Core Viewpoint - Xizi Clean Energy is actively expanding its business across multiple sectors, leveraging government policies and technological advancements to explore new market opportunities and enhance its competitive position in both domestic and international markets [1][3][4]. Group 1: Business Overview - Established in 1955 and listed in 2011, Xizi Clean Energy's main business areas include waste heat boilers, clean energy equipment, solutions, spare parts, and services [2]. - The company's waste heat boiler products serve high-energy-consuming industries such as power and steel, while its clean energy equipment focuses on waste incineration and biomass [2]. Group 2: Policy Support and Market Opportunities - Recent government policies encourage green electricity projects and zero-carbon park construction, which Xizi Clean Energy is capitalizing on by developing the first zero-carbon factory in China and the largest user-side molten salt energy storage project in Zhejiang [3]. - The company aims to explore market opportunities in the Shaoxing green electricity model, providing comprehensive energy solutions to clients [3]. Group 3: Future Market Directions - Xizi Clean Energy's future growth markets include the renewable energy sector, leveraging molten salt storage technology for various applications, and the nuclear power market, where it plans to establish a joint venture to seize business opportunities [4]. - The company is also focused on expanding its international market presence, particularly in Southeast Asia, South America, and countries along the Belt and Road Initiative, with an increasing share of overseas orders since 2024 [5]. Group 4: Industry Participation and Technological Advancements - The company has been involved in the solar thermal power sector since 2010 and aims to secure orders for three 350MW projects, benefiting from its early entry into the market [6]. - With over 20 years of experience in the nuclear power sector, Xizi Clean Energy is intensifying its efforts in this area and is also advancing the flexibility transformation of thermal power plants [7].

Company Overview - West Zhi Clean Energy Equipment Manufacturing Co., Ltd. was established in 1955 and listed on the Shenzhen Stock Exchange in 2002, later renamed in 2022 [3][4] - The company specializes in waste heat boilers, clean energy generation equipment, and provides comprehensive solutions for energy utilization [3][4] Business Segments - The company operates in four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts/services [3][4] - Key products include various types of waste heat boilers and clean energy equipment such as biomass boilers and nuclear power equipment [4] Market Opportunities - In June 2025, policies were introduced to promote green electricity projects and zero-carbon parks, creating market opportunities for the company [5] - The company has established China's first zero-carbon factory and the largest user-side molten salt energy storage project in Zhejiang [5] Future Growth Directions - The company aims to expand in the renewable energy market, particularly in molten salt energy storage and zero-carbon parks [6] - Focus on nuclear power market growth through upgrades to manufacturing capabilities and partnerships [7] - Plans to increase international market presence, particularly in Southeast Asia and South America [8] Solar Thermal Industry Development - The solar thermal power sector is evolving, with significant projects like the 350 MW independent solar thermal power stations in Qinghai [9] - The company aims to secure orders for three 350 MW projects, leveraging its early market entry and technical advantages [10] Nuclear Power Development - The company has over 20 years of experience in the nuclear power sector and is enhancing its manufacturing capabilities for nuclear equipment [11] - A joint venture was established to strengthen its position in the nuclear market [11] Flexibility in Thermal Power Market - The company is involved in innovative projects like the 600 MW thermal power unit with molten salt energy storage technology [12][13] - This project enhances load adjustment capabilities and efficiency, positioning the company for future opportunities in thermal power flexibility [13] Waste Heat Boiler Market Position - The company is a leading player in the waste heat boiler industry, with a comprehensive product line and significant market share in key products [13]

Company Overview - The company, established in 1955 and listed in 2011, focuses on the manufacturing of waste heat boilers and clean energy generation equipment, providing comprehensive solutions for energy utilization and environmental protection [2] - Its main business segments include waste heat boilers, clean energy equipment, solutions, and spare parts and services [2] Key Projects in Thermal Power Flexibility Transformation - The company participated in the first national "steam extraction and energy storage" molten salt thermal peak-shaving technology demonstration project, which began operation in April 2025 [3][4] - The project enhances the unit's load reduction capability by 100 MW and increases peak capacity by 47 MW, with a thermal exchange efficiency of no less than 98% [3][4] Downstream Enterprises - Major downstream clients include high-energy-consuming industries such as steel, building materials, petrochemicals, cement, and engineering companies [5] Future Market Directions - The company aims to expand into the renewable energy market, focusing on molten salt energy storage technology for applications in solar thermal power, user-side energy storage, and zero-carbon parks [6] - It is also targeting the nuclear power market by upgrading its manufacturing capabilities and establishing a joint venture for nuclear technology [8] Overseas Market Development - The company is increasing its presence in Southeast Asia, South America, and regions along the Belt and Road, with a growing share of overseas orders contributing to its revenue [7] Nuclear Power Sector Development - With over 20 years in the nuclear power sector, the company is enhancing its manufacturing capabilities and actively participating in the supply of nuclear power station equipment [8] Solar Thermal Industry Development - The company has been involved in solar thermal power since 2010 and has participated in 17 demonstration projects, establishing a strong market presence [10] - It aims to secure orders for three 350 MW solar thermal projects, leveraging its early market entry advantages [9][10] User-side Energy Storage Policies and Opportunities - Recent government policies encourage the development of green electricity direct connection projects and zero-carbon parks, which align with the company's initiatives in energy solutions [11][12] Financial Performance - In the first half of 2025, the company reported a revenue of 2.794 billion yuan, a year-on-year decrease of 6.49%, with a net profit of 148 million yuan, down 56.81% [13]

