Investment Rating - The investment rating for the company is "No Rating" [1] Core Insights - The company reported a 27.41% year-on-year growth in net profit after deducting non-recurring items, despite a 23.30% decline in total revenue and a 28.16% drop in net profit attributable to shareholders [1][3] - The equipment business showed significant recovery, with a 26.51% increase in revenue, driven by industry equipment upgrades and overseas market expansion [3] - The company successfully delivered its first batch of hydrogen electrolyzers, marking a significant milestone in its hydrogen energy business [3] - The company completed a share buyback of 100 million yuan, reflecting management's confidence in future growth [4] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 4.417 billion yuan, with a net profit of 285 million yuan and a net profit after deducting non-recurring items of 258 million yuan [1] - The operating cash flow increased by 86.67% year-on-year to 281 million yuan [1] - The company has a backlog of orders amounting to 1.66 billion yuan, with significant contributions from both environmental boiler equipment and traditional energy-efficient boilers [3] Business Segment Analysis - Equipment Business: Revenue reached 929 million yuan, up 26.51% year-on-year, with successful contracts in Indonesia and Iraq [3] - Engineering Business: Revenue from municipal environmental projects fell by 64.38% to 439 million yuan due to a strategic shift away from low-margin projects [3] - Operation Business: Environmental operation services revenue increased by 1.23% to 338 million yuan, while thermal power operation revenue decreased by 25.13% to 2.056 billion yuan [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 8.271 billion yuan, 8.628 billion yuan, and 9.185 billion yuan respectively, with net profits expected to be 637 million yuan, 668 million yuan, and 734 million yuan [6] - The company is expected to benefit from the successful validation of its coal-fired flexibility modification technology, which has shown a 40% reduction in NOx emissions [3]

Core Insights - The transformation of thermal power flexibility is experiencing a surge under the new power system, with the company involved in full-load denitrification and clean energy consumption businesses, expecting a significant increase in clean energy consumption orders this year [1][2] - The company's AI system for slag handling equipment achieves fully automated operations through sensor and AI recognition technologies, reducing manual inspection costs, and it is actively developing AI systems for desulfurization wastewater and other auxiliary equipment, aiming to create a smart power plant platform [1][2] - In addition to thermal power, the company is expanding into the second curve with steel slag and hydrogen energy, having established a hydrogen technology testing center and a low-carbon green hydrogen research institute [3] Company Developments - The company is making significant advancements in coal power flexibility and intelligence, with thermal power serving as a stabilizing force in the energy system and playing a crucial role in renewable energy consumption [2] - The company has developed proprietary technology for steel slag processing and heat recovery, addressing the low resource utilization rate of steel slag in China [3] - The company has invested in a 120MW fish-solar complementary project, which includes a 20MW hydrogen production facility, and is focusing on overseas market expansion, having established a subsidiary in Indonesia [3] Profit Forecast - The company is projected to achieve a net profit attributable to shareholders of 202.0 million and 291.0 million yuan for the years 2025 and 2026, respectively, maintaining a "buy" rating [4]

Company Overview - The company was listed on the Shenzhen Stock Exchange in 2022 and was established in 1955, becoming part of the Xizi Elevator Group in 2002 and rebranded as Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2011 [1] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [1][2] Business Segments - The company operates in four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts & services [1] - Waste heat boilers include products such as gas turbine waste heat boilers and cement kiln waste heat boilers, serving high-energy-consuming industries like electricity, steel, and cement [2] Future Market Directions - **New Energy Market**: Focus on molten salt energy storage technology to expand applications in solar thermal power, user-side energy storage, and zero-carbon parks [3] - **Nuclear Power Market**: Upgrading manufacturing capabilities for nuclear power products to capture market opportunities [4] - **Overseas Market**: Leveraging leading products like gas turbine waste heat boilers to increase international market share [3] Order Situation - In the first half of 2025, the company secured new orders totaling CNY 2.784 billion, with specific segments as follows: - Waste heat boilers: CNY 703 million - Clean energy equipment: CNY 281 million - Solutions: CNY 1.477 billion - Spare parts & services: CNY 323 million - As of June 30, 2025, the total orders on hand amounted to CNY 6.119 billion [5] Competitive Landscape - The company holds a leading position in the domestic waste heat boiler sector, facing competition from major domestic boiler manufacturers [6] Supply Capability - The company’s subsidiary, Hangzhou Hangguo General Equipment Co., Ltd., has been involved in tunnel boring machine production since 2005, with successful projects in both domestic and international markets [7] Overseas Market Focus - The company targets Southeast Asia, South America, and countries along the "Belt and Road" initiative for overseas expansion [8][9] Shareholder Industries - The controlling shareholder's industries include elevators, boilers, aviation components, and clean energy, with recent contracts in the aviation sector for the C919 aircraft [9]

