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西子洁能(002534)2025年半年报点评报告:2025H1订单结构优化 光热、SOFC拓展增量市场
Xin Lang Cai Jing· 2025-09-04 00:43
Group 1 - The company reported a revenue of 2.794 billion yuan for the first half of 2025, a year-on-year decrease of 6.49%, and a net profit attributable to shareholders of 148 million yuan, down 56.81% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.581 billion yuan, a year-on-year decrease of 13.90%, with a net profit attributable to shareholders of 94 million yuan, an increase of 11.37% year-on-year [1] Group 2 - The company optimized its order structure, achieving new orders of 2.784 billion yuan in H1 2025, with significant contributions from waste heat boilers (703 million yuan), clean energy equipment (281 million yuan), solutions (1.477 billion yuan), and spare parts and services (323 million yuan) [2] - As of June 30, 2025, the company had a backlog of orders amounting to 6.119 billion yuan, indicating a focus on enhancing order quality and structure for high-quality business development [2] Group 3 - The company is expanding into future growth markets such as solar thermal and nuclear power, having developed a large-capacity molten salt heat exchanger and steam generation system for solar thermal applications, achieving optimal performance metrics compared to global peers [2] - The company is upgrading its manufacturing capabilities for nuclear power products at its Chongxian manufacturing base, aiming to capitalize on opportunities in the nuclear power market [2] Group 4 - The subsidiary Zhejiang Zhentai Energy has independently developed core technology for solid oxide fuel cells (SOFC), addressing reliability, consistency, startup speed, and thermal shock resistance issues, with performance metrics meeting or exceeding international standards [3] - The company is positioned as a leader in the waste heat boiler industry, with an optimized order backlog and potential growth in solar thermal, nuclear power, and SOFC markets, projecting net profits of 441 million, 486 million, and 568 million yuan for 2025-2027 [3]