克莱特 20251231 摘要 克莱特主要服务于 GE、西门子和三菱三大燃气轮机制造商，国内市场通 过东方电气等合作，覆盖重型燃机和航改燃机，重型燃机价值约 150 万 元/台（4-6 台设备），航改燃机使用 1 台设备，燃气轮机业务是公司能 源分类的重要收入来源。 公司在手订单主要集中在 2026 年交付，总金额接近 2000 万元，预计 未来 3-5 年订单成倍增长，尤其海外市场发展迅速，交货周期 6-8 个月， 对未来订单增长持乐观态度，海外业务预计翻倍增长，利润率高于国内 市场。 数据中心业务关注精密空调等，海外市场表现较好，与 Meta、谷歌等 有合作，通过间接供货模式，在北美数据中心冷却设备供应商中占比 10%-20%，成本低于 EBM 约 10%，提供定制化服务，风冷项目与鸿 腾精密谈判中，或成未来增长点。 风电市场经历抢装潮后容量仍大，但竞争激烈利润承压，2026 年或好 转；轨道交通市场情况较好，船舶领域发展迅速，预计 2025 年优于 2024 年，核电领域每年审批 10 个机组左右，市场具持续性。 Q&A 克莱特公司目前在手订单情况及未来订单可见度如何？ 目前，公司在手订单主要集中在 2 ...

格隆汇12月17日丨海鸥股份(603269.SH)在投资者互动平台表示,冷却塔下游客户涵盖石化、冶金、火 电、核电、数据算力中心等多个领域。目前国际性冷却塔厂商主要有SPX 、BAC、Evapco等。 ...

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（编辑 任世碧） 证券日报网讯 12月17日，海鸥股份在互动平台回答投资者提问时表示，公司着力推进冷却塔在数据中 心领域的应用，例如：公司子公司于10月8-9号携相关产品参加DataCentreWorldAsia2025展览会，取得 了良好的反馈。敬请广大投资者注意投资风险。 ...

海鸥股份（603269.SH）12月17日在投资者互动平台表示，冷却塔下游客户涵盖石化、冶金、火电、核 电、数据算力中心等多个领域。目前国际性冷却塔厂商主要有SPX 、BAC、Evapco等。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：请问公司核电冷却塔主要竞争对手有哪些？ ...

Summary of Icewheel Environment Conference Call Company Overview - Icewheel Environment is a leading player in the domestic cold chain equipment industry, possessing independent intellectual property rights for screw refrigeration compressors. The company has a comprehensive technology system and competitive advantages in technology levels, serving the global market through its manufacturing bases [2][3]. Core Business Segments - The company operates in four main segments: cold chain equipment, energy and chemical equipment, central air conditioning, and industrial heat management. In 2024, the revenue breakdown is as follows: - Cold chain equipment: over 30% - Energy and chemical equipment: approximately 25% - Central air conditioning: about 33% - Industrial heat management: less than 10% [3][7]. Financial Performance - For 2024, the subsidiary Shun'an Bush is expected to achieve revenue of 2.26 billion RMB and a net profit of 243 million RMB, indicating a good growth trend [2]. - The overseas revenue for 2024 is projected to be close to 2 billion RMB, a year-on-year increase of 21%, accounting for 29.8% of total revenue. By the first half of 2025, the overseas revenue proportion has exceeded 30% [2][8]. Growth Drivers - The data center and industrial heat management segments are anticipated to be significant growth drivers in the coming quarters. The data center business is expected to rapidly increase its revenue share, while industrial heat management will benefit from policy support [9]. Competitive Advantages - Icewheel Environment's competitive advantages include: 1. A complete technology system, being the only domestic company with independent intellectual property for screw refrigeration compressors [3]. 2. High technical standards, with products recognized in national technology advancement awards [5][6]. 3. A global manufacturing base that allows the company to serve international markets effectively [5][10]. Market Outlook - The industrial heat management market is expected to grow rapidly in the next five years, driven by energy-saving and carbon reduction policies. This segment is projected to become a new growth point for the company [7][14]. - The company is expanding its overseas manufacturing bases to address the supply-demand imbalance in global chiller production, particularly in the North American market [4][11]. Challenges and Future Expectations - Traditional business segments, including cold chain and industrial energy chemical orders, have faced challenges due to declining capital expenditures in industries like photovoltaic polysilicon. However, recent trends indicate stabilization, with a 40.5% positive growth in contract liabilities in Q3 2025, suggesting a recovery in revenue and profit in the upcoming quarters [15]. - The company's current PE valuation is approximately 16 times based on 2026 earnings, which is within the historical range and provides a safety margin for investors [16]. Conclusion - Icewheel Environment is well-positioned for future growth, particularly in the data center and industrial heat management sectors, supported by its technological advantages and global market presence. The company’s financial recovery and strategic expansion plans indicate a positive outlook for investors [9][16].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [1][9]. Core Insights - The company has shown a revenue growth of 10.68% year-on-year for the first three quarters of 2025, with a net profit increase of 25.10% [2][3]. - The cooling tower segment is positioned as a leader in the market, with significant growth potential driven by data center demand and domestic replacement opportunities [4][7]. - The company is actively expanding its overseas business, which has already seen over 1,000 projects in more than 70 countries, enhancing its profitability and global market share [7]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.219 billion yuan, with a gross margin of 27.44%, reflecting a year-on-year increase of 3.56 percentage points [3]. - The net profit margin for the same period was 4.38%, up by 0.68 percentage points year-on-year [3]. - The company holds a backlog of orders totaling 3.376 billion yuan as of June 30, 2025, representing a 2.93% increase from the previous year [3]. Market Opportunities - The domestic cooling tower market for data centers is projected to reach 66 billion USD (approximately 459 billion yuan) by 2030, indicating substantial growth potential [4]. - The company is focusing on high-margin overseas projects, which are expected to further enhance profitability [7]. Shareholder Confidence - The company has initiated a share buyback plan, allocating 60 to 120 million yuan for employee stock ownership plans, reflecting confidence in future performance [8]. - The targets set for revenue and net profit growth from 2025 to 2027 are ambitious, with expected revenues of 1.839 billion, 2.111 billion, and 2.430 billion yuan, and net profits of 110 million, 127 million, and 146 million yuan respectively [8]. Earnings Forecast - The company is projected to achieve revenues of 1.793 billion, 2.073 billion, and 2.393 billion yuan from 2025 to 2027, with corresponding EPS of 0.36, 0.48, and 0.62 yuan [9][11].

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].