西子清洁能源装备制造股份有限公司投资者关系活 动记录表 （2026-02-26） 证券代码： 002534 证券简称：西子洁能 编号：2026-005 | 投资者关系活 | ☑特定对象调研 □ | 分析师会议 | | --- | --- | --- | | 动类别 | □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 | 浙商证券：李思扬、李晗玥； | | | 及人员姓名 | 鑫元基金：汪壑； | | | | 准锦投资：戴德舜； | | | | 浙商资管：周文超； | | | | 兆顺基金：钱之皓； | | | | 金恩投资：林仁兴； | | | | 壁虎投资：张小东； | | | 时间 | 年 月 日 2026 02 26 | | | 地点 | 公司会议室 | | | 上市公司接待 | 董事长助理：毛一恺； | | | 人员姓名 | 董事会秘书：鲍瑾； | | | | 投资者关系管理专员：马颖妮； | | 1 | | 1、 公司基本情况及主要业务介绍？ | | --- | --- | | | 公司于 年建厂， ...

Core Viewpoint - Xizi Clean Energy has shown a positive stock performance with a year-to-date increase of 16.16% and a recent 5-day increase of 9.07% [1] Group 1: Stock Performance - As of February 12, Xizi Clean Energy's stock price increased by 2.04%, reaching 19.48 CNY per share, with a trading volume of 153 million CNY and a turnover rate of 0.96% [1] - The company has a total market capitalization of 16.284 billion CNY [1] - The stock has seen a net inflow of 6.1038 million CNY from main funds, with significant buying and selling activity [1] Group 2: Financial Performance - For the period from January to September 2025, Xizi Clean Energy reported a revenue of 4.333 billion CNY, a year-on-year decrease of 11.20%, and a net profit attributable to shareholders of 177 million CNY, down 58.31% year-on-year [2] Group 3: Shareholder Information - As of January 30, the number of shareholders for Xizi Clean Energy increased to 33,900, up 8.97% from the previous period, while the average circulating shares per person decreased by 8.24% to 24,353 shares [2] - The company has distributed a total of 1.923 billion CNY in dividends since its A-share listing, with 295 million CNY distributed in the last three years [3] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 18.2984 million shares, an increase of 5.8906 million shares from the previous period [3]

