zhuhaibin@kysec.cn 证书编号：S0790522080007 2025H1：营收 1.80 亿元，同比+15%；归母净利润 1448 万元，同比-27% 北交所信息更新 战略聚焦新能源（风电、氢能、储能）与新基建（电网、数据中心） ——北交所信息更新 方盛股份（832662.BJ） 2025 年 08 月 22 日 投资评级：增持（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 40.05 | | 一年最高最低(元) | 49.66/8.18 | | 总市值(亿元) | 35.06 | | 流通市值(亿元) | 9.84 | | 总股本(亿股) | 0.88 | | 流通股本(亿股) | 0.25 | | 近 3 个月换手率(%) | 1,325.21 | 北交所研究团队 诸海滨（分析师） 风险提示：原材料价格波动风险、汇率变动风险、应收账款风险 财务摘要和估值指标 公司发布 2025 年半年报，2025H1 公司实现营收 1.80 亿元，同比增长 15.41%； 归母净利润 1447.87 万元，同比下滑 27.47%。我们维持 2025-2 ...

Core Insights - The article highlights the rapid development of the heat exchanger industry cluster in Daye City, Hubei Province, which has grown to include 192 enterprises with a total output value exceeding 16 billion yuan and a domestic market share of 38% by 2024 [1][12]. Company Development - Hubei Difen Heat Exchanger Co., Ltd. has evolved from a county-run agricultural machinery enterprise established in the 1950s to a leading player in the heat exchanger sector, producing over 2,000 types of heat exchangers [2][4]. - Difen's products are utilized in significant projects, including the world's largest single-unit capacity hydropower generator at the Baihetan Hydropower Station, with over 50% of its products supplied to Fortune 500 companies [2][4]. - The company has successfully tackled key technologies previously monopolized by foreign firms, achieving a market share of one-third in the domestic heat exchanger market [4][6]. Industry Innovation - The heat exchanger industry in Daye has seen collaborative innovation, with companies like Sruier Heat Exchanger Co., Ltd. emerging from Difen's influence, focusing on technological advancements and product quality [7][9]. - Sruier has developed a green and efficient finned gas heat exchanger, boasting a product lifespan 15% to 20% longer than competitors, and has established partnerships with prestigious universities for ongoing research [9][11]. - The industry cluster has produced 320 invention patents and achieved over 30 technology transfer projects, indicating a strong emphasis on innovation and collaboration [12]. Future Outlook - Daye City aims to enhance the heat exchanger industry's value, targeting an output value of 26 billion yuan by 2027, with an increase in quality SMEs to 220 and a rise in effective invention patents to 437 [13]. - The cluster is also focusing on digital transformation, with 33 companies completing digital upgrade projects and an 86% coverage rate for digital diagnostics [12][13].

Industry Overview - The microchannel heat exchanger industry in China is currently in a high-quality development phase, characterized by its efficient, compact, and lightweight features, making it widely applicable in air conditioning, refrigeration, automotive air conditioning, and electronic device cooling [1][13] - The market size for microchannel heat exchangers in China is projected to reach 2.1 billion yuan in 2024, representing a year-on-year growth of 16.67% [1][13] - The primary market for microchannel heat exchangers is in air conditioning and refrigeration equipment, with rapid growth in automotive air conditioning applications due to the rise of the new energy vehicle market [1][13] Industry Development History - The development of the microchannel heat exchanger industry in China has gone through four stages: the initial stage (1980s-2000), market cultivation (2001-2010), rapid expansion (2011-2020), and high-quality development (2021-present) [4][5][6] - The initial stage saw the birth of microchannel technology driven by the cooling needs of high-density electronic devices, while the market cultivation phase focused on the use of aluminum and aluminum alloys for large-scale production [4][5] - The rapid expansion phase was marked by the implementation of national energy efficiency standards, which promoted the adoption of high-efficiency heat exchange technologies [5][6] Industry Chain - The upstream of the microchannel heat exchanger industry includes raw materials such as metals (aluminum, copper, stainless steel, titanium) and polymers, as well as production equipment like precision machining tools and welding devices [9] - The midstream consists of the manufacturing of microchannel heat exchangers, while the downstream applications span automotive air conditioning, household/commercial air conditioning, industrial sectors, and emerging fields like hydrogen energy and aerospace [9] Key Companies - Leading companies in the microchannel heat exchanger industry include Sanhua Intelligent Control, Dong'an Environment, and others, which leverage technology, brand, and market channel advantages to capture significant market shares [15][18] - Sanhua Intelligent Control holds a market share of 45% in the global microchannel heat exchanger market, with annual sales exceeding 1.2 billion yuan [18] - Kangsheng Co., Ltd. focuses on the development of microchannel heat exchangers for air source heat pumps and has achieved significant performance improvements through patented technologies [20] Industry Development Trends - The industry is expected to continue focusing on technological innovation and product upgrades, with new materials and manufacturing processes enhancing performance and efficiency [22] - The application fields for microchannel heat exchangers are expanding, particularly in the rapidly growing new energy vehicle market and data centers, which require efficient cooling solutions [24] - Market competition is intensifying, but government policies supporting energy-efficient equipment will provide strong backing for industry growth [25]

