Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company has made significant breakthroughs in the fields of energy storage and hydrogen energy, paving new paths for future growth [4] - The company is expected to benefit from its penetration into emerging fields such as clean energy and energy conservation, despite challenges from lithium battery construction slowdown and rising aluminum prices [4] - The company has established business cooperation with several well-known clients in the energy storage and hydrogen energy sectors, leading to substantial business volume growth [4] Financial Summary - In Q1 2025, the company achieved revenue of 74.46 million yuan, a year-on-year increase of 21% [4] - The company’s revenue for 2024 is projected to be 347 million yuan, a growth of 1.1% year-on-year, while the net profit attributable to the parent company is expected to decline by 52.39% to 29.81 million yuan [4] - The company’s revenue is forecasted to grow significantly in the coming years, with estimates of 439 million yuan in 2025, 546 million yuan in 2026, and 659 million yuan in 2027, representing year-on-year growth rates of 26.5%, 24.3%, and 20.8% respectively [7][8] - The projected net profit attributable to the parent company for 2025 is 44 million yuan, with an expected increase to 57 million yuan in 2026 and 70 million yuan in 2027 [7][8] - The company has a total market capitalization of 2.141 billion yuan and a circulating market capitalization of 601 million yuan [2] Research and Development - The company has obtained 105 patent certificates, including 19 invention patents and 81 utility model patents, indicating a strong focus on innovation [5] - In 2024, the company increased its R&D expenditure to 15.26 million yuan, a year-on-year growth of 9% [5]

Group 1: Green Manufacturing in Photovoltaics - The company is focusing on green innovation and advanced production processes in the competitive photovoltaic industry, emphasizing the importance of technology upgrades every 1-3 years [1][2] - The company has established two perovskite technology laboratories and successfully developed various perovskite battery samples, indicating proactive strategic planning [1][2] - Innovative cutting processes have led to annual electricity savings of 1.018 million kWh, equivalent to a reduction of 580 tons of CO2 emissions [1] Group 2: Wastewater Treatment Innovations - The company is implementing a new governance model that integrates green environmental practices with cultural education and smart technology in wastewater treatment [2][3] - The Hu Daying wastewater treatment plant, with a daily capacity of 100,000 tons, saves approximately 67% of land resources compared to traditional plants and achieves 100% closed treatment of noise and odor [2][3] - The Xiaocangfang wastewater treatment plant features an AI water management system that enhances operational efficiency and emergency response capabilities [3] Group 3: Solid Waste Management and Energy Generation - The company has developed a waste-to-energy model that converts waste into clean electricity, with a cumulative processing of over 4.1 million tons of waste and a generated electricity output of 1.34 billion kWh by May 2025 [5][6] - The facility employs a collaborative disposal model that maximizes the energy value of solid waste, significantly reducing landfill volumes and avoiding methane emissions [5][6] - The company has invested in environmental technology innovation, leading to the development of 32 patents and 10 software copyrights, enhancing solid waste processing efficiency [6]

