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. ...

在手订单充足，新能源成为新增长点： 事件： 2025 年8 月25 日，公司发布2025 年半年度报告，公司2025H1 实现营业总收入27.94 亿元（同 比-6.49%），归母净利润1.48 亿元（同比-56.81%），扣非归母净利润1.29 亿元（同比+37.58%）。 余热锅炉龙头，"传统能源+新能源"双轮驱动： 公司的核心业务包括余热锅炉、清洁环保能源装备、换热器及压力容器为核心设备的解决方案、备件及 服务。经过多年发展，形成了"传统能源+新能源"两大业务板块。在传统能源领域，公司是我国规模最 大、品种最全的余热锅炉研究、开发和制造基地，主要产品包括燃机余热锅炉、干熄焦余热锅炉等，市 场占有率位居行业前列。新能源领域，公司经过多年发展，逐步实现单一的产品制造商向节能环保设备 和能源利用整体解决方案供应商方向转变，涵盖了核电设备、光热发电关键部件、用户侧储能以及多能 联储、火电灵活性改造等综合解决方案等多方面，具备充分的项目经验和制造优势。 核电设备空间广阔，前瞻性布局SOFC 把握产业先机： 积极布局核电、固体氧化物燃料电池（SOFC）等领域。1）核电方面，公司产品覆盖核2、3 级压力容 器、储罐、 ...

2025 年 08 月 27 日 西子洁能(002534.SZ) 余热锅炉龙头，核电+SOFC 蓄力长期发 展 事件： 2025 年 8 月 25 日，公司发布 2025 年半年度报告，公司 2025H1 实现 营业总收入 27.94 亿元（同比-6.49%），归母净利润 1.48 亿元（同比 -56.81%），扣非归母净利润 1.29 亿元（同比+37.58%）。 余热锅炉龙头，"传统能源+新能源"双轮驱动： 公司的核心业务包括余热锅炉、清洁环保能源装备、换热器及压力容 器为核心设备的解决方案、备件及服务。经过多年发展，形成了"传 统能源+新能源"两大业务板块。在传统能源领域，公司是我国规模 最大、品种最全的余热锅炉研究、开发和制造基地，主要产品包括燃 机余热锅炉、干熄焦余热锅炉等，市场占有率位居行业前列。新能源 领域，公司经过多年发展，逐步实现单一的产品制造商向节能环保设 备和能源利用整体解决方案供应商方向转变，涵盖了核电设备、光热 发电关键部件、用户侧储能以及多能联储、火电灵活性改造等综合解 决方案等多方面，具备充分的项目经验和制造优势。 核电设备空间广阔，前瞻性布局 SOFC 把握产业先机： 积极布局 ...

据证券之星公开数据整理，近期西子洁能（002534）发布2025年中报。截至本报告期末，公司营业总收 入27.94亿元，同比下降6.49%，归母净利润1.48亿元，同比下降56.81%。按单季度数据看，第二季度营 业总收入15.81亿元，同比下降13.9%，第二季度归母净利润9412.31万元，同比上升11.37%。本报告期 西子洁能公司应收账款体量较大，当期应收账款占最新年报归母净利润比达363.23%。 本次财报公布的各项数据指标表现一般。其中，毛利率20.55%，同比增5.97%，净利率6.43%，同比减 47.84%，销售费用、管理费用、财务费用总计2.11亿元，三费占营收比7.55%，同比增18.48%，每股净 资产5.48元，同比增1.27%，每股经营性现金流0.24元，同比增700.49%，每股收益0.2元，同比减56.52% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 29.88 亿 | 27.94亿 | -6.49% | | 归母净利润(元) | 3.42 Z | 1.48 Z | -56. ...

