XZCE(SZ:002534) Shenwan Hongyuan Securities·2025-09-19 01:06Group 1: Company Overview - The report highlights Xizi Clean Energy (002534) as a leading enterprise in the waste heat boiler sector, with a domestic market share exceeding 50% and a cumulative supply of over 450 units, adapting to major global brands like GE and Siemens [10] - The company is actively expanding its overseas market presence, with foreign sales accounting for 13.82% of revenue in the first half of 2025, reflecting a year-on-year growth of 48.79% [10] - Xizi Clean Energy is focusing on the research and manufacturing of key nuclear island equipment, aiming to expand into third and fourth generation nuclear power and controlled nuclear fusion fields [10] Group 2: Business Strategy and Growth Potential - The company is leveraging its core technology in molten salt energy storage to explore various application scenarios, positioning itself for growth in solar thermal power generation and flexible transformation of thermal power [10] - Xizi Clean Energy has a robust order backlog of 6.119 billion yuan as of June 30, 2025, providing a solid foundation for future revenue [10] - The report anticipates that the company's net profit attributable to shareholders will reach 443 million yuan, 510 million yuan, and 604 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28, 24, and 20 times [3][10] Group 3: Industry Insights - The report discusses the tightening of energy consumption standards for polysilicon, with the new standards significantly reducing the allowable energy consumption per unit product, which is expected to lead to the elimination of high-energy-consuming production capacities [9][12] - The new standards are anticipated to maintain high polysilicon prices, as companies may need to increase prices to achieve breakeven in low operating rate scenarios [12] - The report suggests that the implementation of these new standards will accelerate the exit of outdated production capacities, particularly those established before 2020, and highlights the competitive advantage of leading companies in the polysilicon sector [12]