盈利预测 投资要点 数据中心液冷技术布局完善，有望带来成长空间冰轮环境在数据中心液冷技术领域不断实现技术突破， 子公司烟台冰轮换热技术有限公司研发的"液冷系统热交换器"成功入选《2024 年度山东省首台（套） 技术装备名单》。公司产品线覆盖全面，包括2020 年入选工信部《国家绿色数据中心先进适用技术产 品目录》的成熟产品"变频离心式冷水机组"和"集成自然冷却功能的风冷螺杆冷水机组"，同时公司持续 升级数据中心温控产品系列，新开发的IDC 专版磁悬浮系列产品和FanWall风墙也已通过认证并实现大 批量供货。这些产品共同构成了公司在数据中心温控领域完善的技术矩阵，展现出强大的研发实力和市 场竞争力，有望成为业绩潜在增长点。 战略新兴领域深度布局，绿色能源装备迎来发展新机遇 公司紧密围绕国家"双碳"战略与海洋经济发展规划，积极拓展第二增长曲线。在2025 年中国制冷展上 重磅发布"工业全域热控综合解决方案"，依托"高温层、大温差、宽温域"的热泵核心技术，构建能源梯 级利用体系。随着雅鲁藏布江下游1.2万亿元水电工程启动建设，公司在水电工程混凝土冷却领域的技 术优势将获得充分释放。同时，国家将"深海科技"列为战略 ...

分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-08-25 | | --- | --- | | 当前股价（元） | 14.23 | | 总市值（亿元） | 141 | | 总股本（百万股） | 993 | | 流通股本（百万股） | 970 | | 52 周价格范围（元） | 7.81-15.16 | | 日均成交额（百万元） | 352.83 | 市场表现 -50 0 50 100 150 200 (%) 冰轮环境 沪深300 2025 年 08 月 26 日 数据中心液冷技术完善，境外业务稳步增长 —冰轮环境（000811.SZ）公司事件点评报告 买入(维持) 事件 资料来源：Wind，华鑫证券研究 相关研究 1、《冰轮环境（000811）：技术优 势支撑韧性，海外布局打开增量空 间》2025-03-09 冰轮环境于 2025 年 8 月 20 日发布 2025 年半年度报告，2025 年上半年实现营业收入 31.18 亿元，比 2024 年同期减少 6.92%；实现归母净利润 2.66 亿元，同比减少 19.71%；实现 扣非归母净利润 2. ...

编号：【2025】第 051 号 | | √特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □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 | Horizon China Master Fund | Martin Zhang、中金公司张杰敏 | | 时间 | 2025 年 8 月 25 日 | | | 地点 | 腾讯会议 | | | 上市公司接 待人员姓名 | 董事会秘书孙秀欣 | | 证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 | | 活动期间谈论的主要内容如下： | | --- | --- | | | 一、讨论了业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡 ...

冰轮环境技术股份有限公司投资者关系活动记录表 证券代码：000811 证券简称：冰轮环境 | | 活动期间谈论的主要内容如下： | | --- | --- | | | 一、讨论了业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡 | | | 旋式压缩机、工业热泵、储能蓄能装置、真空冻干设备、速冻装 | | | 置、换热设备、船用制冷设备、多联机等。 | | | 公司打造了全系列磁悬浮压缩机产品矩阵,有着显著的技术 | | | 优势和市场表现。磁悬浮压缩机在北京冬奥村项目中表现出色， | | | 展现了产品的可靠性和高效性。参与《离心式制冷剂压缩机》和 | | | 《无油悬浮离心式冷水（热泵）机组》两项国家标准起草。 | | | 从客户行业维度看公司产品广泛应用于食品/农副产品冷冻 | | | 冷藏及深加工、冷链物流基地建设、食品/药品真空冻干、冰雪 | | | ...

