Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to achieve a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The thermal power operation scale is steadily increasing, with a projected revenue of 10.5 billion yuan by 2025 [2][3]. - The equipment manufacturing business has shown signs of recovery, with a 20.18% year-on-year increase in revenue for 2024 [1][2]. - The company is actively expanding its thermal power generation projects, with a nearly 1.3 GW installed capacity by the end of 2024 [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.113 billion yuan, a decrease of 13.31% year-on-year, and a net profit of 704 million yuan, down 4.98% [1][4]. - For Q1 2025, the revenue was 1.965 billion yuan, a decline of 32.25% year-on-year, with a net profit of 129 million yuan, down 30.77% [1][2]. Business Segments - The equipment manufacturing segment's revenue increased to 1.742 billion yuan in 2024, up 20.18% year-on-year, although the gross margin decreased by 6.74 percentage points to 10.23% [1][2]. - The engineering and services segment saw a significant revenue drop of 54.42% in 2024, totaling 1.985 billion yuan, while the gross margin improved by 4.57 percentage points to 17.38% [2]. Future Outlook - The company anticipates achieving a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The company is focusing on hydrogen energy projects and flexible coal-fired power generation technology, which are expected to contribute positively to future earnings [3][4].

Group 1 - The company Zhejiang Xinzhonggang Thermal Power Co., Ltd. has announced that its convertible bond "Xin Gang Convertible Bond" is expected to meet the conditions for a price adjustment [1][2] - The company issued 3,691,350 convertible bonds on March 8, 2023, with a total amount of 36.9135 million yuan and a maturity of 6 years [2] - The initial conversion price of the convertible bond was set at 9.18 yuan per share, which has been adjusted to 8.85 yuan per share due to dividend distributions [4][5] Group 2 - The convertible bond's price adjustment clause allows for a downward revision if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5][6] - The company has indicated that from April 7 to April 18, 2025, the stock price has already been below 7.52 yuan (85% of 8.85 yuan) for ten trading days, which may trigger the price adjustment clause [6]

Core Points - The stock price of New Zhonggang (605162) closed at 7.86 yuan on April 1, 2025, with an increase of 3.69% and a turnover rate of 2.17% [1] - The trading volume was 86,900 lots, with a total transaction amount of 67.9449 million yuan [1] Trading Information Summary - On the same day, the main funds experienced a net outflow of 2.2937 million yuan, accounting for 3.38% of the total transaction amount [2] - Retail investors had a net inflow of 1.7752 million yuan, representing 2.61% of the total transaction amount [2] Company Announcement Summary - As of March 31, 2025, a total of 731,000 yuan of "Xin Gang Convertible Bonds" was converted into company stock, resulting in an increase of 81,735 shares, which is 0.0204% of the total shares before conversion [2] - The unconverted amount of "Xin Gang Convertible Bonds" is 368.404 million yuan, which is 99.8020% of the total issuance [2] - The total share capital of the company increased from 400,512,080 shares to 400,532,735 shares after the conversion [2]