股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-053 瀚蓝环境股份有限公司 2023 年度第一期中期票据兑付公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1、发行人：瀚蓝环境股份有限公司 联系人：冯微 联系方式：0757-86335158 2、存续期管理机构：中信银行股份有限公司 为保证瀚蓝环境股份有限公司 2023 年度第一期中期票据（债券简称：23 瀚蓝 MTN001， 债券代码：102383026）兑付工作的顺利进行，方便投资者及时领取兑付资金，现将有 关事宜公告如下： 一、本期债券基本情况 二、兑付办法 托管在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在规定时间之 前划付至银行间市场清算所股份有限公司指定的收款账户后，由银行间市场清算所股份 有限公司在兑付日划付至债券持有人指定的银行账户。债券兑付日如遇法定节假日，则 划付资金的时间相应顺延至其后的第一个工作日，顺延期间不另计息。债券持有人资金 汇划路径变更，应在兑付前将新的资金汇划路径及时通知银行间市场清算所股份有限公 司。因债券 ...

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

信达证券研报指出，瀚蓝环境2025年前三季度实现归母净利润16.05亿元，同比增加15.85%；内生增长 动力强劲，粤丰并表增厚业绩，公司前三季度业绩增长主要由粤丰环保并表驱动，粤丰环保于6-9月贡 献收入约14.86亿元，贡献归母净利润约2.4亿元。瀚蓝环境为全国性综合环境服务商，完成粤丰并购后 龙头地位稳固，内生外延增长路径清晰。公司存量业务提质增效成果显著，现金流持续改善，分红能力 有望增强。综合考虑到公司成功并购粤丰环保及未来业绩成长性，该行预测公司2025-2027年营业收入 分别为125.45/142.41/145.63亿元，归母净利润19.38/22.55/23.53亿元，看好公司稳健成长能力及分红潜 力，维持公司"买入"评级。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company reported a revenue of 9.737 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.52%, and a net profit attributable to shareholders of 1.605 billion yuan, up 15.85% year-on-year [1][6] - The integration of the acquired company, Yuefeng, has exceeded expectations, contributing significantly to overall revenue and profit [6] - The company's operational business achieved a revenue of 5.122 billion yuan, with a year-on-year increase of 22.01%, and a net profit of 1.372 billion yuan, up 46.15% year-on-year [6] Financial Performance - The company’s total revenue for 2023 is projected at 12.541 billion yuan, with a year-on-year decrease of 3%, followed by a recovery in 2025 with an expected growth of 23% [2][10] - The net profit attributable to shareholders is forecasted to grow from 1.430 billion yuan in 2023 to 1.912 billion yuan in 2025, reflecting a compound annual growth rate of 15% [7][10] - The company’s operating profit is expected to increase from 1.822 billion yuan in 2023 to 2.395 billion yuan in 2025, with a growth rate of 15% [9][10] Business Segments - The heating business has shown continuous growth, with external heating supply reaching 1.4634 million tons, a year-on-year increase of 40.40% [6] - The energy and water supply businesses have remained stable, with revenues of 2.783 billion yuan and 714 million yuan respectively, showing slight year-on-year changes [6] Cash Flow and Valuation - The company reported a free cash flow of 1.353 billion yuan for the first three quarters, significantly improved from the previous year [6] - The current stock price corresponds to a price-to-earnings ratio (PE) of 12.3x for 2025, indicating a favorable valuation compared to historical performance [7][10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has demonstrated significant improvements in quality and efficiency, with the integration of Yuefeng continuing to yield positive results [1] - For the first three quarters of 2025, the company achieved a revenue of 9.737 billion yuan, an increase of 11.52% year-on-year, and a net profit attributable to shareholders of 1.605 billion yuan, up 15.85% year-on-year [1] - The strong internal growth momentum is primarily driven by the consolidation of Yuefeng Environmental, which contributed approximately 1.486 billion yuan in revenue and 240 million yuan in net profit during the period [3] Financial Performance Summary - The solid waste treatment business generated a revenue of 5.476 billion yuan, a year-on-year increase of 21.39%, with net profit rising by 4.1 billion yuan [3] - The energy business maintained revenue at 2.783 billion yuan, showing stability compared to the previous year [3] - The company’s cash flow from operating activities saw a substantial increase of 98.21%, reaching 2.662 billion yuan [3] Business Segment Analysis - The heating business showed remarkable growth, with external heating reaching 1.4634 million tons, a 40.40% increase year-on-year, and heating revenue growing by 49.30% to 221 million yuan [3] - The company’s operational efficiency improved, with power generation per ton of waste and grid-connected electricity both increasing by 1.18% and 1.84%, respectively [3] Future Earnings Forecast - The company is projected to achieve revenues of 12.545 billion yuan, 14.241 billion yuan, and 14.563 billion yuan for the years 2025, 2026, and 2027, respectively [6] - The net profit attributable to shareholders is expected to be 1.938 billion yuan, 2.255 billion yuan, and 2.353 billion yuan for the same years [6] - The company’s earnings per share (EPS) is forecasted to be 2.38 yuan, 2.77 yuan, and 2.89 yuan for 2025, 2026, and 2027, respectively [6]

