TONGLI RISHENG(SH:605286) Xin Lang Cai Jing·2025-05-08 06:09Group 1: Fund Overview - Chunhou Xinyue Mixed A Fund, established on October 22, 2021, has a total management scale of 2.117 billion yuan [1] - The fund has achieved a return of 16.53% over the past six months, outperforming its benchmark growth rate of -1.25% and the CSI Mixed Fund Index return of -2.61%, ranking in the top 5% among mixed funds [1] - As of March 31, 2025, the fund's scale reached 0.95 billion yuan, with a growth of 7.0156 million yuan in the past three months, representing an 8.01% growth rate [1] Group 2: Company Research - On April 27, 2025, Chunhou Fund conducted a research meeting with Tongli Risheng, focusing on the elevator and new energy business [2][3] - The elevator business faced challenges in 2024 but showed positive structural changes, with a significant increase in replacement demand, accounting for approximately 15%-20% of total shipments [3] - The company plans to expand its non-standard elevator exports and diversify its product offerings to drive performance growth in 2025 [3] Group 3: New Energy Business Progress - Several wind and energy storage projects have made progress, including the 300MW wind project in Chengde, which was connected to the grid by the end of 2024, and the 100MW wind project in Tianjin, which was connected in January 2025 [3] - The company is set to start construction on a 500MW wind-solar-storage hydrogen complementary project in Chengde this year [3] - The company has signed strategic cooperation agreements for a new green data center with the government of Qingyang and with Hangzhou Xinfeng for collaborative energy storage [3] Group 4: Investor Q&A Insights - The company aims to achieve a power supply reliability of 99.99% for its data center projects by replacing traditional diesel generators with green electricity and energy storage systems [3] - The company is focusing on long-term stable loads, particularly data centers, as a key area for future development in the new energy sector [3] - The company anticipates a recovery in elevator business performance in 2025, driven by increased domestic replacement demand and expansion into high-margin non-standard products [3][4]