西子洁能 摘要 西子节能迎来管理层变革，实控人王水福之子王克非于今年 5 月上任董 事长，预示着公司治理结构从职业经理人团队向实控人直接管理转变， 有望带来更多资源和发展动力。 公司大股东西子控股集团实力雄厚，旗下西子电梯年净利润达二三十亿 人民币，西子航空亦涉足大飞机整机制造，为西子节能提供坚实后盾。 核电和光热是公司业绩增长的核心驱动力。核电领域，公司与中广核、 中核集团有长期战略合作，通贤基地核电车间一期已投产，并成立合资 公司，预计业务提速。 公司财务状况稳健，在手现金约 34 亿元，成功化解可转债压力并摘牌， 消除了市场利空因素，为未来发展奠定基础。 公司治理结构变化显著，实控人直接管理带来更多资源和动力，包括成 立新的核电子公司，加强对核电业务的重视，以及通过内生加外延并举 推动整体经营业务加速发展。 预计公司 2025 年盈利约 4 亿元，2026 年约 5 亿元，长期来看，未来 3 至 5 年内有望实现 8 至 10 亿元的盈利潜力，业绩增长可期。 若公司在可控核聚变领域取得突破，将进一步提升估值空间。目前公司 估值在 20 至 30 倍区间，未来业绩和估值均有较大提升潜力。 Q&A 西子节能 ...

全球首个"双塔一机"光热储能电站投入运行，光热发电技术持续突破。 2）绿氢、绿氨、绿醇制备：在风光氢氨醇一体化模式中，公司可参与熔盐储能设备及余热炉、换热器 的设备供应。公司已在远景赤峰零碳氢氨项目熔盐产汽撬块供货，将不断扩展在绿氨、绿醇产业的应 用；3）热化学储热：利用高温烟气余热、低谷电加热进行高温储热，用于工业供热或发电等场景； 4）电池储能：投资SOFC 企业臻泰能源和锂电企业博时新能源、参股全钒液流电池企业德海艾科，同 时公司崇贤基地可建设全钒液流储能电站。 盈利预测与估值：不考虑潜在的十五五光热发电以及核电超额增量的情况下，综合预计公司2025-2027 年归母净利润4.23/5.50/7.00 亿元，对应当前33.5x/25.8x/20.3xPE，公司24/23 年经营性现金流净额分别 为5.68/3.08 亿元，在手货币现金34.13 亿元（非募投募集资金，截至25 中报），公司财务基本面优秀， 主业盈利能力不断改善，我们预判随着十五五期间光热电站建设、核电建设、新型储能建设相关订单落 地，公司盈利能力有望实现超预期的表现，提高评级至"强烈推荐"评级。 风险提示：业务拓展不及预期、订单不及预期 ...

Summary of XiZi Energy Conference Call Company Overview - XiZi Energy is part of XiZi United Holdings Group, a strong player in the Chinese private enterprise sector, providing substantial support for the company's development [7] Key Business Segments - XiZi Energy's core business is divided into three segments: waste heat boilers, solar thermal energy, and nuclear power, including potential nuclear fusion [3] - The company is a leader in the waste heat boiler market, holding nearly 50% market share, particularly in gas turbine waste heat boilers [3] Financial Performance and Projections - Orders and profitability are expected to show marginal improvement starting in 2025, driven by the digestion of low-quality orders and an increase in overseas revenue, projected to reach 20% in 2025 and potentially 40%-50% in the following years [2][3] - Estimated revenue for 2025 is approximately 400 million yuan, increasing to 500 million yuan in 2026, aligning with the company's equity incentive targets [4][12] - Current valuation is around 30 times PE, expected to decrease to 25-26 times in the next year, indicating the stock is at a relatively low point [4][12] Solar Thermal Energy Sector - XiZi Energy's solar thermal products, including heat collectors and heat exchangers, account for about 15%-20% of the total value in solar thermal systems [4] - The solar thermal industry underperformed during the 14th Five-Year Plan due to a lack of independent pricing, but the introduction of a benchmark price of 0.55 yuan/kWh in Qinghai province in 2024 is expected to enhance economic viability [10] Nuclear Power and Fusion Potential - Nuclear power and potential nuclear fusion are seen as significant growth areas for XiZi Energy, with a cash reserve of 3.4 billion yuan available for investment in these sectors [6][11] - The new chairman's focus on nuclear power is expected to enhance the company's capabilities and resource allocation [11] Management and Strategic Changes - The appointment of a new chairman in May has strengthened company management, which is anticipated to lead to significant changes and improvements in performance [7][11] - The founder's connections within the Zhejiang business community are viewed as beneficial for the company's development [7] Macro Environment Impact - An upward trend in the domestic macroeconomic environment could further enhance the company's performance, with traditional waste heat boilers already showing strong alpha effects through overseas market expansion [8][9] Long-term Outlook - The combination of a rebound in core business, marginal changes in the solar thermal sector, and strategic positioning in nuclear power and fusion suggests a promising long-term growth trajectory for XiZi Energy [13]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002534 证券简称：西子洁能 编号：2025－102 债券代码：127052 债券简称：西子转债 西子清洁能源装备制造股份有限公司 第六届董事会第二十八次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 西子清洁能源装备制造股份有限公司（以下简称"公司"或"西子洁能"）第六届董事会第二十八次临时会 议通知于2025年9月21日以邮件、专人送达等形式发出，会议于2025年9月26日以通讯表决方式召开，应 参加表决董事9人，实际参加表决董事9人，符合《公司法》《公司章程》等的有关规定。会议由公司董 事长王克飞先生召集，经全体董事通讯表决形成如下决议： 一、《关于变更注册资本、变更经营范围、取消监事会并修订〈公司章程〉的议案》 根据公司实际经营情况、总股本变化情况，公司董事会同意变更注册资本、增加经营范围并对《公司章 程》有关条款进行修订，同时提请股东大会授权公司管理层办理前述工商变更登记、备案等事宜。公司 经营范围变更情况，最终以市场监督管理部门核准、登记信息为准。 表决结果：同意：9 ...