Group 1 - The report highlights that the wealth management market in China has seen a significant increase in scale, reaching a new high despite valuation rectification pressures, with a third-quarter increase of 1.46 trillion yuan, which is 620 billion yuan more than the same period last year [5] - The report indicates that the financial institutions' deposit growth has slowed down, with a total increase of 4.76 trillion yuan in deposits in the third quarter, which is a decrease of 400 billion yuan year-on-year [5] - The wealth management and bond fund scales have shown a year-on-year decrease in the second half of the year, while deposits have started to recover [5] Group 2 - The report discusses the growth potential of the pool cleaning robot industry, which has a current market size of 2.5 billion USD and is expected to grow to 4.21 billion USD by 2029, with a CAGR of 11.1% from 2024 to 2029 [6] - The company is positioned as a leading player in the pool cleaning robot market, holding a 9.2% market share and ranking third globally, with the top five manufacturers accounting for approximately 74.9% of the market [6] - The report emphasizes the company's competitive advantages, including strong R&D capabilities, comprehensive product offerings, and a robust multi-channel sales strategy [6] Group 3 - The report notes that the company has experienced a slowdown in revenue growth, with a 2025 year-to-date revenue of 1.76 billion yuan, reflecting an 18.7% increase year-on-year, while net profit has decreased by 29% [11] - The company is expected to face continued pressure on profitability due to significant investments in new product molds [11] - The report projects net profits for the company to be 121 million yuan, 145 million yuan, and 171 million yuan for 2025, 2026, and 2027, respectively, indicating a decline in 2025 followed by growth in subsequent years [11] Group 4 - The report indicates that the company has achieved a significant increase in revenue and net profit, with a third-quarter revenue of 19.68 billion yuan, representing a 129.19% year-on-year growth [31] - The new game "杖剑传说" has contributed significantly to the company's revenue growth, with total revenue from this game reaching 11.66 billion yuan in the first three quarters of 2025 [31] - The report highlights the company's strong performance in overseas markets, with a 59.46% year-on-year increase in overseas revenue [33]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 9.74 billion yuan, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 1.6 billion yuan, up 15.9%. The integration of Yuefeng and heating renovation contributed to the growth in both revenue and profit [2][6]. - The completion of the acquisition has increased the company's waste incineration capacity (including equity interests) to 97,590 tons per day, ranking among the top three in the domestic industry. The company plans to continue resource integration to achieve multi-dimensional synergy, with significant potential for cost reduction and efficiency improvement [2][6]. Summary by Sections Revenue Performance - The revenue for the first three quarters increased by 1.006 billion yuan year-on-year, primarily due to the consolidation of Yuefeng Environmental, which added approximately 1.486 billion yuan in revenue. Excluding this impact, revenue would have decreased by 480 million yuan [13]. - In Q3 alone, the company reported revenue of 3.97 billion yuan, a year-on-year increase of 36.7% [6]. Profit Performance - The net profit attributable to shareholders for the first three quarters increased by approximately 220 million yuan, representing a growth of 15.85%. Excluding one-time gains from the previous year, the net profit would have increased by 350 million yuan [13]. - The net profit contribution from Yuefeng Environmental for the period from June to September was approximately 470 million yuan [13]. Cost Management and Financial Efficiency - The company has significant room for cost reduction and efficiency improvement through resource integration. Financial costs have been reduced, with total loans from Yuefeng Environmental decreasing by about 1.5 billion yuan [13]. - The company's credit rating was upgraded from AA+ to AAA, which is expected to further reduce financial costs [13]. Cash Flow and Capital Expenditure - The company has improved cash flow with over 1.53 billion yuan in receivables collected in the first three quarters, expecting to recover no less than 2 billion yuan in receivables for the entire year [13]. - Capital expenditures for the first three quarters were approximately 1.321 billion yuan, with a downward trend expected in future capital spending [13]. Profit Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.9 billion yuan, 2.21 billion yuan, and 2.49 billion yuan, respectively, with corresponding P/E ratios of 12.2x, 10.5x, and 9.3x [13].

