XZCE(SZ:002534) Xin Lang Cai Jing·2025-08-19 00:32Group 1: Traditional Energy Business - The company achieved revenue of 2.228 billion in the waste heat boiler business in 2024, establishing itself as the largest and most comprehensive research, development, design, and manufacturing base for waste heat boilers in China [1] - In response to slowing domestic market growth, the company has partnered with international firms such as N/E, GE, FW, and ALSTOM to expand its overseas market presence, with products exported to over 100 countries and regions [1] - The company has successfully completed several overseas projects, including the first 9H level gas turbine waste heat boiler in Asia, built in Pakistan, thereby continuously broadening its international business scope [1] Group 2: New Energy Business - The company is diversifying into solar thermal, energy storage, and flexible transformation of thermal power, leveraging its experience in traditional energy and molten salt energy storage [2] - The Chinese solar thermal power market is projected to reach 29 GW by 2030, 88 GW by 2040, and 118 GW by 2050, highlighting the potential for solar thermal power as a safe and clean energy source with dual functions of peak shaving and energy storage [2] - The company has developed a large-capacity molten salt heat absorber and steam generation system, recognized by the National Energy Administration as a significant technological equipment project in 2021 [2] Group 3: Nuclear Power - The approval of nuclear power projects has accelerated, with 10 to 11 nuclear power units approved annually over the past three years, indicating a growing market demand [3] - The company has over 20 years of experience in the nuclear power sector and has obtained manufacturing licenses for civil nuclear equipment, actively participating in the supply of various nuclear power station equipment [3] - Profit forecasts estimate the company's net profit attributable to shareholders to be 423 million, 506 million, and 608 million for 2025-2027, corresponding to PE ratios of 26x, 22x, and 18x, respectively [3]