JTL(SZ:300091)2022-12-04 07:16Group 1: Company Overview - Jiangsu Jintongling Fluid Machinery Technology Co., Ltd. is involved in the agricultural environmental protection industry [2] - The company operates a business model that includes core systems such as gasification furnaces, boiler islands, power islands, and solar thermal coupling [3] Group 2: Raw Material Collection - For direct combustion, a 30MW system requires approximately 300,000 tons of straw annually, with a transportation distance of 50-100 kilometers [3] - In contrast, a 10MW gasification system only needs about 80,000 tons of straw, with a collection radius of 15 kilometers [3] - The company plans to explore the combined utilization of straw with chicken, cow, and pig manure to reduce reliance on straw [3][4] Group 3: Environmental Park Operations - The company aims to balance self-built projects with contracted projects, collaborating with external energy and environmental firms in certain regions [4] - The company has established collection points in counties B and C, each capable of collecting 50,000 tons of straw within a 10-kilometer radius [4] Group 4: Military Business Development - The company has established a military division to promote the certification of products such as blowers and compressors for military use [4][5] - The company’s subsidiary, Taizhou Fengling Special Electric, provides mobile power vehicles to the military [4] Group 5: Financial Insights - The increase in order size has not led to a proportional increase in sales and management expenses due to larger single orders [4] - The company allocates over 3% of its total sales annually for research and development [5] Group 6: Product Capacity and Profitability - The current production capacity for gas turbines is 2 units per month, with an expected annual output of 36 units by the end of next year, maintaining a gross margin of approximately 30% [5][6] - The gas turbine development process is lengthy, requiring 5-10 years to establish a product and an industrial chain [6]