21世纪经济报道记者 林典驰 上海、深圳报道 氢能赛道的玩家不少，但要真正做深、吃透却并不容易。而阀这一部件看似细微，对整个燃料电池系统 起着至关重要的作用。 从燃料电池汽车上下游来看，车载储氢系统是燃料电池汽车大规模商用的重要突破口，这也给了产业链 玩家入局的机会。 2025国际氢能与燃料电池汽车大会暨展览会（FCVC 2025）近期在上海举行，海力达全球首席执行官沈 俊豪在接受21世纪经济报道专访时表示，海力达业务涵盖纯内燃机汽车、混合动力汽车、电动汽车、燃 料电池汽车及氢能多元场景应用。尽管氢能发展确实没有达到市场预期，但海力达仍然将氢能作为战略 部署的一部分。 "此前认为2028年是氢能的爆发点，目前看时间点可能会延后。"沈俊豪谈到。 沈俊豪表示，海力达在氢能领域先站稳中低压的阀类产品，涵盖比例阀、截止阀、排水排气阀等，部分 产品已占据市场头部地位。当下，海力达正在推进高压阀的落地，还有引射器进氢模块的落地。除此之 外，海力达也拥有储氢控制器以及软件，正等待氢能市场的爆发。 在氢能领域，海力达已围绕氢能的全产业链展开布局，包括制氢端（电解水制氢）、储氢端（固态储 氢、高压气态储氢）以及应用端（交通领域 ...

公司研究丨深度报告丨盾安环境（002011.SZ） [Table_Title] 盾安环境：立足主业，开辟增量 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司已深耕制冷阀件三十余年，为该领域全球龙头。制冷配件业务下游需求已呈现边际向好趋 势，此外受政策影响，变频空调渗透率持续提升，带动高价格阀件需求，公司有望受益于量价 齐升实现营收稳健增长。在此基础上，公司着力开拓新能源汽车热管理业务，凭借技术优势， 公司主要阀件产品性能已基本可以对标行业龙头，在高压快充的趋势下，公司有望通过大口径 阀件的领先优势获取主机厂一供机会，并加速份额的提升，为公司未来发展注入新增长动能。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research.95579.com 2 盾安环境（002011.SZ） cjzqdt11111 [Table_Title2] 盾安环境：立足主业，开辟增量 [Table_Summary2 ...

在工业领域，阀门作为控制流体输送的关键部件，广泛应用于石油、化工、电力、冶金、建筑等多个行业。进口品牌阀门凭借先进技术、卓越品质和丰富的 应用经验，在高端阀门市场占据重要地位。本文将深入分析球阀、蝶阀、闸阀、截止阀、氧气阀门、低温阀门和高压阀门的市场行情，并着重探讨沃菲开 （WOFK）品牌在这些领域的表现。 一、球阀：高效切断，应用广泛 球阀是一种通过球体旋转来实现阀门开启和关闭的阀门，具有结构简单、开关迅速、流体阻力小、密封性能好等优点 。在石油、天然气、化工、电力等行 业，球阀被大量用于截断或接通管路中的介质，尤其适用于高粘度、含颗粒、纤维状介质的场合。 国际知名品牌如英国沃菲开WOFK、美国威盾VTON、德国力特LIT、意大利卡莱菲Caleffi等在球阀市场具有较高的知名度和市场份额。英国沃菲开WOFK的 球阀采用高强度锻造黄铜或不锈钢结构，耐腐蚀性强；其密封技术先进，可实现双向密封，确保在高压、高温等恶劣工况下的稳定运行 。德国力特LIT球阀 产品以高精度和耐用性著称，精密的球体加工和密封设计，使其能够在各种复杂工况下保持良好的性能 。意大利卡莱菲Caleffi的球阀则在民用和商用建筑 领域表现出色， ...

Core Viewpoint - The company is experiencing rapid growth in performance, with a significant increase in contract liabilities year-on-year, indicating a strong order backlog. The ongoing globalization and diversification strategies are supporting long-term growth [1][2]. Financial Performance - The company achieved a revenue of 6.238 billion yuan in 2024, representing a year-on-year increase of 12.50%, and a net profit attributable to shareholders of 1.156 billion yuan, up 60.10% year-on-year [2]. - In Q1 2025, the company reported a revenue of 1.556 billion yuan, a 14.44% increase year-on-year, and a net profit of 263 million yuan, reflecting a 33.52% year-on-year growth [2]. - The gross margin and net margin for 2024 were 38.10% and 18.69%, respectively, showing an increase of 6.70 percentage points and 5.44 percentage points year-on-year [2]. - For Q1 2025, the gross margin and net margin were 35.38% and 17.05%, respectively, with increases of 2.07 percentage points and 2.39 percentage points year-on-year [2]. Contract Liabilities and Cash Flow - By the end of 2024, the company's contract liabilities reached 354 million yuan, nearly doubling year-on-year, confirming a robust order backlog [3]. - The net operating cash flow for 2024 and Q1 2025 was 1.112 billion yuan and 325 million yuan, respectively, showing significant improvements of 74.50% and 415.91% year-on-year [3]. Globalization and Diversification Strategy - The company offers a comprehensive range of industrial valve solutions, including gate valves, globe valves, check valves, ball valves, butterfly valves, control valves, and nuclear valves, catering to diverse customer needs [4]. - The company is actively responding to market demands in emerging sectors such as renewable energy, nuclear power, and marine engineering, accelerating technological upgrades and achieving breakthroughs in key technology areas [4]. - The globalization strategy is advancing, with the establishment of sales subsidiaries or offices in over 90 countries across five continents, including North America, Europe, Southeast Asia, the Middle East, and West Africa [4]. - The company plans to invest approximately 11 million USD to establish a wholly-owned subsidiary in Saudi Arabia for local production capacity development [4].