Core Viewpoint - Hanlan Environment achieved a net profit attributable to shareholders of 1.6 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.9% [1] - The company reported a single-quarter net profit of 640 million yuan in Q3 2025, with a year-on-year growth of 28.1% [1] Financial Performance - The rapid growth in performance is primarily attributed to the consolidation of Yuefeng Environmental, contributing approximately 820 million yuan [1] - Improvement in accounts receivable collection plans, supported by relevant government initiatives, has led to better collection rates compared to the same period last year [1] - Recovery of renewable energy subsidies has also shown year-on-year improvement [1] Business Strategy - The company focuses on solid waste management as its core business while advancing across multiple sectors [1] - Hanlan Environment has established a complete ecological environment service industry chain, demonstrating strong resource sharing and synergy effects [1] - The company is expected to achieve net profits of 2.01 billion, 2.23 billion, and 2.44 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 11.6, 10.4, and 9.5 times [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has experienced rapid growth in performance, with a revenue of 9.74 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 1.6 billion yuan, up 15.9% year-on-year [1] - The acquisition of Yuefeng Environmental has significantly enhanced the company's operational capabilities and efficiency, contributing to its high-quality development [4] - The company has established a complete ecological environment service industry chain, with strong resource sharing and synergy effects, indicating stable development [4] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.97 billion yuan, a year-on-year increase of 36.7%, and a net profit of 640 million yuan, up 28.1% year-on-year [1] - The comprehensive gross profit margin for the first three quarters of 2025 was 35.1%, an increase of 3.7 percentage points year-on-year [2] - Operating cash flow net amount reached 2.66 billion yuan, a year-on-year increase of 98.2% [2] Business Segments - The solid waste treatment business generated revenue of 5.48 billion yuan, a year-on-year increase of 21.4%, with a net profit of 1.36 billion yuan, up 42.9% [3] - The energy business revenue remained stable at 2.78 billion yuan, while the water supply and drainage businesses reported revenues of 710 million yuan and 500 million yuan, respectively [3] Strategic Developments - The integration of Yuefeng Environmental since June 1, 2025, has positioned the company among the top three in the domestic industry for waste incineration power generation projects [4] - The company has signed agreements for external heating services for 30 waste incineration power generation projects, with 22 already operational, which is expected to enhance profitability [4] - The company anticipates net profits attributable to shareholders of 2.01 billion yuan, 2.23 billion yuan, and 2.44 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11.6, 10.4, and 9.5 [4]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, primarily driven by the consolidation of Yuefeng Environmental and operational improvements in waste management and energy sectors. Financial Performance - For the first nine months of 2025, the company achieved operating revenue of 9.737 billion yuan, an increase of 1.006 billion yuan or 11.52% year-on-year, with the main business revenue reaching 9.477 billion yuan, up 9.70% [21] - The net profit attributable to shareholders was 1.605 billion yuan, an increase of 220 million yuan or 15.85% year-on-year, with a non-recurring net profit of 1.536 billion yuan, up 12.39% [21][3] - The net cash flow from operating activities was 2.662 billion yuan, an increase of 1.319 billion yuan or 98.21% year-on-year, mainly due to the contribution from Yuefeng Environmental and improved accounts receivable collection [22] Business Segments - The solid waste treatment business generated 5.476 billion yuan in revenue, accounting for 57.78% of the main business revenue, with a year-on-year increase of 21.39% [23] - The waste incineration business (excluding engineering and equipment) achieved revenue of 3.843 billion yuan, a year-on-year increase of 43.41%, with net profit rising by 56.07% [24] - The energy business maintained stable revenue at 2.783 billion yuan, while the water supply business saw a slight increase to 714 million yuan [27][28] Strategic Developments - The company completed the acquisition of Yuefeng Environmental in June 2025, enhancing its market position in waste incineration and increasing its operational capacity [6] - The company is focusing on integrating management systems post-acquisition to realize synergies and improve operational efficiency [7][8] - The company is actively exploring opportunities in the "green electricity direct supply" market and has established a power sales company to leverage its green energy resources [16] Sustainability and Innovation - The company has set ambitious carbon neutrality goals, aiming for peak carbon emissions by 2030 and carbon neutrality by 2060, aligning with national strategies [19] - The company emphasizes technological innovation and digital transformation, establishing a research platform to enhance its core technological competitiveness [15] Shareholder Returns - The company has implemented a mid-term dividend distribution plan for 2025, distributing 0.25 yuan per share, reflecting its commitment to returning value to shareholders [20]