Financial Performance - In Q1 2025, the company achieved operating revenue of 49.95 million yuan, a year-on-year increase of 0.65% [1] - The net profit attributable to shareholders was 2.89 million yuan, a significant increase of 454.20% year-on-year [1] - The net cash flow from operating activities improved significantly to 14.72 million yuan compared to the same period last year [1] Nuclear Power Business - The company is a leading supplier of condensate water treatment systems for nuclear power plants in China, benefiting from favorable nuclear power policies [2] - The company has participated in major projects using the "Hualong One" nuclear technology, providing critical support for the safe operation of these projects [2] - The recent approval of five nuclear power projects, including eight units using "Hualong One" technology, is expected to drive over 100 billion yuan in market demand for nuclear power equipment [3] Hydrogen Energy Business - The hydrogen energy sector is a strategic emerging business for the company, which has developed key components for hydrogen fuel cells, including membrane electrodes and bipolar plates [4] - The company’s fourth-generation membrane electrode, launched in 2024, has achieved a power density of 2.25 W/cm²@0.6 V, positioning it as a leader in the domestic market [4] - The hydrogen fuel cell system's applications are expanding beyond public transport to include logistics, marine, and drone sectors, aligning with the growth of the low-altitude economy [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a 33% year-on-year growth in Q1 2025, driven by the product upgrade in AI and continuous expansion in industrial application scenarios [1] - The company is recognized as an expert in wastewater resource utilization, with expectations for accelerated order replication due to policy drivers, product upgrades, and opened sales channels [1] Financial Performance Summary - For 2023A, total revenue was 572.76 million RMB, with a year-on-year decrease of 14.63%. The net profit attributable to shareholders was 70.77 million RMB, down 7.83% year-on-year [1] - In 2024A, total revenue is projected to be 617.11 million RMB, reflecting a growth of 7.74%, while the net profit is expected to be 66.79 million RMB, a decrease of 5.62% [1] - The company anticipates a revenue increase of 15.27% in 2025E, reaching 711.33 million RMB, with net profit expected to grow by 28.08% to 85.55 million RMB [1] Business Segment Analysis - The water treatment technology solutions segment generated revenue of 3.37 billion RMB in 2024A, a decline of 10.94%, while the mid-to-long-term business segment saw a revenue increase of 43.90% to 2.79 billion RMB [8] - In Q1 2025, the revenue from the water treatment technology solutions segment was 0.57 billion RMB, up 13.16%, while the mid-to-long-term business segment revenue was 0.72 billion RMB, an increase of 20.53% [8] Order Backlog and Growth - As of Q1 2025, the order backlog increased by 3% to 709 million RMB, with steady growth in B-end orders [8] - The company has successfully launched the AI intelligent body "Water Radish," which has significantly improved operational efficiency and reduced costs [8] Valuation and Earnings Forecast - The forecast for net profit attributable to shareholders has been adjusted down to 0.86 billion RMB for 2025 and 1.04 billion RMB for 2026, with an expected net profit of 1.25 billion RMB for 2027 [1] - The projected P/E ratios for 2025-2027 are 22, 18, and 15 respectively [1]

Financial Performance - The company achieved a revenue of 1,040.51 million CNY in 2024, representing a year-on-year increase of 59.32% [7] - The net profit for 2024 was 133.28 million CNY, an increase of 28.12% compared to the previous year [7] - The gross profit margin decreased by 3.98 percentage points [2] Revenue Breakdown - The water treatment solutions business contributed 709 million CNY in revenue, a year-on-year increase of 97.10% [3] - The revenue from salt lake lithium extraction was 242 million CNY, accounting for 23.25% of total revenue [10] Cost Management and Profitability - The company plans to enhance cost control through R&D innovation and by reducing unnecessary expenses [2] - Sales expenses decreased to 12.01 million CNY, while management expenses increased significantly due to business expansion [4] Risk Management - The company is focusing on optimizing its customer structure to mitigate accounts receivable risks, targeting large state-owned enterprises and well-known listed companies [3] - Measures are in place for real-time tracking of accounts receivable to ensure timely cash flow [3] Future Strategies - The company aims to strengthen its core competitiveness through increased R&D investment, which grew by 44.58% in 2024 [6] - Plans to strategically enter the mineral resource development sector to create a second growth curve [12] Shareholder Returns - The proposed cash dividend for 2024 is 2 CNY per 10 shares, totaling approximately 81.75 million CNY [4] Industry Outlook - The environmental protection industry is expected to grow, driven by policies promoting ecological civilization and resource recycling [13] - The company is positioned to leverage its technological advantages in light asset operations and overseas market expansion [14]