Company Overview - The company, established in 1955 and listed on the Shenzhen Stock Exchange, was renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022. It specializes in waste heat boilers, clean energy generation equipment, and comprehensive energy solutions [2][3]. Business Segments - The company operates in four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts/services. Key products include various types of waste heat boilers and clean energy equipment such as biomass boilers and nuclear power equipment [3][4]. Market Expansion New Energy Market - The company aims to leverage molten salt storage technology to expand into solar thermal power, user-side energy storage, and zero-carbon parks, highlighting the importance of user-side storage for industrial steam demand [4]. Nuclear Power Market - With over 20 years in the nuclear sector, the company has obtained Class II and III manufacturing licenses and is enhancing its manufacturing capabilities for nuclear products [5]. International Market - The company is focusing on Southeast Asia, South America, and countries along the Belt and Road Initiative to increase its international market share, particularly in waste heat boilers [7]. Order Status - In the first half of 2025, the company secured new orders totaling CNY 2.784 billion, with waste heat boilers accounting for CNY 703 million and clean energy equipment for CNY 281 million. The total orders on hand reached CNY 6.119 billion [6]. Project Highlights Flexibility Transformation in Thermal Power - The company is involved in a pioneering project in Hebei, utilizing molten salt storage technology to enhance the flexibility of a 600MW thermal power unit, achieving a peak load capacity of 650MW [8][10]. Future Development Plans - The company plans to enhance traditional energy efficiency while expanding into clean energy sectors such as nuclear power, flexible thermal power transformation, and renewable energy applications [12]. Equipment Supply Capability - The company’s subsidiary specializes in manufacturing various equipment, including shield machines, and is prepared to meet the increasing demand for equipment in the Yarlung Tsangpo River downstream hydropower project [13].

Company Overview - The company was established in 2002 and became part of the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [2][3] - The main business includes waste heat boilers, clean energy power generation equipment, and overall solutions for energy utilization [2][3] Business Segments - The company operates in four main business areas: - Waste heat boilers (including gas turbine waste heat boilers, dry quenching waste heat boilers, etc.) - Clean energy equipment (including waste incineration boilers, biomass boilers, etc.) - Solutions (including molten salt energy storage and heat exchangers) - Spare parts and services [2][3] Future Market Directions - Focus on overseas markets to increase international market share and expand OEM opportunities [4] - Target the renewable energy market, leveraging molten salt storage technology for various applications [4] - Explore spare parts and retrofit markets in response to national policies on equipment upgrades [4] Nuclear Power Development - Over 20 years of experience in the nuclear power sector with licenses for civil nuclear manufacturing [5] - Active participation in supplying equipment for nuclear power plants and collaboration with institutions for advanced nuclear applications [5][6] Flexibility in Thermal Power Market - The company is involved in a significant project for flexible peak-shaving technology using molten salt storage, with operational metrics indicating a load reduction capability of 100 MW and peak output increase of 47 MW [8][10] - The project is the first of its kind in the country, enhancing frequency modulation capabilities by 1.5 times [10] Order Situation - In the first half of 2025, the company secured new orders totaling CNY 2.784 billion, with specific contributions from various segments: - Waste heat boilers: CNY 703 million - Clean energy equipment: CNY 281 million - Solutions: CNY 1.477 billion - Spare parts and services: CNY 323 million [11][12] Data Center Market - The company is exploring opportunities in the data center sector, focusing on energy management solutions and waste heat recovery [13] International Expansion - The company is targeting Southeast Asia, South America, and regions along the Belt and Road Initiative for overseas market expansion [14] - Increased recognition of domestic brands in international markets is contributing to growth in overseas sales [14]

