Core Viewpoint - The rural waste management market in China is expanding due to increasing waste generation, with a per capita daily waste production of 0.86 kg, growing faster than urban areas. The market size reached 302.7 billion yuan in 2024, reflecting a year-on-year growth of 7.19% [1][13]. Industry Overview - Rural waste management involves the classification, collection, transportation, and disposal of waste generated by rural residents, aiming for reduction, resource recovery, and harmless treatment. The main model is "household classification, village collection, town transportation, county processing," but some areas still rely on simple landfilling or open burning, leading to secondary pollution [2][5]. Industry Development History - The industry has evolved through four stages: 1. Self-consumption period before 2003, where waste was managed naturally [5]. 2. Governance initiation from 2003 to 2007, with the introduction of centralized waste management [5][6]. 3. Pilot promotion from 2008 to 2014, where waste classification began to be implemented [6]. 4. Special governance period from 2015 onwards, with systematic deployment of rural waste management strategies [6]. Industry Chain - The upstream of the rural waste management industry includes waste generation, waste treatment equipment, and technology research and services. The midstream involves waste processing, while the downstream applications include environmental protection, energy, and agriculture [8]. Market Size - The rural waste management market is driven by the increasing waste generation and supportive government policies. The market size in 2024 is projected at 302.7 billion yuan, with a growth rate of 7.19% [1][13]. Key Enterprises - Leading companies in the rural waste management sector include: - **Huanlan Environment**: Offers integrated waste management solutions and operates numerous waste-to-energy projects [15][17]. - **Fuchun Environmental**: Focuses on waste-to-energy projects, effectively addressing rural waste issues [19]. - **China Everbright International**: Engages in various waste management sectors, promoting standardized and professional development [17]. - **Weili Environmental**: Specializes in leachate treatment and landfill restoration, contributing to rural ecological improvements [17]. Industry Development Trends 1. **Technological Upgrades and Resource Utilization**: The industry is moving towards more environmentally friendly and efficient circular economy practices, with waste-to-energy and resource recovery becoming mainstream [21]. 2. **Diversified Operation Models and Market Transformation**: The shift from government-led to multi-stakeholder management is expected, with increased participation from social capital [22]. 3. **Full-Chain Control and Digital Transformation**: Emphasis on comprehensive management from waste generation to processing, utilizing digital tools for improved efficiency and quality [23].

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The solid waste sector is expected to enhance dividends and return on equity (ROE), supported by decreasing capital expenditures and improving free cash flow as the industry matures [9][10] - The report emphasizes the importance of stable growth, price reforms, and increased dividends, suggesting a comprehensive allocation strategy focusing on domestic demand-driven assets [11][13] Summary by Sections Industry Trends - The solid waste sector is entering a mature phase, leading to improved free cash flow and higher dividends. The report highlights that the free cash flow turned positive in 2023 and is expected to continue increasing in 2024 [9] - The report tracks the performance of various companies, noting significant increases in dividends for firms like Junxin Co. and Green Power, with cash dividends of 5.07 billion CNY (+37%) and 4.18 billion CNY (+100%) respectively for 2024 [9][10] Company Tracking - Green Power reported a 33% increase in net profit for Q1 2025, driven by reduced costs and increased heating supply, with a significant rise in free cash flow [9] - Junxin Co. achieved a revenue of 24.31 billion CNY (+31%) for 2024, with a net profit of 5.36 billion CNY (+4%) [9] - The report also highlights the performance of other companies like Jingjin Equipment and Yongxing Co., noting their dividend plans and revenue growth [9] Policy Tracking - The Ministry of Finance allocated over 13.5 billion CNY for energy-saving and emission-reduction subsidies in 2025, indicating government support for the industry [9] - The report discusses the impact of new policies on the solid waste sector, including the push for garbage treatment fee measurement and the promotion of commercial models [9] Market Performance - The report notes a 51% year-on-year increase in sales of new energy sanitation vehicles in the first quarter of 2025, with a penetration rate of 14.36% [27] - The average price of biodiesel remained stable, while the price of waste cooking oil showed a slight increase, reflecting market dynamics [37] Investment Recommendations - The report recommends focusing on companies with strong dividend growth and stable cash flows, such as Huanlan Environment, Green Power, and Yongxing Co. [11][13] - It suggests monitoring companies involved in resource recycling and those benefiting from price reforms and domestic demand [11][13]

