ultimatevideopoker|海陆重工(002255)：特种余热锅炉领先企业 四代核电及大规模设备更新打开成长空间

Institution: founder Securities

Researcher: Li Lujing / Zhao Lu

Special waste heat boiler in the leading enterprises, deep ploughing industry for nearly 70 years. Suzhou Sea and Land heavy Industry (002255) Co., Ltd. is a leading professional designer and manufacturer of energy-saving and environmental protection equipment in China. At present, it has formed a business pattern of common development of boiler products, large pressure vessels, nuclear power equipment, cryogenic products and environmental protection projects. Founded in 1956, the company has a number of holding subsidiaries and waste heat boiler research institute. After years of deep ploughing, it has grown into a leading enterprise of special waste heat boiler.

Special preheating boilers are widely used in thermal power, metallurgy, petrochemical, coal chemical and other high energy-consuming industries, in line with the general direction of large-scale equipment renewal, energy saving and carbon reduction. The company's preheating boiler business mainly includes waste heat, waste heat utilization system solution, waste heat recovery equipment design, installation, operation, EPCM, etc., including high efficiency pulverized coal boiler, circulating fluidized bed boiler, coal gasification waste heat boiler, CDQ waste heat boiler, non-ferrous smelting waste heat boiler, sulfur sulphuric acid waste heat boiler, oil refining catalytic unit boiler, etc. Widely used in thermal power generation, iron and steel metallurgy, non-ferrous metallurgy, coking industry, power industry, petrochemical, chemical, marine, paper, coal chemical and other high energy-consuming industries, in line with the current large-scale equipment renewal high energy-consuming industries of energy saving and carbon reduction. Under the background of carbon neutralization, energy saving and efficiency improvement in the industrial field is very important, the utilization of waste heat resources is an important starting point, iron and steel, metallurgy, chemical, cement, petrochemical and other industries are rich in waste heat resources, and the utilization rate of waste heat resources by existing equipment is low. the progress of energy-saving transformation of waste heat boiler will be accelerated. In 2023, the company's waste heat boiler and related supporting products achieved revenue 12.Ultimatevideopoker.3.9 billion yuan, an increase of 10.61% over the same period last year, accounting for 44.3% of revenue, and the gross profit margin reached 25.16%, an increase in 1.05pct over the same period last year.

The profitability of the large refining and chemical industry chain is expected to improve, and the demand for pressure vessels may continue to be repaired. The company's container products are mainly used in coal chemical, petrochemical, fine chemical and other fields, the company's representative projects include Shenhua Ning coal 4 million tons / year indirect liquefaction project (coal to oil), petrochemical field Hengyi Brunei PMB petrochemical project, Shenghong Refining and Chemical Project, Sinopec Zhanjiang Project Fine chemical field Donghua Energy (002221) project, Jiangsu Sierbang Phase II propane industry chain project, Yantai Wanhua project and so on. With the downward movement of the oil price center and the recovery of demand, the profitability of the large refining and chemical industry chain is expected to continue to improve, and the prosperity of the industry may continue to be repaired. in addition, the continuous emergence of new materials, new processes and new products will bring new growth points to the petrochemical market. In 2023, the company's pressure vessel industry achieved revenue of 950 million yuan, an increase of 40.86% over the same period last year, accounting for 34% of revenue, with a gross profit margin of 20.15%, an increase in 2.37pct over the same period last year.

Deep ploughing in the field of nuclear power equipment for 26 years, the fourth generation of nuclear power has brought more room for growth. The company has been involved in the nuclear power field since 1998, and then obtained the civil nuclear pressure equipment manufacturing qualification license. after more than 20 years of deep ploughing and development in the nuclear power field, innovative intelligent manufacturing has successively completed the first international and domestic manufacturing tasks of many projects. The company's nuclear safety equipment includes: safety injection box, reactor internal component hanging basket body, reactor internal component hanger, spent fuel cooler, boric acid cooler, condensate cooler, regenerative heat exchanger, passive waste heat removal system, pressure stabilizer relief box, boric acid storage tank, volume control tank, emergency replenishment tank, diesel engine main storage tank, safety shell refueling tank return tank and so on. Over the years, the company has accumulated rich manufacturing and management experience in the field of civil nuclear energy, and completed the first international and domestic manufacturing tasks of a number of projects. Service reactors include, but are not limited to, the second generation + reactor, the third generation reactor (Hualong 1, Guohe 1, AP1000, VVER, EPR), the fourth generation reactor (high temperature gas cooled reactor, sodium cooled fast reactor, thorium based molten salt reactor) and thermonuclear fusion reactor (ITER), covering all nuclear power units at home and abroad. In 2023, the company achieved 79.94 million yuan in revenue from nuclear power products, an increase of 39.14% over the same period last year, with a gross profit margin of 30.52%.

On December 6, 2023, it was learned from the National Energy Administration and China Huaneng that Huaneng Shidao Bay High temperature Gas-cooled reactor Nuclear Power Station completed the 168-hour continuous operation test and was officially put into commercial operation. This isUltimatevideopokerChina is a major national scientific and technological special landmark achievement with fully independent intellectual property rights, and it is also the first fourth-generation nuclear power plant in the world, indicating that China has reached the world's leading level in the field of fourth-generation nuclear power technology. According to the official website of the Ministry of Ecology and Environment, in April 2024, the environmental impact report (site selection phase) of Jiangsu Xuwei Nuclear Energy heating Plant Phase I project is located in Xiyi Mountain, Xuwei New District, Lianyungang (601008) City, Jiangsu Province, and two Taihualong No. 1 pressurized water reactor units, a HTR-PM600S high temperature gas-cooled reactor unit and supporting facilities are proposed to be built. With the maturity of the fourth-generation nuclear power technology and the gradual development of commercial reactor type, the company is expected to fully benefit.

Investment suggestion: we expect the company to achieve revenue of 30.97,34.88 and 3.991 billion yuan respectively from 2024 to 2026, with a net profit of 4.04,4.6 and 521 million yuan respectively, and a corresponding PE of 11.69max 10.26amp 9.05 times, with a "recommended" rating.

Risk hints: macroeconomic fluctuation risk, lower-than-expected demand risk, raw material price fluctuation risk, policy lower-than-expected risk, project delivery lower-than-expected risk

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