9月24日，浙江可胜技术股份有限公司（以下简称"可胜技术"）向港交所主板递交上市申请。虽然该公 司过去三年收入和利润逐年快速增长，但今年上半年业绩增速大幅放缓。同时，公司还存在产品结构极 为单一、客户集中度畸高、毛利率持续下滑等风险。截至2025年6月30日，公司应收账款及合同资产占 总资产的比重超过三成，减值风险较严峻。 可胜技术成立于2010年，是一家熔盐储能光热发电解决方案提供商，专注于塔式光热发电与熔盐储能的 技术研究、装备研制与工程化应用，深度聚焦光热发电及多能互补发电业务，并布局以熔盐储能为核心 的综合能源应用领域。 此外，可胜技术2023年出售多家联营公司的收益占当期净利润的六成左右，反映盈利能力有一定"水 分"。 客户集中度接近100%，应收账款显著增长 值得注意的是，可胜技术的客户集中度极高，对主要客户存在重大依赖风险。报告期内，公司来自五大 客户的收入分别约占总收入的99.9%、99.9%、88.5%及99.9%，除2024年外均高度逼近100%，其中来自 单一最大客户的收入分别约占93.3%、84.8%、22.3%及28.5%。 可胜技术已掌握从聚光、集热、储热到发电的全流程塔式光热发电 ...

证券日报网讯东方电热（300217）9月30日在互动平台回答投资者提问时表示，公司熔盐储能市场份额 稳居行业头部，开发的6kv熔盐储能电加热器已实现商业化应用，为国内首例。除电网调峰外，公司也 将积极拓展熔盐储能在其他领域的应用。 ...

Core Viewpoint - Zhejiang Kesheng Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, primarily generating revenue from services related to molten salt tower solar thermal power projects, with significant reliance on a few major clients [1][2]. Group 1: Revenue and Client Dependency - The majority of the company's revenue comes from providing services for molten salt tower solar thermal power projects, with additional income from photovoltaic tracking brackets and other materials [1][2]. - Revenue from the top five clients accounted for 99.9%, 99.9%, 88.5%, and 99.9% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, indicating a heavy reliance on major clients [2]. - The revenue from the single largest client represented 93.3%, 84.8%, 22.3%, and 28.5% of total revenue for the same periods, highlighting the risk associated with client concentration [2]. Group 2: Financial Performance - The company reported revenues of 20.85 million yuan, 858 million yuan, 2.189 billion yuan, and 981 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - Net profits for the same periods were -91 million yuan, 248 million yuan, 540 million yuan, and 233 million yuan, showing a transition from a loss to profitability [2]. Group 3: Supplier Dependency - The procurement amounts to the top five suppliers accounted for 50.7%, 52.9%, 44.4%, and 37.4% of the total material procurement costs for the years 2022, 2023, 2024, and the first half of 2025, indicating a significant reliance on a limited number of suppliers [3]. Group 4: Research and Development - The company incurred R&D expenses of 33 million yuan, 38 million yuan, 62 million yuan, and 27 million yuan for the years 2022, 2023, 2024, and the first half of 2025, reflecting ongoing investment in technology [4]. - The funds raised will primarily be used to expand the R&D center, enhance core technology research, and strengthen the company's professional R&D team [4].