西子洁能于2025年9月26日召开相关会议，审议通过将募投项目"新能源科技制造产业基地（浙江西子新 能源有限公司年产580台套光热太阳能吸热器、换热器及导热油换热器、锅炉项目）"和"补充流动资金 项目"予以结项，并将节余募集资金用于永久补充流动资金的议案。 募集资金基本情况回顾 经证监会核准，西子洁能于2021年12月24日公开发行可转换公司债券11.1亿元，期限6年。扣除发行费 用1369.82万元后，实际募集资金净额为10.96亿元，该资金已于2021年12月30日到位。 募投项目规划与实际情况 责任编辑：小浪快报 节余资金使用计划明晰 根据募集说明书，募集资金净额拟用于"新能源科技制造产业基地"项目10.3亿元和"补充流动资金"项目 0.8亿元 。截至2025年9月22日，两项目已达预定可使用状态，拟进行结项。两项目具体情况如下： | 序号 | 项目名称 | 拟投入募集资金额 | 募集资金净额 | 累计收到银行存款利息及理财收益扣除手续费等 的净额 | 累计投入募集资金金额 | 募集资金投资进度 | 节余募集资金 | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1: Industry Overview - The computing power industry is categorized into three main types: basic computing power, intelligent computing power, and supercomputing power, with intelligent computing power seeing rapid demand growth due to AI applications [12][15][19] - The computing power industry chain includes upstream hardware production (chips, devices, energy), midstream integration and delivery (data centers), and downstream applications across various sectors such as finance and AI [13][18] Group 2: Growth of Computing Power in China - China's intelligent computing power is projected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028, with a compound annual growth rate (CAGR) of 46.2% from 2023 to 2028 [19][20] - General computing power in China is expected to reach 85.8 EFLOPS by 2025 and 140.1 EFLOPS by 2028, with a CAGR of 18.8% during the same period [20] Group 3: Increasing Demand for Computing Hardware - The CPU market in China is estimated to grow from approximately 216.03 billion yuan in 2024 to 248.4 billion yuan in 2025, reflecting a year-on-year growth of 6.47% [23][24] - The GPU market is projected to increase from about 107.3 billion yuan in 2024 to 120 billion yuan in 2025, with a significant year-on-year growth of 32.96% [26][29] - The server market is expected to grow from approximately 249.21 billion yuan in 2024 to 282.35 billion yuan in 2025, showing a year-on-year increase of 41.25% [35][37] Group 4: Liquid Cooling Market Development - The IT energy consumption of AI data centers is projected to reach 77.7 TWh in 2025, doubling from 2023, and is expected to grow to 146.2 TWh by 2027, with a CAGR of 44.8% from 2022 to 2027 [36] - By 2028, it is anticipated that 60% of data centers will adopt innovative solutions such as microgrids and liquid cooling systems to address energy constraints and sustainability [36] Group 5: Company Profiles - Fangsheng Co., Ltd. focuses on the research, design, production, and sales of heat exchangers and systems, with its revenue composition in the first half of 2025 being 68.57% from plate heat exchangers and 28.45% from heat systems [42][44] - Wanyuantong Co., Ltd. specializes in the research, production, and sales of printed circuit boards, with its revenue composition in the first half of 2025 being 43.54% from multilayer boards, 29.70% from double-sided boards, and 18.72% from single-sided boards [55][57] Group 6: Financial Performance of Companies - In 2024, Fangsheng Co., Ltd. achieved a revenue of 347 million yuan, a year-on-year increase of 1.10%, while in the first half of 2025, it reported a revenue of 180 million yuan, up 15.41% [48] - Wanyuantong Co., Ltd. reported a revenue of 1.043 billion yuan in 2024, a year-on-year increase of 5.96%, and 541 million yuan in the first half of 2025, reflecting a growth of 16.40% [60]