Summary of the Conference Call for New Special Electric Industry Overview - The global solid-state transformer (SST) market is currently valued at approximately 1.4 billion RMB, primarily applied in demonstration projects for DC distribution networks and microgrids. It is expected to reach nearly 24 billion RMB by 2030, with a compound annual growth rate (CAGR) exceeding 60% over the next six years, driven significantly by data center applications [2][6]. Company Insights - New Special Electric, established in 1985, holds a dominant position in the high-voltage variable frequency market with a market share exceeding 25%. The company is actively developing solid-state transformer products, with prototypes expected to be launched in the second half of this year [2][7][8]. - The company primarily manufactures transformers for medium to large industrial motor drives, serving industries such as metallurgy, power, and petrochemicals. It is also expanding into emerging applications like energy storage and sodium-ion batteries [2][9]. Financial Performance - Despite facing challenges such as rising raw material costs and increased industry competition, the company's product gross margin remains above the industry average, reflecting its technical strength and industry barriers [4][12]. - The company anticipates a decline in revenue for 2024, resulting in a projected loss of approximately 50 million RMB. However, net profits are expected to recover to 50 million RMB, 100 million RMB, and 180 million RMB from 2025 to 2027, not accounting for the potential growth from large-scale solid-state transformer deployment [4][16]. Technological Advantages - Solid-state transformers offer significant advantages over traditional technologies, including a 63% reduction in footprint and a 2-3% increase in power supply efficiency. They integrate multiple functions such as electrical isolation, voltage conversion, and harmonic suppression, making them suitable for renewable energy integration [5][18]. Market Development - The solid-state transformer market is projected to grow rapidly, with expectations of reaching 4.8 billion RMB by 2028 and nearly 24 billion RMB by 2030. This growth positions it as one of the fastest-growing sectors in the industry [6][18]. - Currently, the technology is in the prototype and testing phase, with no large-scale commercial applications yet. However, leading companies, particularly overseas, are actively exploring this field [3][18]. Corporate Governance - The company has a concentrated ownership structure, with the chairman and his wife holding a combined 56.75% of the shares. An employee stock ownership plan was launched in April 2025 to enhance team vitality and ensure long-term stable development [10][11]. Future Outlook - New Special Electric is focusing on solid-state transformers and traditional phase-shifting rectifiers, with ongoing efforts to expand its customer base and market presence. The company is optimistic about its future prospects in both HVDC and solid-state transformer markets [19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 175 million yuan in 2024, a year-on-year decline of 14.1%, and a net profit attributable to the parent company of 73.6 million yuan, down 25.9% year-on-year. For Q1 2025, revenue was 27.24 million yuan, a decrease of 12.35% year-on-year, with a net profit of 11.53 million yuan, down 24.41% year-on-year. The decline is attributed to a slowdown in investment from enterprise clients and a decrease in demand for battery testing equipment [5][6] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 84 million yuan, 96 million yuan, and 106 million yuan respectively, with corresponding EPS of 1.05, 1.20, and 1.32 yuan per share. The current PE ratios are projected to be 44.2, 38.7, and 35.3 times [5][6] - The company is optimistic about growth opportunities in emerging fields such as clean energy and energy conservation, despite the current challenges in the battery testing equipment market [5] Financial Summary - In 2024, the company achieved a revenue of 175 million yuan, down 14.1% year-on-year, and a net profit of 74 million yuan, down 25.9% year-on-year. The gross margin was 59.7% and the net margin was 42.0% [9][10] - The revenue forecast for 2025 is 195 million yuan, with a year-on-year growth of 11.4%, and a net profit of 84 million yuan, reflecting a growth of 14.6% [9][10] - The company plans to continue investing in R&D, with expenses projected at 16 million yuan in 2025, and aims to enhance its market share in high-precision battery testing and related equipment [7][9]

Core Insights - The Yangpu International Container Terminal has achieved full shore power coverage for its berths, promoting a greener port environment by reducing carbon emissions and noise pollution [2][3] - The terminal has implemented a communication and collaboration mechanism among ships, ports, and shore power facilities, leading to a significant increase in shore power usage [2] - A promotional event for shore power usage was held, resulting in commitments from multiple shipping companies to adopt shore power, further enhancing the green shipping initiative [3] Group 1 - The Yangpu International Container Terminal has invested in eight high and low voltage shore power facilities, which can reduce carbon dioxide emissions by over 3,000 tons annually [2] - Shore power usage has surged from 0.7 million kilowatt-hours in 2021 to 2.26 million kilowatt-hours in 2024, with a usage rate of 46.8% [2] - The terminal has become the first public terminal in Hainan to achieve full shore power coverage, significantly lowering emissions of sulfur oxides, nitrogen oxides, and particulate matter [3] Group 2 - A total of 94 out of 109 berths in Hainan that meet construction conditions have been equipped with shore power facilities, achieving a coverage rate of 86.24% [3] - The shore power facilities utilize the latest national standard connectors, facilitating the upgrade of green port construction across the island [3]