Group 1: Company Overview - Xizi Clean Energy Equipment Manufacturing Co., Ltd. was established in 1955 and listed on the Shenzhen Stock Exchange in 2011, focusing on waste heat boilers and clean energy equipment [3][4] - The company operates four main business segments: waste heat boilers, clean energy equipment, solutions, and spare parts & services [3][4] Group 2: Key Projects and Innovations - The company participated in the first "steam extraction and storage" molten salt energy storage project in China, which enhances load flexibility and can reduce the load to 51 MW (8.5% of Pe) for at least 4 hours [5] - The molten salt storage system achieves an internal heat exchange efficiency of no less than 98% and an electrical conversion efficiency of no less than 70% [5] Group 3: Market Opportunities - Future growth areas include the renewable energy market, nuclear power market, and international markets, leveraging molten salt storage technology and expanding into overseas markets [7][8][9] - The company aims to capture opportunities in the nuclear power sector by upgrading its manufacturing capabilities and establishing a joint venture for nuclear technology [10] Group 4: Competitive Advantages - The company has been involved in 17 solar thermal power demonstration projects since 2010, establishing a strong market presence and technical advantage [12] - The Qinghai Delingha 50 MW solar thermal project is recognized as a benchmark for solar thermal power generation, achieving a record annual output of 146.4 million kWh in 2022 [12] Group 5: Policy and Strategic Initiatives - Recent government policies encourage the development of green electricity projects and zero-carbon parks, which align with the company's initiatives in energy solutions [13] - The company has established China's first zero-carbon factory and is exploring market opportunities under the green electricity direct connection mechanism [13]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The photothermal power generation technology is becoming an important support for the low - carbon development of large wind and solar bases in China, entering the 3.0 era with the appearance of the "Qinghai Model" [22]. - The company will use its market and technology first - mover advantages to actively seek orders for 3 350MW projects to increase its market share in the photothermal field [23]. - The company has identified growth opportunities in four major business segments and will invest resources to improve its overall order - receiving ability [24]. 3. Summary by Directory 01. Research Basic Situation - The research object is Xizi Jie neng, belonging to the power equipment industry. The reception time was September 11, 2025. The reception staff included the assistant to the chairman, the board secretary, and the investor relations management specialist [16]. 02. Detailed Research Institutions - Participating institutions include Southern Fund, Guojin Securities, China Life Asset Management, China Life Pension, Biaopu Investment, Shanghai Trust, Jiangsu Jinyingu Investment, and General Technology, with relevant personnel specified for each [17]. 03. Research Institution Proportion No information provided. 04. Main Content Data - **Company's Basic Situation and Main Business** - The company was established in 1955, joined Xizi Elevator Group in 2002, went public on the Shenzhen Stock Exchange in 2011, and was renamed in 2022. It has four main business segments: waste heat boilers, clean and environmental - friendly energy equipment, solutions, and spare parts and services [21]. - Waste heat boilers are for high - energy - consuming industries; clean and environmental - friendly energy equipment is used in new energy fields; solutions involve comprehensive projects; spare parts are components, and services include technical and maintenance work [21]. - **Photothermal Industry Development and Company's Plan** - Photothermal power generation has entered the 3.0 era with the "Qinghai Model". The company aims to get orders for 3 350MW projects [22][23]. - **Photothermal Order Participation and Company's Advantages** - The company can participate in the heat absorption, heat exchange, and heat storage links of photothermal power stations, with strong market and technology first - mover advantages [23]. - **2025 Company's Main Order Situation** - In the first half of 2025, the company had new orders worth 2784 million yuan, and the on - hand orders as of June 30, 2025, were 6119 million yuan [24]. - **Company's Future Incremental Market Directions** - The company focuses on the new energy market (using molten salt energy storage technology), the nuclear power market (upgrading manufacturing capacity), and the overseas market (expanding product share) [25][26]. - **Company's Overseas Market Focus and Development** - The company's overseas market is concentrated in Southeast Asia, South America, and "Belt and Road" countries. Since 2024, the proportion of new overseas orders has been increasing [26]. - **Company's Product Delivery Cycle** - Boiler products are customized, with a domestic delivery cycle of 6 - 12 months and a longer cycle for overseas projects. Spare parts are maintained as needed [26]. - **Company's Nuclear Power Field Development** - The company has over 20 years of experience in the nuclear power field, obtained relevant licenses, and is actively involved in nuclear power equipment supply. It plans to upgrade the manufacturing workshop and focus on key nuclear island equipment research and development [27].