上海平安阖鼎投资管理有限责任公司于2014年8月14日在上海工商局登记注册，业务经理是 PANYONGHUA，公司注册资本未提供，我公司的办公地址位于中国第一大城市，中国的经济、金融中 心上海，上海市浦东新区浦东大道2123号3E-2198室，我们有最好的产品和专业的销售和技术团队，公 司发展迅速，我们为客户提供最好的产品、良好的技术支持、健全的售后服务，上海平安阖鼎投资管理 有限责任公司是上海投资与资产管理业行业知名企业，如果您对我公司的产品服务有兴趣，请在线留言 或者来电咨询。 根据市场公开信息及8月22日披露的机构调研信息，知名私募平安阖鼎近期对1家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：公司致力于在能源和动力领域提供先进的系统解决方案和全生命周期服务，主要产品形式为 压缩机和换热装置，覆盖-271℃-200℃温度区间。公司打造了全系列磁悬浮压缩机产品矩阵，具有显著 的技术优势和市场表现。产品广泛应用于食品冷冻冷藏、冷链物流、冰雪运动场馆、工业冷冻系统等领 域。上半年低温制 ...

根据市场公开信息及8月22日披露的机构调研信息，知名私募大朴资产近期对1家上市公司进行了调研， 相关名单如下： 调研纪要：公司致力于在能源和动力领域提供先进的系统解决方案和全生命周期服务，主要产品形式为 压缩机和换热装置，覆盖-271℃-200℃温度区间。公司打造了全系列磁悬浮压缩机产品矩阵，具有显著 的技术优势和市场表现。产品广泛应用于食品冷冻冷藏、冷链物流、冰雪运动场馆、工业冷冻系统等领 域。上半年低温制冷板块营收17.3亿元占比55%，暖通空调板块营收12亿元占比39%。公司为数据中心 提供一次侧冷源装备和热交换装置等冷却装备，顿汉布什公司的"变频离心式冷水机组"和"集成自然冷 却功能的风冷螺杆冷水机组"入选工信部《国家绿色数据中心先进适用技术产品目录》。冰轮换热技术 公司提供多种冷却设备，如蒸发式冷凝器、闭式冷却塔等。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 上海大朴资产管理有限公司，创立于2012年1月。大朴资产的投资团队均来自于国内知名的证券研究机 构和投资机构，具有丰富的研究和投资经验。团队专注于中国证券市场的投 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.12 billion CNY, a year-on-year decline of 7%, with a net profit attributable to shareholders of 266 million CNY, down 20% year-on-year [4] - The second quarter saw a year-on-year revenue increase, with domestic business revenue at 2.1 billion CNY, while overseas business grew significantly by 30%, reaching 1.02 billion CNY [4] Group 2: Business Segments and Products - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with key products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [4] - The low-temperature refrigeration segment generated revenue of 1.73 billion CNY, accounting for 55% of total revenue, while the HVAC segment contributed 1.2 billion CNY, making up 39% [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling function screw chillers, which have been recognized in the national green data center technology catalog [5] - Successful projects include major data centers across China and collaborations with local integrators in North America, Australia, Southeast Asia, and the Middle East [5] Group 4: Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient energy use [6][7] - It has provided services to multiple nuclear power stations in China, enhancing operational safety and efficiency [6][7] Group 5: Industrial Heat Management - In line with national carbon reduction strategies, the company has launched comprehensive industrial heat control solutions, integrating high-temperature and wide-temperature range heat pump technologies [8] - The solutions aim to achieve efficient energy recovery and utilization across various industrial applications, reflecting the company's long-term strategic vision [8]