Company Overview - China Everbright Environment Group Limited is the largest environmental enterprise in China and a leading player in Asia's environmental protection industry, focusing on solid waste, water-related business, and clean energy [4]. - The company operates in 229 cities across 25 provinces and has expanded its presence to international markets including Germany, Poland, Vietnam, and Mauritius [5]. - Everbright Environment has been ranked first among the "Top Ten Influential Solid Waste Treatment Enterprises in China" for 14 consecutive years and is a constituent member of the Dow Jones Sustainability Indices for nine years running [6]. - The company reported significant growth in its waste-to-energy operations, being the world's largest investor and operator in this sector [4]. - Everbright Environment's corporate mission emphasizes its commitment to ecological and environmental sustainability, aiming to create investment value while undertaking social responsibility [6]. Financial Performance - Revenue for 2024 decreased to HK$30,258,009, a decline of 6% compared to HK$32,090,207 in 2023 [18]. - EBITDA for 2024 was HK$10,074,731, down 21% from HK$12,827,961 in 2023 [18]. - Profit attributable to equity holders decreased by 24% to HK$3,377,200 in 2024 from HK$4,429,160 in 2023 [18]. - Return on shareholders' equity fell to 7.01% in 2024, down 2.26 percentage points from 9.27% in 2023 [18]. - Total assets decreased by 2% to HK$186,027,024 in 2024 from HK$189,182,824 in 2023 [18]. - Total liabilities decreased by 3% to HK$119,610,448 in 2024 from HK$123,659,603 in 2023 [18]. - Current ratio improved to 134% in 2024, an increase of 20 percentage points from 114% in 2023 [18]. Operational Highlights - The Group operated 193 waste-to-energy projects, 162 wastewater treatment projects, and 31 integrated biomass utilization projects, serving approximately 160 million residents [47][48]. - The Group generated 27.7 billion kWh of electricity, sufficient to meet the annual needs of over 23 million households, saving more than 11 million tonnes of standard coal and displacing over 13 million tonnes of CO2 emissions [47][48]. - The Group's investment in new business areas, including biomethane and battery recycling, led to significant breakthroughs [51][52]. - The Group established a Science and Technology Committee to enhance technological capabilities and successfully launched a coke-cleaning robot service [54][55]. - The Group's investments and contracts exceeded RMB 1.7 billion and RMB 1.8 billion, respectively, while entering the Central Asian market for the first time [56][57]. Market Expansion and Strategic Initiatives - The company continues to enhance its market expansion strategies, aiming for sustainable growth in both domestic and international markets [5]. - The Group is actively involved in strategic partnerships for green development initiatives along the Belt and Road and the Yangtze River Economic Belt [6]. - The Group's international market expansion includes securing contracts in Egypt, Indonesia, Malaysia, and India [84]. - The Group's Guangdong Nanxiong Livestock and Poultry Manure Resource Utilisation Project commenced operation, laying a foundation for new business growth points [92]. Environmental and Social Responsibility - The Group received multiple awards for its social responsibility initiatives, including the "Social Responsibility Brand of the Year" for the 10th consecutive year [106]. - The Group supported rural revitalization through its integrated biomass utilization model, with the Hunan Xinhua Waste-to-energy Project recognized as a "2024 China Livelihood Project" [62]. - The Group's projects attracted over 80,000 visitors and more than 100,000 participants in online activities, promoting environmental education [97]. Technological Innovations - The Group has been granted a total of 2,149 intellectual property rights and received over 20 provincial and ministerial-level scientific and technological awards, showcasing its innovation capabilities [89]. - The Group's carbon asset management system has been applied to over 370 projects, enhancing intelligent management of carbon emission data [152]. - The company has made technological breakthroughs in fields like battery recycling and flue gas treatment to drive innovation [193]. Challenges and Risk Management - The principal risks for 2024 include accounts receivable risk, environmental compliance and safety management risk, and market competition risk [186]. - The Company implemented targeted control measures for accounts receivable risk to enhance management effectiveness [189]. - The Company faced high pressure related to environmental compliance and safety management due to stringent regulations [191]. Future Outlook - The Group aims to enhance its core competitiveness and embark on a new journey of "Second-stage Entrepreneurship" to support the "15th Five-Year Plan" [158]. - The Group will focus on integrating technology and industry to drive innovation and improve operational management [157]. - The Company is exploring new business areas such as fly ash recycling and carbon trading to uncover growth opportunities [193].

