证券研究报告·公司点评报告·专用设备 无锡鼎邦（872931） 2025 中报点评：国内客户总体需求放缓致业 绩承压下滑，期待国外业务拓展带来新增量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 438.44 | 400.95 | 453.94 | 512.12 | 572.12 | | 同比（%） | 19.52 | (8.55) | 13.22 | 12.82 | 11.72 | | 归母净利润（百万元） | 47.06 | 39.16 | 45.11 | 52.94 | 62.69 | | 同比（%） | 16.47 | (16.79) | 15.19 | 17.35 | 18.42 | | EPS-最新摊薄（元/股） | 0.50 | 0.42 | 0.48 | 0.56 | 0.67 | | P/E（现价&最新摊薄） | 38.32 | 46.05 | 39.98 | 34.07 | 28.77 | ...

Group 1 - The core stock price of Shuangliang Energy closed at 6.55 yuan on August 22, reflecting a 0.77% increase from the previous trading day [1] - The stock experienced a rapid rebound, with a more than 2% increase within 5 minutes at 10:15 AM, reaching a price of 6.46 yuan and a trading volume of 239 million yuan [1] - The company's main business includes energy-saving and water-saving systems, as well as new energy systems, with key products such as lithium bromide chillers, air-cooled systems, and heat exchangers [1] Group 2 - Shuangliang Energy's products are widely used in various sectors including power, chemicals, metallurgy, and data centers [1] - On August 22, the net inflow of main funds was 25.54 million yuan, with a cumulative net inflow of 84.31 million yuan over the past five days [1]

zhuhaibin@kysec.cn 证书编号：S0790522080007 2025H1：营收 1.80 亿元，同比+15%；归母净利润 1448 万元，同比-27% 北交所信息更新 战略聚焦新能源（风电、氢能、储能）与新基建（电网、数据中心） ——北交所信息更新 方盛股份（832662.BJ） 2025 年 08 月 22 日 投资评级：增持（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 40.05 | | 一年最高最低(元) | 49.66/8.18 | | 总市值(亿元) | 35.06 | | 流通市值(亿元) | 9.84 | | 总股本(亿股) | 0.88 | | 流通股本(亿股) | 0.25 | | 近 3 个月换手率(%) | 1,325.21 | 北交所研究团队 诸海滨（分析师） 风险提示：原材料价格波动风险、汇率变动风险、应收账款风险 财务摘要和估值指标 公司发布 2025 年半年报，2025H1 公司实现营收 1.80 亿元，同比增长 15.41%； 归母净利润 1447.87 万元，同比下滑 27.47%。我们维持 2025-2 ...

Core Viewpoint - The stock price of Shuangliang Energy increased by 1.13% to 6.29 yuan as of the close on August 20, 2025, indicating positive market sentiment towards the company [1]. Group 1: Company Overview - Shuangliang Energy specializes in energy-saving and water-saving systems, as well as new energy systems [1]. - The company's main products include lithium bromide chillers, air-cooled systems, heat exchangers, and polysilicon reduction furnaces [1]. - The company is registered in Jiangyin City, Jiangsu Province [1]. Group 2: Financial Performance - On August 20, 2025, Shuangliang Energy's stock opened at 6.41 yuan, reached a high of 6.80 yuan, and a low of 6.20 yuan, with a trading volume of 1.6404 million hands and a transaction amount of 1.051 billion yuan [1]. - On the same day, the net outflow of main funds was 60.2018 million yuan, accounting for 0.51% of the circulating market value [1]. - Over the past five trading days, the cumulative net outflow of main funds was 20.1258 million yuan, representing 0.17% of the circulating market value [1]. Group 3: Upcoming Events - Shuangliang Energy will hold its third extraordinary general meeting of shareholders for 2025 on August 21, 2025, to discuss a proposal for capital increase to its wholly-owned subsidiary [1].