Company Overview - Xizi Clean Energy was founded in 1955 and became part of Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed in 2022 [1] - The company's main business includes waste heat boilers, clean energy equipment, solutions, and spare parts and services [1] Business Segments - Waste heat boilers serve high-energy-consuming industries such as power and steel [1] - Clean energy equipment is applied in the renewable energy sector [1] - Solutions focus on various heat exchangers and pressure vessels [1] - Spare parts and services include components like superheaters and technical services [1] Solar Thermal Industry - Solar thermal power technology is becoming a crucial support for low-carbon development in China's wind and solar energy bases [1] - The "Qinghai Model" signifies the entry of solar thermal power into its 3.0 era [1] - The company aims to secure three 350MW project orders to increase market share in the solar thermal sector [1] - Since entering the solar thermal field in 2010, the company has participated in 17 demonstration projects, with the Qinghai Delingha 50MW solar thermal project being a notable example [1] Order Situation - In the first half of 2025, the company achieved new orders totaling 2.784 billion yuan, with waste heat boilers at 703 million yuan, clean energy equipment at 281 million yuan, solutions at 1.477 billion yuan, and spare parts and services at 323 million yuan [2] - As of June 30, the company had a backlog of orders amounting to 6.119 billion yuan [2] Future Market Directions - The company targets three growth markets: renewable energy, nuclear power, and overseas markets [2] - The renewable energy market will leverage molten salt energy storage technology to expand application scenarios [2] - The nuclear power market will enhance capacity through upgrades at the Chongxian manufacturing base [2] - The overseas market focuses on Southeast Asia, South America, and countries along the Belt and Road, with an increasing proportion of new orders since 2024 [2] Product Delivery Cycle - Boiler products are customized and have a delivery cycle of 6 to 12 months domestically, with slightly longer times for overseas orders [2] - Spare parts are maintained on-demand [2] - The company has over 20 years of experience in the nuclear power sector and plans to establish a joint venture to promote long-term development in this area in 2025 [2]

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 Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [3][4] - The main business includes waste heat boilers, clean energy equipment, solutions, spare parts, and services, providing comprehensive solutions for environmental equipment and energy utilization [4] Group 2: Market and Development Plans - The company aims to leverage its market and technological advantages to secure orders for three 350 MW projects in the solar thermal sector, enhancing its market share [5] - The solar thermal power technology is becoming a key support for low-carbon development in China, with a focus on large-scale, low-cost independent installations [5] Group 3: Order Situation - In the first half of 2025, the company achieved new orders totaling CNY 2.784 billion, with specific segments: waste heat boilers (CNY 703 million), clean energy equipment (CNY 281 million), solutions (CNY 1.477 billion), and spare parts and services (CNY 323 million) [7] - As of June 30, 2025, the company had a total order backlog of CNY 6.119 billion, emphasizing quality control and optimized order structure for high-quality business development [7] Group 4: Future Market Directions - The company plans to expand into the renewable energy market, focusing on molten salt energy storage technology for various applications, including user-side energy storage and zero-carbon parks [8] - In the nuclear power market, the company is enhancing its manufacturing capabilities and establishing a joint venture to seize opportunities in nuclear power equipment supply [9][12] Group 5: International Expansion - The company is targeting Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas market expansion, with increasing recognition of domestic brands [10] - Since 2024, the proportion of new orders from overseas markets has been rising, making it a significant component of the company's growth [10] Group 6: Product Delivery and Manufacturing - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for international projects [11] - The company has over 20 years of experience in the nuclear power sector and is upgrading its manufacturing capabilities to support nuclear power business growth [12][13]

