2025年 工业阀门行业词条报告 头豹分类/电力、热力、燃气及水生产和供应业/电力、热力 生产和供应业/热力生产和供应/热力膨胀阀门 Copyright © 2025 头豹 精工之钥：球阀国产替代加速背景下的工业阀门市场增长逻辑与高端 化突围 头豹词条报告系列 郑梓涛 · 头豹分析师 2025-11-28 未经平台授权，禁止转载 郑 行业分类： 电力、热力、燃气及水生产和供应业/热力膨胀阀门 摘要 工业阀门是工业流体控制系统的核心部件，能适配多种复杂工况，行业特征包括种类多、成本受上游影响大、技术梯度明显。2019-2024年，行业市场规模由119.45亿美元 增至145.86亿美元，球阀和铸钢阀门市场需求大，新型发电厂与智能城市建设带动了增长。预计2025-2029年，市场规模将增至187.05亿美元，新基建与能源需求、球阀国 产替代提速、下游产业升级等因素将推动未来规模增长，特种阀门需求也将持续扩容。 行业定义 工业阀门是工业流体控制系统的核心基础部件，指在石油、化工、电力、水处理、冶金、航天等工业场景中，通过手动、电动、气动、液压 等驱动方式，实现对流体（液体、气体、粉体等介质）的通断控制、流量调节、压 ...

聚核拓新，链动未来 引言：当"双碳"战略指引能源转型方向，当核电成为保障国家能源安全的关键力量，一条安全、高效、创新的核产业链，既是产业高质量发展的根基，更是 多方价值共创的载体。 12月23日，由中国核能电力股份有限公司（简称：中国核电，股票代码：601985）主办，上市公司企业家交流中心（简称"上企中心"）联合主办，清华 EMBA产业联盟协办的"聚核拓新·链动未来——核产业链上市公司交流会"在北京上企中心圆满举办。 美国 - r y ri 22 6 f 本次活动汇集了核能产业链的核心力量。中核集团总经理助理、中国核电党委书记、董事长卢铁忠及中国核电副总经理陈富彬带领公司核心高管团队亲临现 场。上企中心邀请了30余位来自核产业链上市公司、顶尖学府及券商的企业家、高管与专家共聚一堂，围绕核能产业高质量发展、产业链协同、创新与资本 融合等关键议题，展开了深度、务实、前瞻的闭门对话。 o A 1 THE LEASE THE - 323 Child of the Press Real Proper River State Card Corporation of A. / tt The Research Proper ...

在产品布局方面，公司已构建涵盖核级蝶阀、球阀、地坑过滤器、仪表阀、隔膜阀等在内的全系列产品 矩阵，并持续推进迭代升级。章其强透露，公司正加大资源投入，加速前沿技术研发，纵深拓展高端阀 门产品谱系，旨在为市场提供更完备的系统解决方案。紧跟核能技术发展，积极布局核聚变领域 调研核心要点解读核电阀门市占率稳居行业第一，15万台设备在线运行筑牢竞争壁垒 针对行业竞争情况，公司表示，经过多年技术积累与业绩沉淀，已在核电领域建立显著竞争力。目前， 公司已有15万台核电阀门在线运行，其中核级蝶阀、球阀等核心产品市场占有率超过90%，稳居行业领 先地位。章其强指出，随着核电新项目审批常态化及关键设备国产化战略推进，行业将持续保持规范、 有序的高质量竞争生态，公司凭借技术与品牌优势有望进一步巩固市场份额。存量机组运维高峰来临， 备件市场成稳健增长极 调研中，机构重点关注核电阀门的更换周期与市场需求。公司方面介绍，尽管核电阀门设计使用寿命可 达60年，但长期运行中受材料老化、介质冲刷等因素影响，需定期检修维护并更换关键部件。随着国内 在运核电机组规模扩大，存量机组逐步进入运维高峰期，备件更新需求持续释放。公司明确表示，核电 阀门 ...

江苏神通现场会议 调研活动记录 会议地点：公司会议室 会议时间：2025 年 12 月 19 日 会议主持：章其强 会议记录：陈鸣迪 出席人数：10 名 一、会议开始 本次机构投资者调研由公司副总裁兼董秘章其强先生主持，首先向到公司现 场参加调研活动的研究员表示欢迎，同时强调了关于遵守承诺函的约定和上市公 司信息披露的有关规定。其次，章其强先生向投资者介绍了公司基本情况、公司 发展战略规划及近期主要生产经营工作的进展情况。 二、沟通交流 问：公司与同行企业在核电行业中的竞争情况？ 答：在市场经济环境下，竞争是推动创新与进步的核心动力。经过多年持续的技 术积累与业绩沉淀，公司在核电领域已建立起显著的产品竞争力和品牌影响力。 与核电领域同行企业之间，更多呈现为优势互补、协同发展的良性竞争格局。随 着核电新项目审批与建设步入常态化，叠加关键设备国产化战略的深入推进，核 电阀门行业有望持续保持规范、有序、高质量的竞争生态。目前，公司已有 15 万台核电阀门在线运行，其中核级蝶阀、球阀等核心产品市场占有率超过 90%， 稳居行业领先地位。 问：公司核电领域阀门的备件更换周期是多久？ 答：尽管核电阀门的设计使用寿命可达 ...

