| 投资者关 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 系 | □新闻发布会 | √路演活动 | | 活动类别 | □现场参观 | □其他 | | 参与单位 | | | | 名称 | 新华资产刘心宇，季文华、华泰证券王龙钰 | | | 及人员姓 | | | | 名 | | | | 时间 | 2026 年 3 月 5 日 | | | 地点 | 腾讯会议 | | | 上市公司 | | | | 接 | 董事会秘书孙秀欣 | | | 待人员姓 | | | | 名 | | | 活动期间谈论的主要内容如下： 一、讨论了业务情况和产业板块 证券代码：000811 证券简称：冰轮环境 要内容介 绍 二、讨论了公司产品在数据中心包括液冷系统的应用及产能情况 公司旗下顿汉布什公司和冰轮换热技术公司为数据中心乃至液 冷系统提供一次侧冷源装备和热交换装置等冷却装备。 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2026】第 017 号 公司致力于在能源和动力领域提供先进的系统解决方案和全生 命周期服务，主要产品形式为压缩机和换热装置，实施 ...

证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2026】第 015 号 | 投资者关 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 系 | □新闻发布会 | √路演活动 | | 活动类别 | □现场参观 | □其他 | | 参与单位 | | | | 名称 | 海富通基金陈华鑫、兴业证券郭亚男 | | | 及人员姓 | | | | 名 | | | | 时间 | 2026 年 3 月 2 日 | | | 地点 | 腾讯会议 | | | 上市公司 | | | | 接 | 董事会秘书孙秀欣 | | | 待人员姓 | | | | 名 | | | 活动期间谈论的主要内容如下： 一、讨论了业务情况和产业板块 公司致力于在能源和动力领域提供先进的系统解决方案和全生 命周期服务，主要产品形式为压缩机和换热装置，实施温控、增压等 冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺杆式压缩机、 离心式压缩机、吸收式制冷机、活塞式压缩机、涡旋式压缩机、工业 热泵、储能蓄能装置、真空冻干设备、速 ...

从活塞式压缩机起家，2016年启动磁悬浮离心机研发，技术能力强大。 压缩机应用领域广泛，涵盖大工业、养殖等，常态毛利率25%左右。 26年规模效应扩张，净利率将触底向上，主业明确进入反转通道。 一次侧制冷需要与二次侧保持足够温差，冷水机组需求强劲。 鑫磊股份:一次侧液冷新贵，乘东风加速成长 核心部件是压缩机，其 鑫磊股份:一次侧液冷新贵，乘东风加速成长 从活塞式压缩机起家，2016年启动磁悬浮离心机研发，技术能力强大。 压缩机应用领域广泛，涵盖大工业、养殖等，常态毛利率25%左右。 核心部件是压缩机，其中磁悬浮技术大势所趋，其能效比传统螺杆机高50%，满足大功率数据中心需要。 公司与国际冷水机组巨头特灵对接合作1年以上，目前已经有小批量交付。 与竞对丹佛斯相比能效高20-30%，价格或低30%，产品竞争力显著。 产能积极筹备中，下游需求支撑未来起量。 股价思考 1、假设2030年全球数据中心150gw，液冷渗透率70%，对应105gw。 26年规模效应扩张，净利率将触底向上，主业明确进入反转通道。 一次侧制冷需要与二次侧保持足够温差，冷水机组需求强劲。 3、1mw冷水机组价值量330万元，从而形成1800亿市 ...

