西子洁能分析师会议-20250912

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The photothermal power generation technology is becoming an important support for the low - carbon development of large wind and solar bases in China, entering the 3.0 era with the appearance of the "Qinghai Model" [22]. - The company will use its market and technology first - mover advantages to actively seek orders for 3 350MW projects to increase its market share in the photothermal field [23]. - The company has identified growth opportunities in four major business segments and will invest resources to improve its overall order - receiving ability [24]. 3. Summary by Directory 01. Research Basic Situation - The research object is Xizi Jie neng, belonging to the power equipment industry. The reception time was September 11, 2025. The reception staff included the assistant to the chairman, the board secretary, and the investor relations management specialist [16]. 02. Detailed Research Institutions - Participating institutions include Southern Fund, Guojin Securities, China Life Asset Management, China Life Pension, Biaopu Investment, Shanghai Trust, Jiangsu Jinyingu Investment, and General Technology, with relevant personnel specified for each [17]. 03. Research Institution Proportion No information provided. 04. Main Content Data - Company's Basic Situation and Main Business - The company was established in 1955, joined Xizi Elevator Group in 2002, went public on the Shenzhen Stock Exchange in 2011, and was renamed in 2022. It has four main business segments: waste heat boilers, clean and environmental - friendly energy equipment, solutions, and spare parts and services [21]. - Waste heat boilers are for high - energy - consuming industries; clean and environmental - friendly energy equipment is used in new energy fields; solutions involve comprehensive projects; spare parts are components, and services include technical and maintenance work [21]. - Photothermal Industry Development and Company's Plan - Photothermal power generation has entered the 3.0 era with the "Qinghai Model". The company aims to get orders for 3 350MW projects [22][23]. - Photothermal Order Participation and Company's Advantages - The company can participate in the heat absorption, heat exchange, and heat storage links of photothermal power stations, with strong market and technology first - mover advantages [23]. - 2025 Company's Main Order Situation - In the first half of 2025, the company had new orders worth 2784 million yuan, and the on - hand orders as of June 30, 2025, were 6119 million yuan [24]. - Company's Future Incremental Market Directions - The company focuses on the new energy market (using molten salt energy storage technology), the nuclear power market (upgrading manufacturing capacity), and the overseas market (expanding product share) [25][26]. - Company's Overseas Market Focus and Development - The company's overseas market is concentrated in Southeast Asia, South America, and "Belt and Road" countries. Since 2024, the proportion of new overseas orders has been increasing [26]. - Company's Product Delivery Cycle - Boiler products are customized, with a domestic delivery cycle of 6 - 12 months and a longer cycle for overseas projects. Spare parts are maintained as needed [26]. - Company's Nuclear Power Field Development - The company has over 20 years of experience in the nuclear power field, obtained relevant licenses, and is actively involved in nuclear power equipment supply. It plans to upgrade the manufacturing workshop and focus on key nuclear island equipment research and development [27].