Group 1: Patent Application - Qingdao Haier Air Conditioning Co., Ltd. and its subsidiaries have applied for a patent titled "Valve Body Component, Heat Exchanger, and Air Conditioner," with publication number CN120402638A, filed on January 2024 [1] - The patent involves a valve body component that includes a tubular shell, valve seat, shaft, guide plate, partition, and elastic component, designed to function as a unidirectional valve [1] Group 2: Company Overview - Qingdao Haier Air Conditioning Co., Ltd. was established in 1996, located in Qingdao, with a registered capital of approximately 936.38 million RMB, and has invested in 19 companies [2] - Qingdao Haier Air Conditioning Electronics Co., Ltd. was founded in 1999, also in Qingdao, with a registered capital of approximately 967.09 million RMB, and has invested in 15 companies [2] - Qingdao Haier Intelligent Technology Research and Development Co., Ltd. was established in 2014, located in Qingdao, with a registered capital of 130 million RMB, and has invested in 9 companies [2] - Haier Smart Home Co., Ltd. was founded in 1994, located in Qingdao, with a registered capital of approximately 943.81 million RMB, and has invested in 58 companies [3]

Group 1 - The core viewpoint of the news is that Taixing Rural Commercial Bank has successfully issued the first dual-linked loan of 5 million yuan in the city, which is tied to "carbon reduction" and "energy efficiency improvement," providing financial support for green development and achieving both social and economic benefits [1][2] - The loan interest rate is reduced by 28 basis points compared to conventional levels, which translates into a cost advantage for the borrowing company, a high-tech enterprise specializing in energy-saving products [1][2] - The borrowing company has a strong development momentum, with projected main business revenue exceeding 200 million yuan in 2024, and it has been recognized as a technology-based small and medium-sized enterprise and a high-tech enterprise [1] Group 2 - In recent years, Taixing Rural Commercial Bank has actively explored green financial service models in the context of the national "dual carbon" strategy, establishing a quantitative evaluation system for enterprises' energy consumption and carbon emissions [2] - The bank provides differentiated credit support based on the dual indicators of "carbon reduction" and "energy efficiency improvement," allowing enterprises with higher efficiency and more significant carbon reduction effects to receive better loan terms [2] - The bank plans to continue innovating green financial products and services, aiming to upgrade green finance from "single product supply" to "full ecological empowerment," thereby enhancing the local economy's high-quality development [2]

Core Insights - The article highlights the rapid development of the heat exchanger industry cluster in Daye City, Hubei Province, which has grown to include 192 enterprises with a total output value exceeding 16 billion yuan and a domestic market share of 38% by 2024 [1][12]. Company Development - Hubei Difen Heat Exchanger Co., Ltd. has evolved from a county-run agricultural machinery enterprise established in the 1950s to a leading player in the heat exchanger sector, producing over 2,000 types of heat exchangers [2][4]. - Difen's products are utilized in significant projects, including the world's largest single-unit capacity hydropower generator at the Baihetan Hydropower Station, with over 50% of its products supplied to Fortune 500 companies [2][4]. - The company has successfully tackled key technologies previously monopolized by foreign firms, achieving a market share of one-third in the domestic heat exchanger market [4][6]. Industry Innovation - The heat exchanger industry in Daye has seen collaborative innovation, with companies like Sruier Heat Exchanger Co., Ltd. emerging from Difen's influence, focusing on technological advancements and product quality [7][9]. - Sruier has developed a green and efficient finned gas heat exchanger, boasting a product lifespan 15% to 20% longer than competitors, and has established partnerships with prestigious universities for ongoing research [9][11]. - The industry cluster has produced 320 invention patents and achieved over 30 technology transfer projects, indicating a strong emphasis on innovation and collaboration [12]. Future Outlook - Daye City aims to enhance the heat exchanger industry's value, targeting an output value of 26 billion yuan by 2027, with an increase in quality SMEs to 220 and a rise in effective invention patents to 437 [13]. - The cluster is also focusing on digital transformation, with 33 companies completing digital upgrade projects and an 86% coverage rate for digital diagnostics [12][13].

