A股三季报行情打响，披露业绩预增公告次日，兄弟科技、长川科技（维权）（20CM两连板）、吉宏股份均录得涨停板。 国内聚乙烯醇(PVA)品种最全企业皖维高新9月24日公告称，预计2025年前三季度归母净利润3.40亿元-4.20亿元，同比增长69.81%-109.77%。报告期内，公司 调整销售策略，外贸市场份额提升，PVA、醋酸甲酯、VAE乳液出口量大幅增长；PVA光学薄膜等新材料产品产销两旺，盈利能力增强。华泰证券分析师庄 汀洲等人9月25日研报认为，皖维高新发力PVA新材料，新建江苏基地有望提升市场份额。考虑行业竞争格局良好及国内下游需求有望复苏叠加出口支撑， PVA景气有望逐步迎来改善。公司持续发力于PVA下游新材料的国产替代领域，公司拟新建江苏盐城基地，规模和成本优势下公司的国内、出口市场份额有 望进一步提升。 国内深冷设备领域龙头企业中泰股份8月27日公告称，预计前三季度归属母净利润3.25亿元-3.55亿元，同比增长71.36%-87.19%。预计第三季度净利润1.9亿 元-2.2亿元，同比增长187.60%-233.01%。公司Q2净利0.34亿元，据此计算，Q3净利预计1.9亿元-2.2亿元， ...

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion and deep-sea technology industries, highlighting investment opportunities in cryogenic equipment and compressors [3][5]. Core Insights - Controllable nuclear fusion is viewed as the ultimate energy source of the future, with low-temperature technology being an indispensable component. It offers safety, abundant raw materials, and clean outputs compared to other energy sources [4][14]. - China is actively participating in the ITER (International Thermonuclear Experimental Reactor) project, with expectations for commercial nuclear fusion by 2035, which will significantly expand the market for cryogenic equipment [4][6]. - The deep-sea technology sector encompasses various fields, with compressors playing a crucial role in deep-sea applications, facing high technical barriers [4][6]. - The marine economy is projected to grow significantly, with the market for compressors in deep-sea technology expected to expand from approximately 19.48 billion yuan in 2025 to 40.16 billion yuan by 2030, reflecting a compound annual growth rate of 15.57% [4][6]. Summary by Sections 1. Controllable Nuclear Fusion - Controllable nuclear fusion is recognized for its safety, cleanliness, and abundant raw materials, with the D-T fusion reaction being the most feasible [14][19]. - Magnetic confinement is identified as a promising method for large-scale controllable nuclear fusion, with tokamak devices being the most widely used globally [21][26]. - Low-temperature technology enhances the efficiency and stability of nuclear fusion reactions, which is critical for maintaining the necessary conditions for fusion [34][36]. - The global nuclear fusion market is projected to reach approximately 203.5 billion USD by 2055, with cryogenic equipment expected to capture a market space of about 10.175 billion USD from 2025 to 2035 [4][6]. 2. Deep-Sea Technology - Deep-sea technology includes advanced techniques for exploring and utilizing deep-sea resources, with compressors being essential for various applications [4][6]. - The marine economy is expected to grow from approximately 10.54 trillion yuan in 2024 to 14.31 trillion yuan by 2030, indicating strong growth potential [4][6]. - The report emphasizes the importance of compressors in deep-sea applications, highlighting the technical challenges that need to be addressed for successful implementation [4][6]. 3. Related Listed Companies - The report suggests focusing on companies such as Zhongtai Co., Ice Wheel Environment, Xue Ren Co., and Kaishan Co. for investment opportunities in cryogenic equipment and compressors within the controllable nuclear fusion and deep-sea technology sectors [5][6].

Core Viewpoint - The company expects to achieve a net profit of 325 million to 355 million yuan in the first three quarters of 2025, representing a year-on-year growth of 71.36% to 87.19% [1] Financial Performance - In the first half of the year, the company reported revenue of 1.302 billion yuan, a decline of 4.79% compared to the same period last year, primarily due to a continuous decrease in revenue from the urban gas segment [1] - The deep cooling business has surpassed the gas segment, with the equipment sales segment generating a profit of 120 million yuan, accounting for over 90% of the total profit [1] Future Outlook - The equipment sales segment is expected to remain a key focus for the company, with ongoing efforts to expand into overseas markets [1] - The company anticipates that new overseas orders will grow at an annual rate of no less than 20% to 30% over the next 3 to 5 years [1]

