杭汽轮B：机构热盼“B转A” 新能源业务前景可期

Core Viewpoint - Hangzhou Steam Turbine Power Group Co., Ltd. is actively expanding its business in both traditional and renewable energy sectors, with a focus on gas turbines and a strategic transition towards high-end equipment manufacturing and services [2][3][4][6]. Group 1: Company Overview - Founded in 1958, the company specializes in industrial steam turbines, serving various industries including oil, chemical, steel, coal, electricity, metallurgy, energy, and nuclear power across over 40 countries [2]. - In 2024, the company reported a revenue of 663.89 million yuan and a net profit of 53.99 million yuan attributable to shareholders [2]. - In Q1 2025, the company achieved a revenue of 107.74 million yuan with a net profit of 4.23 million yuan attributable to shareholders [2]. Group 2: Business Expansion and Strategy - The company is diversifying its business into three main sectors, including partnerships with Siemens Energy and Mitsubishi Heavy Industries to provide lifecycle services for gas turbines [3]. - The gas turbine power station EPC (Engineering, Procurement, and Construction) business offers comprehensive solutions, including consulting, design, equipment supply, construction, operation management, and financing [3]. - The company is exploring integrated smart energy solutions based on distributed photovoltaic power stations, incorporating hydrogen energy, gas power generation, and energy storage [3]. Group 3: Research and Development - Since 2014, the company has been advancing its independent gas turbine research, achieving significant breakthroughs, including the successful ignition and continuous operation of a 50MW heavy-duty gas turbine [4]. - The company aims to transition from industrial steam turbines to gas turbines, focusing on technology development and exploring multi-fuel applications [4]. Group 4: Capital Restructuring - The company is actively pursuing a major asset restructuring to transition from B shares to A shares, which is expected to enhance its financing capabilities and optimize its industrial layout [6]. - Institutional investors are highly interested in the company's move to the A-share market, viewing it as a critical opportunity for broader development and resource support [6].