Industry Overview - The ship valve and actuator industry is crucial for modern ship propulsion systems, power devices, fluid pipelines, and safety control systems [2] - The global shipping industry is experiencing strong demand for new ship orders, particularly for high-value vessels like LNG carriers and large container ships, driven by energy transition and supply chain restructuring [3] - There is a significant demand for energy-saving and environmentally friendly retrofitting of existing fleets due to stringent environmental regulations from the International Maritime Organization (IMO) [3] Domestic Replacement Progress - Under the "Marine Power" and "Manufacturing Power" strategies, there is a national policy focus on ensuring the safety and controllability of the shipbuilding industry's supply chain, creating unprecedented opportunities for domestic enterprises [4] - Domestic leading companies have made significant breakthroughs in key technologies such as material science, precision manufacturing, and intelligent control, achieving performance and reliability levels comparable to international standards [4] Challenges from Raw Material Fluctuations - The overall supply chain remains stable, but there are risks due to price fluctuations in raw materials like carbon steel and stainless steel, which directly impact production costs [5] Development Trends - Material and process upgrades are necessary to meet the extreme conditions of clean energy vessels, leading to the use of high-performance special alloys and innovative manufacturing processes [6] - Product design is trending towards modularity and integration to facilitate modern shipbuilding's segmented construction and rapid installation needs [7] - The rise of smart ships is driving the transition of valves and actuators towards intelligent solutions, enhancing operational safety and efficiency [8] Market Size and Growth - According to QYResearch, the global ship valve and actuator market is projected to reach $2.411 billion in sales by 2024 and $3.130 billion by 2031, with a CAGR of 3.88% from 2025 to 2031 [10] - China is the largest consumer market, expected to hold 54.59% of the market share in 2024, followed by Europe at 14.84% [13] - China is also a significant production region, with a projected market share of 65.45% in 2024, expected to grow to 68.65% by 2031 [13] Opportunities and Driving Factors - The green transformation of the global shipping industry and stricter environmental regulations are creating upgrade demands for valves and actuators [16] - The recovery of the shipbuilding market, driven by the demand for container ships and energy transport vessels, is providing a stable market foundation [17] - National policies are supporting the domestic production of high-end ship valves and actuators, breaking the long-standing monopoly of international brands [18] - The increasing size and complexity of modern ships are raising reliability requirements for key equipment, favoring advanced materials and high-end products [19]

Core Viewpoint - Jiangsu Shentong (002438) has solidified its market position as a leading supplier of critical nuclear-grade valves and has made significant advancements in product innovation and technology [1] Company Developments - The company has launched new products to expand its market share through continuous research and development [1] - The total order value for various valves provided for a single nuclear power unit has exceeded 80 million RMB [1] - The wholly-owned subsidiary Wuxi Flange has secured orders for nuclear forgings exceeding 20 million RMB for a single nuclear power unit [1] Future Outlook - The company plans to increase R&D investment to meet the growing demand for valves and flanges in domestic nuclear power construction [1] - The company aims to contribute more significantly to national energy development [1]

Company Overview - The company is a leading supplier of critical nuclear-grade valves and has made significant progress in product innovation and technology advancement [3] - The company has a market share exceeding 90% for its main products, including nuclear-grade butterfly and ball valves, with 150,000 valves currently online [5] Financial Performance - The total order value for various valves provided to a single nuclear power unit exceeds 80 million RMB, while the order value for nuclear forgings from its subsidiary Wuxi Flange exceeds 20 million RMB [3] Market Competition - The company has established strong market competitiveness and brand influence in the nuclear sector, characterized by complementary and healthy competition with peers [4] - The nuclear valve industry is expected to maintain a healthy competitive state due to the normalization of new project approvals and the promotion of domestic equipment manufacturing [4] Production and Delivery - Orders are typically delivered in batches over a period of 2-3 years after the order is confirmed and production plans are approved [6] - Nuclear valves are designed for a lifespan of 60 years, but preventive maintenance is necessary due to environmental factors [7] Export and International Expansion - The company primarily exports its nuclear valves indirectly through large domestic engineering contractors [8] - The establishment of an international trade department and a professional team is underway to expand export opportunities, focusing on core areas such as oil refining and gas extraction [9] Compliance and Transparency - The investor survey confirmed that there were no significant undisclosed information leaks during the meeting [11]

