deep cooling technology sector, with its core products including natural gas liquefaction devices and large air separation units. The company has also successfully exported its products to 53 countries [6][13]. - The gas operation segment has been enhanced through strategic investments, including a joint venture with Posco Holdings to operate projects abroad, marking a significant step in the company's international expansion [6][8]. - The company has a robust order backlog, with new orders in 2024 expected to reach approximately 1.8 billion CNY, a year-on-year increase of over 25% [6][8]. Industry Outlook - The deep cooling technology industry is poised for growth, driven by increasing domestic investments in energy security and the economic viability of coal chemical and natural gas sectors. The company is well-positioned to benefit from these trends [7][8]. - The report highlights the importance of deep cooling technology in enhancing energy efficiency and meeting environmental standards in the coal chemical industry, which is expected to see sustained demand [6][45].

Core Viewpoint - The 2025 TrendBank Lithography Industry Conference aims to address the challenges and advancements in lithography technology, materials, and equipment, focusing on enhancing domestic capabilities and self-sufficiency in the semiconductor industry [12][21]. Conference Overview - The conference will take place on July 9-10, 2025, in Hefei, Anhui, at the Sheraton Hotel [16][20]. - It will feature over 20 industry experts discussing advanced lithography technologies, including EUV, electron beam lithography, and nanoimprint techniques [13][12]. - The agenda includes sessions on lithography materials, chemical products, and equipment, emphasizing the need for domestic production and innovation [12][21]. Keynote Speakers and Topics - Li Jiarong, General Manager of Hangzhou Zhongtai Hydrogen Energy Technology Co., will present on "Application of Lithography Gases and Development of China's Rare Gas Industry" [6][11]. - Other notable speakers include representatives from BOE Technology Group and Nankai University, discussing various aspects of lithography technology and materials [9][10]. Industry Challenges - The domestic lithography industry faces significant challenges, including low self-sufficiency in high-end photoresists and reliance on imports for critical materials and equipment [20][21]. - The conference aims to foster collaboration between academia and industry to address these challenges and promote technological innovation [21][12]. Registration and Participation - Registration fees are set at RMB 2600 before June 30 and RMB 2800 thereafter, which includes conference materials, meals, and a gala dinner [17][16]. - The conference is expected to attract around 300 participants, providing a platform for networking and resource integration within the lithography supply chain [16][21].

Group 1 - Star Stone Investment recently conducted research on Zhongtai Co., which has an order backlog of approximately 2.4 billion yuan for Q1 2025, with 40% of orders coming from overseas [1] - The company expects new orders to accelerate in the second half of the year, with a sales target for the equipment segment in 2025 projected to grow by 20% compared to 2024 [1] - Deep cooling technology has been applied in the Korea Nuclear Fusion Research Institute's experimental device, which can be utilized in the low-temperature phase of controllable nuclear fusion [1] Group 2 - The high dependence on ethane imports and restrictions from the United States may impact the olefin industry, potentially creating a demand for domestic ethane production [1] - The company has not locked in prices for major raw materials due to the long project cycles and unpredictable aluminum price fluctuations [1] - Overseas orders signed in 2023 are expected to be delivered gradually starting from Q1 2024, leading to a gradual release of performance [1] Group 3 - Adjustments in procurement structure are anticipated to lower costs, as the pricing for Shandong's civil gas has not been fully completed [1]

Financial Performance - In Q1 2025, the company achieved revenue of 718 million, a year-on-year decrease of 12.01%, primarily due to a nearly 30% decline in the city gas segment's revenue [1] - The net profit attributable to shareholders was 100 million, with a year-on-year increase of 42.83%, mainly driven by accelerated order delivery in the equipment segment [1] - The non-recurring net profit was 96 million, reflecting a year-on-year increase of 42.45% [1] Strategic Planning - The company aims to strengthen its position in equipment manufacturing, focusing on both domestic and international markets over the next 3-5 years [1] - Plans include leveraging the Zhongyi Gas platform to stabilize city gas operations and enhance the natural gas business [1] - The company will cautiously select quality projects and clients in the gas operation sector due to intensified domestic competition [1] Order Situation - As of Q1 2025, the company had an order backlog of approximately 2.4 billion, with overseas orders accounting for 40% [3] - The sales target for 2025 is a 20% increase in new orders compared to 2024, with proportional growth across domestic and international product lines [4] Product Applications - The company's cryogenic technology is applicable in controlled nuclear fusion, with helium refrigerants successfully used in experimental setups [5] Market Impact - The U.S. restrictions on ethane exports could significantly impact China's ethylene industry, as the country heavily relies on U.S. imports for ethane [6] - The company has been involved in natural gas extraction and coal-to-olefins projects, which may benefit from potential domestic ethane production needs [6] Raw Material Pricing - The company has not locked in prices for major raw materials due to the short price fluctuation cycles of aluminum and the long project execution periods [8]