Group 1: Company Overview and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [2]. - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages and market performance, particularly noted during the Beijing Winter Olympics [2]. - The company participates in drafting national standards for centrifugal refrigerant compressors and oil-free suspended centrifugal chillers [2]. Group 2: Applications in Data Centers - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling function air-cooled screw chillers, which are listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [2]. - Successful projects include major data centers for national supercomputing and various banks, with ongoing collaborations in North America, Australia, Southeast Asia, and the Middle East [2]. Group 3: Nuclear Power Industry Products - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios such as nuclear island cooling and heat recovery [3]. - It has supplied products to several nuclear power stations in China, including Hongyanhe and Ningde, and is recognized for its extensive experience in the nuclear refrigeration market [3]. Group 4: Industrial Heat Management - The company is a pioneer in industrial heat pump technology, promoting a comprehensive solution for industrial heat control that integrates multi-source and multi-level system technologies [4]. - The subsidiary Beijing Huayuan Taime Energy Equipment has been recognized as a national-level specialized "little giant" enterprise, holding 96 patents and 33 software copyrights [4]. Group 5: Marine Economy Product Layout - The company is committed to high-quality development in the marine economy, providing comprehensive smart solutions for the fishing and seafood processing industries [5]. - Recent innovations include low-carbon energy systems for ships and offshore platforms, aligning with national low-carbon and intelligent development needs [5].

Group 1: Company Overview and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [2] - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages and market performance, particularly highlighted during the Beijing Winter Olympics [2] - Key industries served include food freezing and refrigeration, chemical production, industrial cooling systems, and special air conditioning for data centers and clean rooms [2] Group 2: Innovations in Nuclear Fusion and Low-Temperature Applications - The company successfully developed a helium compressor for superconducting magnets used in nuclear fusion devices, filling a domestic gap and supplying to major national research projects [2][4] - The helium compressor is part of a large low-temperature refrigeration system capable of achieving near absolute zero temperatures, essential for advanced scientific research [2] Group 3: Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems, which have been recognized in the national green data center technology directory [3] - Successful projects include collaborations with major data centers across China and partnerships with local integrators in North America, Australia, Southeast Asia, and the Middle East [3] Group 4: Nuclear Power Industry Applications - The company has developed innovative technologies for nuclear power cooling and heat recovery, supporting the safe and efficient operation of nuclear power plants [4][5] - Recent projects include providing cooling solutions for multiple nuclear power stations in China, enhancing the reliability and efficiency of nuclear energy utilization [4] Group 5: Industrial Heat Management Solutions - The company is a pioneer in industrial heat pump technology, focusing on creating comprehensive heat control solutions that integrate multi-source and multi-level system technologies [6] - The company has been recognized for its innovative technologies, including a national champion product in absorption heat exchangers and various patents in energy recovery and utilization [6]

Group 1: Company Overview and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchange devices, covering a temperature range of -271°C to 200°C [2] - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages and market performance, particularly in the Beijing Winter Olympic Village project [2] - Key industries served include food freezing and refrigeration, chemical production, rail transportation, and data centers, among others [2] Group 2: Innovations in Nuclear Fusion Technology - The company has successfully developed helium compressors for superconducting magnets used in nuclear fusion devices, filling a domestic gap since 2016 [2] - The helium compressor is critical for maintaining the cooling cycle and ultra-low temperature environment required for superconducting magnets [2] - The company’s helium compressors are included in the first batch of major technological equipment projects recognized by the National Energy Administration [2] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [3] - Products have been successfully implemented in numerous high-profile data centers across China and internationally, including partnerships in North America, Australia, and Southeast Asia [3] - The company is expanding its overseas manufacturing base to meet growing demand [3] Group 4: Nuclear Power Industry Solutions - The company has developed innovative technologies for nuclear power cooling and heat recovery, focusing on core scenarios such as nuclear island cooling and energy supply [4] - It has provided services to multiple nuclear power stations in China, enhancing safety and efficiency in energy utilization [4] - The company is recognized for its comprehensive range of cooling solutions applicable in various nuclear power environments [5] Group 5: Industrial Heat Management - The company is a pioneer in industrial heat pump technology, promoting a clean, low-carbon, and efficient energy system in line with national dual carbon strategies [6] - It has launched comprehensive industrial heat control solutions, integrating multi-source and multi-level system technologies [6] - The company’s subsidiary has been recognized as a national-level specialized and innovative "little giant" enterprise, holding numerous patents and awards for its technologies [6]