Group 1 - Star Stone Investment recently conducted research on Zhongtai Co., which has an order backlog of approximately 2.4 billion yuan for Q1 2025, with 40% of orders coming from overseas [1] - The company expects new orders to accelerate in the second half of the year, with a sales target for the equipment segment in 2025 projected to grow by 20% compared to 2024 [1] - Deep cooling technology has been applied in the Korea Nuclear Fusion Research Institute's experimental device, which can be utilized in the low-temperature phase of controllable nuclear fusion [1] Group 2 - The high dependence on ethane imports and restrictions from the United States may impact the olefin industry, potentially creating a demand for domestic ethane production [1] - The company has not locked in prices for major raw materials due to the long project cycles and unpredictable aluminum price fluctuations [1] - Overseas orders signed in 2023 are expected to be delivered gradually starting from Q1 2024, leading to a gradual release of performance [1] Group 3 - Adjustments in procurement structure are anticipated to lower costs, as the pricing for Shandong's civil gas has not been fully completed [1]

Financial Performance - In Q1 2025, the company achieved revenue of 718 million, a year-on-year decrease of 12.01%, primarily due to a nearly 30% decline in the city gas segment's revenue [1] - The net profit attributable to shareholders was 100 million, with a year-on-year increase of 42.83%, mainly driven by accelerated order delivery in the equipment segment [1] - The non-recurring net profit was 96 million, reflecting a year-on-year increase of 42.45% [1] Strategic Planning - The company aims to strengthen its position in equipment manufacturing, focusing on both domestic and international markets over the next 3-5 years [1] - Plans include leveraging the Zhongyi Gas platform to stabilize city gas operations and enhance the natural gas business [1] - The company will cautiously select quality projects and clients in the gas operation sector due to intensified domestic competition [1] Order Situation - As of Q1 2025, the company had an order backlog of approximately 2.4 billion, with overseas orders accounting for 40% [3] - The sales target for 2025 is a 20% increase in new orders compared to 2024, with proportional growth across domestic and international product lines [4] Product Applications - The company's cryogenic technology is applicable in controlled nuclear fusion, with helium refrigerants successfully used in experimental setups [5] Market Impact - The U.S. restrictions on ethane exports could significantly impact China's ethylene industry, as the country heavily relies on U.S. imports for ethane [6] - The company has been involved in natural gas extraction and coal-to-olefins projects, which may benefit from potential domestic ethane production needs [6] Raw Material Pricing - The company has not locked in prices for major raw materials due to the short price fluctuation cycles of aluminum and the long project execution periods [8]