相关报告 证 券 研 究 报 告 超配（维持） 公用事业行业双周报（2025/4/25-2025/5/8） 分析师：苏治彬 SAC 执业证书编号： S0340523080001 邮箱： 国家能源局发布《中国氢能发展报告（2025）》 2025 年 5 月 9 日 投资要点： 电话：0769-22110925 suzhibin@dgzq.com.cn 行业指数走势 资料来源：iFinD，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 公用事业 公用事业行业双周报（2025/4/25-2025/5/8） 行 业 周 报 行 业 研 究 分析师：刘兴文 ◼ 行情回顾：截至5月8日，近两周申万公用事业指数上涨0.9%，跑输沪深 300指数0.9个百分点，在31个申万行业中排第22名；年初至今，申万公 用事业指数下跌1.3%，跑赢沪深300指数0.8个百分点，在31个申万行业 中排第21名。 ◼ 分板块来看，近两周申万公用事业指数的子板块涨多跌少，其中6个子 板块上涨，热力服务板块上涨3.4%，光伏发电板 ...

Core Viewpoint - Guanghui Energy Co., Ltd. is actively enhancing its operational efficiency and resilience in response to economic pressures, focusing on the transition from traditional coal chemical processes to modern energy solutions, including hydrogen energy and carbon capture technologies [8][9][12]. Group 1: Company Overview - As of December 31, 2024, the total number of shares for Guanghui Energy is 6,565,755,139, with a total of 145,050 shareholders [9][10]. - The company has implemented a robust governance structure, adhering to relevant laws and regulations, ensuring effective internal controls and compliance [10][11]. Group 2: Financial Performance - For the reporting period, the total assets of the company amounted to approximately CNY 56.84 billion, a decrease of 3.24% year-on-year [12]. - The company reported operating revenue of approximately CNY 36.44 billion, down 40.72% year-on-year, and a net profit attributable to shareholders of approximately CNY 2.96 billion, down 42.60% year-on-year [12][13]. Group 3: Natural Gas Operations - The company produced approximately 68.24 million cubic meters of LNG, a year-on-year increase of 17.58%, while total natural gas sales decreased by 52.95% to approximately 408.56 million cubic meters [12][14]. - The company has adopted a "2+3" operational model to enhance the efficiency of its gas receiving stations, focusing on both domestic and international markets [13][14]. Group 4: Coal Production and Sales - The company achieved a record coal production of approximately 3.98 million tons, a year-on-year increase of 78.52%, and coal sales of approximately 4.72 million tons, up 52.39% [14][16]. - The company is enhancing its coal production capabilities through advanced technologies and smart mining systems [14][17]. Group 5: Chemical Production - The company produced approximately 107.88 million tons of methanol, an increase of 18.43% year-on-year, while ethylene glycol production reached approximately 15.56 million tons, up 23.73% [17][19]. - The coal chemical segment is focusing on high-end and differentiated product development, aiming for sustainable and low-carbon growth [17][18]. Group 6: Future Development Outlook - The natural gas industry in China is expected to grow significantly, driven by policy support and technological innovation, with a projected increase in natural gas consumption [33][34]. - The company is positioning itself to capitalize on the transition to modern coal chemical processes and the development of hydrogen energy, aligning with national energy security goals [36][37][38].

昇辉智能科技股份有限公司 2024年度业绩说明会 投资者关系活动登记表 编号：2025-001 投资者关系活动类别 特定对象调研 □分析师会议 媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 电话会议 □其他： 参与单位名称及人员 姓名 线上参与公司2024年度网上业绩说明会的全体投资者 时间 2025年5月8日（星期四）下午15:00-17:00 地点 全景网"投资者关系互动平台"（https://ir.p5w.net） 上市公司接待人员 董事长：李昭强先生 董事、副总经理、董事会秘书：谭海波先生 独立董事：张琦先生 财务总监：熊道广先生 证券事务代表：朱小娟女士 投资者关系活动主要 内容介绍 公司于2025年5月8日（星期四）下午15:00至17:00，通过全 景网"投资者关系互动平台"（https://ir.p5w.net）以网络互动、 文字问答的形式举办了公司2024年度业绩说明会，投资者关注 的主要问题和公司回复如下： 1、高管您好，请问贵公司本期财务报告中，盈利表现如 何？ 答：您好，2024年度，公司实现营业收入145,525.99万元， 比上年同期减少27.32%；归属于上市公司股 ...