步进电压调节器（ Step Voltage Regulator ）是一种电力电子控制装置，其通过离散式调节机制实现输出电压的阶梯式调整。该设备能够 根据系统需求或负载变化，将输入电压转换为具有特定步进间隔的可调输出电压，从而提供精确的分档电压控制功能。它可广泛使用于 供电距离比较远、供电负荷大、电压波动大、电能质量达不到使用标准的供电线路。也可以用于电压质量不能满足生产需要的工、矿企 业。 0 1 步进电压调节器行业目前现状分析 全球配电网自动化需求提升 随着城镇化、电气化和可再生能源并网的发展，全球各地电网面临电压波动和线路负载变化问题。步进电压调节器作为一种精密控制电 压的设备，广泛用于配电网中压和低压端，保障供电质量与电网稳定性。 中国市场潜力增长中 中国城乡电网改造、"双碳"目标与农村电气化为SVR产品应用提供广阔空间。尤其在中西部地区、风电并网区、以及用户终端电压稳定 性要求高的场合，逐步在采用 SVR 或其国产替代方案。 智能化与数字控制器普及 传统机械式控制正被带通信功能的数字控制器替代，如 Beckwith、Schweitzer、Howard 自研 UVR-1 控制器等，支持远程监测、自动换 ...

Group 1: Environmental Initiatives in Xining - Xining has made significant progress in ecological improvement, with forest coverage in the core area of the South-North Mountain Greening Project increasing from 7.2% to 79% since 1989, enhancing carbon sequestration [1] - As a second batch national carbon peak pilot city, Xining is implementing actions targeting major emission sources and promoting green transformations in urban construction, industry, and energy sectors [1] - The city has achieved a 100% resource utilization rate for municipal solid waste, effectively realizing waste reduction, resource recovery, and harmless treatment [3] Group 2: Waste Management and Recycling - Sheneng Huangshui Company specializes in waste incineration power generation, processing approximately 400 trucks of municipal waste daily, converting 1 ton of waste into 500 kWh of electricity [2] - The company employs advanced technologies for waste treatment, ensuring emissions meet standards while generating energy for sale [2] - Xining has closed or ecologically capped all 15 municipal waste landfills, becoming the first city in the Tibetan Plateau to achieve zero landfill for raw waste [3] Group 3: Aluminum Industry Transformation - China's electrolytic aluminum production accounts for half of the global output, with significant carbon emissions associated with traditional production methods [4] - Xining's Ganhua Industrial Park is recognized as a core production base for green electricity aluminum, with companies like Huanghe Xinye focusing on low-carbon transformation and green energy utilization [5][6] - By 2027, Xining aims for a 90% conversion rate of primary electrolytic aluminum products and a 75% share of clean energy in aluminum production [7]

Core Insights - The implementation of the energy efficiency labeling system in China has significantly improved over the past 20 years, enhancing energy efficiency and consumer awareness [1][3][4] - The system has expanded its coverage to 45 categories and 4 million models, with over 5.5 billion appliances benefiting from the green labeling initiative [1][3] - The energy efficiency labeling system has become one of the most recognized product labels in China, contributing to a 20% to 40% overall improvement in energy efficiency levels [2][3] Group 1: System Development and Impact - The energy efficiency labeling system was established in 2004 and has evolved through government leadership, market collaboration, and public participation [1][4] - The system has led to the sale of nearly 100 million appliances this year alone, generating over 330 billion yuan in sales [2] - Cumulatively, the system has saved 4.2 trillion kilowatt-hours of electricity, equivalent to a significant reduction in carbon emissions [3][4] Group 2: Future Directions - The future of the energy efficiency labeling system will focus on promoting digital and intelligent technologies to support energy-saving and carbon reduction policies [4] - The system aims to enhance the global reach of green products and contribute further to achieving energy-saving and carbon reduction goals [4]

