蜀道装备分析师会议 调研日期：2026年02月09日 调研行业：专用设备 参与调研的机构：华西证券、光大证券、鹏华基金、融通基金等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL C ...

Core Viewpoint - The company, Shudao Equipment, is focused on the research of gas low-temperature liquefaction and separation technology, specializing in natural gas liquefaction and air separation processes [1] Group 1: Business Focus - The main business of the company is to provide natural gas liquefaction and air separation process packages and treatment devices [1] - Key products include natural gas liquefaction devices, coke oven gas liquefaction devices, coalbed methane liquefaction devices, air separation devices, chemical tail gas and light hydrocarbon recovery devices, oxygen and nitrogen liquefaction devices, helium extraction devices, HYCO separation devices, electronic special gas devices, large low-temperature liquid storage tanks, and booster turbine expansion units [1] Group 2: Production Capabilities - The company has the design and manufacturing capability for LNG liquefaction devices with a daily processing capacity of 10 million cubic meters [1] - The design and manufacturing capability for liquid air separation devices reaches a daily output of 1,000 tons [1] - The design and manufacturing capability for gas air separation devices is at the level of 100,000 Nm3/h [1]

Group 1: Company Overview - The company introduced its development history, competitive advantages, and the layout of its "14th Five-Year Plan" business segments, focusing on strategic transformation and upgrades [2] - The company specializes in cryogenic equipment manufacturing, particularly in gas liquefaction and separation technologies, with main products including LNG liquefaction units and air separation devices [3] Group 2: Production Capabilities - The company has the design and manufacturing capacity for LNG liquefaction units handling 10 million cubic meters per day, with air separation units capable of producing 1,000 tons per day [3] - The design and manufacturing capacity for gas separation units is at 100,000 Nm³/h [3] Group 3: Market Expansion and Strategy - The company’s overseas orders for cryogenic equipment are primarily concentrated in Southeast Asia and Africa, covering core applications such as LNG liquefaction and hydrogen purification [3] - Future growth will focus on expanding into "Belt and Road" countries, enhancing cooperation with local industrial enterprises, and establishing an overseas service network [3] Group 4: Gas Operation Projects - The company has initiated an industrial gas project providing nitrogen supply equipment rental and operational management services, which began production in January 2024, focusing on high-purity nitrogen supply for lithium iron phosphate plants [3] - A helium extraction project from LNG, the largest of its kind in China, commenced in October 2023, targeting various high-tech applications [3] Group 5: Investor Communication - The company engaged in thorough communication with investors regarding business conditions and future development while adhering to information disclosure regulations to ensure transparency [3]

Company Overview - Sichuan Shudao Equipment Technology Co., Ltd. introduced its development history, competitive advantages, and the strategic transformation plan for the "14th Five-Year Plan" [2] - The company is focusing on expanding its industrial fund and exploring business areas in industrial gases and hydrogen energy [4] Overseas Market Expansion - In 2025, the company significantly advanced its overseas business, with new overseas contract amounts increasing substantially compared to the previous year [3] - The company successfully won a contract for a natural gas liquefaction facility in Nigeria worth approximately 4.58 billion RMB, marking its first large-scale LNG project in Africa [3] Hydrogen Energy Investment and Operations - The company plans to develop a comprehensive research and manufacturing capability in the hydrogen energy sector, focusing on deep low-temperature liquid hydrogen technology [4] - It aims to align with national and provincial strategic directives to foster the hydrogen energy industry [4] Industrial Fund Investment Focus - The industrial fund will concentrate on three core areas: industrial gases, LNG, and hydrogen energy, with at least 50% of the fund allocated to industrial gases [5] - The fund will act as a "frontline" for mergers and acquisitions, investing in quality targets before integrating them into the listed company [5] Future Growth Drivers - The core business of deep cold technology equipment serves as a stable revenue source, supporting the company's strategic transition towards gas operations [6] - The company aims to extend its focus to downstream sectors, particularly in industrial gases, LNG, and hydrogen energy, through independent investments and mergers [6] Product and Service Offerings - The company specializes in low-temperature liquefaction and separation technologies, providing equipment for natural gas liquefaction and air separation [7] - It is actively expanding its investment and operational services in industrial gases and hydrogen energy [8] Commercial Aerospace Business - The company is involved in the commercial aerospace sector as a high-end gas equipment supplier, having delivered critical equipment for domestic commercial launch enterprises [8] - It plans to evolve from merely supplying equipment to providing comprehensive services, including fuel supply for commercial aerospace [8]

