力源科技业绩亮眼，多重优势共同构筑竞争护城河

Core Viewpoint - The company has turned a profit in 2024, achieving a total operating revenue of 374 million yuan, a year-on-year increase of 46.58%, and a net profit attributable to shareholders of 2.54 million yuan, marking a turnaround from losses [2] Financial Performance - In the first quarter of 2025, the company reported an operating revenue of 49.95 million yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 2.89 million yuan, a significant increase of 454.2% [4] - The gross margin for the first quarter was 18.71%, up by 14.37 percentage points year-on-year [4] Market Position and Competitiveness - The company holds a strong market presence in the domestic nuclear and thermal power water treatment sectors, being one of the few suppliers capable of providing condensate water treatment equipment that meets nuclear power plant production requirements [4][6] - By the end of 2024, the company had successfully provided hundreds of water treatment project systems to major energy groups, including China National Nuclear Corporation and China Huaneng Group [4][6] Technological Advancements - The company has developed a fourth-generation membrane electrode with a power density of 2.25 W/cm²@0.6V, which is considered a domestic leader in performance [5] - The company has mastered the high tower method for condensate water treatment, which features unique designs for resin separation and regeneration, addressing issues found in traditional methods [6][7] Strategic Partnerships and Recognition - Long-term collaborations with state-owned enterprises have created customer loyalty and project experience barriers [7] - The company has been recognized as a "National Specialized and Innovative 'Little Giant' Enterprise" and included in the national key equipment catalog, with its technology reaching international advanced levels [7] Research and Development Capabilities - The company has successfully developed high-performance automotive membrane electrodes, corrosion-resistant metal bipolar plates, and fuel cell engine systems, showcasing its multidimensional R&D capabilities [8] - The company has proprietary technologies in various components of hydrogen fuel cells, including low platinum membrane electrode technology and advanced bipolar plate coating technology [8]