Core Viewpoint - The company Seagull Co., Ltd. (海鸥股份) has indicated that cooling towers can be utilized in the energy storage sector [2] Group 1 - Investors inquired about the application of cooling towers in the energy storage field [2] - Seagull Co., Ltd. responded positively, confirming the potential use of cooling towers in this area [2]

Core Viewpoint - The company, Ice Wheel Environment (000811.SZ), is actively involved in the green methanol sector, providing essential products such as refrigeration compressors and cooling towers for projects in this field [1] Group 1: Company Products and Services - The company offers refrigeration compressor sets and cooling towers specifically for the green methanol industry [1] - The low-temperature methanol washing process in the first large-scale green methanol project in China, located in TaoNan City, is supported by the company's refrigeration compressors and condensation units [1]

Core Viewpoint - The company, Ice Wheel Environment (000811.SZ), is actively involved in the green methanol sector, providing essential products such as refrigeration compressors and cooling towers for projects in this field [1]. Group 1 - The company offers refrigeration compressors and cooling towers for the green methanol industry [1]. - The first large-scale green methanol project in the country, launched in July, utilizes the company's refrigeration compressors and condensation units in its low-temperature methanol washing process [1].

Core Viewpoint - The report from Guosheng Securities indicates that Yinlun Co., Ltd. has shown steady growth in its net profit attributable to shareholders, driven by favorable national policies and expanding market opportunities in data centers and heat pumps [1] Financial Performance - In the first three quarters of 2025, the net profit attributable to shareholders reached 670 million yuan, representing a year-on-year increase of 11% [1] - For Q3 2025, the net profit attributable to shareholders was 230 million yuan, reflecting a year-on-year growth of 14% and a quarter-on-quarter increase of 1% [1] Market Opportunities - The global liquid cooling market for data centers is projected to grow from 3 billion USD to 8 billion USD between 2025 and 2030, with a compound annual growth rate (CAGR) exceeding 20% [1] - The company has expanded its product offerings in liquid cooling, covering both internal and external solutions for server cabinets, including immersion cooling systems, cooling towers, and chip cooling plates [1] Business Development - The company has numerous new projects in its digital and energy sectors expected to generate an additional annual revenue of 600 million yuan upon mass production [1] - The anticipated net profits for the company from 2025 to 2027 are projected to be 950 million yuan, 1.26 billion yuan, and 1.6 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 32, 25, and 19 times [1]

Core Insights - The project led by China Kunlun Engineering Co., Ltd. has reached a significant milestone with the completion of the cooling tower renovation for the ethylene plant at Fushun Petrochemical, enhancing water treatment capacity by 32.4% to no less than 4,900 cubic meters per hour [1] Group 1: Project Overview - The renovation project focuses on the cooling water system, which is crucial for determining the production capacity of the ethylene facility [1] - The upgrade involved comprehensive optimization of key components such as internal packing and spray systems while retaining the original concrete structure [1] Group 2: Project Management - The company implemented a "single tower attack, phased commissioning" strategy, dividing the 12 cooling towers into three construction units to minimize production disruption [1] - A real-time scheduling mechanism for "personnel, machinery, and materials" was established, reducing equipment delivery time by 10% [1] Group 3: Safety and Quality Control - The company adheres to a daily coordination meeting system to clarify safety requirements among owners, supervisors, and construction units [2] - A "three-inspection system" is enforced for quality control, ensuring that all cooling towers pass acceptance tests on the first attempt [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.46 CNY, based on a comparable company PE average valuation of 39 times for 2025 [3][6]. Core Insights - The company's gross margin has improved on a quarter-on-quarter basis, with liquid cooling, robotics, and overseas business identified as key profit growth drivers [2][10]. - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.14, 1.51, and 1.93 CNY respectively, reflecting slight adjustments in gross margin and expense ratios [3]. - The company is expected to achieve significant revenue growth, with projected revenues of 15.28 billion CNY in 2025, representing a year-on-year growth of 20.3% [5][11]. Financial Summary - The company’s revenue for 2023 is reported at 11,018 million CNY, with a year-on-year growth of 29.9%. The projected revenues for 2024, 2025, 2026, and 2027 are 12,702 million CNY, 15,278 million CNY, 18,143 million CNY, and 21,502 million CNY respectively, with growth rates of 15.3%, 20.3%, 18.8%, and 18.5% [5][11]. - Operating profit is expected to grow from 816 million CNY in 2023 to 2,107 million CNY by 2027, with corresponding growth rates of 67.7%, 23.6%, 23.3%, 32.4%, and 28.0% [5][11]. - The net profit attributable to the parent company is forecasted to increase from 612 million CNY in 2023 to 1,631 million CNY in 2027, with growth rates of 59.7%, 28.0%, 22.8%, 32.5%, and 28.0% [5][11]. - The gross margin is projected to improve from 20.5% in 2023 to 21.7% in 2027, while the net margin is expected to rise from 5.6% to 7.6% over the same period [5][11].