Core Insights - The recent sale of a luxury home in Connells Point, Sydney, by Raymond Cavanagh and his wife Kerry, has set a new record for the area, with a transaction price between AUD 17 million and AUD 18 million, significantly surpassing the previous record of AUD 8.3 million set in 2023 [1][3] - This sale also breaks the record for the Georges River region, previously held by a property in Sylvania that sold for AUD 16.3 million in 2022 [1][3] Property Details - The luxury estate is situated on a 2,168 square meter waterfront lot and is considered one of the most spacious and prestigious waterfront residences in the St George area [3] - The Cavanagh couple purchased the land in 1992 for AUD 1.4 million and have since developed it into an impressive four-bedroom, four-bathroom plantation-style mansion [3] - The mansion features world-class amenities designed for sailing enthusiasts, including a full-length dock, floating jetty, and berths capable of accommodating yachts up to 60 feet [3] Company Background - Raymond Cavanagh and his wife are directors of Caman Engineering, a significant manufacturer and supplier of pipeline flanges, heat exchangers, and pressure vessels for the oil, gas, mining, and petrochemical industries [3] - The property has also gained media attention, having been featured in the mini-series "House of Bond," which tells the story of Australian business magnate Alan Bond [3][5]

Group 1: Company Overview - The company specializes in manufacturing industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment [1] - It provides environmental comprehensive governance services, including solid waste and wastewater treatment and recycling [1] - The company operates photovoltaic power plants [1] Group 2: Waste Heat Boiler Business - The industrial special waste heat boilers are energy-saving and environmentally friendly products, primarily used in industries such as steel, non-ferrous metals, coking, chemicals, power, and papermaking [1] - The company maintains a leading position in the domestic market for special waste heat boilers, with a significant market share [1] - It is one of the drafting and formulation units for national standards for dry quenching waste heat boilers and continues to lead in converter waste heat boilers and non-ferrous smelting waste heat boilers [1] Group 3: Pressure Vessel Business - The company holds A1 and A3 level pressure vessel design qualifications and manufacturing licenses [2] - Its pressure vessels are mainly used in coal chemical, petroleum chemical, and fine chemical industries, including products like heat exchangers, separators, reactors, tanks, towers, filters, and evaporators [2] Group 4: Nuclear Power Business - The company has been manufacturing nuclear power equipment since 1998 and has completed several international and domestic first-piece manufacturing tasks over 20 years [2] - Nuclear safety equipment includes various components such as injection boxes, core component lifting baskets, and emergency water supply tanks [2] - The fourth-generation nuclear power equipment project is progressing, which will alleviate current capacity bottlenecks and enhance production capabilities [2] Group 5: Future Strategic Planning - The company has strong R&D capabilities in manufacturing-related products and aims to ensure product quality while pursuing innovation [2] - Future strategies include deepening core business, increasing technological innovation, and enhancing management and cost control to improve profitability and market competitiveness [2]

Group 1: Event Overview - The 17th Shanghai International Heat Exchanger and Heat Transfer Technology Exhibition will take place from June 5 to 7, showcasing new products and technologies in the heat exchanger and heat transfer sector [1][3] - The event is part of the CTEF2025 China International Chemical Equipment Expo, which will cover nine industrial sectors and feature over 1,000 brands, attracting more than 100,000 professional attendees [2][3] Group 2: Market Insights - The Chinese heat exchanger market is projected to grow from 86.89 billion yuan in 2022 to 99.21 billion yuan by 2026, with a compound annual growth rate (CAGR) of 3.4% [1] - The demand for heat exchangers is expanding into emerging fields such as biotechnology and pharmaceuticals, driven by the "dual carbon" strategy and industrial energy-saving needs [1] Group 3: Industry Participation - Leading companies such as Celeron, China Shipbuilding Group, and others will showcase their flagship products, highlighting the industry's new productive capabilities [3][4] - The exhibition will also feature a wide range of supporting products and components, including stainless steel heat exchange tubes and titanium plates, to meet diverse procurement needs [3][4] Group 4: Global Engagement - The exhibition aims to attract professional buyers from various countries, including Russia, Germany, Japan, and others, enhancing international collaboration [5][6] - Major Chinese companies and institutions, such as Sinopec and China National Petroleum Corporation, are expected to participate, facilitating procurement discussions and long-term strategic partnerships [6] Group 5: Additional Activities - The event will host various forums and conferences, including the China International Chemical Equipment Innovation Development Conference and the Chemical Industry Investment and Financing Summit, to foster industry dialogue and trade connections [7] - The exhibition aims to create a strategic platform for global businesses to explore market trends and connect with supply chain resources [7]