Summary of Conference Call Notes Industry Overview - The focus is on the automation sector, particularly in the context of AI and software applications within industrial processes [1] Key Companies and Insights - **Zhongkong Technology** - Main business includes core assets in process industries - 2025 earnings forecast has been released, indicating strong future performance - Industrial AI has been explicitly included in the equity incentive targets, with a projected market value reaching 100 billion RMB [1][1][1] - **Boying Special Welding** - Recommended in January, the company has been highlighted for its stock price recovery, being the first in the market to signal this [1][1][1] - **Helin Weina** - Main business also includes a 2025 earnings forecast - Focuses on FT overseas NV chain sharpness assets, benchmarking against Winway - Recommended in January, showing a significant price increase of 70% [1][1][1] - **Formfactor** - Anticipated a substantial increase in storage testing for Q4 2025, with a rising gross margin trend [1][1][1] Additional Insights - The emergence of humanoid robots is noted, with the Spring Festival in 2025 expected to enhance visibility for Yushu, indicating potential recovery momentum for domestic humanoid and T-chain sentiments in 2026 [1][1][1]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 22.22 CNY per share based on a PE of 37x for 2026 [5]. Core Insights - The global demand for gas turbines is on the rise, which is expected to accelerate the revenue growth of the company's waste heat boilers. The AIDC catalytic gas turbine industry is projected to see significant growth, with demand in the U.S. expected to increase from 4.1 GW to 57.9 GW between 2025 and 2028, with growth rates of 219%, 135%, and 88% for 2026-2028 respectively [2]. - The company is a leading domestic player in waste heat boilers, holding over 50% market share in China and has expanded its presence in overseas markets, targeting regions along the Belt and Road Initiative [2]. - The company has a strong foothold in the solar thermal power sector, with a market share of 58% in total design capacity and 55% in project numbers for significant solar thermal projects in China from 2021 to 2024 [3]. - The nuclear power sector is also seeing a revival, with the company planning to expand its nuclear power business and has already supplied numerous components to major nuclear power groups [4]. Summary by Sections Section 1: Company Overview - The company has evolved from a traditional waste heat boiler leader to a comprehensive supplier of clean energy equipment, with a history of nearly 50 years in the industry [15]. - It has diversified its offerings to include nuclear power and molten salt energy storage systems, participating in significant projects in these areas [15][16]. Section 2: Waste Heat Boilers - Waste heat boilers are critical components in gas-steam combined cycle systems, which enhance energy efficiency and reduce emissions [46]. - The demand for waste heat boilers is expected to rise in tandem with the growth of the gas turbine industry, particularly as global gas turbine manufacturers expand their production capacity [2][50]. Section 3: Solar Thermal Power - The company is positioned well in the solar thermal power market, benefiting from government policies that promote renewable energy integration [3]. - It has established long-term partnerships with leading clients in the solar thermal sector, which is expected to drive future order growth [3]. Section 4: Nuclear Power - The approval of nuclear power units in China is on the rise, which is anticipated to boost demand for nuclear equipment [4]. - The company has been a reliable supplier for major nuclear power projects and is expanding its capabilities in advanced nuclear technologies [4]. Section 5: Financial Projections - Revenue forecasts for the company are projected to be 6.31 billion CNY in 2025, 7.316 billion CNY in 2026, and 8.525 billion CNY in 2027, with corresponding net profits of 431 million CNY, 502 million CNY, and 571 million CNY [5][8].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 22.22 CNY per share based on a PE of 37x for 2026 [5]. Core Views - The global demand for gas turbines is on the rise, which is expected to accelerate the revenue growth of the company's waste heat boilers. The AIDC catalytic gas turbine industry is projected to see significant growth, with demand in the U.S. expected to increase from 4.1 GW to 57.9 GW between 2025 and 2028, with growth rates of 219%, 135%, and 88% in 2026, 2027, and 2028 respectively [2]. - The company is a leader in the domestic waste heat boiler market, holding over 50% market share, and is expanding its presence in overseas markets, particularly in regions along the Belt and Road Initiative [2]. - The company has a strong foothold in the solar thermal power sector, with a market share of 58% in total design capacity and 55% in project numbers for significant solar thermal projects in China from 2021 to 2024 [3]. - The nuclear power sector is also seeing a revival, with the company planning to expand its nuclear power business and has already supplied numerous components to major nuclear power groups [4]. Summary by Sections Section 1: Company Overview - The company has evolved from a traditional waste heat boiler leader to a comprehensive supplier of clean energy equipment, with a history of nearly 50 years in the industry [15]. - It has diversified its business into nuclear power and molten salt energy storage, participating in significant projects and partnerships [15][16]. Section 2: Waste Heat Boilers - The demand for waste heat boilers is expected to rise alongside the gas turbine industry, with the company positioned to benefit from this trend [2]. - The company has seen a 16.81% year-on-year increase in new waste heat boiler orders, amounting to 1.967 billion CNY in 2025 [2][19]. Section 3: Molten Salt Energy Storage - The company is well-positioned to benefit from the growing solar thermal power market in China, with significant policy support and projected capacity growth [3]. - The company has established deep collaborations with leading clients in the solar thermal sector, enhancing its order prospects [3]. Section 4: Nuclear Power - The approval of nuclear power units in China is on the rise, which is expected to drive demand for nuclear equipment [4]. - The company has a long-standing partnership with major nuclear power groups and is expanding its capabilities in advanced nuclear technologies [4]. Section 5: Financial Forecast and Valuation - The company is projected to achieve revenues of 6.3 billion CNY in 2025, 7.3 billion CNY in 2026, and 8.5 billion CNY in 2027, with corresponding net profits of 431 million CNY, 502 million CNY, and 571 million CNY [5][8]. - The company’s PE ratios are expected to decrease from 35x in 2025 to 26x in 2027, reflecting its growth potential and market positioning [5].

证券日报网2月5日讯 ，西子洁能（002534）在接受调研者提问时表示，公司于1955年建厂，2002年加 入西子电梯集团，2011年深交所挂牌上市，2022年更名为西子清洁能源装备制造股份有限公司。公司主 要从事余热锅炉、清洁环保能源发电装备等产品咨询、研发、生产、销售、安装及工程总承包业务，为 客户提供环保设备和能源利用整体解决方案。目前公司主要包括四部分业务：余热锅炉、清洁环保能源 装备、解决方案、备件及服务业务。余热锅炉主要包括燃机余热锅炉、干熄焦余热锅炉、烧结机余热锅 炉、水泥窑余热锅炉、电站锅炉及电站辅机等产品，客户群体包括五大电力、钢铁、建材、水泥等高耗 能行业企业。清洁环保能源装备主要包括垃圾焚烧锅炉、生物质锅炉、废水废气废物（包括污泥）锅 炉、熔盐吸热器、换热器、储罐及核电设备等，主要用于垃圾废物处理厂、石化厂、核电站和光热项目 等新能源领域。解决方案主要包括但不限于以熔盐储能、导热油换热器、石化化工换热器、海水淡化装 置、气化炉（容器、热交换器）等其他换热器及压力容器为核心设备等综合解决方案项目。备件主要包 括过热器、省煤器等部件，服务包括技术服务、项目改造工程、维修维保等业务。 ...