Core Insights - Jiangsu Shentong's stock price increased by 0.42% on November 11, with a trading volume of 160 million yuan [1] - The company reported a financing buy-in of 26.57 million yuan and a financing repayment of 31.05 million yuan on the same day, resulting in a net financing outflow of 4.48 million yuan [1] - As of November 11, the total margin balance for Jiangsu Shentong was 624 million yuan, accounting for 8.55% of its market capitalization, indicating a high level of financing activity [1] Financing and Margin Data - On November 11, Jiangsu Shentong had a financing buy-in of 26.57 million yuan, with a current financing balance of 624 million yuan, which is above the 90th percentile of the past year [1] - There were no short sales or repayments on that day, with a short balance of 0 shares, also indicating a high level of inactivity in short selling [1] Company Performance - As of November 10, Jiangsu Shentong had 28,800 shareholders, an increase of 2.42% from the previous period, while the average number of circulating shares per person decreased by 2.36% to 16,256 shares [2] - For the period from January to September 2025, Jiangsu Shentong achieved a revenue of 1.638 billion yuan, a year-on-year increase of 0.22%, and a net profit attributable to shareholders of 234 million yuan, reflecting a growth of 2.86% [2] Dividend and Shareholder Information - Since its A-share listing, Jiangsu Shentong has distributed a total of 369 million yuan in dividends, with 195 million yuan distributed in the last three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 10.4045 million shares, an increase of 6.5399 million shares from the previous period [3]

Core Viewpoint - Sanhua Intelligent Control demonstrates strong operational resilience as a leading manufacturer of refrigeration control components and automotive thermal management systems, with significant revenue and profit growth in Q3 2025 [2][3]. Financial Performance - In Q3 2025, the company achieved revenue of 7.767 billion yuan, a year-on-year increase of 12.77%, and a net profit attributable to shareholders of 1.132 billion yuan, up 43.81% year-on-year [3]. - For the first three quarters of 2025, total revenue reached 24.029 billion yuan, a 16.86% increase year-on-year, with net profit of 3.242 billion yuan, up 40.85% year-on-year [3]. - The operating cash flow for the first three quarters increased by 53.41%, reaching 3.058 billion yuan [3]. Business Segments - The refrigeration and air conditioning components segment generated revenue of 10.389 billion yuan in the first half of 2025, a 25.49% increase year-on-year, accounting for 63.88% of total revenue [5]. - The automotive components segment reported revenue of 5.874 billion yuan, an 8.83% increase year-on-year, making up 36.12% of total revenue [5]. - Key products in the refrigeration segment, such as four-way valves and electronic expansion valves, rank first in their respective global markets [4]. Research and Development - The company emphasizes technological innovation, with R&D expenses increasing to 1.104 billion yuan in Q3 2025, reflecting a year-on-year growth of 11.22% [5]. - Sanhua Intelligent Control holds 4,387 domestic and international patents, including 2,404 invention patents, supporting product innovation and business expansion [5]. Market Position and Expansion - The company has established a strong international presence, with products sold in over 80 countries and regions, partnering with renowned global companies [8]. - Sanhua Intelligent Control has expanded its overseas production and R&D bases in Mexico, Poland, Vietnam, and Thailand, enhancing its global operational capabilities [8]. Stock Performance - As of October 31, 2025, the company's A-share price closed at 49.93 yuan per share, reflecting a cumulative increase of approximately 115% since the beginning of 2025, with a total market capitalization of 210.2 billion yuan [9].

Group 1 - The company reported a revenue of 5.6 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 25.8% [1] - The net profit attributable to shareholders for the same period was 1.11 billion yuan, with a year-on-year increase of 34.5% [1] - In Q3 alone, the company achieved a revenue of 2.2 billion yuan, showing a year-on-year growth of 36.0% and a quarter-on-quarter increase of 19.0% [1] Group 2 - The company's gross margin for the first three quarters of 2025 was 36.9%, up 0.2 percentage points year-on-year, while the net profit margin was 20.1%, up 1.4 percentage points year-on-year [1] - As of Q3 2025, the company had a gross margin of 38.7%, which is a decrease of 0.2 percentage points year-on-year but an increase of 2.6 percentage points quarter-on-quarter [1] - The company’s contract liabilities reached 650 million yuan, reflecting an increase of 84.3% compared to the beginning of the year [1] Group 3 - The global valve market is expected to exceed 92.3 billion USD by 2025, driven by energy transition and smart infrastructure demand [2] - The company provides high-performance products across various sectors, including oil and gas, chemicals, marine engineering, power energy, hydrogen, energy storage, carbon capture, and new energy [2] - The expansion of the company's factory in Vietnam and the new factory in Saudi Arabia are expected to be completed by 2026, enhancing the company's global strategy and market competitiveness [2] Group 4 - The forecasted net profits attributable to shareholders for 2025, 2026, and 2027 are 1.56 billion yuan, 1.96 billion yuan, and 2.29 billion yuan, respectively, indicating a compound annual growth rate of 26% over the next three years [2] - The company maintains a "buy" rating due to strong order backlog and anticipated growth from overseas business expansion and new capacity release [2]