Furuise(300228)2023-10-31 10:28Group 1: Business Overview - The company's main products are categorized into LNG application equipment, heavy equipment, and LNG sales and operation services [2][3]. - LNG application equipment includes LNG vehicles, LNG tankers, and low-temperature valve products, with significant market growth observed this year [3]. - Heavy equipment primarily consists of pressure vessels such as towers and heat exchangers, with stable revenue and profit growth [3]. Group 2: Sales and Profit Growth - In the first three quarters of this year, the company experienced notable year-on-year growth in sales and profits across its three main business segments [3]. - The LNG vehicle supply system has seen a market recovery since February, with production capacity expected to increase steadily [3][4]. - The heavy equipment sales reached approximately 370 million in 2022, with 425 million in the first half of this year, indicating strong growth [4][5]. Group 3: Market Trends and Competition - The market share of LNG heavy trucks has reached around 30% as of September, reflecting a growing trend towards low-carbon and clean energy applications [4]. - The company's LNG vehicle supply system holds a market share of approximately 20%-30%, with major clients including leading domestic heavy truck manufacturers [4][5]. - The company faces competition from firms like Zhiyuan New Energy and Shandong Aoyang in the LNG vehicle supply system market [4]. Group 4: Future Development and Strategy - The company aims to promote clean energy and new energy applications, focusing on high-end equipment manufacturing and domestic substitution [8]. - There is a strong emphasis on integrating manufacturing and service sectors, particularly in the LNG operation service business, to enhance overall profitability [8]. - The company is also investing in hydrogen energy products, with ongoing research and development in liquid hydrogen supply systems and related components [7]. Group 5: LNG Sales and Operation Services - The company currently operates over ten LNG liquefaction service projects, with a daily liquefaction capacity of approximately 1.75 million cubic meters, expected to exceed 2 million cubic meters next year [6]. - The LNG sales and operation services align with national strategies to expand domestic natural gas development and reduce energy import dependence [6].