Core Viewpoint - The company, Xizi Clean Energy, anticipates achieving new orders totaling 5.998 billion yuan in 2025, indicating a strong growth trajectory in its business segments [1] Group 1: Order Breakdown - The new orders for 2025 include: - Waste heat boiler orders amounting to 1.967 billion yuan [1] - Clean and environmental energy equipment orders totaling 632 million yuan [1] - Solutions orders reaching 2.688 billion yuan [1] - Spare parts and services orders of 711 million yuan [1] Group 2: Current Order Status - As of December 31, 2025, the company has achieved an order backlog of 5.916 billion yuan [1] - The company emphasizes the importance of enhancing order quality management and optimizing order structure to drive high-quality business development [1] Group 3: Future Growth Strategy - The company has identified growth opportunities in four business segments and is allocating resources to enhance overall order acquisition capabilities [1]

Company Overview - Founded in 1955, joined Xizi Elevator Group in 2002, and listed on the Shenzhen Stock Exchange in 2011 [4] - Main business includes waste heat boilers, clean energy equipment, solutions, and spare parts/services [4] - Key clients are from high energy-consuming industries such as power, steel, and cement [4] Order and Financial Performance - In 2025, the company achieved new orders totaling CNY 5.998 billion, with breakdowns as follows: - Waste heat boilers: CNY 1.967 billion - Clean energy equipment: CNY 0.632 billion - Solutions: CNY 2.688 billion - Spare parts and services: CNY 0.711 billion [5] - As of December 31, 2025, the company had an order backlog of CNY 5.916 billion [5] - The gross margin for waste heat boilers was 29.68% as of mid-2025 [7] - The company reported a net profit of CNY 220 million to CNY 280 million for 2025, a significant increase of 53.3% to 95.11% year-on-year [9] Market Position and Competitive Advantages - Holds over 50% market share in the domestic waste heat boiler sector, recognized as a leader [6] - Key projects include those for the Beijing Olympics and major energy stations [6] - Established a strong presence in international markets, particularly in Southeast Asia and South America, with significant projects in Pakistan and Nigeria [6][10] Nuclear Power Sector - Over 20 years of experience in the nuclear power sector, with licenses for civil nuclear manufacturing [8] - Focus on key equipment for nuclear islands and partnerships with major players like China General Nuclear Power Group [8] - Aims to expand into third and fourth generation nuclear power projects [8] Strategic Collaborations - Signed a strategic cooperation agreement with Beijing Qingwei Intelligent Technology Co., Ltd. to develop AI data centers and energy solutions [10][11] - The collaboration aims to integrate energy and computing capabilities, enhancing sustainability and efficiency [11] Future Outlook - Plans to enhance order quality and optimize order structure to drive high-quality business growth [5] - Focus on expanding global market presence and increasing competitiveness of "Xizi Manufacturing" in international markets [6]

Group 1 - The core viewpoint of the news is that Xizi Clean Energy has seen a stock price increase of 5.15%, reaching 18.80 CNY per share, with a total market capitalization of 15.716 billion CNY [1] - Xizi Clean Energy specializes in the manufacturing of clean energy equipment, including waste heat boilers, power station boilers, and industrial boilers, with its main business revenue composition being: solutions 50.21%, waste heat boilers 18.98%, clean energy equipment 17.00%, spare parts and services 10.14%, and others 3.67% [1] Group 2 - According to data, a fund under Renbao Asset holds a significant position in Xizi Clean Energy, with Renbao Selected Mixed A Fund (005041) holding 100,000 shares, accounting for 1.78% of the fund's net value, making it the fourth largest holding [2] - The Renbao Selected Mixed A Fund has achieved a year-to-date return of 11.54% and a one-year return of 41.11%, ranking 883 out of 8,873 and 2,812 out of 8,119 in its respective categories [2] - The fund manager, Wu Ruozong, has been in charge for 3 years and 82 days, with the fund's total asset size currently at 161 million CNY, and the best return during his tenure being 79.4% [2]

南财智讯1月30日电，西子洁能在投资者关系活动中表示，2025年公司实现新增订单59.98亿元，其中余 热锅炉新增订单19.67亿元，清洁环保能源装备新增订单6.32亿元，解决方案新增订单26.88亿元，备件 及服务新增订单7.11亿元；截至2025年12月31日，公司在手订单59.16亿元，通过加强订单质量管控和结 构优化推动业务高质量发展。 ...