关键词：静电除尘器、静电除尘器市场规模、静电除尘器行业现状、静电除尘器发展趋势 一、行业概述 静电除尘器（Electrostatic Precipitator，ESP）是一种利用高压静电场实现气体中粉尘颗粒净化的工业设 备。其核心原理是通过高压电场使气体电离，粉尘颗粒与电子或离子结合后荷电，在电场力作用下向异 性电极（集尘极）迁移并沉积，最终通过清灰装置（如振打、水洗等）将粉尘收集至灰斗，实现气体与 粉尘的分离。该设备广泛应用于燃煤电厂、水泥厂、钢铁厂、垃圾焚烧厂等场景，可高效捕集0.01- 50μm的细微颗粒，适应高温、高压及高浓度粉尘工况，是工业烟气治理的关键技术之一。 静电除尘器除尘原理图 内容概况：中国静电除尘器行业当前处于技术升级与市场结构优化的关键阶段。2024年，中国静电除尘 器行业市场规模约为236亿元，同比增长8.26%。传统的静电除尘器对细微颗粒物（尤其是PM2.5）的捕 集效率有限。对此，山西大学的研究团队提出了创新性的解决方案：将金属集尘板替换为具有凹凸结构 的介电材料，并配备极低频双极性电源。这种设计利用介电弛豫效应，能显著增强电场并提高细微颗粒 的荷电量，从而实现对细颗粒物的精准捕 ...

Summary of CADEN Inc. Acquisition of Applied Industries Conference Call Company and Industry Overview - **Company**: CADEN Inc. - **Acquisition Target**: Applied Industries, a manufacturer of boiler efficiency and cleaning system technologies - **Industry**: Boiler efficiency and cleaning technology, particularly in the pulp and paper sector Key Points and Arguments - **Acquisition Details**: CADEN Inc. acquired Applied Industries for approximately $175 million, with Applied's revenue for the last fiscal year being about $92 million [4][9] - **Core Technology**: Applied's main product is a boiler cleaning technology called Smart Clean, which uses sensors to determine when cleaning is necessary, thus optimizing energy efficiency and safety [5][6] - **Financial Metrics**: For the fiscal year ending February 28, 2025, Applied reported an adjusted EBITDA of $21.4 million, resulting in an EBITDA multiple of 8.2 times [9] - **Revenue Composition**: Approximately 75% of Applied's revenue comes from aftermarket sales, indicating a strong recurring revenue stream [9][25] - **Market Position**: Applied is a market leader in recovery boilers and serves various industries, with a significant presence in North America (55% of revenue) and the pulp and paper sector (60% of revenue) [24][25] Additional Important Insights - **Growth Potential**: The company has experienced a compound annual growth rate (CAGR) of 7-8% over the past three to four years, driven by the adoption of larger recovery boilers in Southeast Asia and South America [15][28] - **Sustainability Initiatives**: The acquisition aligns with CADEN Inc.'s sustainability goals, as Applied's technology can save $2 million to $3 million in energy costs annually and reduce CO2 emissions significantly [6] - **Aftermarket Opportunities**: The business model resembles a "razor blade" model, where initial sales lead to ongoing aftermarket sales, enhancing long-term revenue stability [19] - **Competitive Landscape**: The main competitor in this space is Diamond Power, with some smaller regional players also present [21] - **Future Outlook**: While the company expects growth to be more conservative in the lower single digits moving forward, the strong aftermarket component mitigates cyclicality risks [28][29] Financial Considerations - **Funding**: The acquisition was primarily funded through borrowing under CADEN Inc.'s revolving credit facility, with an estimated leverage ratio of approximately 1.5 [9] - **Dilution and Accretion**: The transaction is expected to be slightly dilutive on a GAAP EPS basis in Q4 2025 but accretive on an adjusted basis, with good free cash generation anticipated [10] - **Intangible Assets**: There will be a high level of non-cash intangible amortization expense associated with the acquisition, which is still being evaluated [10][38] Conclusion - The acquisition of Applied Industries is viewed as a strategic move for CADEN Inc., enhancing its product offerings and market position while aligning with sustainability initiatives. The strong aftermarket revenue model and growth potential in emerging markets present a favorable outlook for the combined entity moving forward [42]