Company Overview - Founded in 1955, joined Xizi Elevator Group in 2002, listed on Shenzhen Stock Exchange in 2011, renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [2][3] - Main business includes waste heat boilers, clean energy power generation equipment, and comprehensive solutions for energy utilization [2][3] Business Segments - Four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts & services [3] - Waste heat boilers include gas turbine waste heat boilers, dry quenching waste heat boilers, and others, serving high energy-consuming industries like power, steel, and cement [3] - Clean energy equipment includes waste incineration boilers, biomass boilers, and nuclear power equipment, targeting waste treatment plants and renewable energy projects [3] Future Market Directions - Focus on overseas markets to increase international market share and expand OEM opportunities [4] - Targeting the renewable energy market, particularly molten salt energy storage technology for various applications [4] - Spare parts and retrofit market driven by national policies for equipment upgrades and energy efficiency [4] Nuclear Power Development - Over 20 years of experience in the nuclear power sector with licenses for civil nuclear manufacturing [5][6] - Involved in supplying equipment for nuclear power plants and collaborating on fourth-generation nuclear projects [5][6] Market Value Management - Emphasis on market value management through operational efficiency, cash dividends, employee stock ownership plans, and transparent information disclosure [7] Collaboration with Hep Energy - Ongoing collaboration with Hep Energy in flexible coal-fired power transformation and energy storage technology [8] - Successful implementation of the first steam storage molten salt energy peak-shaving project in China [8] International Expansion - Focus on Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas market development [9][10] - Increasing competitiveness of products in international markets, contributing significantly to company performance [10] Solar Thermal Projects - Early involvement in solar thermal power technology, participating in key demonstration projects [10] - The Qinghai Delingha 50MW project is notable for being the first commercial molten salt solar thermal power station in China [10] Data Center Market - Actively exploring opportunities in the domestic and international data center market [10] - Providing solutions for energy management and waste heat recovery in data centers [10]

Group 1: Company Overview - The company was established in 1955 and became part of the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [2][3] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [2][3] Group 2: Business Segments - The company operates in four main business segments: waste heat boilers, clean energy equipment, solutions, and spare parts & services [3] - Waste heat boilers include products like gas turbine waste heat boilers and cement kiln waste heat boilers, serving high-energy-consuming industries such as power, steel, and building materials [3] Group 3: Future Market Directions - Focus on overseas markets to increase international market share and expand OEM markets [4] - Targeting the new energy market, leveraging molten salt storage technology for applications in solar thermal power, user-side energy storage, and zero-carbon parks [4] - Attention to spare parts and renovation markets due to government policies promoting equipment upgrades [4] Group 4: Order Status - In Q1 2025, the company secured new orders totaling CNY 1.57 billion, with waste heat boilers accounting for CNY 491 million, clean energy equipment for CNY 105 million, solutions for CNY 844 million, and spare parts & services for CNY 130 million [5] - As of March 31, 2025, the total orders on hand reached CNY 6.527 billion [5] Group 5: Overseas Market Development - The overseas market focus includes Southeast Asia, South America, and countries along the Belt and Road Initiative [6] - The company is increasing its overseas presence and enhancing product competitiveness in international markets [6] Group 6: Competitors - Major competitors in the overseas market include domestic companies such as Huaguang Huaneng and Hualu Heavy Industry, with the company holding a leading position in the waste heat boiler segment [7] Group 7: Nuclear Power Development - The company has over 20 years of experience in the nuclear power sector and holds manufacturing licenses for civil nuclear equipment [8] - Collaborations with Tsinghua University and China General Nuclear Power Group to explore clean heating and molten salt storage applications in nuclear power [8] Group 8: Flexibility Renovation Projects - The company is involved in a significant project for the Hebei Longshan 600MW thermal power unit, which utilizes molten salt storage technology for flexible peak-shaving [9][10] - The project aims to enhance load reduction and peak capacity, achieving a minimum load of 51 MW and a peak output increase of 47 MW [10] Group 9: Profit Margins - In 2024, the gross margins for various products were: waste heat boilers at 17.87%, clean energy equipment at 23.13%, solutions at 12.41%, and spare parts & services at 26.5% [10] - The company aims to improve order quality and gross margin levels while maintaining its market share in traditional boiler business [10]