Group 1 - The core viewpoint of the news is that Nuwai Co., Ltd. has seen a recent increase in stock price, but its price-to-earnings (PE) ratio is significantly lower than the industry average, indicating potential undervaluation [1] - As of May 9, Nuwai's stock closed at 27.81 yuan, up 1.50%, with a rolling PE ratio of 17.50, marking a new low in 24 days and a total market capitalization of 21.374 billion yuan [1] - The average PE ratio for the general equipment industry is 78.78, with a median of 40.37, placing Nuwai at the 60th position in the industry ranking [1] Group 2 - Nuwai Co., Ltd. specializes in the research, manufacturing, and sales of industrial valves, with key products including gate valves, globe valves, check valves, ball valves, butterfly valves, forged steel valves, oil and gas extraction equipment, safety valves, and castings [1] - The company received a "Five-Star Equipment Supplier" performance evaluation certificate from China General Nuclear Power Group for 2024, reflecting high recognition of its product quality and service in the nuclear power industry [1] - In the first quarter of 2025, Nuwai reported revenue of 1.556 billion yuan, a year-on-year increase of 14.44%, and a net profit of 263 million yuan, up 33.52%, with a gross profit margin of 35.38% [1]

Core Insights - The digital transformation of petrochemical equipment is crucial for enhancing production efficiency and ensuring safety in operations [1][2] - The integration of digital technologies across all stages of production and operation is reshaping the petrochemical industry [2][4] - The Chinese government is promoting the safety renovation of outdated petrochemical facilities as part of a broader strategy for sustainable development [1][2] Industry Developments - Digital technologies have been implemented in various scenarios, significantly improving production efficiency and product performance [2] - Companies like Chongqing Chuan Yi Automation Co., Ltd. have developed multiple products that break foreign technology monopolies, leading to the establishment of smart factories and digital production lines [2][3] - Jiangsu Huaying Valve Industry Co., Ltd. has utilized advanced computer technologies to enhance manufacturing efficiency and quality through interconnected data systems [3] Technological Advancements - High-precision and reliable smart instruments are essential for the digital and intelligent transformation of the petrochemical industry [4] - The application of digital technologies in equipment integrity management includes lifecycle optimization, real-time risk control, predictive maintenance, and data-driven decision-making [4] - The implementation of a two-level precision inspection system at Lanzhou Petrochemical has improved fault diagnosis accuracy from 10% to 75% [4] Challenges and Solutions - The industry faces challenges such as data silos, low interoperability of digital systems, and the need for comprehensive system redesigns [5][6] - The development of centralized control platforms for equipment management has shown to enhance operational efficiency and risk management [6] - Experts emphasize the importance of focusing on core data and key parameters rather than merely pursuing big data [7] Future Outlook - The transformation in the petrochemical sector is not just a technological upgrade but a comprehensive restructuring of production models, management thinking, and industrial ecosystems [7] - Continued improvement of standard systems and cross-industry collaboration will further support the digital transformation and high-quality development of the petrochemical industry [7]

珠海弘润实业有限公司 珠海市香洲区海洲路8号九昌大厦808 市场：能源供给 / 电力行业 电话：13600362566 授权范围 | 区域 | 客户名称 | | --- | --- | | 广东省 | 中海油珠海天然气发电有限公司、 | | | 中海油深圳电力有限公司、 | | | 中山嘉明电力有限公司、 | | | 深圳市广前电力有限公司、 | | | 东莞市中堂燃气热电厂、 | | | 替换及备件业务 | 美国汉科新技术有限公司 成都市青羊区光华东三路486号 中铁西城写字楼5栋1705-1706号 市场：能源供给 / 电力行业 电话：15196650805 / 13547805999 授权范围 区域 客户名称 四川省成都市 东方电气集团东方锅炉股份有限公司 诸暨市三禾机械设备有限公司 中国浙江省诸暨市西二环路268号华汇大厦 市场：能源供给 / 电力行业 电话：18257536396 授权范围 区域 客户名称 浙江省 西子清洁能源装备制造股份有限公司、浙江华西铂瑞重工有限公司、浙江特富 发展有限股份公司 水/污水行业 能源行业 | 杭州康诺水务有限公司 | | | --- | --- | | 杭州市西湖 ...