中泰股份 20260108 摘要 中泰股份深冷设备受益于海外市场需求旺盛，尤其在石化、天然气处理 和工业气体领域，公司凭借技术壁垒和良好的供给格局，有望在未来五 年内保持增长。 全球深冷设备市场广阔，中东和东南亚是主要增长区域，天然气液化项 目爆发性增长推动市场规模迅速膨胀至 40-50 亿美元水平。 中泰股份通过技术和产品优势应对国际竞争，海外竞争对手交货周期长， 为中泰股份提供了抢占市场份额的机会，尤其是在中东地区。 中泰股份海外市场竞争优势显著，交货周期短于竞争对手，与国际顶尖 工程公司合作，成功进入北美、欧洲及其他地区的石化项目。 中东地区天然气扩产对中泰股份影响积极，公司已与沙特阿美建立合作 关系，有望成为正式供应商，提升国际市场地位。 未来五年，石化、工业气体及 LNG 市场将保持高景气度，LNG 市场新 增产能显著增加，为相关企业带来机遇。 中泰股份在存储芯片、核聚变和商业航天等成长型行业有所布局，有望 增加利润，提升市值，预计 2026 年利润约为 17 倍。 Q&A 请介绍一下中泰股份的投资逻辑及其在 2025 年的表现。 更多份额机会。因此，通过提升技术水平与优化产品结构，中泰能够有效应对 ...

证券日报网讯1月6日，中泰股份（300435）在互动平台回答投资者提问时表示，公司在各产品线均获得 重大突破，同时积极布局深冷技术新领域例如商业航天、可控核聚变、液冷等。 ...

杭州中泰深冷技术股份有限公司投资者关系活动记录表 编号：2025-009 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 国信证券 杜松阳 诺安基金 杨靖康 中庚基金 陆艺飞 光大证券 汲萌 夏天宇 陈佳宁 兴银基金 乔华国 申万证券 傅浩玮 永安国富 华文兴 中信证券 裘科 永禧投资 王超 耿敏纳 时间 2025 年 12 月 22 日 地点 公司会议室 上市公司接待 人员姓名 董事会秘书：周娟萍 证券事务代表：凌诗轶 投资者关系活动 主要内容介绍 公司介绍： 一、国内业务情况： 新疆地区业务展望：由于新疆优质的地理资源，地域上也可辐射中 亚，是国内目前最具活力的区域，也是公司每年的重点市场之一。现阶 段跟踪的新疆项目多处于技术交流和报价阶段，有望 2026 年及以后陆 续落地。 国内业绩目标：未来 2-3 年国内业务目标为"稳"，看到的积极现 象是国内反内卷已开始市场化修正，部分客户已不再采用最低价中标， 更看重供应商的交付能力以及产品品质，国内订单毛利有趋稳迹象。 城燃业务情况：由于德州地区政府依然未对民 ...

格隆汇12月15日丨福斯达(603173.SH)在投资者互动平台表示，公司深冷技术设备具备制取和储存航空 航天用氧、氮等工业气体产品的能力，相关产品已在航空航天领域实现应用。目前，该部分业务在公司 整体收入中占比相对较小，敬请投资者注意相关投资风险，理性决策。 ...