投资要点：压缩机主业反转确立，数据中心液冷打造全新增长极。 市场或仍将公司视为传统压缩机企业，但我们认为市场忽视了公司在磁悬浮技术端的深厚积累以及其在数据中心 一次侧液冷领域的巨大潜力。 2026年公司将迎来主业与新兴业务的双重拐点，当前市值对应潜在空间明确，首次覆盖，给予"强烈推荐"评级。 1、 鑫磊股份：一次侧液冷新星，压缩机主业反转开启第二成长曲线 鑫磊股份：一次侧液冷新星，压缩机主业反转开启第二成长曲线 投资要点：压缩机主业反转确立，数据中心液冷打造全新增长极。 市场或仍将公司视为传统压缩机企业，但我们认为市场忽视了公司在磁悬浮技术端的深厚积累以及其在数据中心 一次侧液冷领域的巨大潜力。 预计主业稳健增长，为公司提供坚实的估值底座（对应40亿市值）。 2026年公司将迎来主业与新兴业务的双重拐点，当前市值对应潜在空间明确，首次覆盖，给予"强烈推荐"评级。 2、新贵崛起：卡位一次侧液冷核心，绑定国际巨头 AI驱动数据中心功耗激增，液冷大势所趋。 1、主业反转：压缩机龙头技术外溢，盈利触底向上 公司起家于活塞式压缩机，早在2016年便前瞻布局磁悬浮离心机技术，技术储备雄厚。 一次侧制冷需维持大温差，对冷水 ...

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers that manage thermal energy across a temperature range of -271°C to 200°C [3]. - Products are widely used in various industries, including food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3]. - The company has developed a range of innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, supporting multiple nuclear power stations in China [6][7]. Group 2: Data Center and Cooling Systems - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and closed cooling towers, with significant projects completed in both domestic and international markets [4][5]. - The proportion of centrifugal chillers, particularly magnetic levitation types, is increasing in the data center market, while the share of screw chillers is declining [6]. - The company has established a global after-sales service system supported by overseas manufacturing bases, enhancing its competitive edge in the market [6]. Group 3: Heat Recovery and Energy Management - The company is actively involved in heat management solutions, focusing on industrial heat pumps and waste heat recovery technologies, with a goal to align with national carbon reduction policies [8][10]. - The company has been recognized as a national-level "little giant" enterprise, holding numerous patents and awards for its innovative heat recovery technologies [9][10]. - The company’s technologies are expected to transition from optional to mandatory under upcoming national policies, indicating a long-term demand for its solutions [10]. Group 4: Aerospace and Fusion Energy Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, and has developed a high-efficiency helium screw compressor for liquefaction applications [11][12]. - The helium compressors are critical for cooling superconducting magnets in controlled nuclear fusion devices, operating at near absolute zero temperatures [11][12]. - The company has supplied helium compressors for major national scientific research projects, contributing to advancements in frontier technologies [11].

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers that manage thermal energy across a temperature range of -271°C to 200°C [3]. - Products are widely used in various industries, including food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3]. - The company has successfully served numerous data centers and projects, both domestically and internationally, enhancing its market presence [4]. Group 2: Data Center and Cooling Systems - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and natural cooling integrated systems, recognized in the national green data center technology catalog [4]. - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the IDC market, indicating a shift in technology preference [6]. - The company has established a global after-sales service system supported by overseas manufacturing bases, enhancing its competitive edge [6]. Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios such as nuclear island cooling and heat recovery, supporting the safe operation of nuclear power plants [7]. - Recent projects include the supply of cooling systems for various nuclear power stations across China, demonstrating the company’s capability in this sector [7]. Group 4: Heat Recovery and Energy Management - The company’s heat management segment is aligned with national carbon reduction policies, offering industrial heat pump services and innovative technologies for waste heat recovery [8]. - The company has been recognized as a national-level specialized "little giant" enterprise, holding numerous patents and awards for its energy-efficient technologies [9]. - The heat recovery technologies are expected to become essential under new government policies, driving long-term demand [10]. Group 5: Aerospace and Fusion Energy Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, contributing to advancements in space technology [10]. - The helium compressors developed for controlled nuclear fusion applications are critical for maintaining ultra-low temperatures required for superconducting magnets [11]. Group 6: Gas Turbine Waste Heat Recovery - The company manufactures lithium bromide absorption chillers that utilize waste heat from gas turbines to provide cooling, enhancing energy efficiency [12].

