证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 西子洁能(002534.SZ) 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com [Table_OtherReport] 订单量基本稳定，2012 年业绩增长可 期 继续享受余热锅炉行业的高景气 订单稳定，2012 年业绩预期乐观 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 投资评级 —— 上次评级 —— 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com [Table_Title] 优化订单结构推动业务高质量发展，积极布 局 SOFC 和核电领域开启新篇章 [Table_ReportDate] 2025 年 08 月 27 日 [Table_S 事件：公司ummar发布y] 2025 年半年报，2025H1 公司实现营业收入 27.94 亿元， 经调整后同比减少 6. ...

Group 1 - The report highlights a selection of convertible bonds for August, including leading companies in various sectors such as intelligent manufacturing, automotive semiconductors, natural gas, and pharmaceuticals [1][2][3] - The convertible bond market is experiencing a rise in valuations, with the median price of convertible bonds showing an upward trend, reaching historical highs [1][2][3] - The report suggests that investor risk appetite has increased, with a focus on sectors like coal, steel, and chemicals, indicating a potential for valuation recovery in these industries [2][3] Group 2 - The report emphasizes the importance of AI and robotics in driving the growth of high-end manufacturing, recommending attention to convertible bonds from companies like Lingyi and Wentai [3][4] - There is a noted increase in overseas demand for computing power, which may accelerate the industrialization of AI, with a focus on convertible bonds from companies like Huanxu and Shenshu [3][4] - The second half of the year is expected to see a recovery in the new energy and automotive parts sectors, with recommendations to monitor convertible bonds from Huayou and Mikirin [3][4] Group 3 - Lingyi Technology is recognized as a global leader in intelligent manufacturing, providing comprehensive AI terminal hardware solutions and maintaining a leading market share in precision components [8][9] - Shenshu focuses on enterprise-level network security and cloud computing, offering a range of products and services aimed at facilitating digital transformation for various industries [10][11] - Wentai Technology is a leading player in the automotive semiconductor sector, with a strong emphasis on high-quality, automotive-grade products that meet stringent industry standards [33][34] Group 4 - Huayou Cobalt is involved in the development and manufacturing of new energy lithium battery materials, with a vertically integrated supply chain from resource extraction to material production [39][40] - Mikirin has established a global production layout in the tire industry, enhancing its competitiveness through strategic investments in smart manufacturing facilities [48][49] - Dacelin is a prominent retail chain in the pharmaceutical sector, focusing on providing quality health products through a well-established supply and logistics system [29][30]

Investment Rating - The investment rating for the company is not explicitly stated in the report [1] Core Views - The company is expected to experience stable order volumes and optimistic performance growth in 2012, benefiting from the high demand in the waste heat boiler industry [1] - The company has received a significant compensation payment and reported a substantial increase in net profit for 2024, indicating a recovery in profitability [2] - The company is actively expanding into overseas, new energy, and spare parts markets, with a strong order backlog supporting its growth [4] - The company has improved order quality and strengthened cost control measures, leading to an increase in overall gross margin [4] - Continuous investment in R&D is being made to deepen the company's involvement in the "new energy + storage" sector, leveraging its proprietary molten salt storage technology [5] Financial Summary - In 2024, the company achieved total operating revenue of 6.437 billion yuan, a decrease of 20.33% year-on-year, while net profit attributable to the parent company was 440 million yuan, a significant increase of 705.74% [2][6] - The company forecasts operating revenues of 7.171 billion yuan, 7.929 billion yuan, and 8.501 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.4%, 10.6%, and 7.2% [7] - The gross margin for 2024 was reported at 18.47%, an increase of 2.01 percentage points year-on-year [4] - The company’s earnings per share (EPS) for 2024 is projected to be 0.59 yuan, with a price-to-earnings (P/E) ratio of 18.99 [6][7]