Group 1: Company Overview and Strategic Goals - The company aims for a strategic transformation from a "traditional equipment manufacturer" to a "comprehensive gas and new energy service provider" by focusing on four major business sectors: deep cooling technology equipment manufacturing, transportation service equipment manufacturing, gas investment operations, and clean energy investment operations [3]. - The company plans to invest in three key segments: industrial gases, LNG, and hydrogen, leveraging capital advantages to facilitate industrial transformation and upgrade [3][4]. Group 2: Industrial Fund and Investment Strategy - The industrial fund will focus on industrial gases, LNG, and hydrogen, with a total fund size of 2 billion yuan, of which at least 50% will be allocated to the industrial gas sector [4]. - Investment forms include equity acquisition and direct investment, with the fund serving as a "frontline" for mergers and acquisitions, aiming to reduce uncertainties and improve asset quality [5]. Group 3: Hydrogen Demand and Industry Trends - The chemical industry currently relies heavily on coal-based hydrogen (gray hydrogen) and is expected to transition towards green hydrogen (produced from renewable energy) due to stricter carbon emission policies [7]. - The demand for hydrogen in the chemical industry is projected to remain high, with a significant shift towards sustainable practices anticipated in the near future [7]. Group 4: Liquid Hydrogen Technology and Aerospace Applications - Liquid hydrogen technology is primarily applied in the aerospace sector, with increasing demand expected as China's space exploration efforts expand [8]. - The company has developed core capabilities in liquid hydrogen equipment design and manufacturing, positioning itself as a leader in the high-end hydrogen equipment market [8]. Group 5: Future Plans in Commercial Aerospace - The company has supplied industrial gas production equipment to two domestic aerospace bases and plans to extend its services from equipment supply to gas product services, actively participating in national aerospace infrastructure development [9].

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Insights - The company is a benchmark enterprise in the cryogenic industry, focusing on technology research and development, with a compound annual growth rate (CAGR) of 8.2% in revenue from 2020 to 2024 [8][39]. - The company's revenue is expected to grow significantly, with projected net profits of 4.03 billion, 5.56 billion, and 8.20 billion yuan for 2025 to 2027, respectively [10]. - The company has successfully expanded its deep cryogenic equipment business internationally, exporting to 53 countries and regions, which has led to an increase in gross margin from 29.65% in 2022 to 36.30% in 2023 [9][10]. Financial Data and Profit Forecast - Total revenue is projected to reach 3.368 billion yuan in 2025, with a year-on-year growth rate of 24.0% [7]. - The company expects to achieve a gross margin of 19.0% in 2025, with a return on equity (ROE) of 12.0% [7]. - The company’s net profit for 2025 is estimated at 403 million yuan, with earnings per share (EPS) of 1.04 yuan [7][10]. Business Overview - The company operates in the cryogenic technology sector, focusing on manufacturing key equipment and providing solutions in various fields, including natural gas liquefaction and hydrogen energy [19][20]. - The company has a dual-engine business model, combining equipment manufacturing and gas operation, with the gas operation segment contributing 51.54% to total revenue in 2024 [34][47]. - The company has established a strong patent portfolio with 70 patents, including 27 invention patents, which supports its technological advancements [8][51]. Market Position and Growth Potential - The company has positioned itself as a leading supplier in the cryogenic technology market, with significant growth opportunities in the semiconductor and rare gas sectors [11][39]. - The company’s gas operation business is expected to grow rapidly, with projected revenue increases of 30% to 50% from 2025 to 2027 [10][11]. - The company is also exploring opportunities in liquid cooling technology, leveraging its deep cryogenic expertise to meet the rising demand in data centers and AI computing [11][10].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 22.75 CNY over the next six months, based on a current price of 18.51 CNY [1]. Core Insights - The company is a leader in LNG and air separation equipment, benefiting from a high industry boom. It is actively exploring hydrogen energy applications and expanding its gas operation business, which opens up growth opportunities [6][8]. Summary by Sections 1. Company Overview - The company, originally named Deep Cold Co., was established in 2001 and focuses on gas purification, separation, and low-temperature liquefaction technologies. It has shifted towards high-end equipment manufacturing and is expanding into gas investment and clean energy operations [14][17]. 2. Financial Performance - The company is expected to achieve revenues of 861.51 million CNY in 2024, with a growth rate of 28.9%. By 2027, revenues are projected to reach 1.31 billion CNY, with a compound annual growth rate of 16% for net profit [3][4][6]. - In 2024, the company is projected to achieve a net profit of 72.37 million CNY, reflecting a significant growth of 121.67% compared to the previous year [3][4]. 3. LNG and Air Separation Equipment - The company is a leading player in the LNG and air separation equipment market, with a projected market size of 533 billion CNY by 2025. The company has the capability to design and manufacture LNG processing plants with a daily capacity of 10 million cubic meters [6][35][56]. - In 2024, LNG equipment is expected to generate 6.1 billion CNY in revenue, accounting for over 70% of total revenue [24][26]. 4. Hydrogen Energy Business - The hydrogen energy sector is rapidly developing, with a projected production of 3.815 million tons in 2024, growing by 3.5%. The company has established a joint venture with Toyota to enter the hydrogen fuel cell market [71][88]. - The company is actively involved in the entire hydrogen energy value chain, including hydrogen production, storage, and application, leveraging resources from its parent group [83][87]. 5. Gas Operation Expansion - The company is expanding its gas operation business, with revenues from gas operations expected to grow significantly in the coming years. In 2023, revenues from gas operations were 2.76 million CNY, with projections of 12.46 million CNY in 2024 [6][19][26]. - The company is pursuing strategic acquisitions and investments in gas operation projects to enhance its operational scale [6][19].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 205 million yuan, a year-on-year growth of 35.24%, and net profit amounting to 10.15 million yuan, a staggering increase of 5972.30% [1] Group 1: Business Performance - The company secured new contracts worth approximately 438 million yuan, including overseas orders valued at around 13 million dollars [1] - The deep-cooling technology equipment manufacturing segment achieved new signed effective contracts totaling about 424 million yuan, focusing on products such as natural gas liquefaction devices and LNG refueling stations [1] - The transportation service equipment manufacturing segment accelerated product development, successfully launching new distribution equipment and enhancing the product range for charging stations [1] Group 2: Gas Operations - In the industrial gas sector, the company continues to provide nitrogen supply equipment leasing and operation management services to Sichuan Shuneng Mining Co., Ltd., and collaborates with internal units of Shudao Group on various industrial gases [2] - The company ensures stable supply for the Inner Mongolia Yahui BOG helium project and has developed a high-altitude oxygen supply system for a hotel at 3300 meters elevation [2] Group 3: Clean Energy Initiatives - The LNG business is focused on deepening cooperation with upstream liquid plants and downstream customers while expanding sales in other clean energy sectors [3] - The company is actively involved in hydrogen energy projects, including the preparation of a proposal for a hydrogen railway demonstration application project and participation in a national key research and development project [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [2]. Core Insights - The company's performance in the first half of 2025 showed a revenue of 1.302 billion yuan, a year-on-year decrease of 4.79%, while the net profit attributable to the parent company was 135 million yuan, an increase of 9.14% [2][10]. - The decline in revenue was primarily due to a drop in the gas segment's income and an increase in sales expenses [2][10]. - The gross margin for equipment sales significantly improved to 42.28%, reflecting strong cost optimization capabilities and technological advantages in core areas such as plate-fin heat exchangers and natural gas liquefaction [10]. Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.368 billion yuan, with a projected year-on-year growth rate of 24% [4]. - The net profit forecast for 2025 is 403 million yuan, with a projected growth rate of 38% for 2026 and 47.4% for 2027 [4]. - The earnings per share (EPS) for 2025 is estimated at 1.05 yuan, with a projected PE ratio of 17 for 2025 [4][10]. Market Data - As of August 25, 2025, the closing price was 17.56 yuan, with a market capitalization of 6.476 billion yuan [5]. - The company has a price-to-book ratio of 2.2 and a dividend yield of 1.14% [5]. Business Development and Market Position - The company is actively expanding into the electronic gas industry, supplying core equipment to major global corporations such as Intel and Samsung [10]. - The company has successfully exported its products to 54 countries and regions, establishing a strong presence in high-barrier overseas markets [10]. - The company maintains good relationships with leading domestic and international enterprises, enhancing its brand reputation and industry barriers [10]. Profitability and Investment Outlook - The deep-cooling equipment business is expected to provide stable profits and cash flow, with the electronic specialty gas business driving growth [10]. - The report adjusts the profit forecast for 2025-2026 downwards due to impairment provisions, but maintains a "Buy" rating based on a comparative analysis with similar companies in the industry [10].