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [3] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3] - Specific applications include data centers, nuclear power, and industrial heat management, showcasing the versatility of the company's offerings [4][6][8] Group 2: Data Center Solutions - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [4] - Notable projects include service to major data centers in China, such as the National Supercomputing Center and various banks, indicating a strong market presence [4] - The company is expanding its overseas manufacturing capabilities to support global demand, particularly in North America and Southeast Asia [6] Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, to support the safe operation of nuclear plants [6][7] - Recent projects include service to multiple nuclear power stations across China, reflecting the company's commitment to this sector [7] Group 4: Heat Recovery and Energy Management - The company is actively involved in heat recovery technologies, with a focus on industrial heat pumps and energy management solutions, aligning with national carbon reduction policies [8] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, emphasizing its innovation in heat recovery technologies [8] - The company has filed numerous patents and developed award-winning technologies, indicating a strong commitment to R&D in energy efficiency [8][9] Group 5: Future Growth and Market Trends - The company anticipates increased demand for its technologies due to government policies promoting carbon neutrality, positioning its heat recovery and energy management solutions as essential for high-energy-consuming industries [8] - The market for HRSG products is expected to grow, with projected revenues exceeding 700 million in 2024, driven by strong demand [8]

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with the decline rate narrowing each quarter; however, the special air conditioning and thermal management segments saw year-on-year growth [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful domestic projects include major data centers for national supercomputing and telecommunications companies, while international collaborations span North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core scenarios such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient nuclear energy utilization [6] - Notable domestic projects include several nuclear power stations, with the company also winning bids for small modular reactor cooling projects [7] Group 5: Heat Recovery Steam Generators (HRSG) - The joint venture with Yantai Modern Ice Wheel Heavy Industry Co., Ltd. produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 [8] Group 6: Thermal Management and Carbon Neutrality - The company is committed to thermal management solutions, focusing on industrial heat pumps and has been recognized as a national-level specialized "little giant" enterprise [8] - The company’s technologies, including waste heat recovery and high-temperature heat pumps, are positioned to support energy-intensive industries in reducing consumption and carbon emissions [9] Group 7: Aerospace Fuel Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, with a notable product recognized as a major technological equipment project in the energy sector [9] Group 8: Gas Turbine Waste Heat Cooling - The company offers lithium bromide absorption chillers that utilize waste heat from gas turbines for combined cooling and power generation, enhancing energy efficiency [9]

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue and Market Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with a decreasing rate of decline each quarter; however, the special air conditioning and thermal management segments showed year-on-year growth [4] - The company’s joint venture, Yantai Modern Ice Wheel Heavy Industry Co., Ltd., is expected to generate over 700 million in revenue in 2024, driven by strong market demand [8] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4][6] - Successful domestic projects include major data centers for national supercomputing and telecommunications companies, while international projects span North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Sector - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient operation [6][7] - Recent projects include serving multiple nuclear power stations across China and winning contracts for floating small reactor cooling systems [7] Group 5: Thermal Management and Energy Recovery - The company’s thermal management segment is aligned with carbon neutrality policies, offering a full range of industrial heat pump services [8] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level specialized "little giant" enterprise, holding 96 patents and 33 software copyrights [8] - Technologies developed include absorption heat exchangers and waste heat recovery systems, which are crucial for reducing energy consumption and carbon emissions in high-energy industries [8]

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue and Market Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with a decreasing rate of decline each quarter; however, the special air conditioning and thermal management segments showed year-on-year growth [4] - The joint venture Yantai Modern Ice Wheel Heavy Industry Co., Ltd. is projected to generate over 700 million in revenue in 2024, driven by strong market demand [8] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems, with significant projects completed for major clients such as the National Supercomputer Center and various banks [4] - Dunham-Bush, a subsidiary, has been recognized in the national green data center technology product directory for its energy-efficient cooling solutions [6] Group 4: Thermal Management and Carbon Neutrality - The company is actively involved in thermal management, focusing on industrial heat pumps and technologies that support carbon neutrality, with a total of 96 patents and 33 software copyrights authorized as of the end of 2024 [6][7] - The company’s technologies, such as waste heat recovery and high-temperature heat pumps, are expected to become essential under new carbon reduction policies, providing long-term demand stability [7] Group 5: HRSG Products - The company’s joint venture produces heat recovery steam generators (HRSG) for combined cycle gas power plants, collaborating with major global firms like GE and Siemens, and has a competitive edge in the market [8]