Core Viewpoint - The cooling tower market is experiencing steady growth, driven by both traditional industry upgrades and emerging applications, with a projected compound annual growth rate (CAGR) of 6.39% from approximately $4.27 billion in 2024 to $7.46 billion by 2033 [1] Group 1: Market Demand and Structure - Cooling towers are essential heat dissipation facilities in energy and industrial systems, with stable market demand across various sectors including thermal power, petrochemicals, metallurgy, nuclear power, and data centers [1] - The global cooling tower market is expected to grow from approximately $4.27 billion in 2024 to $7.46 billion by 2033, indicating a CAGR of 6.39% [1] - The industry has a well-defined structure with clear divisions among upstream (electromechanical equipment, steel materials, chemical materials), midstream (cooling tower manufacturers), and downstream (heavy industries like petrochemicals and energy, as well as light industries like food and textiles) [1] Group 2: Technological Trends - The primary technology in cooling towers is wet cooling, which is efficient but has high water consumption; dry cooling is water-efficient but less effective; hybrid cooling towers balance efficiency and water usage, consuming about 20% of the water used by traditional wet towers [2] - The trend towards water conservation is accelerating the adoption of new cooling solutions [2] Group 3: Traditional and Emerging Applications - Traditional industries such as thermal power, petrochemicals, metallurgy, and nuclear power provide stable demand for cooling towers, with significant upgrades and renovations expected to drive further demand [3] - In the thermal power sector, the installed capacity is projected to reach 1,444 million kilowatts in 2024, accounting for 44% of the total, with upgrades driving cooling tower demand [3] - Emerging applications, particularly in data centers and nuclear power, are rapidly increasing demand for cooling towers, with data centers becoming essential for heat dissipation due to expanding computational power and liquid cooling solutions [3][4] Group 4: Data Center Growth and Liquid Cooling - The energy consumption of data centers is rising, with cooling systems accounting for about 40% of total energy use; by 2030, nearly 10 million edge computing nodes are expected to be deployed, increasing cooling demands [4] - Liquid cooling is becoming mainstream, enhancing the role of cooling towers in data center cooling systems, with the global data center cooling tower market projected to grow from $3.47 billion in 2024 to $6.78 billion by 2031, reflecting a CAGR of 10.9% [4] Group 5: Nuclear Power Expansion - The expansion of nuclear power into inland areas is driving the need for upgraded cooling tower technologies that are water-saving, low-noise, and environmentally friendly [5] - Nuclear fusion research is accelerating the demand for cooling solutions, with significant energy release potential and a projected financing scale of $7.1 billion by 2024, indicating rapid industry expansion [5] - Cooling towers are critical components of cooling systems in nuclear fusion, with the market expected to grow significantly as the industry develops [5]

Group 1 - The company held a half-year performance briefing on October 13, 2025, to discuss its operational results and financial status with investors [1] - The briefing was conducted online, with key executives including the Vice Chairman and President, Secretary of the Board, and independent directors participating [1] Group 2 - Investors inquired about the establishment of a joint venture in Malaysia, JT Green Tech Sdn Bhd, aimed at entering the renewable energy sector, but the company did not have information on this [2][12] - The company’s subsidiary, Suzhou Green Meng Hydrogen Energy Technology Co., Ltd., has moved to a new 80,000 square meter factory, indicating a significant expansion in hydrogen energy equipment manufacturing [2] - The company is focusing on enhancing its talent pool to improve competitiveness as part of its strategic development plan [2] Group 3 - The company reported strong performance from its Thailand subsidiary, with revenue of 16.68 million in 2023 and projected revenue of 180 million in 2024, despite facing global economic uncertainties [3] - The company is actively expanding its overseas market presence, particularly in Malaysia, Singapore, Vietnam, Indonesia, Australia, and Dubai [3] Group 4 - The company has participated in nuclear power cooling tower projects, including the Xu Xu Nuclear Power Station, and is progressing according to contractual agreements [4] - The company’s cooling tower brand TRUWATER has secured projects with local data centers, although revenue from this sector remains relatively small [3][4] Group 5 - The company’s cooling towers have received FM certification, which enhances their international competitiveness, particularly for data center tenders [4] - The company is planning to strengthen its public relations and marketing efforts to promote its cooling tower products and achievements [4]

Core Viewpoint - The company, Sea Gull Co., Ltd. (603269.SH), is actively involved in the research, design, manufacturing, and installation of cooling towers, with a focus on providing technical services related to industrial and civil cooling towers. The company has secured contracts for cooling tower projects in nuclear power plants, although these projects are not expected to significantly impact the company's revenue by 2025 [2]. Group 1 - The company specializes in various cooling tower services, including research, design, manufacturing, and installation [2]. - The company's downstream clients include sectors such as petrochemicals, metallurgy, thermal power, nuclear power, and data computing centers [2]. - Recently, the company has won contracts for cooling tower projects, including those for the Lianjiang Nuclear Power Plant [2]. Group 2 - The company indicated that the current projects will not have a major impact on its revenue for the year 2025 [2].

Core Viewpoint - The company has developed cooling tower technology that can be applied across multiple industries, indicating a diversification of its product offerings and potential market opportunities [1]. Group 1 - The company responded to an investor inquiry regarding its patents related to liquid cooling towers [1]. - The cooling towers developed by the company are versatile and can be utilized in various fields [1].