Company Overview - Hongsheng Co., Ltd. experienced a stock price increase of 5.11% on September 4, reaching 40.95 CNY per share, with a trading volume of 83.31 million CNY and a turnover rate of 2.10%, resulting in a total market capitalization of 4.095 billion CNY [1] - The company, established on December 25, 2000, and listed on August 31, 2016, is located in Wuxi, Jiangsu Province, and specializes in the research, design, production, and sales of aluminum plate-fin heat exchangers, cryogenic equipment, and related products [1] - The main business revenue composition includes: 92.49% from general machinery manufacturing, 4.64% from electrical machinery and equipment manufacturing, and 2.88% from other supplementary sources [1] Shareholder Information - Among the top ten circulating shareholders of Hongsheng Co., Ltd., a fund under Nuoan Fund ranks as a new entrant, holding 433,000 shares, which accounts for 0.43% of the circulating shares [2] - The Nuoan Multi-Strategy Mixed A Fund (320016) was established on August 9, 2011, with a latest scale of 1.399 billion CNY, achieving a year-to-date return of 54.4% and ranking 527 out of 8180 in its category; over the past year, it has returned 110.3%, ranking 244 out of 7978; since inception, it has achieved a return of 198% [2] Fund Manager Performance - The fund managers of Nuoan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang, with Kong having a tenure of 4 years and 283 days, managing a total fund size of 4.607 billion CNY, achieving a best return of 68.36% and a worst return of -16.74% during his tenure [3] - Wang has a tenure of 3 years and 45 days, managing a total fund size of 2.529 billion CNY, with a best return of 56.51% and a worst return of -18.8% during his tenure [3]

Core Viewpoint - The company reported that new orders in the first half of the year were comparable to the same period last year, but the order structure has significantly improved, with overseas orders now accounting for over 50% of new contracts [2]. Group 1: Order Performance - New signed orders in the first half of the year are similar to last year's levels [2]. - The structure of new orders has improved, with over 50% being overseas orders [2]. Group 2: Project Updates - The company has achieved a leading position in the domestic coal chemical deep cooling segment [2]. - Xinjiang is a key regional market for the company, which has secured new orders for coal chemical projects in the area [2]. - The first set of Xinjiang coal-to-gas projects has been obtained this year [2]. - Many projects related to the coal chemical boom in Xinjiang will undergo multiple processes before reaching the company's operational segments, with the earliest projects expected to materialize in Q3 or Q4 of this year [2]. - The sales team will actively follow up on market projects, which could lead to significant order increases if they materialize [2].

Core Viewpoint - The company is actively expanding its overseas market presence, with nearly 40% of current orders coming from international clients and over 50% of new orders signed this year being from overseas [3]. Group 1: Company Performance - As of July 31, 2025, the company's stock price closed at 15.51 yuan, reflecting a 1.17% increase, with a turnover rate of 2.35% and a trading volume of 86,500 shares, amounting to a transaction value of 134 million yuan [1]. - The company has not yet disclosed its second-quarter performance, with investors advised to await the upcoming semi-annual report for detailed financial results [2][3]. Group 2: Product and Market Development - The company produces liquid oxygen coolers that enhance rocket payload capacity and has entered the Chinese aerospace system with its independently operated specialty gases [2]. - The company has successfully operated air separation devices in high-altitude areas like Tibet, addressing challenges related to oxygen supply in harsh environments [2]. - The company is involved in ammonia methanol projects, claiming to have a mature technology path and successful operational experience, contributing to the "dual carbon" goals [2]. Group 3: Financial and Market Dynamics - The company anticipates that the recent drop in natural gas futures prices to $3, a near five-year low, will have a limited short-term impact on its gas segment profits due to existing annual procurement contracts with major suppliers [2]. - The company has experienced a decline in revenue for two consecutive years, prompting concerns about market participation and the need for enhanced company value management and promotion [2][3]. Group 4: Investor Relations - The company acknowledges the importance of improving operational efficiency and increasing promotional efforts to enhance its value for investors [3].

Industry Overview - The global cryogenic equipment investment has exceeded 170 billion yuan, and it is expected to surpass 250 billion yuan by 2030. The main end-use applications are metallurgy, chemicals, and oil & gas, accounting for 27%, 21%, and 16% respectively [1] - Overseas demand is primarily concentrated in the petrochemical and LNG sectors, with typical equipment including ethylene cold boxes and LNG liquefaction devices, projected market sizes for 2024 are 8.4 billion yuan and 6.1 billion yuan respectively [1] - Domestic demand in China will be driven by coal chemical projects in Xinjiang, leading to over 56 billion yuan in related equipment investments in the current cycle [1] Company Performance - Zhongtai Co., Ltd. has successfully expanded overseas, with products sold to 52 countries, and the quality and amount of new orders are improving year by year. The company has established good relationships with several globally recognized clients, expecting a performance inflection point in Q1 2025 due to the release of high-margin overseas orders [2] - The company has advantages in delivery capability and maintenance response, having passed major global certification systems, and is expected to see continuous growth in new orders [2] - Zhongtai is diversifying its development by leveraging cryogenic heat exchange technology to expand into electronic specialty gases and hydrogen energy sectors, opening up long-term growth opportunities [2] Financial Projections - Zhongtai Co., Ltd. is expected to see a significant improvement in its overall revenue structure due to a large number of new high-quality equipment orders, supporting high growth in annual performance. The adjusted net profit for the company for 2025-2027 is projected to be 420 million yuan, 574 million yuan, and 706 million yuan respectively, with corresponding PE ratios of 13.4, 9.8, and 8.0 times based on the closing price on June 3, 2025 [3]