冰轮环境 20250821 摘要 冰轮环境 2025 年上半年营收 31.2 亿元，同比增长 3.8%；境外市场收 入 10.2 亿元，增长 30%。净利润下降主要因海外子公司结束亏损弥补 开始纳税、国内单元税务口径调整及提前开具发票所致。 制冷设备板块营收同比下降 15%，占总营收 55%；特种空调板块占比 39%；热能管理板块增长 17%，占比 6%。数据中心业务营收 5.6 亿元， 海外市场贡献 4.8 亿元，上半年数据中心相关订单达 10 亿元，9 月起进 入交付旺季。 数据中心业务利润率与核电项目相当，高于特种空调整体毛利率 31%。 特种空调业务中，国内市场占 43%，海外市场占 57%，海外市场增长 17%。 冰轮环境面临产能挑战，尤其在马来西亚和北美地区熟练技术工人紧缺， 考虑提价应对。公司调整供应链，部分原由马来西亚发往美国的订单由 中国本土替换。 公司正处于产能调整期，预计 2025 年整体产能可达 30 亿元。数据中 心业务占据公司产能九成，但订单不均衡导致产能利用率紧张。北美市 场磁浮离心机订单占比约六至七成。 会计确认收入标准未达到，这导致提前缴纳了部分税款。 能否详细介绍冰轮环境各 ...

Macro Analysis - The current market is influenced by three main macro variables: domestic demand recovery, policy implementation effects, and external environment changes[9] - The easing of US-China tariff negotiations helps alleviate market risk appetite pressures, but the long-term relationship remains competitive[9] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[9] Investment Recommendations - Strategic focus on Hong Kong stocks is advised, as de-dollarization benefits liquidity-sensitive markets[10] - A-shares are expected to experience high volatility, emphasizing the need to capture structural opportunities[10] - Suggested asset allocation includes resilient dividend assets in finance, resource sectors, and public utilities, with technology remaining a key focus[10] Company Highlights - Excellence New Energy (688196.SH) is a leader in biodiesel production, with a capacity of approximately 500,000 tons and a focus on raw material substitution[12] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, a 1.4% increase, with net profit rising by 12.49% to 713 million yuan[17] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with gold production projected at 85 tons[24] Risk Factors - Potential risks include policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Excellence New Energy, risks involve trade barriers and raw material price fluctuations impacting profitability[16] - For Yipuli, risks include raw material price volatility and project execution delays affecting revenue growth[21]

Group 1: Economic Development and Industry - The provincial leadership emphasizes the need for high-quality development in Maoming to enhance overall strength and lead in regional development [1][6] - The Maoming Litchi industry is highlighted as a key area for growth, with initiatives to improve sales, explore e-commerce channels, and enhance logistics for better market access [2][6] - The Foshan (Maoming) Industrial Transfer Cooperation Park is recognized as an important platform for manufacturing development, with a focus on attracting quality projects and optimizing industrial structure [3][6] Group 2: Agricultural and Ecological Initiatives - The local government is encouraged to promote the development of the agarwood industry, integrating planting, processing, and cultural tourism [4][6] - Efforts are being made to protect and restore coastal ecosystems while enhancing the quality of coastal tourism [4][6] Group 3: Community Engagement and Governance - The importance of grassroots governance is underscored, with a call for local officials to engage with the community and improve service delivery [5][6] - A focus on enhancing urban planning and infrastructure is emphasized to improve the quality of life for residents in Maoming [6]