Securities Star News, May 22, 2024 Xizi Jieneng (002534) Announced that Cinda Securities Zhang Chi and Wu Boying, Hu Di and Han Cheng of CICC Asset Management, Tu Yuran of Tianhong Fund, Jiang Wanying of Zhongtai Asset Management, Zhang Jian of Kaiyuan Securities, Zhang Zhengyi of Jianxin Fund, and Chen Yuyang of Cathay Pacific Fund investigated our company on May 22, 2024.
The details are as follows:
Q: Company's basic information and main business introduction
Answer: The company established a factory in 1955. In 2002, Xizi Elevator Group participated in the restructuring. It was listed in 2011 and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022. The company is mainly engaged in product consultation, research and development, production, sales, installation and EPC of waste heat boilers, clean and environmentally friendly energy power generation equipment and other products, providing customers with overall solutions for environmental protection equipment and energy utilization.
At present, the company mainly holds three shareholders, namely Xizi Elevator Group Co., Ltd., Jinrun (Hong Kong) Co., Ltd. and Hangzhou Industrial Investment Group Co., Ltd., with a total shareholding ratio of about 75%, and the remaining public shareholding ratio of about 25%.
At present, the company mainly includes four waste heat boilers, clean and environmentally friendly energy equipment, solutions, spare parts and services. Waste heat boilers mainly include gas turbine waste heat boilers, coke dry quenching waste heat boilers, sintering machine waste heat boilers, cement kiln waste heat boilers, power station boilers and power station auxiliary machines. The customer groups include five major power and steel, building materials, cement and other high energy consuming industries. Clean and environmentally friendly energy equipment includes waste incineration boilers, biomass boilers, waste water and waste gas (including sludge) boilers, molten salt heat absorbers, heat exchangers, storage tanks, nuclear power equipment, etc., which are mainly used in new energy fields such as waste disposal plants, petrochemical plants, nuclear power plants, and photothermal projects. The solutions mainly include but are not limited to comprehensive solution projects with molten salt energy storage, heat transfer oil heat exchanger, petrochemical and chemical heat exchanger, seawater desalination device, gasifier (vessel, heat exchanger) and other heat exchangers and pressure vessels as the core equipment. Spare parts mainly include superheater, economizer and other parts, and services include technical services, project reconstruction works, maintenance and other businesses.
Q: What is the company's main procurement strategy?
Answer: The company adheres to the procurement strategy of "ordering by production, strengthening forecasting, strategic price locking, and proper stock", and purchases raw materials, expansion, parts, outsourcing, installation and construction services and other production materials through inquiry or bidding. The company will regularly conduct certification and hierarchical management of suppliers to improve the supply cooperation, Sign annual framework agreements with major suppliers according to the procurement plan to ensure the stability of product delivery and quality.
Q: What measures does the company take to deal with the risk of price fluctuation of raw materials?
Answer: At present, in addition to taking measures such as daily steel inventory and locking steel prices to steel mills in advance, the company also makes full use of hedging to hedge the risk of rising prices of raw materials by carrying out hot roll futures hedging business. At the same time, the company continues to optimize the product structure, optimize the product cost through design and process, improve the product competitiveness, minimize the procurement risk caused by the irregular fluctuation of steel prices, and promote the stability of product cost and the stability and order of the company's daily production.
Q: What is the company's current market position in HRSG?
Answer: The company established a national waste heat boiler research institute in 1974. For more than 50 years, it has focused on the waste heat boiler utilization industry. Its products cover the whole field of waste heat utilization. It is one of the research, development and manufacturing bases of waste heat boilers with the largest scale and most varieties in China. It is recognized as a national enterprise technology center and a national high-tech enterprise. Its product design level, manufacturing process and Market share Both of them are in the forefront of the industry, especially in some HRSG segments, such as gas turbine HRSG, CDQ HRSG and other products, which have strong competitive advantages.
Q: What are the main development priorities of the company this year?
Answer: The company adheres to the dual wheel drive development policy of "traditional energy+new energy", and on the basis of stabilizing the existing market share of traditional waste heat boilers, it will focus on improving the utilization efficiency of traditional energy and expanding the business in the field of clean energy to the flexible transformation of thermal power plants, wind and solar energy storage, zero carbon plants, zero carbon parks and other scenarios. At the same time, seize the opportunity of going to sea in 2024, vigorously expand overseas market orders, find new growth points of main business, and improve the overall order quality of the company.
Q: Please introduce the company's orders. What changes have taken place compared with the same period last year?