Core Viewpoint - The company reported strong financial performance for Q3 2025, driven by increased exports of deep cooling equipment, exceeding market expectations [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.115 billion yuan, a year-on-year increase of 5.13%, and a net profit attributable to shareholders of 336 million yuan, up 77.07% year-on-year [1][2]. - In Q3 2025 alone, the company recorded revenue of 813 million yuan and a net profit of 201 million yuan, representing year-on-year growth of 26.20% and 203.79%, respectively [1][2]. Business Development - The company is actively expanding into the electronic gas industry, providing core equipment for multinational corporations, including those in the controlled nuclear fusion sector [2]. - It supplies high-density plate-fin heat exchangers for major electronic gas projects for clients such as Intel, Samsung, Micron, and TSMC [2]. - The company has successfully applied helium refrigerants in multiple helium liquefaction plants, targeting high-tech fields like controlled nuclear fusion and superconducting materials [2]. Technological Capability - The company has established itself as a leader in the design and manufacturing of plate-fin heat exchangers, exporting to 54 countries and regions, and has received multiple international certifications such as ASME, CE, and KGSC [3]. - It has developed the capability to produce rare gases like krypton, neon, xenon, and helium, becoming one of the few companies in China with such capabilities [2][3]. Market Position - The company maintains strong relationships with industry leaders such as PetroChina, CNOOC, Air Liquide, and Air Products, enhancing its brand reputation and industry barriers [3]. - The deep cooling equipment business is stable and contributes consistent profits and cash flow, while the electronic specialty gas business provides dual growth drivers [3]. Profit Forecast and Investment Rating - The company’s profit forecasts for 2025-2027 are 403 million yuan, 556 million yuan, and 820 million yuan, respectively, with current stock prices reflecting a PE ratio of 21, 15, and 10 times for the respective years [3]. - The investment rating is maintained at "Buy" [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 2.115 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.13%, and a net profit attributable to shareholders of 336 million yuan, up 77.07% year-on-year. In Q3 2025 alone, the company achieved a revenue of 813 million yuan and a net profit of 201 million yuan, reflecting year-on-year growth of 26.20% and 203.79% respectively, primarily driven by an increase in the export of deep-cooling equipment [1][7] - The company is actively expanding into the electronic gas industry, providing core equipment for global multinational corporations, including those in the controlled nuclear fusion sector. It supplies high-density plate-fin heat exchangers for major semiconductor companies like Intel, Samsung, Micron, and TSMC. The company's helium refrigerant has been successfully applied in multiple helium liquefaction plants, with capabilities in producing rare gases such as krypton, neon, xenon, and helium [7] - The company has demonstrated strong capabilities in exporting equipment, having exported to 54 countries and regions, and holds multiple international certifications such as ASME and CE. This positions the company favorably in high-barrier overseas markets, enhancing its brand reputation and industry barriers through collaborations with leading domestic and international firms [7] Financial Data and Profit Forecast - The company is projected to achieve total revenues of 3.368 billion yuan in 2025, with a year-on-year growth rate of 24.0%. The net profit attributable to shareholders is expected to reach 403 million yuan, with a projected growth rate of 38.0% in 2026 and 47.4% in 2027 [3][9] - The earnings per share (EPS) is forecasted to be 1.05 yuan in 2025, increasing to 1.44 yuan in 2026 and 2.13 yuan in 2027. The company's return on equity (ROE) is expected to improve from 10.1% in 2025 to 17.3% in 2027 [3][9]

Core Viewpoint - The stock price of Zhongtai Co., Ltd. experienced a significant drop following the announcement of share reductions by key executives, despite a strong performance forecast for the third quarter [1][2]. Group 1: Share Reduction Announcement - Zhongtai Co., Ltd. announced that its general manager, Zhang Youhu, plans to reduce his holdings by 3 million shares, while other executives plan to sell a total of 321.05 million shares, representing 0.83% of the company's total equity [1][2]. - The total cash raised from these reductions is estimated to be approximately 67.42 million yuan, based on the closing price on September 26 [1]. - The timing of the share reduction coincides with a high stock price, as Zhongtai's stock has increased by 76.38% year-to-date [1]. Group 2: Financial Performance and Forecast - Zhongtai Co., Ltd. expects a net profit growth of over 70% for the third quarter, attributed to delayed shipments from the second quarter [1][2]. - The company reported a projected revenue of 2.717 billion yuan for 2024, a decrease of 10.86% year-on-year, and a net loss of 78 million yuan, marking its first loss since going public [3]. - In the first half of 2025, the company anticipates a net profit of 135 million yuan, a year-on-year increase of 9.14%, although revenue is expected to decline by 4.79% to 1.302 billion yuan [3]. Group 3: Operational Challenges - The decline in performance is attributed to significant impairment signs at Zhongtai's subsidiary, Shandong Zhongyi Gas, and challenges in the deep-cooling equipment sales segment due to longer delivery cycles and rising procurement costs [3][4]. - The company has faced substantial revenue and profit declines in its urban gas segment due to increased costs and reduced downstream demand [4].

Core Viewpoint - The company expects to achieve a net profit of 325 million to 355 million yuan in the first three quarters of 2025, representing a year-on-year growth of 71.36% to 87.19% [1] Financial Performance - In the first half of the year, the company reported revenue of 1.302 billion yuan, a decline of 4.79% compared to the same period last year, primarily due to a continuous decrease in revenue from the urban gas segment [1] - The deep cooling business has surpassed the gas segment, with the equipment sales segment generating a profit of 120 million yuan, accounting for over 90% of the total profit [1] Future Outlook - The equipment sales segment is expected to remain a key focus for the company, with ongoing efforts to expand into overseas markets [1] - The company anticipates that new overseas orders will grow at an annual rate of no less than 20% to 30% over the next 3 to 5 years [1]

