ShaanGu(SH:601369) Donghai Securities·2026-02-04 07:10Investment Rating - The report maintains a "Buy" rating for the company, Shaanxi鼓动力 (601369), highlighting its position as a leading energy conversion equipment manufacturer with a strong focus on "manufacturing + operation + service" synergy [2]. Core Insights - The company has a strong technological foundation in energy conversion equipment, particularly in compressors, and has maintained a high cash dividend policy with a payout ratio exceeding 60% from 2019 to 2024 [10][33]. - The domestic compressed air energy storage market is rapidly expanding, with the company signing multiple projects that enhance its market position [45][57]. - The coal chemical industry is experiencing significant growth, with the company benefiting from various milestone projects in this sector [3][25]. - The industrial gas operation segment is becoming a stable growth engine for the company, contributing significantly to its revenue [26][28]. Summary by Sections Company Overview - Shaanxi鼓动力, established in 1968, specializes in energy conversion equipment manufacturing and related services, achieving international advanced technology levels in its core products [10]. - The company operates in various industrial sectors, including energy conversion equipment, industrial services, and energy infrastructure operations [15]. Market Expansion - The new energy storage capacity in China has grown rapidly, with a cumulative installed capacity of 73.76 million kW by the end of 2024, significantly benefiting the company [45]. - The company has signed contracts for several large-scale compressed air energy storage projects, enhancing its competitive edge in this emerging market [57]. Coal Chemical Industry - The coal chemical sector is strategically important due to China's energy structure, with the company participating in key projects that leverage its technological capabilities [25][3]. - The company has secured contracts for significant coal-to-gas and coal-to-oil projects, positioning itself as a core equipment supplier in the coal chemical industry [25]. Financial Performance - The company has shown stable profitability, with revenue growth from 7.304 billion yuan in 2019 to 10.361 billion yuan in 2021, and a net profit increase from 603 million yuan to 1.042 billion yuan in the same period [33]. - The company maintains a high cash reserve, with 10.955 billion yuan in cash as of Q3 2025, representing 44.32% of total assets, and consistently high dividend payouts [37][33]. Industrial Gas Operations - The company's gas operation business has become a significant revenue driver, with a market share exceeding 82% in domestic air separation compressors [26]. - The revenue from energy infrastructure operations reached 3.962 billion yuan in 2024, accounting for 38.55% of total revenue, reflecting the growth of its gas operation segment [28].