证券代码：002274 证券简称：华昌化工 江苏华昌化工股份有限公司投资者关系活动记录表 编号：20250509 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 ■业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 参加公司 2024 年年度报告网上说明会的投资者 | | 及人员姓名 | | | 时间 | 2025 年 5 月 9 日 15:00-16:30 | | 地点 | 全景网 | | 上市公司接待 | 公司董事长胡波先生、独立董事汪激清先生、董事会秘书卢 | | | 龙先生、财务总监赵惠芬女士。 | | 人员姓名 | | | | 1、请问公司 30 万吨多元醇项目是否已正式投产？目前 | | | 产能能达到设计要求吗？ | | | 答：公司 2024 年年度报告披露："该项目正在建设中； | | | 预计 2025 年三季度达到预定可使用状态。"从目前情况看， | | | 项目建设平稳有序，应该能够达到预期要求及标准。谢谢！ | | | 2、公 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 添加文末微信，加 燃料电池 群 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 2025年5月8日，中国高端装备制造再添里程碑！海德利森自主研发的液驱压缩机正式启程发往澳 大利亚，这是中国液驱压缩技术首次进入大洋洲市场，为澳大利亚提供更高效、低碳的综合加氢 解决方案！ 海德利森最"大"集成设计实现技术突破 海德利森交付澳大利亚项目压缩机撬 本次交付的氢气压缩机集成设备为海德利森迄今规模最"大"的同类项目。 该设备首次在单一橇体 内集成50MPa和90MPa液驱压缩机及顺序控制阀，可接收2MPa进气压力，并灵活输出50MPa或 90MPa排气压力，实现 "一撬双压" 的高效集成，满足客户多样化需求。 首次推动！国际高标准安全与防爆认证 海德利森交付澳大利亚项目压缩机撬 海德利森在氢能装备领域的研发实力和国际化服务水平再上新台阶，未来仍将以"诚信，专业，安 全，创新"的企业价值观持续推动技术创新与全球合作，创造 ...

徐继林进一步指出，2024年，以科技创新为引领，以产业规模化、商业化为目标，我国氢能制取、储 运、利用全链条关键技术逐步取得突破。新疆库车、宁夏宁东一批规模化可再生能源制氢项目建成运 营，贯通可再生氢制取—储运—利用全流程，发挥了较好的示范作用。多类型燃料电池发电和热电联供 项目投建运营，F级50兆瓦重型燃气轮机完成燃烧器掺烧30%氢气试验，兆瓦级纯氢燃气轮机完成整机 试验验证。同时，6项氢能技术装备入选国家能源局第四批能源领域首台（套）重大技术装备，覆盖氢 能制储输用全环节。 中化新网讯 "2024年，我国氢能制取、储运、利用全链条关键技术逐步取得突破，可再生氢制取—储运 —利用全流程产业链已有良好示范。我国氢能产业正从试点探索逐步进入有序破局的新阶段。"记者在4 月28日国家能源局举行的例行新闻发布会上获悉。 国家能源局披露的数据显示，2024年，我国氢能全年生产消费规模超3650万吨，位列世界第一位。截至 2024年底，全球可再生能源制氢项目累计建成产能超25万吨/年，我国占比超50%。国家能源局能源节 约和科技装备司副司长徐继林表示，目前，全国各地累计发布氢能专项政策超560项，因地制宜推进地 方氢能 ...

Group 1 - Bosch Group announced a sales target of €90.3 billion for the fiscal year 2024, with an EBIT of €3.1 billion and an EBIT margin of 3.5% [1] - In the Chinese market, Bosch's sales reached ¥142.7 billion in 2024, representing a year-on-year growth of 2.7% [1] - The company aims for an annual sales growth of 6% to 8% by 2030 and plans to achieve a target profit margin of 7% by 2026 [1][2] Group 2 - Bosch's CFO Markus Forschner emphasized the need to maintain cost advantages and pursue growth through investment, innovation, and acquisitions [2] - The company expects electric mobility, hydrogen, and software-defined vehicles to drive significant business growth in the smart mobility sector [2] - Bosch plans to launch approximately 90 new cordless power tool products this year, focusing on expanding its product range in the consumer goods sector [2] Group 3 - Bosch announced plans to acquire Johnson Controls' global residential and light commercial HVAC business for $8 billion, marking its largest acquisition to date [3] - The acquisition is expected to contribute an additional 1% to 2% sales growth if completed by mid-year [3] - Bosch's R&D investment in China reached ¥11.9 billion in 2024, highlighting the country's role as an innovation hub for the company [3]