Core Points - The company announced a cash dividend of 0.3 yuan per share for the fiscal year 2024, totaling 30 million yuan based on a total share capital of 100 million shares [1][2][3] - The dividend distribution plan was approved at the annual general meeting held on April 22, 2025 [1] - The cash dividends will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [1][2] Distribution Plan - The cash dividend will be distributed to shareholders of the company's unrestricted circulating shares through the clearing system of the China Securities Depository and Clearing Corporation [1][2] - The company will directly distribute cash dividends to its controlling shareholders, Niu Yuxia and Niu Faqing, in accordance with relevant regulations [2][3] - There will be no differential dividend distribution or capital increase through bonus shares [2] Taxation Details - For individual shareholders holding shares for less than or equal to one month, the actual tax burden is 20% on the dividend income [3] - For shares held between one month and one year, the tax burden is reduced to 10% [3] - For shares held for more than one year, no personal income tax will be levied [3] - QFII shareholders will have a 10% corporate income tax withheld, resulting in a net dividend of 0.27 yuan per share [4] - Hong Kong Stock Exchange investors will also have a 10% withholding tax, leading to a net dividend of 0.27 yuan per share [4] - Other institutional investors and corporate shareholders will receive the full dividend of 0.3 yuan per share, with tax obligations determined by local tax laws [4]

Development History of Heat Exchangers - The global development of heat exchangers can be divided into three periods: exploration in the 19th century, preliminary development in the first half of the 20th century, and rapid development from the second half of the 20th century to the present [1][2] - In China, the heat exchanger industry has gone through four stages: initiation in the 1960s, growth in the 1980s, development in the 21st century, and innovation in recent years, with a focus on high efficiency and energy saving [3] Competitive Landscape of the Heat Exchanger Industry - The heat exchanger industry has formed a competitive landscape driven by technological advancement and market orientation, with leading foreign companies like Alfa Laval and domestic companies like Lansi Heavy Industry [4] - The market concentration for spiral tube heat exchangers is relatively high, with domestic companies holding a market share of 63.4% in 2021 [4] Industry Chain Analysis - The upstream of the heat exchanger industry includes raw material supply such as steel, rubber, and graphite, while the midstream focuses on manufacturing, and the downstream encompasses various application fields including petrochemicals and power generation [5][7][11] Market Size of the Heat Exchanger Industry - The market size of China's heat exchanger industry reached 845.6 billion yuan in 2021, with a projected growth from 868.9 billion yuan in 2022 to 992.1 billion yuan by 2026, reflecting a compound annual growth rate of 3.4% [20] - The spiral tube heat exchanger market in China is expected to grow from 19.3 billion yuan in 2022 to 38.1 billion yuan by 2026, with a compound annual growth rate of 18.5% [22] Development Trends in the Heat Exchanger Industry - The industry is moving towards larger, more efficient, and energy-saving products, with significant advancements in heat transfer efficiency and reduced pressure loss [23] - There is a deepening collaboration across the entire industry chain, with suppliers needing to customize products to meet specific client requirements [24] - The pace of domestic substitution is accelerating, with significant breakthroughs in materials and manufacturing processes for spiral tube heat exchangers, supported by national policies [25][26]