XZCE(SZ:002534)2024-08-28 08:41Group 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 in 2022 as Xizi Clean Energy Equipment Manufacturing Co., Ltd. [1] - Major shareholders include Xizi Elevator Group (approximately 75% ownership), with the remaining 25% held by the public [2] - The company operates in four main business segments: waste heat boilers, clean energy equipment, solutions, and spare parts and services [2] Group 2: Business Segments and Market Focus - Waste heat boilers include products for various industries such as power, steel, building materials, and cement [2][3] - Clean energy equipment encompasses waste incineration boilers, biomass boilers, and nuclear power equipment, targeting waste treatment plants and energy projects [3] - Solutions offered include thermal energy storage and heat exchangers, focusing on energy efficiency and environmental sustainability [3] Group 3: Strategic Development Directions - The company aims to expand into overseas markets, particularly in Southeast Asia, South America, Africa, and countries along the Belt and Road Initiative [3] - Focus on the new energy market, leveraging molten salt storage technology for applications in solar power and flexible coal-fired power generation [3] - The spare parts market is targeted for growth due to government policies promoting energy efficiency upgrades and emissions reduction [3] Group 4: Financial Performance and Orders - As of June 30, 2024, the company's debt-to-asset ratio was approximately 70.62%, a decrease of 3.5% from the previous year [4] - In the first half of 2024, the company secured new orders totaling CNY 3.327 billion, with specific segments contributing as follows: waste heat boilers (CNY 1.196 billion), clean energy equipment (CNY 0.525 billion), solutions (CNY 1.297 billion), and spare parts and services (CNY 0.309 billion) [5] - The total backlog of orders as of June 30, 2024, was CNY 6.995 billion, indicating a strong pipeline for future growth [5] Group 5: Risk Management - The company has enhanced contract review and customer risk assessment processes to mitigate risks associated with accounts receivable [5] - A dedicated accounts receivable management team has been established to improve cash flow and manage credit risks effectively [5]