西子清洁能源装备制造股份有限公司投资者关系活 动记录表 （2026-02-26） 证券代码： 002534 证券简称：西子洁能 编号：2026-005 | 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 | | | 参与单位名称 | 浙商证券：李思扬、李晗玥； | | | 及人员姓名 | 鑫元基金：汪壑； | | | | 准锦投资：戴德舜； | | | | 浙商资管：周文超； | | | | 兆顺基金：钱之皓； | | | | 金恩投资：林仁兴； | | | | 壁虎投资：张小东； | | | 时间 | 年 月 日 2026 02 26 | | | 地点 | 公司会议室 | | | 上市公司接待 | 董事长助理：毛一恺； | | | 人员姓名 | 董事会秘书：鲍瑾； | | | | 投资者关系管理专员：马颖妮； | | 1 | | 1、 公司基本情况及主要业务介绍？ | | --- | --- | | | 公司于 年建厂， ...

Core Viewpoint - The launch of the world's first commercial supercritical carbon dioxide power generation unit, "Super Carbon No. 1," in Guizhou, China, represents a revolutionary advancement in power generation technology, achieving over 85% efficiency and significantly reducing equipment size and costs [1][2][4]. Group 1: Technology Overview - "Super Carbon No. 1" utilizes supercritical carbon dioxide instead of water, allowing for a closed Brayton cycle that minimizes energy loss and enhances efficiency [4][5]. - The technology achieves a remarkable efficiency increase of over 85% compared to traditional power generation methods, which typically have a theoretical efficiency ceiling of 40% [3][4]. - The system's compact design reduces the size of power generation equipment by 30%-50%, leading to lower construction costs and space requirements [4][5]. Group 2: Development Challenges - The successful development of "Super Carbon No. 1" is the result of 15 years of independent research by the China National Nuclear Corporation, overcoming significant technical challenges [5][6]. - The team created a unique microchannel heat exchanger capable of withstanding extreme conditions, achieving 100% domestic production of core equipment [5][6]. - A comprehensive simulation platform was developed to stabilize the operation of high-pressure and high-temperature components, ensuring reliable system performance [7]. Group 3: Future Prospects - The technology has the potential to utilize heat from nuclear reactors, solar thermal towers, and energy storage systems, expanding its application beyond industrial waste heat recovery [9]. - The implementation of this technology in the steel industry alone could save nearly 5 million tons of standard coal annually, generating over 10 billion yuan in revenue [9]. - The promotion of "Super Carbon No. 1" marks the beginning of a new era in efficient, compact, and flexible power generation, with significant implications for energy transition and carbon reduction goals [9][10].

Core Viewpoint - The company is continuously iterating its molten salt energy storage technology and is actively expanding its market presence, maintaining a leading position in the industry, with expectations of new orders by 2026 [1] Company Summary - The company, Dongfang Electric Heating (300217), is focused on advancing its molten salt energy storage technology [1] - The company is committed to expanding its market share and has successfully maintained a top position in the industry [1] - The company anticipates the acquisition of new orders by the year 2026 [1] Industry Summary - The molten salt energy storage technology sector is experiencing growth, with the company positioned to capitalize on this trend [1] - The company’s efforts in technology iteration and market expansion suggest a competitive landscape in the energy storage industry [1]

Group 1 - The company, Zhongyan Chemical (600328.SH), has stated that it is currently not involved in molten salt energy storage [1]

Core Viewpoint - Xizi Clean Energy emphasizes its competitive advantage in molten salt energy storage technology, which is crucial for various energy applications [1] Group 1: Technology and Applications - Molten salt energy storage is a key technology for the company, applied in concentrated solar power, user-side energy storage, and flexible transformation of thermal power [1] - Demonstration projects include the 50MW molten salt concentrated solar power project in Delingha, Qinghai, the user-side molten salt energy storage project in Shaoxing, and the "steam extraction energy storage" molten salt peak-shaving technology demonstration project at Guoneng Hebei Longshan thermal power unit [1] Group 2: Products and Services - The company offers a range of products and services, including molten salt energy storage equipment, thermal storage system design, specialized technical consulting, engineering installation, and solution design [1] Group 3: Research and Development - The company focuses on cutting-edge technologies and processes in the molten salt energy storage field, including supercritical CO2 waste heat power generation technology, leveraging its long-term experience in high-energy-consuming industries to promote the implementation of demonstration projects [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [6][7]. Core Insights - The company is transitioning from a cyclical to a growth-oriented business model, focusing on molten salt energy storage, which is expected to enhance both performance and valuation, leading to a "Davis Double" effect [6][7]. - The traditional business is showing signs of recovery, supported by acquisitions that strengthen the company's foundational operations [6][7]. - The molten salt energy storage market is projected to grow significantly, driven by applications in concentrated solar power and flexible coal power generation, with an expected cumulative installed capacity of 19.1 GW by 2030 [6][7]. Summary by Sections 1. Transition from Cyclical to Growth - The company, established in 2001, has built an integrated production chain for nitric acid and its derivatives, becoming a major player in the domestic market [16]. - The company began generating revenue from molten salt-grade potassium nitrate in 2021 and is expected to see significant sales growth in 2025 as production capacity ramps up [16]. 2. Recovery of Traditional Business - Nitric acid prices are expected to stabilize due to a supportive raw material environment, particularly liquid ammonia, which is crucial for production [40][45]. - The company is strategically positioned to benefit from a recovery in nitric acid and potassium nitrate prices, aided by its integrated production capabilities [6][7]. 3. Growth Engine of Molten Salt Energy Storage - The company is developing a complete product matrix for molten salt, with projects in concentrated solar power and compressed air energy storage expected to drive demand [6][7]. - The molten salt market is anticipated to require 206,000 tons by 2030, with significant contributions from the solar power sector as costs decrease [6][7]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 58 million, 86 million, and 115 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 39, 26, and 20 [5][7]. - The target market capitalization is estimated at 2.4 billion yuan, indicating a potential upside of 9% from current levels [7]. 5. Market Dynamics and Competitive Position - The company benefits from a flexible production system that allows for cost optimization and efficient resource allocation across its product lines [62]. - The agricultural-grade potassium nitrate market is expected to grow due to increasing demand for high-quality crops and supportive government policies [50][52].