证券研究报告 环保 | 环境治理 港股|公司点评报告 hyzqdatemark 2025 年 04 月 17 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com | 基本数据 | 2025 | 04 | 日 | 月 | 16 | 年 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | 3.41 | | | | | 一年内最高/最低（港 | | | 4.14/3.01 | | | | | 元） | | | | | | | | 总市值（百万港元） | | | 20,947.55 | | | | | 流通市值（百万港元） | | | 20,947.55 | | | | | 资产负债率（%） | | | 64.30 | | | | | 资料来源：聚源数据 | | | | | | | 光大环境(00257.HK) ...

7天5板贝因美（002570），收到浙江证监局行政监管措施决定书。 二是公司控股股东贝因美集团存在非经营性资金占用情形，控股股东2021年和2022年分别占用公司资金3091.66万元和1693.55万元，上述资金在当年内归 还公司； 三是公司对广西全安圣企业管理有限公司的财务资助事项未及时审议并披露。 经过两日回调后，4月16日，贝因美股价午后再度冲上涨停板，当日换手率44.52%，成交额达32.93亿元。 此前在4月8日至11日的连续4个交易日间，贝因美股价收获连续涨停板，加上16日报收的涨停，该股在连续7个交易日间实现了5个涨停板。 不过16日晚间贝因美即披露收到浙江证监局行政监管措施决定书。 公告显示，贝因美及相关人员、控股股东于近日收到浙江证监局下发的行政监管措施决定书。 浙江证监局在现场检查中发现公司存在三大问题： 一是公司收入确认不符合企业会计准则，上述事项导致公司定期财务报告披露不准确； 对此，浙江证监局决定对贝因美及相关人员、贝因美集团分别采取出具警示函的监督管理措施。 贝因美主要从事婴幼儿配方奶粉、营养米粉和其他婴幼儿辅食、营养品的研发、生产和销售。在2022年业绩亏损后，近年来该公司经营 ...

联合资信评级报告认为，中国光大环境(集团)有限公司(以下简称"公司")为中国光大集团股份公司(以下 简称"光大集团")下属从事环保业务的重要实业投资主体，在业务规模、行业地位以及外部支持等方面 具备明显竞争优势。作为香港联合交易所有限公司主板上市企业，公司法人治理结构及内控制度完善， 管理规范。2021-2023年，公司已投运项目运行情况良好，运营业务规模保持增长，但新建项目大幅减 少，导致公司整体收益同比有所下降；同时，受益于盈利率相对较高的运营服务收益占比上升，公司整 体盈利率有所提升。公司资产构成符合行业特征，但应收账款及合约资产规模较大，对资金形成占用； 公司债务规模和债务负担小幅下降，债务结构与资产结构匹配。公司偿债能力指标表现一般，但考虑到 其融资能力强，业务符合现有政策导向，公司有望通过持续经营提升其偿债保障。本期债项的发行对公 司债务结构影响小，公司EBITDA对发行后长期债务的保障能力较强。 本期债项发行金额上限为人民币15亿元，期限为3+N(3)年。本次募集资金拟全部用于赎回公司永续中期 票据。本期债项附设递延支付利息选择权、赎回选择权和利率跃升机制等特殊条款，在破产清算时的清 偿顺序劣后 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 3.51 and a fair value of HKD 3.99 [3]. Core Insights - The company's financial performance shows a continuous improvement in the quality of its financial statements, with a dividend payout ratio increased to 41.8% from 30.5% in the previous year, resulting in a dividend yield of 5.94% [7][36]. - The company has shifted its revenue structure, with operational revenue now accounting for 63% of total revenue, while construction revenue has decreased significantly [7][22]. - The company is expected to improve its cash flow and dividend potential, with projected net profits for 2025-2027 at HKD 35.0 billion, 36.4 billion, and 39.1 billion respectively, corresponding to a PE ratio of 6.16, 5.92, and 5.52 [7][36]. Summary by Sections 1. Operational Performance and Dividend Increase - The company reported a revenue of HKD 30.26 billion for 2024, a decrease of 6% year-on-year, and a net profit of HKD 3.38 billion, down 23.8% year-on-year, primarily due to a decline in construction service revenue and one-time impairment factors [12][14]. - The operational revenue has increased to 63%, with the environmental energy segment being the core driver of growth [7][22]. 2. Steady Improvement in Operating Data - The company has seen a rise in the amount of waste processed, with a total of 5,200.6 million tons in 2024, reflecting a 7% increase year-on-year, and an increase in electricity generation by 8% [37][40]. - The operational efficiency is highlighted by an increase in the average effective rate of return on receivables, which improved by 7 percentage points to 86% [7][33]. 3. Financial Projections - The report forecasts a gradual recovery in net profit margins, with expected improvements in cash flow and a stable dividend policy, indicating a positive outlook for the company's financial health [7][36]. - The projected EBITDA for 2025-2027 is expected to be HKD 11.48 billion, 11.67 billion, and 12.03 billion respectively, indicating a stable growth trajectory [2][36].

