Independent and objective third-party research to screen high-quality listed companies for you 1. Main business score: 75 1. Business analysis: The company's main business is divided into three parts. One is based on refrigeration compressor units and industrial heat exchange required for cold chain logistics.

devices, etc.; the second is a series of refrigeration solutions (equipment + construction) based on customer needs; the third is carbon capture core equipment such as hydrogen compressors, hydrogen gas storage tanks, carbon dioxide compressor units, liquefaction units, etc., so the company also has hydrogen

Energy, carbon capture concept.

Domestic cold chain logistics has developed rapidly in recent years, and the demand for related equipment has also increased steadily. However, the upstream steel prices have increased sharply in 2021, and the company's profitability has been damaged. Although the new business of hydrogen energy equipment and carbon dioxide compressors has grown rapidly (in the first half of 2021

Revenue has doubled, with the revenue proportion increasing from 6.16% in 2019 to 12.92% in the first half of the year), but it has not yet formed sufficient scale effects. With the rapid development of the hydrogen energy industry in the future, the company's hydrogen energy equipment is expected to become

New growth curve.

2. Industry competition pattern: The industrial refrigeration compressor market is highly concentrated and the competition pattern is relatively stable. Ice Wheel Environment, Bingshan Cold and Heat, Johnson Controls York and Snowman Holdings account for about 70% of the market share. The company’s business focus

In the fields of industrial and municipal heating, Bingshan hot and cold compressors are used in fishing boats with high reliability requirements, Johnson Controls York has strong competitiveness in the petrochemical field, and Snowman Co., Ltd. is competitive in petrochemical transformation projects.

In the fields of hydrogen compressors and gas storage tanks, the company has begun to take shape and its technology is in a leading position in the country.

3. Industry development prospects: With the gradual improvement of food safety awareness, the penetration rate of domestic cold chain logistics in daily life has steadily increased, and the demand for refrigeration equipment is expected to maintain steady growth.

The hydrogen energy industry is developing rapidly, and there is huge room for industry growth in the future, but there is still some distance to go before large-scale promotion. After all, the technology has not yet completely broken through, a unified technical route has not been formed, and higher costs have also hindered the development of the industry.

4. The company’s performance growth logic: (1) The daily economy’s requirements for cold chain logistics continue to increase; (2) Upstream raw material prices fall and profitability is restored; (3) Hydrogen energy has broad prospects for growth and the company’s business is growing rapidly.

The text in the box in the article is a data supplement to the main text and can be skimmed. 2. Corporate governance score: 70 1. Major shareholder's shareholding and equity pledge, executive incentives: The major shareholder Yantai State-owned Assets Supervision and Administration Commission holds a total of about 36% of the shares, which is high.

The manager's annual salary is about 900,000 yuan, which is medium to high level, but there is no equity incentive.

2. Employee composition: Mainly composed of production and technical personnel. The company is a typical manufacturing industry and relies heavily on technical talents and production personnel. The per capita income is 2.88 million yuan and the per capita net profit exceeds 150,000 yuan. It is relatively high in the manufacturing industry.

high level.

3. Institutional shareholding: There is only one public equity fund among the company's top ten tradable shareholders, which has received certain attention from mainstream funds.

4. Shareholder responsibilities (financing and dividends): It has been listed for nearly 23 years, and the amount of financing and dividends has been relatively small.

3. Financial analysis score: 70 1. Balance sheet (key accounts): The company has abundant cash on its books, and its trading financial assets are mainly held in Wanhua Chemical stocks (the initial investment return rate is nearly 300 times). Accounts receivable and

The proportion of inventory to operating income is reasonable, mainly because customers are relatively scattered and the company has a strong voice.