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.302 billion CNY, a decrease of 4.79% year-on-year, primarily due to a significant decline in the city gas segment [1] - The net profit for H1 2025 was 135 million CNY, an increase of 9.14% year-on-year, with the equipment sales segment contributing over 90% of the profit [1] - For the first three quarters of 2025, the expected net profit is between 325 million CNY and 355 million CNY, representing a year-on-year growth of 71.36% to 87.19% [1] Group 2: Market Strategy - The equipment sales segment remains a key focus, with ongoing efforts to expand overseas, where the company is increasingly recognized and competitive against top global manufacturers [2][3] - The domestic market is characterized by cautious sentiment, prompting the company to enhance sales efforts to maintain market share [2] - The city gas segment is actively engaging with local governments to negotiate pricing and recover outstanding debts while expanding user bases and diversifying gas procurement channels [2] Group 3: International Expansion - The company aims for a 20%-30% annual growth in new overseas orders over the next 3-5 years, supported by a mature sales channel and increasing brand recognition [3] - As of the latest report, overseas orders accounted for over 30% of the equipment segment's revenue, with more than 50% of new orders being international [4] - The company has successfully entered the supplier lists of major clients like Saudi Aramco, enhancing its credibility in the overseas market [5] Group 4: Production Capacity and Challenges - The company’s production capacity utilization is currently at 60%, which is expected to support the anticipated growth in new orders over the next few years [6] - The delivery cycle for overseas orders typically exceeds 18 months, with ongoing projects in various regions including the Middle East and Europe [6] Group 5: Technological Development - The company is exploring new technologies, including liquid cooling, and has initiated internal discussions and R&D projects in this area [8] - The company has established a leading position in domestic coal chemical processes and is actively enhancing its performance in large-scale air separation projects [7] Group 6: Risk Management - The company has previously recognized a goodwill impairment of 324 million CNY for the city gas segment, but does not anticipate triggering further impairments in 2025 based on current financial assessments [9]

Core Viewpoint - The company held a specific audience research event with 25 institutions participating, discussing its semi-annual financial performance, business segments, and future plans [1] Financial and Business Segment Overview - In the first half of 2025, the company achieved revenue of 1.302 billion yuan, a year-on-year decline of 4.79%, primarily due to a significant drop in the urban gas segment [2] - Equipment sales accounted for 583 million yuan, representing 44.74% of total revenue, with a year-on-year growth of 7.52% [2] - The urban gas segment generated 644 million yuan, making up 49.43% of total revenue, with a year-on-year decline of 18.64% [2] - The gas operation segment reported revenue of 76.03 million yuan, contributing 5.84% to total revenue, down 8.37% year-on-year [2] - The company recorded a net profit of 135 million yuan, a year-on-year increase of 9.14% [2] - The equipment sales segment contributed significantly to profits, generating 120 million yuan, accounting for over 90% of total profits [2] - The urban gas segment's profit was approximately 22.8 million yuan, down over 50% compared to the previous year [2] - The comprehensive gross margin for the equipment segment was 42.28%, an increase of 12.83 percentage points year-on-year, while the urban gas gross margin was 5.06%, a decrease of 4.53 percentage points [2] - The company had an order backlog of 2.442 billion yuan, with new orders remaining flat year-on-year, and overseas orders accounting for over 50% of new orders [2] Future Plans and Business Layout - The equipment sales segment will remain a key focus, with ongoing efforts to expand overseas, targeting major global competitors in Europe and the U.S. [3] - The company plans to enhance sales efforts in the domestic market to maintain market share amid cautious downstream sentiment [3] - The urban gas segment will actively communicate with local governments regarding pricing and debt recovery, aiming to reduce costs by expanding user base and gas purchasing channels [3] - The company is open to new technologies and will pursue investments, independent research, and external collaborations for technological advancements [3] Key Points from Institutional Q&A - The company is confident in achieving its annual sales target of 2.3 billion yuan, with expectations of increased overseas market share in the next 2-3 years [4] - Focus areas for overseas expansion include the Middle East, Central Asia, and Europe, with cold boxes as the main export product [4] - The company has strengthened its overseas sales team and improved sales channels, benefiting from a favorable competitive landscape [4] - Increased sales expenses are attributed to high commission costs for certain overseas projects [4] - The company has secured its first coal-to-gas project in Xinjiang and plans to intensify efforts in that region [4] - The company has experience in the controllable nuclear fusion field but does not expect significant profit contributions from it; robotics technology is related but not a primary focus [4] - There has been little change in bulk gas prices, and electronic gas prices have not significantly recovered; the destruction of a helium plant in Russia has not impacted the company's business [4] - The urban gas segment is not expected to trigger goodwill impairment this year [4]