西子洁能 20250923 摘要 西子节能受益于光热发电成本下降及政策支持，青海地区度电成本已降 至五毛钱左右，并获得标杆电价五毛五，同时，2026 年每千瓦容量补 贴将增加到 330 元，使得熔岩储能收益率超过 7%，经济性显著提升， 预计光热发电领域将带来约 3 亿元利润增长。 发改委鼓励每年建设 3GW 光热发电，西子节能作为主要设备供应商， 专注于吸热器、储热罐和换热器，每吉瓦价值量约 30 亿，公司市占率 保守估计为 20%，预计每年可转化约 3 亿净利润。 熔岩储能技术在火电深度调峰中具有显著优势，通过降低负荷至 10%左 右，实现价差收入和容量补贴收入，一吉瓦时造价约 3.4 亿元，远低于 化学储能成本，且设计寿命长达 30 年，预计火电灵活性改造将带来 3~4 亿元利润增长。 国家发改委要求到 2027 年改造 2~4 亿千瓦的火电容量，已完成初步改 造的 6 亿千瓦火电容量也可以进一步改造成熔盐储能系统，以实现深度 调峰，市场潜力巨大。 Q&A 西子节能的主要业务及其未来发展前景如何？ 西子节能的主要业务是余热锅炉，应用于燃气发电、煤电和工业领域。预计未 来五年内，国外市场尤其是美国和一些发 ...

Group 1 - The core viewpoint of the news is that Tongxing Technology's stock has experienced a decline, with significant changes in financing and shareholder metrics [1][2] - On September 23, Tongxing Technology's stock fell by 3.99%, with a trading volume of 160 million yuan, and a net financing outflow of 319.76 million yuan [1] - As of September 23, the total margin balance for Tongxing Technology was 102 million yuan, accounting for 6.88% of its market capitalization, indicating a high level of financing [1] Group 2 - As of August 8, the number of shareholders for Tongxing Technology increased by 8.67% to 14,400, while the average circulating shares per person decreased by 7.98% to 3,291 shares [2] - For the first half of 2025, Tongxing Technology reported a revenue of 620 million yuan, representing a year-on-year growth of 7.98%, while the net profit attributable to shareholders decreased by 9.88% to 68.77 million yuan [2] Group 3 - Since its A-share listing, Tongxing Technology has distributed a total of 89 million yuan in dividends [3]

智通财经APP获悉，9月22日，奥美森(920080.BJ)开启申购，发行价格为8.25元/股，申购上限为95万股，市盈率12.52倍，属于北交所，信达证券为其保荐 人。 招股书披露，奥美森是专业的智能装备制造生产商，主要从事智能生产设备及生产线的研发、设计、生产、销售，公司产品可广泛应用于电器、环保、风电 和锂电新能源及其他行业等领域，是实现生产自动化、智能化和高效化的关键装备。公司与国内外主要电器生产企业如格力电器、美的集团、奥克斯、海信 家电、TCL家电、四川长虹、大金空调、松下电器、江森自控、特灵、开利、富士通将军、三菱重工海尔等保持长期稳定合作关系。 奥美森作为空调行业上游的智能装备生产商，依靠自身核心技术生产的无收缩强制式胀管机，最小可胀制直径Φ3.4mm的翅片管式换热器。以Φ5mm铜管为 例，如采用Φ5mm铜管替代原Φ9.52mm铜管，换热系数提升10%左右，成本降低50%以上，制冷剂充注量降低 75%左右。 财务方面，于2022年度、2023年度、2024年度，公司实现营业收入分别约为2.79亿元、3.25亿元、3.58亿元，同期实现净利润分别约为2012.88万元、4975.87 万元、58 ...

Group 1 - The company has not yet scaled its data center liquid cooling products in the domestic market [1] - The company provides various cooling products for data centers, including primary chilled water units, heat exchangers, and cooling towers [1]