Core Viewpoint - Kesheng Technology is preparing for an IPO on the Hong Kong Stock Exchange, following unsuccessful attempts to list on the A-share market, highlighting a trend of companies shifting to Hong Kong for capital raising opportunities [2][19]. Company Overview - Kesheng Technology specializes in tower solar thermal power generation and molten salt energy storage solutions, providing comprehensive services from project development to operational support [3][5]. - The company has established itself as a leader in the solar thermal power sector, with a market share of 47.2% in the supply of solar collection systems in China from 2021 to 2024, significantly ahead of its closest competitor [5]. Financial Performance - The company's revenue skyrocketed from 20.85 million RMB in 2022 to 2.189 billion RMB in 2024, marking a 104-fold increase [11]. - Kesheng Technology turned a profit in 2023 with a net income of 248.3 million RMB, which is expected to grow to 540.1 million RMB in 2024 [11]. - The company has shown strong revenue growth in the first half of 2025, although the growth rate is slowing [11]. Market Dynamics - The solar thermal power industry is experiencing rapid growth, with the levelized cost of electricity expected to decrease from 1.15 RMB/kWh in 2016 to 0.55 RMB/kWh in 2024, and further to 0.38 RMB/kWh by 2035 [7]. - The cumulative installed capacity of solar thermal power in China is projected to reach 17.7 GW by 2030, with a compound annual growth rate of 52.6% from 2025 to 2030 [9]. Customer Concentration - Kesheng Technology's revenue is highly concentrated, with 99.9% of its income in the first half of 2025 coming from state-owned enterprises [12][13]. - The company acknowledges the risks associated with customer concentration, as the loss of a major client could severely impact its financial stability [13]. Future Growth Drivers - Future growth for Kesheng Technology may depend on the pace of new project approvals, cost control capabilities, and the expansion into new business areas, particularly in molten salt energy storage [15][20]. - The company has implemented significant dividends prior to its IPO, distributing nearly 300 million RMB within a year, raising questions about the necessity of its upcoming capital raise [16][18].

Core Viewpoint - The company, Dongfang Electric Heating, is focused on consolidating its core business in home appliances and new energy vehicle electric heaters while actively exploring new business areas such as solid-state battery equipment, molten salt energy storage equipment, and battery materials to gradually improve its operating performance [1] Group 1 - The company aims to strengthen its existing business in home appliances and new energy vehicle electric heaters [1] - The company is actively seeking to expand into new sectors including solid-state battery equipment and molten salt energy storage [1] - The focus is on achieving a gradual recovery in operating performance [1]

Core Viewpoint - Dongfang Electric Heating (300217.SZ) is focusing on enhancing its product offerings and expanding into new business areas to improve operational performance and revenue growth [1] Group 1: Product Development - The flexible fabric pressure sensor meets customer requirements in terms of durability and precision [1] Group 2: Revenue and Profitability Outlook - The production of pre-plated nickel materials is expected to be in a ramp-up phase in the first half of 2025, with significant revenue and gross margin improvements anticipated in the second half as deliveries to internationally renowned battery companies increase [1] Group 3: Business Expansion Strategy - The company aims to solidify its core businesses in home appliances and electric heaters for new energy vehicles while actively exploring opportunities in solid-state battery equipment, molten salt energy storage equipment, and battery materials to gradually achieve a recovery in operational performance [1]

Core Viewpoint - Dongfang Electric Heating (300217.SZ) is focusing on enhancing its product offerings and expanding into new business areas to improve operational performance and revenue growth [1] Group 1: Product Development - The flexible fabric pressure sensor meets customer requirements in terms of durability and precision [1] Group 2: Revenue and Profitability Outlook - Nickel-plated material production is expected to be in a ramp-up phase in the first half of 2025, with significant revenue and gross margin improvements anticipated in the second half as deliveries to internationally renowned battery companies increase [1] Group 3: Business Expansion Strategy - The company aims to solidify its core businesses in home appliances and electric heaters for new energy vehicles while actively exploring opportunities in solid-state battery equipment, molten salt energy storage equipment, and battery materials to gradually achieve a recovery in operational performance [1]

