科技创新驱动增长高端风机领域持续进阶

Core Insights - The company is experiencing a nearly 10% decline in profits for 2024, primarily due to a significant increase in R&D expenses, which rose by 34%, leading to R&D costs accounting for 5.09% of revenue [1] - The company has a robust order book, with a total order amount reaching 538 million yuan by the end of Q1 2025 [1] R&D and Technological Advancements - The company has invested over 50 million yuan in a modern R&D center, which serves as a key driver for innovation and future growth [1] - The R&D team has grown by 20.8% year-on-year, enhancing the company's capacity for technological advancements [1] Nuclear Power Sector - The company is the only certified nuclear power wind turbine manufacturer among twelve certified units in Shandong province [2] - There has been a dramatic increase in nuclear power orders, with the order amount reaching 141 million yuan by the end of 2024, compared to only 4.4 million yuan in the same period of 2023 [2] - The company has successfully won multiple nuclear power projects outside its home province [2] Transportation Sector - The company has over 30 years of experience in the rail transportation sector, providing ventilation and cooling equipment for various train models, including the new generation "Fuxing" train [2] - The company has developed a carbon fiber impeller diesel engine cooling fan, which is now widely used in the "Fuxing" train and hybrid locomotives, making it the largest supplier in the domestic market [2] - The company has completed the installation and operational assessment of a battery thermal management system for hybrid locomotives, securing over 20 million yuan in orders [2] Marine Sector - The new generation of intelligent marine fan production lines is expected to increase marine product output by over 50% in 2024, with a monthly capacity of 1,000 units [3] - The company has successfully entered the supply chain for luxury cruise ships and established partnerships with international firms like Alfa Laval and ABB [3] Future Outlook - Despite a slowdown in demand from the construction and polysilicon industries, revenue from large axial fans for data center cooling towers remains stable [3] - The company is promoting integrated motor-fan products to meet the growing energy efficiency demands of expanding data centers [3] - The company's self-developed permanent magnet direct-drive fans for cooling towers are the only products in the domestic market that meet the European ERP327 energy efficiency standard [3] - The company is strategically focused on nuclear energy and high-end marine equipment, supported by a strong order backlog and ongoing projects in Shandong province [3]