8月26日，西子洁能（002534）(002534.SZ)披露2025年半年度报告。在复杂多变的市场环境中，公司继 续坚持清洁能源装备主业定位，深耕余热锅炉、清洁环保能源装备、储能与核电等核心赛道，致力于为 客户提供全方位的能源利用整体解决方案。报告期内，公司实现营业收入27.94亿元，归母净利润1.48亿 元，扣非净利润1.29亿元，同比提升37.58%，整体经营稳健。特别是在余热锅炉巩固龙头优势、清洁能 源装备加速拓展、核电装备业务提速、海外市场持续突破的带动下，公司多能协同发展格局进一步清 晰。 战略聚焦四大板块管理优化推动高质量发展 在业务战略层面，西子洁能坚持"以做大做强余热锅炉、清洁能源装备、储能设备为核心的能源利用整 体解决方案与工程主业"为发展方针，围绕余热锅炉、清洁能源装备、储能设备等核心领域持续发力， 整体布局涵盖余热锅炉、清洁环保能源装备、系统解决方案及备件服务四大板块。 2025年上半年，公司清洁能源装备实现营收4.75亿元，同比增长38.65%，新增订单2.81亿元；余热锅炉 业务新增订单7.03亿元，继续巩固行业龙头地位。解决方案板块新增订单表现突出，成为公司重点发力 方向，备件及 ...

8月25日，西子洁能发布2025年半年报。报告显示，公司上半年营业收入为27.94亿元，同比下降 6.49%；归母净利润为1.48亿元，同比下降56.81%；扣非归母净利润为1.29亿元，同比增长37.58%；基 本每股收益0.20元。 西子洁能所属申万行业为：电力设备-其他电源设备Ⅱ-火电设备。所属概念板块包括：氢能源、余热发 电、节能环保、燃料电池、太阳能等。 报告期内，西子洁能基本每股收益为0.20元，加权平均净资产收益率为3.47%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 以8月25日收盘价计算，西子洁能目前市盈率（TTM）约为48.18倍，市净率（LF）约为2.67倍，市销率 （TTM）约为1.75倍。 2025年上半年，公司毛利率为20.55%，同比上升0.07个百分点；净利率为6.43%，较上年同期下降5.90 个百分点。从单季度指标来看，2025年第二季度公司毛利率为20.20%，同比上升0.33个百分点，环比下 降0.81个百分点；净利率为6. ...

Group 1 - The latest stock price of Xizi Clean Energy is 16.13 yuan, up 0.75% from the previous trading day, with a trading range of 15.80 to 16.50 yuan and a trading volume of 132,400 hands, amounting to 213 million yuan [1] - Xizi Clean Energy is primarily engaged in the research, development, production, and sales of energy-saving and environmental protection equipment, including waste heat boilers and power station boilers, with applications in the power, metallurgy, and chemical industries [1] - The company announced that from July 23 to August 20, its stock has closed at or above 130% of the current conversion price of Xizi convertible bonds for nine trading days, indicating a potential trigger for conditional redemption clauses [1] Group 2 - On August 20, Xizi Clean Energy saw a net inflow of main funds amounting to 9.25 million yuan, with a cumulative net inflow of 54.38 million yuan over the past five days [2]

固收：强预期高估值，转债如何赚取超额？20250819 摘要 股票市场成交量持续抬升，增量资金入场，混合型和指数型基金扩容， 动量效应增强，电子、AI 等板块表现良好，预计转债估值将进一步上升， 股性策略表现突出。 银行转债到期或临近到期，部分资金可能流向光伏、化工等反内卷板块， 以及银行内部结构调仓带来的增量资金，这些行业成为银行增量资金的 新去向。 主要机构投资者持仓占比未显著上升，但自然人和一般机构占比下降， 表明私募、券商等其他类型投资者参与抢筹，整体估值上行仍受增量资 金支撑。 股性策略表现最强，基因增配策略如电子医药军工中小盘标的也表现良 好，而高 YT 和基因低配策略表现较弱。配置集中在热门方向反内卷及 弹性中小盘转债。 股性转债溢价率相对平衡转债较低，仍有上升空间。双高转债数量处于 相对低位，股票市场预期尚未达到极值，股性转债具有超额收益潜力。 绝对收益投资者关注基因低配置和低拥挤度指标筛选冷门转债，以及高 a 天策略和双低策略，例如关注 80 评价以下、溢价率较低的标的。 推荐化工类平衡转债如杭氧、丰二、一阳、丰天业，以及中小盘正股相 关标的如科顺海顺、启帆天能。关注银行类兴业浦发重银以及钢 ...