Group 1 - The company is a leading enterprise in the domestic cryogenic technology field, achieving a dual-driven development model of "equipment manufacturing + gas operation" [1] - The core products in the equipment manufacturing segment include natural gas liquefaction devices and large air separation units, with the plate-fin heat exchangers being a domestic leader and exported to 53 countries and regions [1] - The company has diversified its operations by investing in the sales of natural gas, industrial gases, and rare gases, enhancing its overall competitiveness [1] Group 2 - Rising oil prices have led to increased upstream investment, with the economic viability of energy and chemical industries improving, particularly in coal chemical and synthetic gas sectors [2] - Fixed asset investment in the domestic petroleum, coal, and other fuel processing industries increased by 18.8% year-on-year from January to May 2025 [2] - The company signed new orders worth approximately 1.8 billion yuan in 2024, representing a year-on-year growth of over 25%, with overseas orders also showing significant growth [2] Group 3 - The gas operation segment is expanding, with the company investing in industrial and rare gases, which are expected to become new revenue growth sources as projects reach production capacity [3] - A joint venture with Korea's Posco Holdings marks the company's first step in both equipment and operation overseas, providing valuable experience for future expansions [3] - The profit margin for industrial gas operations is relatively high, and as the business expands, the company's profitability is expected to improve [3] Group 4 - The company is projected to achieve revenues of 3.23 billion, 3.86 billion, and 4.72 billion yuan from 2025 to 2027, with year-on-year growth rates of 18.8%, 19.7%, and 22.2% respectively [4] - Net profit attributable to the parent company is expected to reach 400 million, 510 million, and 630 million yuan during the same period, with significant growth in 2025 [4] - The company is assigned a target price of 20.9 yuan based on a 20x PE ratio for 2025, indicating a potential upside of approximately 39% from the current stock price [4]