Group 1: Business 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, managing temperature control and pressure across a range of -271℃ to 200℃ [3] - A full range of magnetic levitation compressor products has been developed, showcasing significant technological advantages and market performance, particularly highlighted by their success in the Beijing Winter Olympic Village project [3] - Products are widely used in various industries, including food processing, cold chain logistics, industrial cooling systems, commercial air conditioning, and energy recovery systems [3][4] Group 2: Data Center Applications - 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 Ministry of Industry and Information Technology's directory of advanced applicable technologies [3] - Successful projects include major data centers across China, such as the National Supercomputing Center and various banks, with international collaborations in North America, Australia, Southeast Asia, and the Middle East [3] - Upcoming product launches include upgraded versions of magnetic levitation and air suspension series specifically designed for data centers, enhancing competitive edge [4] Group 3: Nuclear Power Industry Applications - The company is focusing on core scenarios in nuclear power, developing technologies for nuclear island cooling and heat recovery, which support the safe and efficient use of clean energy [4] - Key projects include service to multiple nuclear power stations in China, with innovations such as a no-power cooling system and collaboration with Tsinghua University on nuclear heating technologies [4] - The company is recognized as a leading service provider in the nuclear island refrigeration market, with over 20 years of experience and a comprehensive range of products [4]

Group 1 - The company, Changjiang Energy Technology Co., Ltd., focuses on the design, research and development, manufacturing, and service of specialized equipment for the energy and chemical industry, with products including electric desulfurization equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [2] - As of the signing date of the prospectus, Jiangsu Samsung Technology Co., Ltd. holds 36,897,704 shares, accounting for 34.14% of the total shares, making it the controlling shareholder of the company [2][3] - The actual controllers of the company are Liu Jianchun and Liu Jiacheng, who together can control 88.03% of the voting rights of the company [3] Group 2 - The company plans to raise 160 million yuan for projects including the annual production of 1,500 tons of heavy special materials equipment and 4,500 tons of oil and gas engineering equipment, as well as the construction of a research and development center [4] - If the issuance is successful, the expected total fundraising amount is 159.9 million yuan, with a net amount of 135.6 million yuan after deducting issuance costs [4]

Core Viewpoint - The article discusses the IPO of Changjiang Energy Technology (920158.BJ), a leading domestic company specializing in energy chemical equipment, highlighting its market position, revenue structure, and technological achievements [1][2]. Group 1: Company Overview - Changjiang Energy Technology is recognized as a national-level specialized and innovative "little giant" enterprise focusing on the design, research and development, manufacturing, and service of energy chemical equipment [1]. - The company's main products include electro-dehydration equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment, which are widely used in oil and gas engineering, refining and chemical industries, marine engineering, and clean energy sectors [1]. Group 2: Revenue Structure - In 2024, the revenue from electro-dehydration equipment is projected to be 202 million yuan, contributing 64.80% to total revenue, while other energy chemical equipment is expected to generate 98 million yuan, contributing 31.30%, together accounting for over 95% of total revenue [1]. - The company has maintained a leading market share in the electro-dehydration equipment sector, ranking first in China from 2021 to 2023 according to the Jiangsu Provincial Petrochemical Equipment Industry Association [1]. Group 3: Client Relationships and Achievements - Changjiang Energy Technology is a qualified supplier for major companies such as Sinopec, PetroChina, and CNOOC, and has established long-term stable partnerships with notable firms like Yulong Petrochemical and Dongfang Shenghong [2]. - The company has received multiple awards for its technologies and products, including the "First Set" and "National Key New Product" certifications, and has participated in significant projects that have achieved international recognition [2]. Group 4: Financial Performance and Risks - The company's gross profit margins for its main business are projected to be 48.15%, 32.19%, and 41.17% for the years 2022 to 2024, indicating potential volatility and risks of decline [2]. - The company faces risks related to the concentration of its major clients, as a downturn in the downstream industry could adversely affect order volumes and accounts receivable [3].