Group 1: Company Overview - The company was established in 2002 and became part of the Xizi Elevator Group, listed on the Shenzhen Stock Exchange in 2011, and renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [3][5]. - The main business includes waste heat boilers, clean energy power generation equipment, solutions, and spare parts and services [3][4]. Group 2: Nuclear Power Development - The company has over 20 years of experience in the nuclear power sector and holds Class 2 and 3 manufacturing licenses [5]. - It actively participates in supplying equipment for nuclear power plants, with increasing opportunities due to the growth in approved nuclear power installations [5]. Group 3: Future Market Directions - Focus on the renewable energy market, leveraging molten salt storage technology for applications in solar thermal power, user-side energy storage, and zero-carbon parks [6]. - Expansion in the nuclear power market through upgrades at the Chongxian manufacturing base to enhance production capabilities [6]. - Targeting overseas markets, particularly in Southeast Asia, South America, and regions along the Belt and Road Initiative [6][10]. Group 4: Order Situation in 2025 - In the first half of 2025, the company secured new orders totaling CNY 2.784 billion, with specific segments: waste heat boilers (CNY 703 million), clean energy equipment (CNY 281 million), solutions (CNY 1.477 billion), and spare parts and services (CNY 323 million) [7][8]. - As of June 30, 2025, the total orders on hand amounted to CNY 6.119 billion, with a focus on improving order quality and structure [8]. Group 5: Market Opportunities - The company is positioned to benefit from the explosive growth in equipment demand for the Yarlung Tsangpo River downstream hydropower project, with a market forecast exceeding CNY 10 billion [9]. - The subsidiary, Hangzhou Hangguo General Equipment Co., Ltd., specializes in various equipment, including shield machines, and has a strong track record in tunnel excavation projects [9]. Group 6: Product Delivery and Competitors - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [11]. - The company is a leader in the waste heat boiler sector, competing with major domestic boiler manufacturers [12]. Group 7: Market Management and Competitive Advantages - The company emphasizes market value management through operational efficiency, annual cash dividends, employee stock ownership plans, and transparent investor relations [13]. - In the solar thermal sector, the company has a competitive edge due to its early involvement and successful participation in significant projects, such as the Qinghai Delingha 50MW solar thermal power station [13].

Company Overview - Founded in 1955, joined Xizi Elevator Group in 2002, listed on Shenzhen Stock Exchange in 2011, renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [3][4] - Main business includes waste heat boilers, clean energy power generation equipment, and comprehensive energy utilization solutions [3][4] Business Segments - **Waste Heat Boilers**: Includes gas turbine waste heat boilers, dry quenching waste heat boilers, and various types of power station boilers [4] - **Clean Energy Equipment**: Comprises waste incineration boilers, biomass boilers, and nuclear power equipment [4] - **Solutions**: Focuses on thermal energy storage, heat exchangers, and other integrated solution projects [4] - **Spare Parts and Services**: Offers technical services, project modifications, and maintenance [4] Nuclear Power Development - Over 20 years of experience in the nuclear power sector, holding Class 2 and 3 manufacturing licenses [5] - Actively supplying equipment for nuclear power plants, with increasing market opportunities due to new installations [5] Future Market Directions - **Renewable Energy Market**: Expanding applications of molten salt energy storage technology in various energy scenarios [6] - **Nuclear Power Market**: Enhancing manufacturing capabilities for nuclear products to support rapid business growth [6] - **Overseas Market**: Targeting international markets with key products like gas turbine waste heat boilers [7][8] Order Situation - In H1 2025, the company secured new orders totaling CNY 2.784 billion, with specific contributions from various segments: - Waste Heat Boilers: CNY 703 million - Clean Energy Equipment: CNY 281 million - Solutions: CNY 1.477 billion - Spare Parts and Services: CNY 323 million - As of June 30, 2025, total orders on hand reached CNY 6.119 billion [9] Market Opportunities - Anticipated explosive growth in equipment demand due to the commencement of the Yarlung Tsangpo River downstream hydropower project, with a market size forecast exceeding CNY 10 billion [10] - Focus on Southeast Asia, South America, and regions along the Belt and Road for overseas expansion [11][12] Accounts Receivable Management - Strengthening contract review and customer risk assessment to enhance overall management and mitigate operational risks [13] Key Downstream Industries - Major downstream clients include high-energy-consuming sectors such as steel, building materials, petrochemicals, and power generation [14] Product Delivery Cycle - Customized delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [15]