Hirisun(SZ:300277) Zheng Quan Zhi Xing·2025-09-03 05:11Company Overview - Hangzhou Hailianxun Technology Co., Ltd. (referred to as Hailianxun or the company) is undergoing a share swap merger with Hangzhou Turbine Power Group Co., Ltd. [1] - The main business of the merged entity includes the design, manufacturing, installation, and operation of industrial steam turbines, gas turbines, generators, and hydraulic turbines [1][2]. Financial Performance of the Merged Entity - The financial performance of the merged entity shows a continuous decline in gross profit and profit margins over the reporting periods, with gross profits of 1.294 billion yuan, 1.178 billion yuan, and 939 million yuan, and gross margins of 29.30%, 26.78%, and 21.21% respectively [1][2]. - The net profit for the reporting periods was 708 million yuan, 736 million yuan, and 638 million yuan, indicating a downward trend [2][3]. Market Conditions and Competitive Landscape - The industrial steam turbine market is facing increased competition due to the "dual carbon policy" and the impact of new energy units on traditional turbine markets, leading to a decline in production and sales [1][9]. - The global steam turbine manufacturing market is projected to grow from 28.375 billion USD in 2024 to 33.752 billion USD by 2032, with a compound annual growth rate of 2.19% [9][24]. Product Segmentation and Sales Dynamics - The merged entity's product offerings include industrial drive steam turbines and industrial power generation steam turbines, with the former accounting for 33.61% of the revenue from steam turbine business [7][12]. - The sales price of industrial drive steam turbines was 1,003.82 thousand yuan in 2024, while the sales price for industrial power generation turbines was 870.79 thousand yuan [14]. Strategic Initiatives and Future Outlook - The company is focusing on enhancing its market position by improving order structures and cost control, with a reported increase in the proportion of industrial drive steam turbine revenue from approximately 40% in 2024 to around 50% in the first quarter of 2025 [18]. - The company has a robust order backlog exceeding 6 billion yuan for industrial steam turbines, indicating a solid foundation for future operations [22]. Technological Advancements - The company has established a comprehensive technology and product research and development system, with multiple national-level innovation platforms to support its technological capabilities [26][27]. - The company has developed unique technologies in the turbine field, enhancing production efficiency and product performance, which are critical for maintaining competitive advantages in the market [27][29].