证券代码： 002534 证券简称：西子洁能 西子清洁能源装备制造股份有限公司投资者关系活 动记录表 （2025-12-18） 海外市场，公司自2002年与美国N/E公司签订燃机轮机余热锅炉技术转让协 议，是美国N/E公司全球最大的技术转让方。随着天然气新增装机需求扩张，公 司凭借品牌效应、设备质量、交付服务多方面优势获得海外客户的认可，标志 性项目包括巴基斯坦必凯9H级HRSG、尼日利亚12台9E燃机余热锅炉项目等。 编号：2025-031 | 投资者关系活 | ☑特定对象调研 □ | 分析师会议 | | --- | --- | --- | | 动类别 | □媒体采访 □ | 业绩说明会 | | | □新闻发布会 □ | 路演活动 | | | □现场参观 | | | | □其他 | | | 参与单位名称 | 中信建投机械分析师：陈宣霖； | | | 及人员姓名 | 聂丰基金：刘威； | | | | 盛运德诚投资：高丰臣； | | | | 幸福人寿：赵艳华、张裕肖； | | | | 运舟资本：柳烨； | | | | 石锋资产：李青霖； | | | | 申万菱信基金：娄周鑫； | | | | 恒越基金：张盈； ...

Core Viewpoint - The company, a supplier of equipment with nuclear manufacturing qualifications, is actively expanding its order opportunities in the nuclear power market, with a focus on new energy, nuclear power, and overseas markets as future growth directions [2][3][4]. Group 1: Company Overview - The company has over 20 years of experience in the nuclear power sector and holds nuclear manufacturing licenses for levels II and III, participating in the supply of various nuclear power station equipment [4][5]. - The company has upgraded its manufacturing base to include a dedicated clean workshop for nuclear power equipment, enhancing its manufacturing capabilities [5]. Group 2: Order and Market Opportunities - As of June, the company has over 61 billion yuan in hand orders, with new orders totaling approximately 27.84 billion yuan in the first half of the year, including 7.03 billion yuan for waste heat boilers and 2.81 billion yuan for clean energy equipment [7][8]. - The company is focusing on three main growth areas: new energy, nuclear power, and overseas markets, leveraging its core technologies and products to expand internationally [8][9]. Group 3: Technological and Market Advantages - The company has participated in 17 solar thermal power demonstration projects, establishing a strong market and technological lead in this field [10]. - The Qinghai Delingha 50MW solar thermal project, which the company contributed to, is recognized as a benchmark for solar thermal power generation, achieving significant operational milestones [10]. Group 4: Future Directions - The company aims to deepen its involvement in the "new energy + energy storage" sector, focusing on the industrial application of molten salt energy storage technology to support the development of a clean, low-carbon energy system [11][12].

Group 1: Company Overview - The company was established in 1955 and became part of the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [2][3] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [2][3] Group 2: Business Segments - The company operates in four main business segments: waste heat boilers, clean energy equipment, solutions, and spare parts & services [3] - Waste heat boilers include products like gas turbine waste heat boilers and cement kiln waste heat boilers, serving high-energy-consuming industries such as power, steel, and building materials [3] Group 3: Future Market Directions - Focus on overseas markets to increase international market share and expand OEM markets [4] - Targeting the new energy market, leveraging molten salt storage technology for applications in solar thermal power, user-side energy storage, and zero-carbon parks [4] - Attention to spare parts and renovation markets due to government policies promoting equipment upgrades [4] Group 4: Order Status - In Q1 2025, the company secured new orders totaling CNY 1.57 billion, with waste heat boilers accounting for CNY 491 million, clean energy equipment for CNY 105 million, solutions for CNY 844 million, and spare parts & services for CNY 130 million [5] - As of March 31, 2025, the total orders on hand reached CNY 6.527 billion [5] Group 5: Overseas Market Development - The overseas market focus includes Southeast Asia, South America, and countries along the Belt and Road Initiative [6] - The company is increasing its overseas presence and enhancing product competitiveness in international markets [6] Group 6: Competitors - Major competitors in the overseas market include domestic companies such as Huaguang Huaneng and Hualu Heavy Industry, with the company holding a leading position in the waste heat boiler segment [7] Group 7: Nuclear Power Development - The company has over 20 years of experience in the nuclear power sector and holds manufacturing licenses for civil nuclear equipment [8] - Collaborations with Tsinghua University and China General Nuclear Power Group to explore clean heating and molten salt storage applications in nuclear power [8] Group 8: Flexibility Renovation Projects - The company is involved in a significant project for the Hebei Longshan 600MW thermal power unit, which utilizes molten salt storage technology for flexible peak-shaving [9][10] - The project aims to enhance load reduction and peak capacity, achieving a minimum load of 51 MW and a peak output increase of 47 MW [10] Group 9: Profit Margins - In 2024, the gross margins for various products were: waste heat boilers at 17.87%, clean energy equipment at 23.13%, solutions at 12.41%, and spare parts & services at 26.5% [10] - The company aims to improve order quality and gross margin levels while maintaining its market share in traditional boiler business [10]