西子洁能 20250923 摘要 西子节能受益于光热发电成本下降及政策支持，青海地区度电成本已降 至五毛钱左右，并获得标杆电价五毛五，同时，2026 年每千瓦容量补 贴将增加到 330 元，使得熔岩储能收益率超过 7%，经济性显著提升， 预计光热发电领域将带来约 3 亿元利润增长。 发改委鼓励每年建设 3GW 光热发电，西子节能作为主要设备供应商， 专注于吸热器、储热罐和换热器，每吉瓦价值量约 30 亿，公司市占率 保守估计为 20%，预计每年可转化约 3 亿净利润。 熔岩储能技术在火电深度调峰中具有显著优势，通过降低负荷至 10%左 右，实现价差收入和容量补贴收入，一吉瓦时造价约 3.4 亿元，远低于 化学储能成本，且设计寿命长达 30 年，预计火电灵活性改造将带来 3~4 亿元利润增长。 国家发改委要求到 2027 年改造 2~4 亿千瓦的火电容量，已完成初步改 造的 6 亿千瓦火电容量也可以进一步改造成熔盐储能系统，以实现深度 调峰，市场潜力巨大。 Q&A 西子节能的主要业务及其未来发展前景如何？ 西子节能的主要业务是余热锅炉，应用于燃气发电、煤电和工业领域。预计未 来五年内，国外市场尤其是美国和一些发 ...

Company Overview - Kexin Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions globally, focusing on technology research, equipment sales, and engineering applications, offering full lifecycle services from project development to operational support [3] - As of September 16, 2025, Kexin Technology is the only company in the world with experience in over 1GW of molten salt tower solar thermal power projects [3] Market Position - Kexin Technology has maintained a leading market position in providing solar collector systems and thermal storage systems, being the supplier for 11 out of 20 substantial tower solar projects in China, achieving a market share of 57.9% in installed capacity and 55.0% in project count [3][4] - The company is expanding its service and product offerings to include software and AI-enabled operational tools [4] Industry Context - The solar thermal power industry in China has entered a phase of large-scale commercialization, supported by policies and market reforms, with plans to build a total installed capacity of approximately 455 million kilowatts by 2030 [3] Financial Performance - Kexin Technology's revenue for the fiscal years ending December 31 for 2022, 2023, 2024, and the six months ending June 30, 2024, and 2025 were approximately RMB 20.85 million, RMB 858 million, RMB 2.189 billion, RMB 745.35 million, and RMB 980.94 million respectively [4][6] - The company reported profits of approximately RMB -91.26 million, RMB 248.33 million, RMB 540.06 million, RMB 205.81 million, and RMB 233.05 million for the same periods [4][6]

Company Overview - The report highlights Xizi Clean Energy (西子洁能) as a leading company in the waste heat boiler sector, with a domestic market share exceeding 50% and a cumulative supply of over 450 units, adapting to major global turbine brands like GE and Siemens [10] - The company is actively expanding its overseas market presence, with foreign sales accounting for 13.82% of revenue in the first half of 2025, reflecting a year-on-year growth of 48.79% [10] Business Segments - Xizi Clean Energy is focusing on the development of molten salt energy storage technology, having participated in multiple demonstration projects, positioning itself as a pioneer in this field [10] - The company is also advancing in the nuclear power sector, with over 20 years of experience and licenses for manufacturing nuclear equipment, aiming to expand into third and fourth generation nuclear power and controlled nuclear fusion [10] - The report mentions the company's strategic investment in solid oxide fuel cells (SOFC), which have high efficiency and versatility in fuel usage, enhancing its renewable energy ecosystem [10] Financial Projections - The report projects Xizi Clean Energy's net profit attributable to shareholders to be 443 million, 510 million, and 604 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 28, 24, and 20 times [3] - A comparative analysis with similar companies indicates an average PE of 33 times for 2025, leading to an "Outperform" rating for Xizi Clean Energy [3] Industry Insights - The report discusses new national standards for polysilicon energy consumption, tightening the energy consumption limits significantly, which may lead to the forced shutdown or consolidation of high-energy-consuming production capacities [9][12] - The new standards are expected to accelerate the exit of outdated production capacities, with a 12-month transition period for companies to comply [12] - The report suggests that polysilicon prices may remain strong due to the need for companies to achieve breakeven at lower operating rates, and it recommends monitoring companies like GCL-Poly Energy and Tongwei Co., Ltd. [12]