余热锅炉市场需求旺盛，增量节能环保设备应用广泛。公司设计制造的工业特种余热锅炉为节能环保产品，主要应用于钢铁、有色金属、焦化、化工等行业。公司是国内研发、制造特种余热锅炉的骨干企业，工业余热锅炉国内市场占有率一直保持前列，在转炉余热锅炉和有色冶炼余热锅炉等领域也始终保持市场领导地位。近年来，随着双碳目标推进、技术不断革新，传统余热锅炉行业需求量日增，升级改造、增量节能环保设备采用将加大余热锅炉节能环保方案的应用。作为重要的节能环保设备，余热锅炉将迎来更大的发展空间Incidents:
In January 2024, the company issued a voluntary disclosure notice on the 2023 order status. The actual amount of new orders signed by the company in 2023 was 3.275 billion yuan, and the number of in-hand orders as of December 31, 2023 was 4.581 billion yuan. Among them, the industrial manufacturing industry signed new orders of 3.03 billion yuan in 2023, with on-hand orders of 4,077 billion yuan, accounting for 89% of the company's total on-hand orders; in the environmental engineering category, new orders in 2023 were 72 million yuan, and on-hand orders were 503 million yuan.
Comment:
Waste heat boilers are in high demand in the market, and incremental energy saving and environmental protection equipment are widely used. The industrial special waste heat boilers designed and manufactured by the company are energy-saving and environmentally friendly products, mainly used in steel, non-ferrous metals, coking, chemical and other industries. The company is a key enterprise that develops and manufactures special waste heat boilers in China. The domestic market share of industrial waste heat boilers has always maintained a leading position in the fields of converter waste heat boilers and non-ferrous smelting waste heat boilers. In recent years, with the advancement of dual-carbon targets and continuous technological innovation, demand in the traditional waste heat boiler industry is increasing day by day. Upgrades and adoption of incremental energy saving and environmental protection equipment will increase the application of energy saving and environmental protection schemes for waste heat boilers. As an important energy saving and environmental protection equipment, waste heat boilers will usher in more room for development
Generalization and specialization of pressure vessels coexist, and technological improvements and capacity expansion in the nuclear power industry are about to be put into operation. In terms of pressure vessel manufacturing business, the company holds A1 and A3 grade pressure vessel design licenses and manufacturing licenses. The large-scale and special pressure vessels it produces are mainly used in coal chemicals, petrochemicals, refining, fine chemicals, etc., and the pressure resistance and strength limits of ultra-high pressure vessels are gradually increasing. The main products include heat exchangers, separators, reactors, storage tanks, towers, filters, evaporators, etc. In the field of nuclear energy, the company has completed the first international and domestic manufacturing tasks for several projects. The equipment supply reactor types include but are not limited to major domestic and foreign nuclear power models such as second-generation + reactors, third-generation reactors, fourth-generation reactors, and thermonuclear fusion reactors. The main nuclear safety equipment produced by the company includes but is not limited to reactor component gondola cylinders, reactor internal component spreaders, spent fuel coolers, etc. Currently, there are sufficient orders for nuclear power products, technical improvements and capacity expansion are underway, and it is expected to be completed and put into operation in the second half of 2024.
The advantages of waste treatment and recycling technology are obvious, and the power plant's power generation is stable and operating well. The company's wholly-owned subsidiary Gree Environmental and Guangzhou Lasca Holding Company is deeply involved in the field of waste treatment, and its technical level is leading in the industry. Zhangjiagang Hailu New Energy Co., Ltd., a wholly-owned subsidiary of the company, owns a total of about 156 MW of ground-distributed, roof-distributed, and ground-based power plants. The power plant has a stable power generation capacity, and the cash flow and operation conditions are good.
Profit forecast: The company's net profit for 2023-2025 is expected to be 338/4.21/475 million yuan, respectively, and the corresponding PE is 11/9/8 times, respectively. First coverage, giving a “buy” rating.
Risk warning: Nuclear power business development falls short of expectations, profit forecasts and valuation judgments fall short of expectations