Core Viewpoint - The company's performance in 2024 declined significantly due to poor operating conditions of its key associate company, resulting in a substantial drop in net profit and revenue [2][3] Financial Performance - In 2024, the company achieved operating revenue of 8.549 billion yuan, a year-on-year decrease of 5% [1] - The net profit attributable to shareholders was 59 million yuan, down 92% year-on-year [1][2] - The non-recurring net profit was 33 million yuan, also down 92% year-on-year [1][2] - The associate company, Yunnan Water, reported operating revenue of 2.798 billion yuan, a decline of 11% year-on-year, and a net loss of 1.739 billion yuan, a decrease of 153% [2] Business Segments - Water treatment and ecological business generated revenue of 7.230 billion yuan, down 13% year-on-year, with a gross margin increase of 0.23 percentage points to 30.45% [2] - Municipal and water supply, along with optical technology business, saw a significant revenue increase of 92% year-on-year, totaling 1.320 billion yuan, with a gross margin increase of 8.97 percentage points to 21.73% [2] Order Growth and Market Expansion - The company experienced continuous growth in new orders, with 178 new EPC orders amounting to 11.714 billion yuan, and a total of 334 orders on hand valued at 9.648 billion yuan [3] - The company is actively expanding into overseas markets, including Malaysia, Mauritania, and Namibia, while exporting industrial reverse osmosis membranes to Dubai and household reverse osmosis membrane components to Mexico, Russia, and Italy [3] Research and Development - The R&D expenditure for 2024 was 343 million yuan, with an R&D expense ratio of 3.51%, an increase of 0.01 percentage points from 2023 [4] - The company is focusing on strategic emerging industries, particularly in seawater desalination, industrial zero discharge, and salt lake resource utilization [4] - The company developed a new series of high desalination rate, low energy consumption, and low leaching ultra-pure water reverse osmosis membranes, accelerating the domestic replacement of high-end membrane materials [4] Profit Forecast - The company is projected to achieve operating revenues of 9.017 billion yuan, 9.531 billion yuan, and 10.098 billion yuan for 2025-2027, with year-on-year growth rates of 5.47%, 5.70%, and 5.95% respectively [5] - The net profit attributable to shareholders is expected to be 231 million yuan, 262 million yuan, and 295 million yuan for the same period, with growth rates of 294.78%, 13.24%, and 12.47% respectively [5]

Core Viewpoint - The article emphasizes the importance of industrial water treatment in achieving the "dual carbon" goals, highlighting the need for efficient and sustainable water resource management solutions in various industries [2][13]. Group 1: Conference Overview - The Green Intelligence Innovation Conference in the water treatment sector focuses on empowering new quality productivity, addressing challenges in water conservation and pollution reduction in industries such as steel, petrochemicals, and new energy [4]. - The conference features three thematic discussions and over 30 technical reports, providing a comprehensive solution matrix from traditional industrial upgrades to breakthroughs in emerging fields [4]. Group 2: Company Profile - Shanghai KSB Pump Co., Ltd. is a joint venture between the German KSB Group and Shanghai Electric Group, with nearly 30 years of experience in the Chinese market [5]. - KSB has established itself as a leading brand in the Chinese pump industry, offering high-quality pumps and comprehensive smart solutions for the entire water treatment process [7]. Group 3: Product and Solutions - KSB's efficient pump configuration solutions are tailored for industrial water treatment systems, ensuring high performance, intelligent control, and lean management for effective water resource transportation, recycling, and compliant discharge [9]. - The company’s pump solutions significantly reduce energy consumption and enhance system reliability in high-demand scenarios such as energy and chemical industry water treatment, as well as ultra-pure water preparation and wastewater treatment [11]. Group 4: Future Directions - Under the drive of the "dual carbon" goals, industrial water treatment is accelerating towards smarter and greener upgrades, with KSB committed to innovation and deepening technological research to provide more efficient and reliable water resource management support [13].

凯士比将参加 上海凯士比泵有限公司 《双碳背景下水泵在工业水处理的高效可靠应用》 关于凯士比上海 凯士比上海成立于1994年,坐落于上海闵行开发区,致力成为世界 级泵、系统、数字化产品及服务的供应商。我们的使命是通过不断创 新和本地化,持续绿色发展,改善人类的生活和环境,成为员工满意, 客户满意,股东满意,社会满意的企业。 凯士比 将 参加 2025重点工业行业水处理 技术创新与应用大会 。 会议将聚焦 同期举办 新能源废水处理 和 电子超纯水制备 技术研讨会，旨在推动水处理创新与产业升级，助力工业绿色转型。 在这里，您将深度了解 凯士比上海为工业水处理系统打造的高效泵组配置方案 。 诚邀莅临交流，共同探索工业水系统智慧化升级路径，助 力"双碳"目标下的水资源高效利用新范式。 相关推荐 长按二维码 关注"凯士比" 日 向 长按一维码 ...