Answer: In the first quarter of 2024, the company's new orders totaled 1.344 billion yuan, including 348 million yuan for waste heat boilers, 376 million yuan for clean and environmental energy equipment, 496 million yuan for solutions, and 123 million yuan for spare parts and services. Compared with the same period last year, the orders for spare parts services increased by 28%, and the orders for clean and environmental energy equipment increased by 102%. As of March 31, 2024, the company's orders in hand were 6.796 billion yuan. In the future, the company has established growth opportunities and invested resources in four business segments, striving to improve the company's overall ability to receive orders.
Q: What is the company's business plan for 2024?
Answer: The main business includes the following aspects
(1) Keep the original advantage of waste heat utilization, continue to actively explore energy utilization, carbon reduction and emission reduction, and innovate energy utilization methods and industrial energy solutions;
(2) Strengthen market expansion, customer risk control and accounts receivable management, pay close attention to and study the development trend of industrial policies, deeply tap potential market opportunities, intervene in new high-efficient energy-saving product fields and energy storage fields based on effectively expanding the existing competitive product markets, seize overseas market opportunities, strengthen early customer credit review, and control contract risks, Strengthen the management of accounts receivable.
(3) Adhere to innovation driven development, increase the research and development of new products, strive to achieve greater technological and market breakthroughs in energy utilization, thermal power generation, renewable energy power generation, nuclear power and other new energy, as well as carbon dioxide capture and comprehensive utilization, solid waste treatment, energy storage, thermal power flexibility transformation and other fields, and promote the sustainable development of the company's business.
(4) With intelligent manufacturing as the main direction, we will orderly promote digital transformation, create an "1+3+N" industrial chain ecological model, and take the supplier collaboration platform as the core to realize the full life cycle management of suppliers and the whole process digital management of procurement business.
Q: What is the market prospect of thermal power flexibility transformation at present? What are the advantages?
Answer: According to the National Implementation Plan for Upgrading Coal fired Power Generation Units issued by the National Development and Reform Commission and the Energy Administration, the flexibility transformation of coal fired power generation units should be improved. During the "14th Five Year Plan" period, the flexibility transformation of 200 million kilowatts was completed, and the system regulation capacity was increased by 30 to 40 million kilowatts to promote the consumption of new energy sources.
Among various technical routes of thermal power flexibility transformation, molten salt thermal storage technology has broad application space by virtue of many characteristics and advantages such as large energy storage capacity, long service life, small floor area, high safety, low thermal storage cost, friendly environment, wide application scope, etc. The company cooperates with Hepp Energy to explore the in-depth peak shaving technology and solutions for comprehensive thermal power flexibility transformation, and improve the power grid's ability to absorb clean energy. Relying on the steam extraction and energy storage technology solution capability, equipment manufacturing capability and mature engineering experience, we will strive to achieve the implementation and operation of the flexibility transformation demonstration project in 2024.
Q: What are the channels and advantages of the company's products going to sea?
Answer: The company mainly adopts two export modes, namely, the international and domestic general contractor's ship borrowing and the owner's direct signing. The company's overseas market was first developed in the Southeast Asian market. After years of deep cultivation, the company has gained widespread recognition in the overseas market by virtue of its brand effect, equipment quality, delivery, service and other advantages. At present, its products have been sold to more than 100 countries and regions. The company continues to promote the construction of overseas sales team and resource investment, and the overseas market is also the growth point of the company's key market development in 2024. By deepening project cooperation with customers in the "Belt and Road" region, we will further promote the development of overseas business and strive to become one of the powerful engines for the company's business growth.
Main business of Xizi Jieneng (002534): consulting, R&D, production, sales, installation and EPC of products such as waste heat boilers and clean and environmental energy power generation equipment, providing customers with energy-saving and environmental protection equipment and overall energy utilization solutions.
The first quarter report of Xizi Jieneng in 2024 shows that the company's main revenue is 1.152 billion yuan, a year-on-year decrease of 25.79%; Attributive to mother Net profit 258 million yuan, up 949.51% year on year; Deduct non net profit 14.9675 million yuan, up 3.42% year on year; The debt ratio is 71.01%, the investment income is 285 million yuan, the financial expenses are -573200 yuan, and the gross margin is 19.59%.
In the last 90 days, a total of 1 institution has given a rating on the stock, and 1 institution has increased its shareholding rating.
The following is the detailed profit forecast information:
Financed funds and bonds data show that the stock has a net outflow of 987600 yuan in recent three months, and the financing balance has decreased; The net inflow of securities lending was 3727.0, and the balance of securities lending increased.
The above content is sorted out by Securities Star according to the public information and generated by the algorithm (WXJB No. 310104345710301240019), which has nothing to do with the position of our website. If there is any problem with the data, please contact us. This article is for data collation, and does not constitute any investment suggestions for you. Investment is risky, so please make prudent decisions.
When the stock market recovers, open an account first! Intelligent fixed investment, condition sheet, individual stock radar... for you>>
Massive information, accurate interpretation, all in Sina Finance APP