2025 年 09 月 23 日 长江能科(920158)：国内电脱设备 龙头"小巨人"，大客户配套扬帆"一 带一路" ——北交所新股申购策略报告之一百四十四 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 (8621)23297818× lvjh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 申 购 策 略 本研究报告仅通过邮件提供给 中庚基金 使用。2 相关研究 - ⚫ 基本面：国内电脱设备龙头"小巨人"，部分技术国际领先。根据江苏省石化装备行业协会 统计，2021 年至 2023 年公司在电脱设备市场的占有率均位居国内第一。公司多项技术 及产品获得科技进步奖及"首台套"、"国家重点新产品"认证。公司参与的"海外超大型 '六高'复杂油田地面工程关键技术"攻关项目，项目成果被鉴定为"整体处于国际领先 水平"。配套中工国际+"三桶油"，扬帆" ...

Investment Rating - The report assigns a price-to-earnings (P/E) ratio of 11.74 times for the upcoming issuance of shares [1]. Core Viewpoints - Changjiang Energy Technology (920158.BJ) is recognized as a leading player in the electric dehydration equipment market, holding the largest market share domestically. The company focuses on the design, research and development, manufacturing, and service of specialized equipment for the energy and chemical industries [1][12]. - The company has shown a compound annual growth rate (CAGR) of 20% in revenue over the past two years, with a CAGR of 10% in net profit attributable to the parent company [3]. - The demand for electric dehydration equipment is rapidly increasing due to the implementation of integrated refining policies and equipment replacement policies, which are expected to shorten the replacement cycle of such equipment [2][38]. Summary by Sections Company Overview - Changjiang Energy Technology is a national-level specialized and innovative "little giant" enterprise, primarily engaged in electric dehydration equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [1][12]. - The company has achieved significant recognition in the industry, with a strong reputation and stable high-quality customer resources, including major clients like Sinopec and CNOOC [20]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 2.19 billion, 3.48 billion, and 3.14 billion RMB respectively, with net profits of 40.68 million, 40.85 million, and 49.16 million RMB [1][12]. - In the first half of 2025, the company reported a revenue of 1.3 billion RMB, a year-on-year decrease of 6.23%, while net profit increased by 4.02% to 18.24 million RMB [1]. Market Demand - The market for petroleum refining and petrochemical equipment in China has grown from 484.9 billion RMB in 2018 to 715.1 billion RMB in 2023, with a compound annual growth rate of approximately 8.08% [2]. - The electric dehydration equipment market is expected to reach a domestic scale of 10 billion RMB over the next five years, with a global market size projected to be around 3.5 billion RMB [38]. Competitive Position - The company holds a leading position in the electric dehydration equipment market, with a market share ranking first in China from 2021 to 2023 [16][18]. - Key competitors include international firms such as Schlumberger Limited and Forum Energy Technologies, as well as domestic companies like Luoyang Zhengyuan Petrochemical Co., Ltd. and Jiangsu Jinmen Energy Equipment Co., Ltd. [24][25]. Research and Development - The company has obtained 17 invention patents and 44 utility model patents, with several technological achievements recognized as internationally advanced or leading [1][13]. - The company emphasizes technological innovation and has established several research and development platforms, including a key enterprise research institution in Jiangsu Province [13].

Investment Rating - The report suggests to "pay attention" to the company [2][34]. Core Viewpoints - Changjiang Energy Science and Technology is a leading domestic player in electric dehydration equipment, widely used in marine engineering and clean energy sectors [1][14]. - The company has a strong market position, holding the number one market share in electric dehydration equipment in China from 2021 to 2023 [2][19]. - The company plans to use the funds raised from the IPO to invest in projects that will increase production capacity for heavy special materials and oil and gas engineering equipment [2][12]. Summary by Sections Initial Issuance - The company plans to issue 30 million shares at a price of 5.33 yuan per share, with an initial market capitalization of 14.97 times earnings [2][5]. - The total number of shares after issuance will be 138.08 million, with the issuance accounting for 21.73% of the total [2][5]. Business Overview - The core product is electric dehydration equipment, which is critical for oil extraction and refining processes [14][19]. - The company has established long-term relationships with major clients such as Sinopec and PetroChina, with the top five clients accounting for approximately 86% of revenue in 2024 [27][30]. Financial Performance - The company expects revenue for the first nine months of 2025 to be between 200 million and 230 million yuan, representing a year-on-year growth of 0.78% to 15.90% [34]. - The net profit for the same period is projected to be between 33 million and 36 million yuan, with a growth rate of 3.62% to 13.04% [34]. Industry Insights - The global market for refining and chemical equipment is expanding, with China's market expected to reach 979.2 billion yuan by 2028 [41][42]. - China's refining capacity is projected to become the largest in the world by 2024, with significant growth in oil and gas engineering equipment orders [41][43].

