长江能科：国内电脱设备市占率居首，七项科技成果达国际领先水平

Core Viewpoint - The domestic oil and gas exploration and development efforts are increasing, driven by energy security needs, leading to a growing market for energy equipment, particularly for Changjiang Energy Technology Co., Ltd. (Changjiang Nengke), which is set to go public on the Beijing Stock Exchange in July 2025 to raise funds for expanding production capacity and enhancing R&D capabilities [1][40]. Industry Overview - The energy chemical equipment industry is experiencing steady growth, with the market size increasing from 224.5 billion yuan in 2018 to 315.7 billion yuan in 2022, and projected to reach 588.9 billion yuan by 2027 [10]. - The domestic oil and gas production is on the rise, with crude oil output increasing from 195 million tons in 2020 to an estimated 213 million tons in 2024, and natural gas production growing from 192.5 billion cubic meters to 246.5 billion cubic meters in the same period [6][8]. Company Overview - Changjiang Nengke is recognized as a "hidden champion" in the energy chemical sector, focusing on specialized equipment for oil and gas, with a market share in electric desalination equipment leading domestically [1][12]. - The company has achieved a compound annual growth rate (CAGR) of 19.72% in revenue over the past three years, with gross margins and return on equity (ROE) exceeding industry averages [12][16]. Financial Performance - Revenue for Changjiang Nengke has shown consistent growth, with figures of 21.9 million yuan in 2022, 34.8 million yuan in 2023, and 31.4 million yuan in 2024, reflecting a CAGR of 9.2% [14]. - The company reported a gross margin of 54.69% in Q1 2025, significantly higher than the industry average [16]. Market Position - Changjiang Nengke has established a strong customer base, including major players like Sinopec and PetroChina, with a high percentage of revenue coming from repeat customers [19][20]. - The company has expanded its international presence, with overseas project revenue increasing from 26.7 million yuan in 2022 to 145.9 million yuan in 2024, accounting for 46.46% of total revenue [24]. Technological Advancements - Changjiang Nengke has developed ten core technologies, with seven recognized as internationally advanced, enhancing its competitive edge in the market [30][36]. - The company invests significantly in R&D, with a CAGR of 26.61% in R&D spending over the past three years, and a dedicated team of 64 researchers [31]. Future Prospects - The company plans to use the funds raised from its IPO to expand production capacity and enhance R&D, focusing on producing 1,500 tons of heavy special materials and 4,500 tons of oil and gas engineering equipment annually [40][41]. - The market for energy chemical equipment is expected to continue growing, driven by increasing domestic oil and gas exploration and the demand for modularized equipment in harsh environments [43][45].