Company Overview - Founded in 1955, joined Xizi Elevator Group in 2002, and listed on the Shenzhen Stock Exchange in 2011 as Xizi Clean Energy Equipment Manufacturing Co., Ltd. [2] - Main business includes waste heat boilers, clean energy power generation equipment, and comprehensive solutions for energy utilization [2][3] Business Segments - Four main business areas: - Waste heat boilers (including gas turbine waste heat boilers, dry quenching waste heat boilers, etc.) [2] - Clean energy equipment (including waste incineration boilers, biomass boilers, etc.) [3] - Solutions (including molten salt energy storage, heat exchangers, etc.) [3] - Spare parts and services (including technical services and project renovation) [3] Key Projects - The "Steam Extraction Energy Storage" molten salt thermal peak-shaving technology demonstration project at Guoneng Hebei Longshan 600MW thermal power unit began trial operation on December 28, 2024 [4] - Performance indicators include: - Load reduction capability down to 51 MW (8.5% Pe) for at least 4 hours [4] - Peak output increase of 47 MW for at least 6 hours [4] - Internal heat exchange efficiency of the molten salt system not less than 98% [4] - Frequency modulation capability improved by 1.5 times [4] Strategic Development Directions - Three main strategic directions: - Overseas market expansion, particularly in Southeast Asia, South America, Africa, and Belt and Road countries [5][7] - New energy market, focusing on molten salt energy storage applications [5][6] - Spare parts and renovation market, leveraging government policies for equipment upgrades [6] Order and Financial Performance - In Q1 2025, the company secured new orders totaling 1.57 billion CNY, with breakdowns as follows: - Waste heat boilers: 491 million CNY - Clean energy equipment: 105 million CNY - Solutions: 844 million CNY - Spare parts and services: 130 million CNY [8] - As of March 31, 2025, total orders on hand reached 6.527 billion CNY [8] Competitive Position - Leading position in the waste heat boiler sector, competing with major domestic boiler manufacturers [9] - The company is recognized as one of the largest and most comprehensive research, development, design, and manufacturing bases for waste heat boilers in China [11] Recent Financial Results - In 2024, the company reported a net profit of 440 million CNY, a year-on-year increase of 705.74% [10] - In Q1 2025, revenue reached 1.213 billion CNY, a 5.32% increase year-on-year, with a net profit of 47 million CNY, up 217.11% [10]

Company Overview - The company was established in 2002 and became part of the Xizi Elevator Group, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [2][3] - Main business includes waste heat boilers, clean energy power generation equipment, and overall solutions for energy utilization [2][3] Business Segments - The company operates in four main segments: - Waste heat boilers (e.g., gas turbine waste heat boilers, dry quenching waste heat boilers) - Clean energy equipment (e.g., waste incineration boilers, biomass boilers) - Solutions (e.g., molten salt energy storage, heat exchangers) - Spare parts and services [2][3] Order Situation - In Q1 2025, the company secured new orders totaling CNY 1.57 billion, with breakdowns as follows: - Waste heat boilers: CNY 491 million - Clean energy equipment: CNY 105 million - Solutions: CNY 844 million - Spare parts and services: CNY 130 million - As of March 31, 2025, the total orders on hand amounted to CNY 6.527 billion [4] Key Projects - The company participated in the first "steam extraction energy storage" molten salt thermal storage project in China, which began operations on December 28, 2024. Key performance indicators include: - Load reduction capability down to 51 MW (8.5% of Pe) for at least 4 hours - Peak load increase of 47 MW for at least 6 hours - Internal heat exchange efficiency of no less than 98% and electrical conversion efficiency of no less than 70% [5][6] Financial Performance - In 2024, the company reported a net profit of CNY 440 million, a year-on-year increase of 705.74% - In Q1 2025, the company achieved revenue of CNY 1.213 billion, a 5.32% increase year-on-year, and a net profit of CNY 47 million, up 217.11% [8] Strategic Development Directions - Future strategies focus on: - Expanding into overseas markets, particularly in Southeast Asia, South America, and Africa - Developing the renewable energy market, leveraging molten salt storage technology - Targeting the spare parts and retrofitting market in response to national policies on equipment upgrades [9][10] Stock Buyback Progress - As of April 30, 2025, the company repurchased 3,267,300 shares, accounting for 0.44% of the total share capital, with a total transaction amount of CNY 39,955,177.20 [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 9.113 billion yuan for 2024, a year-on-year decrease of 13.31%, and a net profit attributable to shareholders of 704 million yuan, down 4.98% year-on-year [5] - The company plans to distribute a cash dividend of 0.35 yuan per share for 2024, which represents 61.08% of the net profit attributable to shareholders [5] - The first quarter of 2025 saw a revenue of 1.964 billion yuan, a decline of 32.25% year-on-year, and a net profit of 129 million yuan, down 30.77% year-on-year [5] - The company is facing pressure on its performance due to a contraction in engineering business and losses from joint ventures [5] - The company is implementing a new round of equity incentive plans to stabilize and improve operational performance [5] Financial Summary - The company’s total market capitalization is approximately 8.728 billion yuan, with a circulating market capitalization of about 8.604 billion yuan [3] - The company’s debt-to-asset ratio stands at 59.29% [3] - The projected net profits for 2025-2027 are estimated to be 734 million, 850 million, and 898 million yuan respectively, with year-on-year growth rates of 4.25%, 15.73%, and 5.67% [6] - The company’s earnings per share (EPS) for 2025 is projected to be 0.77 yuan, with a price-to-earnings (P/E) ratio of 11.89 [7][9] - The company’s operating income is expected to grow from 9.113 billion yuan in 2024 to 10.989 billion yuan in 2025, reflecting a growth rate of 20.58% [7]