Summary of Conference Call on Saitex New Materials Industry Overview - The new refrigerator energy efficiency standards will be implemented on June 1, 2026, significantly raising efficiency level requirements. The previous national standard's first-level efficiency will only correspond to the fifth level under the new standards, prompting refrigerator manufacturers to adopt VIP (Vacuum Insulation Panels) to enhance volume efficiency and insulation performance. [2][4][11] Key Points and Arguments - The new standards introduce the concept of volume efficiency, directly impacting refrigerator energy consumption calculations and increasing the application of VIP panels, which are essential for high-efficiency refrigerators. Each refrigerator requires approximately 2-5 square meters of VIP material, depending on size and efficiency level. [2][6][7] - There is a significant difference in VIP panel penetration rates between domestic and international markets, with Japan and South Korea at 70%-80%, Europe and the US at 40%-50%, and China at only 20%-30%. The new standards are expected to gradually increase the average usage area of VIP panels in domestic refrigerators. [2][8] - Existing compressor and electronic control technologies have limited potential for improving energy efficiency. Saitex New Materials, as a VIP panel supplier, stands to benefit from the new energy efficiency standards, as its products can effectively support refrigerator manufacturers in meeting these standards. However, there has not yet been a large-scale production line commitment from refrigerator manufacturers to produce new models incorporating Saitex products. [2][3][17] Market Dynamics - Saitex New Materials holds a significant market share among leading refrigerator manufacturers, with some being sole suppliers, reflecting recognition of its product quality and scale advantages. However, the overall market share has not yet reached 50%. [3][18][19] - Sales and order conditions for VIP versions have remained strong in the first five months of the year, driven by energy efficiency improvements, an increase in innovative products, and national subsidy policies. [20] - The production capacity utilization rate for Saitex in the first five months of the year was nearly full, with the Anhui production base's utilization rate improving but not yet reaching headquarters levels. [21][22] Future Developments - Saitex currently operates three vacuum glass production lines, with an expected annual capacity of 500,000 pieces in the second half of the year, primarily focused on home appliances and construction materials. [23] - The company plans to expand into new areas over the next three to five years, including insulation for new energy vehicle batteries, industrial equipment, and construction materials, aiming for diversification in products and customers to promote revenue and profit growth. [24] Additional Insights - The new energy efficiency standards will not require major adjustments in refrigerator manufacturing processes, as Saitex's VIP panels are integrated into the internal structure of refrigerators, necessitating only minor procedural adjustments. [15] - The acceptance of VIP panels among mid-range refrigerator manufacturers remains low, with high-end models (priced above 5,000 yuan) being more likely to adopt VIP technology due to cost considerations. [15][16]

Group 1 - China's ecological civilization construction is focusing on carbon reduction, with a shift towards a dual control system for carbon emissions and intensity [1] - The energy utilization efficiency has significantly improved, with a continuous decline in carbon dioxide emission intensity [1] - In Jiangxi's Jiujiang Chaisang District, an energy company processes around 2,000 tons of waste daily, generating approximately 1.1 million kWh of electricity for eight surrounding enterprises [1] Group 2 - By the end of May, the installed capacity of wind and solar power in China accounted for 45.7% of total installed capacity, surpassing that of coal-fired power [2] - The installed capacity of photovoltaic power has historically exceeded 1 billion kW, reflecting the optimization of China's energy structure [2] - A national-level green factory in Xi'an has reduced energy consumption per unit of output by over 30% in the past three years [2] Group 3 - The concept of green development is becoming more ingrained in society, as seen in Shenyang's metro system introducing a carbon points platform to encourage green commuting [3] - Since 2012, China's energy consumption intensity has decreased by over 26%, equivalent to saving 1.4 billion tons of standard coal and reducing carbon dioxide emissions by approximately 3 billion tons [3] - During the 14th Five-Year Plan period, energy consumption intensity and carbon emission intensity are projected to decrease by 3.8% and 3.4% respectively in 2024 [3]