Group 1: Business Overview and Product Offerings - The company provides advanced system solutions and lifecycle services in the energy and power sectors, focusing on compressors and heat exchange devices, managing temperature control and pressure across a range of -271℃ to 200℃ [2] - The product matrix includes various types of compressors such as screw, centrifugal, absorption chillers, piston, and industrial heat pumps, showcasing significant technological advantages and market performance [2] - The company has developed a full range of magnetic levitation compressor products, demonstrating reliability and efficiency in projects like the Beijing Winter Olympic Village [2] Group 2: Market Applications and Client Industries - Products are widely used in sectors such as food processing, cold chain logistics, industrial cooling systems, and special environments like aerospace and mining [2] - The company has successfully served numerous data centers in China, including major clients like the National Supercomputing Center and China Mobile, and has expanded its services to overseas markets in North America, Australia, Southeast Asia, and the Middle East [2][3] - The company’s cooling solutions for data centers include advanced technologies recognized by the Ministry of Industry and Information Technology [2][3] Group 3: Nuclear Power Industry Engagement - The company focuses on core scenarios in nuclear power, developing technologies for nuclear island cooling and heat recovery, supporting the safe and efficient use of nuclear energy [3] - It has provided services to several nuclear power stations in China, including Hongyanhe and Ningde, and is a key player in the development of cooling systems for nuclear applications [3] - The company collaborates with Tsinghua University to innovate in nuclear energy applications, including seawater desalination and long-distance heating technologies [3]

Core Viewpoint - Changjiang SANSING Energy Technology Co., Ltd. has received approval from the China Securities Regulatory Commission to proceed with its IPO, planning to issue up to 30 million shares on the Beijing Stock Exchange [1] Company Overview - Changjiang SANSING is a national-level specialized and innovative "little giant" enterprise focused on the design, research and development, manufacturing, and service of energy and chemical specialized equipment [1] - The company's main products include electric脱设备, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment, which are widely used in oil and gas engineering, refining and chemical, marine engineering, and clean energy sectors [1] Clientele - The client base of Changjiang SANSING includes major domestic energy and chemical companies such as China National Petroleum Corporation, China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, and others, as well as international clients like Kuwait Petroleum Corporation and Abu Dhabi National Oil Company [1]

从资金流向来看，8月26日德固特主力资金净流出598.33万元，近五个交易日累计净流出2702.27万元。 当前公司总市值为45.23亿元，市盈率为47.76倍。 风险提示：股市有风险，投资需谨慎。 德固特8月26日收盘报29.66元，较前一交易日下跌1.17%。该股当日成交量为51503手，成交金额达1.54 亿元，换手率为5.70%。 德固特是一家专注于节能环保装备制造的企业，主要产品包括换热设备、余热回收装置等。公司属于专 用设备制造业，同时涉及氢能源、专精特新等概念板块。 ...

Group 1: Business Overview - 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℃ [3] - The low-temperature refrigeration segment generated revenue of 1.73 billion CNY, accounting for 55% of total revenue, while the HVAC segment generated 1.2 billion CNY, accounting for 39% [3] Group 2: Product Applications - The company's products are widely used in various industries, including food processing, cold chain logistics, industrial refrigeration, and special environments for aerospace and scientific research [3] - The company has successfully served numerous data center projects in China and abroad, including partnerships with local integrators in North America, Australia, Southeast Asia, and the Middle East [3][4] Group 3: Technological Advancements - The company has developed a full range of magnetic suspension compressor products, showcasing significant technological advantages and market performance, particularly in the Beijing Winter Olympic Village project [3] - Upcoming product launches include upgraded IDC-specific ACM magnetic suspension and air suspension series, enhancing competitiveness [4] Group 4: Industrial Heat Management - In line with national dual carbon strategies, the company is innovating in the industrial heat pump sector, promoting a comprehensive energy management solution that integrates multi-source and multi-level system technologies [4] - The company aims to establish an energy cascading utilization system to efficiently recover and utilize waste energy across various applications [4]