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 Xizi Clean Energy Equipment Manufacturing Co., Ltd. [4] - The company specializes in waste heat boilers, clean energy power generation equipment, and provides comprehensive solutions for environmental equipment and energy utilization [4]. Group 2: Business Segments - The company operates in four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts and services [4]. - Waste heat boilers include products for various industries such as power, steel, and cement, while clean energy equipment focuses on waste incineration, biomass boilers, and nuclear power equipment [4]. Group 3: Market Opportunities - Future growth markets include overseas markets, leveraging core products like gas turbine waste heat boilers to increase international market share [4][5]. - The company aims to expand in the renewable energy and energy storage markets, particularly through molten salt storage technology [4][5]. Group 4: Competitive Advantages - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, making it a leader in this industry [6]. - It has established a strong international presence, with significant projects in Pakistan and Nigeria, and aims to enhance its global footprint in the gas turbine waste heat boiler market [6]. Group 5: Financial Performance - As of the first half of 2025, the comprehensive gross margin for waste heat boiler products is 29.68%, with plans to improve order quality and increase margin levels [9]. Group 6: Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector and has obtained manufacturing licenses for civilian nuclear equipment [9]. - It focuses on the research and production of key nuclear island equipment and aims to expand its capabilities in the nuclear fusion project [9].

Core Viewpoint - Dongfang Electric Heating (300217) announced new orders for molten salt energy storage in the fourth quarter, indicating a strategic focus on expanding its market presence in this sector [1] Group 1: Company Developments - The company is actively pursuing new customers in the molten salt energy storage field to enhance its market share [1] - Molten salt energy storage is characterized by high energy density, long lifespan, low costs at scale, good safety, and suitability for large-scale long-duration heat storage [1]

Company Overview - The company was established in 1955 and joined 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 [4] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [4] Business Segments - The company operates in four main segments: waste heat boilers, clean energy equipment, solutions, and spare parts & services [4] - Waste heat boilers include products for power generation, steel, cement, and other high-energy-consuming industries [4] - Clean energy equipment encompasses waste incineration boilers, biomass boilers, and nuclear power equipment, primarily serving waste treatment plants and nuclear power stations [4] Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector, holding licenses for civil nuclear manufacturing [4][5] - It has supplied 186 conventional island pressure vessels and heat exchangers to multiple nuclear power stations [4] - A joint venture, Hangzhou Xizi Nuclear Technology Co., Ltd., was established in August 2025 to expand into the nuclear power market [5] International Expansion - The company focuses on Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas markets [6] - Since 2024, the proportion of new orders from overseas markets has been increasing, contributing significantly to the company's performance [6] Order Status - In the first three quarters of 2025, the company achieved new orders totaling CNY 4.054 billion, with specific segments as follows: - Waste heat boilers: CNY 1.196 billion - Clean energy equipment: CNY 426 million - Solutions: CNY 1.94 billion - Spare parts & services: CNY 492 million [7] - As of September 30, 2025, the total orders on hand amounted to CNY 5.884 billion [7] Product Delivery and Market Position - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [8] - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, recognized as a leader in the industry [9] Collaboration with Kexin Technology - Kexin Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions, with significant market shares in recent projects [10] - The company collaborates closely with Kexin Technology, supplying critical components for solar thermal projects and holding a 3.25% equity stake in Kexin Technology [10]

Core Viewpoint - The article discusses the challenges and opportunities of "molten salt energy storage" in the context of its integration with coal power plants, highlighting the need for policy guidance, technological innovation, and industry collaboration to overcome existing barriers [1][3][8]. Group 1: Project Overview - The largest domestic molten salt energy storage project combined with coal power, a 350 MW demonstration project at Anhui Guoneng Suzhou Power Plant, has been launched, showcasing significant market potential [3][5]. - The project utilizes two large molten salt tanks, one for high-temperature and one for low-temperature storage, with a total heat storage capacity of 1000 MWh [5][6]. - The project allows for a reduction in minimum technical output from 50% to 30% and increases maximum load from 80% to 100%, demonstrating enhanced flexibility in power generation [5][7]. Group 2: Market Potential - The combination of "molten salt energy storage + coal power" is expected to activate a market potential worth billions, with further applications in high-heat industries like steel and chemicals potentially expanding the market to hundreds of billions [3][5][7]. - If 30% of the existing coal power capacity of approximately 1.1 billion kW were to adopt molten salt energy storage systems, it could lead to significant market investments [7]. Group 3: Challenges in Scaling - High customization requirements for different coal power plants pose a significant challenge, necessitating tailored designs for each system [9][10]. - The initial investment for molten salt energy storage projects is high, with the Suzhou project costing around 340 million yuan, which may deter some power plants from investing [9][10]. - The lack of national standards for molten salt tank design and safety regulations creates additional risks and uncertainties for the industry [9][10]. Group 4: Recommendations for Development - Industry experts suggest that policy support is crucial, including integrating molten salt energy storage into new power system planning and establishing clear compensation mechanisms for peak shaving [11][12]. - Technological innovations aimed at reducing costs and improving efficiency are essential for the widespread adoption of molten salt energy storage [11][12]. - Establishing national standards for design, construction, and acceptance of molten salt storage tanks is necessary to ensure safety and efficiency [11][12].