Investment Rating - The investment rating for the company is not explicitly stated in the report [1]. Core Views - The company is expected to experience optimistic performance in 2012, driven by stable order volumes and high demand in the waste heat boiler industry [1]. - The company has achieved a new order of 2.784 billion yuan in H1 2025, with a focus on optimizing order structure to support high-quality business development [3]. - The company is actively expanding into the SOFC and nuclear power sectors, indicating a strategic shift towards new growth areas [3][4]. Financial Performance - In H1 2025, the company reported a revenue of 2.794 billion yuan, a year-on-year decrease of 6.49%, and a net profit attributable to shareholders of 148 million yuan, down 56.81% [1]. - The adjusted net profit for H1 2025 was 129 million yuan, reflecting a year-on-year increase of 37.58% [1]. - The gross margin for equipment manufacturing improved to 20.55%, a slight increase of 0.1 percentage points year-on-year [3]. Order and Market Development - The company has a backlog of orders amounting to 6.119 billion yuan as of June 30, 2025, with a focus on enhancing order quality and structure [3]. - Key market expansion areas include new energy markets leveraging molten salt storage technology, nuclear power, and international markets [3][4]. Profit Forecast - The company is projected to achieve revenues of 7.171 billion yuan, 7.929 billion yuan, and 8.501 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 11.4%, 10.6%, and 7.2% [6]. - The net profit attributable to shareholders is expected to be 465 million yuan, 476 million yuan, and 517 million yuan for the same years, with growth rates of 5.8%, 2.4%, and 8.4% [6].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed growth in non-recurring net profit, indicating potential resilience in its core operations [1] Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 2.794 billion yuan, a year-on-year decrease of 6.49% [1] - The net profit attributable to shareholders was 148 million yuan, down 56.81% year-on-year, while the non-recurring net profit was 129 million yuan, up 37.58% year-on-year [1] - The company reported a total of 2.784 billion yuan in new orders in H1 2025, with a backlog of 6.119 billion yuan as of June 30, 2025, supporting future growth [4] Group 2: Business Segments - The company operates in two main business segments: traditional energy and new energy, with a strong market position in waste heat boilers [2] - In H1 2025, revenue from waste heat boilers was 530 million yuan, a decrease of 52.66%, while revenue from clean energy equipment increased by 38.65% to 475 million yuan [4] - The solutions segment saw a significant revenue increase of 50.21%, reaching 1.403 billion yuan, indicating a shift towards comprehensive energy solutions [4] Group 3: Strategic Initiatives - The company is actively expanding into nuclear power and solid oxide fuel cells (SOFC), with strategic partnerships and investments to enhance its capabilities [3] - A joint venture, Hangzhou Xizi Nuclear Energy Technology Co., Ltd., was established to accelerate nuclear power business development [3] - The company reported a strong international presence, with overseas sales reaching 386 million yuan in H1 2025, a year-on-year increase of 48.79% [5] Group 4: Future Outlook - Revenue projections for 2025 to 2027 are 6.731 billion yuan, 7.726 billion yuan, and 8.766 billion yuan, with corresponding growth rates of 4.6%, 14.8%, and 13.5% [6] - Net profit forecasts for the same period are 453 million yuan, 510 million yuan, and 578 million yuan, with growth rates of 3.1%, 12.5%, and 13.3% [6] - The company has been assigned a target price of 16.64 yuan based on a 24x PE ratio for 2026, indicating a positive investment outlook [6]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.64 CNY for the next 12 months [6][11][18]. Core Views - The company is a leader in waste heat boilers and is positioned for long-term growth in both traditional and renewable energy sectors, including nuclear power and solid oxide fuel cells (SOFC) [2][3]. - The company has a strong order backlog, with total orders amounting to 61.19 billion CNY as of June 30, 2025, which supports future revenue growth [4][13]. - The company is expanding its international market presence, achieving 3.86 billion CNY in exports in the first half of 2025, a year-on-year increase of 48.79% [10]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 2.794 billion CNY, a decrease of 6.49% year-on-year, and a net profit of 148 million CNY, down 56.81% year-on-year [1]. - The company achieved a non-recurring net profit of 129 million CNY, an increase of 37.58% year-on-year [1]. Business Segments - The company operates in two main segments: traditional energy (waste heat boilers) and renewable energy (clean energy equipment and solutions) [2]. - Revenue from waste heat boilers was 530 million CNY, a decrease of 52.66%, while clean energy equipment revenue increased by 38.65% to 475 million CNY [4]. Order Backlog and Growth - The company secured new orders worth 2.784 billion CNY in the first half of 2025, with significant contributions from solutions and services [4]. - The company is transitioning from a single product manufacturer to a comprehensive energy solutions provider, enhancing its market position [2][13]. Future Projections - Revenue projections for 2025-2027 are 6.731 billion CNY, 7.726 billion CNY, and 8.766 billion CNY, with corresponding net profits of 453 million CNY, 510 million CNY, and 578 million CNY [11][12][18]. - The company anticipates a growth rate of 4.6% in 2025, followed by 14.8% in 2026 and 13.5% in 2027 [11][12]. Market Position and Competitiveness - The company is recognized as the largest and most comprehensive waste heat boiler manufacturer in China, with a leading market share [2][13]. - The company has established strategic partnerships with major players in the nuclear sector, enhancing its competitive edge [3].