证券研究报告 | 2025年03月31日 光大环境（00257.HK） 优于大市 建造收入、减值拖累业绩，派息比率 41.8%创历史新高 受建造收入下滑和减值因素影响，收入利润均承压。2024 年公司实现营业收 入 302.58 亿港元，同比-5.71%，主要原因是新建项目减少，导致建造收入 下降。2024 年公司实现净利润 33.77 亿港元，同比-23.75%。净利润下降的 主要系建造利润减少和计提减值增加（物业、厂房及设备耗损 6 亿港元，2023 年为 3.8 亿港元；无形资产耗损 6.97 亿港元，2023 年为 2.10 亿 港元）所 致。公司 2024 年销售毛利率为 38.13%，较 2023 年下降 4.91pct；销售净利 率为 13.13%，较 2023 年下降 3.38pct；管理费用率小幅下滑 0.5pct 至 9.3%； 财务费用率下滑 1.1pct 至 9.9%。 环保能源板块：收入 159.16 亿港元，同比-8%。其中运营收入 97 亿港元， 同比+5%；建造收入 25 亿，同比-41%；财务收入 37 亿港元，同比-3%。 该板块收益和盈利均有所下降，主要受在建项目数量减少 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5][12][3] Core Views - The company's revenue and profit are under pressure due to a decline in construction income and impairment factors, with a 2024 revenue of HKD 30.258 billion, down 5.71% year-on-year, and a net profit of HKD 3.377 billion, down 23.75% year-on-year [1][6] - The company has increased its dividend payout ratio to 41.8%, the highest in its history, with a total dividend of HKD 1.41 billion for 2024, reflecting improved cash flow and a commitment to returning value to shareholders [2][12] - The report projects a slight downward adjustment in profit forecasts but expects net profit growth from 2025 to 2027, with estimates of HKD 3.836 billion, HKD 4.129 billion, and HKD 4.298 billion respectively [3][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of HKD 30.258 billion, a decrease of 5.71% from the previous year, primarily due to a reduction in new projects [1][6] - The net profit for 2024 was HKD 3.377 billion, reflecting a decline of 23.75%, attributed to reduced construction profits and increased impairment provisions [1][6] - The gross profit margin for 2024 was 38.13%, down 4.91 percentage points from 2023, while the net profit margin was 13.13%, down 3.38 percentage points [1][6] Segment Performance - Environmental Energy Segment: Revenue of HKD 15.916 billion, down 8% year-on-year, with operational income increasing by 5% but construction income decreasing by 41% [1][8] - Environmental Water Segment: Revenue of HKD 6.847 billion, up 2% year-on-year, with construction income increasing by 17% [2][8] - Green Environmental Segment: Revenue of HKD 6.974 billion, down 6% year-on-year, with construction income significantly declining by 65% [2][8] Dividend Policy - The company has enhanced its dividend policy, with a payout ratio rising to 41.8% and a dividend of HKD 0.23 per share for 2024, compared to 30.5% in 2023 [2][12] - The absolute dividend value increased from HKD 1.35 billion in 2023 to HKD 1.41 billion in 2024, corresponding to a dividend yield of approximately 6.6% based on the closing price on March 26, 2025 [2][12]