Core Viewpoint - The company, Vanward Electric, is a leading player in the domestic water heater and kitchen appliance market, reporting a significant increase in export sales revenue for 2024, despite uncertainties in tariff policies [1][2]. Group 1: Export Performance and Strategy - In 2024, Vanward Electric's export sales revenue reached 2.663 billion yuan, marking a 41.43% increase compared to the previous year [1]. - The company exports primarily to Europe, America, and Southeast Asia, with products including gas ovens, smokers, and dehydrators, using an FOB trade model where customers bear tariff costs [1]. - To address potential challenges from tariffs, the company has implemented key measures such as enhancing customer communication, improving internal efficiency, and diversifying markets [1][2]. Group 2: Overseas Factory Development - Vanward Electric is accelerating efficiency improvements at its factories in Thailand and Egypt, with the first phase of the Thailand factory having commenced production in April 2024, generating 105 million yuan in revenue [2]. - The company is also advancing the second phase of the Thailand factory and plans for further investment to expand capacity [2]. Group 3: Market Diversification and Product Development - The company is actively exploring emerging and mature markets to reduce reliance on any single region, focusing on the "Belt and Road" initiative to enhance global market presence [2]. - In 2023, Vanward Electric introduced a 121 industry development strategy to cultivate the air energy sector, aiming to upgrade its product structure from gas appliances to include both gas and renewable energy products [2][3]. - The company has initiated research and development in hydrogen technology for household gas appliances, becoming the first in China to obtain EU CE certification for hydrogen gas appliances [3]. Group 4: Financial Health and Dividend Policy - Vanward Electric maintains a healthy balance sheet and strong cash flow, providing a solid foundation for sustainable growth [3]. - The company has distributed approximately 3.14 billion yuan in cash dividends to shareholders and will evaluate its dividend policy cautiously in the future [3].

Core Viewpoint - Shanghai Kaan Chuangneng Technology Co., Ltd. has completed a multi-million yuan Pre-A+ round of financing to develop hydrogen liquefaction systems and expand its workforce [2][10] Company Overview - Kaan Chuangneng, established in 2020, focuses on hydrogen liquefaction and ultra-low temperature systems, pioneering flexible hydrogen liquefaction technology [2][3] - The founder and CEO, Jiang Wei, has over 20 years of experience in energy and engineering design, having worked on major projects like the West-East Gas Pipeline [2][12] Technology and Product Development - The company has developed ultra-low temperature technology covering flexible hydrogen liquefaction systems, liquid hydrogen application systems, and ultra-low temperature application systems [3][9] - Kaan Chuangneng's flexible hydrogen liquefaction equipment has a production capacity of 0.1-1 ton per day, with a current model producing 500 kg per day [7][11] - The equipment boasts over 90% localization rate, indicating significant progress in domestic technology independence [7][10] Market Demand and Application - The demand for liquid hydrogen is increasing due to its efficiency in large-scale, long-distance, and low-cost transportation, especially in the context of China's hydrogen production and consumption mismatch [5][9] - The company is targeting three main sectors: hydrogen energy, aerospace, and superconductivity, with hydrogen energy being the primary revenue source [8][9] Investment and Future Prospects - Kaan Chuangneng has raised nearly 100 million yuan in total funding and is seeking new investments to match its expansion needs [10] - The company aims to reduce the overall cost of the hydrogen energy supply chain through its flexible hydrogen liquefaction equipment, facilitating the large-scale application of green hydrogen [10][12]

Investment Rating - The report assigns a rating of "Accumulate" for the company [12] Core Views - The company's project construction is progressing steadily, with the PO/MTBE unit reaching the expected operational status. The focus on research and innovation has opened up a new track in electronic specialty gases, which is expected to contribute to future performance [3][12] - The company achieved a revenue of 10.228 billion yuan in 2024, a year-on-year increase of 40.00%, while the net profit attributable to shareholders decreased by 42.77% to 219 million yuan. The revenue growth was primarily driven by the operation of the PDH unit and increased sales of propylene, propane, and butane. However, the decline in profit was due to a significant drop in the prices of main products, while the decrease in raw material and energy costs was relatively small, leading to a decline in gross profit margin [12] Financial Summary - For 2023A, the company reported a revenue of 7.306 billion yuan, with a projected revenue of 10.228 billion yuan for 2024A, reflecting a 40.00% increase. The net profit for 2023A was 383 million yuan, with a projected decrease to 219 million yuan for 2024A [11][12] - The earnings per share (EPS) for 2024 is expected to be 0.11 yuan, with projections of 0.16 yuan for 2025 and 0.21 yuan for 2026. The net asset return rate (ROE) is projected to be 1.9% for 2024, increasing to 5.9% by 2027 [11][12] - The company’s total assets are projected to grow from 22.956 billion yuan in 2024A to 27.308 billion yuan in 2027E, while total liabilities are expected to increase from 11.574 billion yuan in 2024A to 13.970 billion yuan in 2027E [13] Market Data - The company's market capitalization is approximately 8.767 billion yuan, with a current stock price of 4.26 yuan and a target price adjusted to 4.86 yuan [6][12] - The stock has a price-to-book ratio (PB) of 0.8 based on the current price, and the price-to-earnings ratio (PE) is projected to be 38.30 for 2024 [12][14]