Industry Overview - The global cryogenic equipment investment has exceeded 170 billion yuan, and it is expected to surpass 250 billion yuan by 2030. The main end-use applications are metallurgy, chemicals, and oil & gas, accounting for 27%, 21%, and 16% respectively [1] - Overseas demand is primarily concentrated in the petrochemical and LNG sectors, with typical equipment including ethylene cold boxes and LNG liquefaction devices, projected market sizes for 2024 are 8.4 billion yuan and 6.1 billion yuan respectively [1] - Domestic demand in China will be driven by coal chemical projects in Xinjiang, leading to over 56 billion yuan in related equipment investments in the current cycle [1] Company Performance - Zhongtai Co., Ltd. has successfully expanded overseas, with products sold to 52 countries, and the quality and amount of new orders are improving year by year. The company has established good relationships with several globally recognized clients, expecting a performance inflection point in Q1 2025 due to the release of high-margin overseas orders [2] - The company has advantages in delivery capability and maintenance response, having passed major global certification systems, and is expected to see continuous growth in new orders [2] - Zhongtai is diversifying its development by leveraging cryogenic heat exchange technology to expand into electronic specialty gases and hydrogen energy sectors, opening up long-term growth opportunities [2] Financial Projections - Zhongtai Co., Ltd. is expected to see a significant improvement in its overall revenue structure due to a large number of new high-quality equipment orders, supporting high growth in annual performance. The adjusted net profit for the company for 2025-2027 is projected to be 420 million yuan, 574 million yuan, and 706 million yuan respectively, with corresponding PE ratios of 13.4, 9.8, and 8.0 times based on the closing price on June 3, 2025 [3]

杭州中泰深冷技术股份有限公司 第五届董事会第十五次会议决议的公告 证券代码：300435 证券简称：中泰股份 公告编号：2025-028 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。 杭州中泰深冷技术股份有限公司（以下简称"公司"）第五届董事会第十五 次会议于2025年5月16日在公司研发楼会议室以现场和通讯的方式召开，本次董 事会会议经全体董事一致同意豁免会议通知期限要求，与会的各位董事已知悉与 所议事项相关的必要信息。本次会议应出席董事9名，实际出席会议董事9名，公 司部分监事、高级管理人员列席了本次会议。本次会议由董事长章有春先生主持， 会议的召开和表决程序符合《中华人民共和国公司法》和《公司章程》的有关规 定。经与会董事认真审议本次会议议案并表决，形成本次董事会决议如下： 审议通过《关于向控股孙公司提供财务资助暨关联交易的议案》 基于业务发展实际需求，资助资金主要用于控股孙公司日常经营资金周 转，旨在 加速提升其生产经营效率。本次财务资助金额占公司总资产比例低， 整体风险可控，不会对公司的日常经营产生重大影响。公司向河北瑞尔泰电子 特气有限公司提供财 ...

经审核，监事会认为：本次向控股孙公司提供财务资助事项，有利于河北瑞尔泰 电子特气有限公司业务发展，并且可以提高公司总体资金的使用效率，整体风险可 控，不会对公司的正常经营产生重大不利影响，不会损害公司及全体股东的利益。因 此，监事会同意公司进行本次财务资助事项。具体内容详见同日刊登在巨潮资讯网的 《关于向控股孙公司提供财务资助暨关联交易的公告》。 表决结果：3票赞成，0票反对，0票弃权。 特此公告。 证券代码：300435 证券简称：中泰股份 公告编号：2025-029 杭州中泰深冷技术股份有限公司 监事会 2025 年 5 月 16 日 杭州中泰深冷技术股份有限公司 第五届监事会第十四次会议决议的公告 本公司及监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。 杭州中泰深冷技术股份有限公司（以下简称"公司"）第五届监事会第十四次会 议于 2025 年 5 月 16 日在公司研发楼会议室以现场会议的方式召开。本次监事会会 议经全体监事一致同意豁免会议通知期限要求。会议应到监事 3 名，实到监事 3 名， 由监事会主席高云主持，本次会议的召集、召开及表决程序符合《中华人民共 ...

2、中泰氢能持有瑞尔泰 70.86%的股份，公望协力持有瑞尔泰 29.14%的股 份，公望协力的合伙事务执行人为公司员工跟投平台—公望远景，本次财务资助 构成关联交易。 3、本次提供财务资助事项已经公司第五届董事会独立董事第五次专门会 议、第五届董事会第十五次会议和第五届监事会第十四次会议审议通过，关联董 事章有春、章有虎、唐伟、俞富灿已回避表决。根据《深圳证券交易所创业板 股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市 公司规范运作》和《公司章程》等有关规定，该事项属于董事会决策范围，无 需提交股东大会审议。具体情况如下： 证券代码：300435 证券简称：中泰股份 公告编号：2025-030 杭州中泰深冷技术股份有限公司 关于向控股孙公司提供财务资助暨关联交易的公告 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、杭州中泰深冷技术股份有限公司（以下简称"公司"、"上市公司"或"中 泰股份"）拟以自有资金向控股孙公司河北瑞尔泰电子特气有限公司（以下简称 "瑞尔泰"）提供不超过 1,500万元人民币的财务资助额度， ...

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

Core Viewpoint - The company, Hangzhou Zhongtai Deep Cold Technology Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend and a capital reserve transfer to shareholders [1][2]. Group 1: Profit Distribution Plan - The profit distribution plan approved by the shareholders' meeting includes a cash dividend of 2.00 yuan per 10 shares (tax included) and no bonus shares [1]. - The distribution is based on the audited cumulative distributable profits of the parent company, adjusted for any changes in total share capital due to various corporate actions before the distribution [1]. Group 2: Dividend Taxation - The company will implement a differentiated tax rate for individual shareholders based on their holding period, with specific tax amounts for different durations of shareholding [1]. - For individual shareholders holding shares for less than one month, a tax of 0.40 yuan per 10 shares will be due; for those holding between one month and one year, the tax will be 0.20 yuan per 10 shares; and no tax will be required for those holding shares for over one year [1]. Group 3: Key Dates - The record date for the rights distribution is set for May 19, 2025, and the ex-dividend date is May 20, 2025 [1][2]. Group 4: Distribution Recipients - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [2]. Group 5: Consultation Information - For inquiries regarding the distribution, shareholders can contact the company at the provided address and phone number [2].