SPC(SZ:002573)2022-12-05 01:18Group 1: Industry Outlook - The power industry still has potential despite strict regulations on emissions, with large units performing better than small units. By 2020, large units are expected to complete upgrades, leaving room for growth in the coming years [2] - In 2015, small units contributed approximately 5-10% to the company's engineering performance, which increased to 15-20% in 2016. Future unconventional pollutants in the thermal power sector may also be included in emission standards [2][3] Group 2: Market Potential - Coal consumption accounts for 60% of primary energy, with about 45% used in thermal power plants. If industry space correlates with coal consumption, the non-electric sector's market potential exceeds that of the electric sector [3] - Non-electric sectors include various industrial processes that release significant air pollutants, presenting substantial future opportunities for air pollution control [3] Group 3: Technological Advantages - The company has a leading position in flue gas treatment technology for the thermal power sector, with proprietary SPC-3D technology offering high cost-effectiveness [3][4] - The company is expanding into non-electric sectors such as steel, petrochemicals, and non-ferrous metals, adapting existing technologies to meet specific pollution control requirements [4][5] Group 4: Strategic Expansion - The company has made strategic acquisitions, such as acquiring 80% of Beijing Bohuitong, to enhance its capabilities in the petrochemical sector [4] - The company plans to explore various models for entering more niche markets, including mergers, joint ventures, and asset purchases [5] Group 5: Future Growth and Adaptation - The company anticipates rapid growth in non-electric flue gas treatment, leveraging its rich technological reserves [5][6] - The company is actively developing technologies to address a wide range of pollutants across various industrial sectors, ensuring adaptability to future environmental demands [6]