股票简称：瀚蓝环境 股票代码：600323 编号：临2024-054 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实、准确和完整承担法律责任。 瀚蓝环境股份有限公司（简称"公司"）第十一届董事会第二十次会议于2024年11 月11日发出书面通知，于2024年11月20日在瀚蓝广场10楼会议室以现场会议+腾讯会议 方式召开。会议由董事长张厚祥主持，应到董事9人，所有董事亲自出席会议。会议符合 《中华人民共和国公司法》（简称《公司法》）、《瀚蓝环境股份有限公司章程》（简 称《公司章程》）和《瀚蓝环境股份有限公司董事会议事规则》的有关规定，会议通过 的决议合法有效。 经审议，通过了如下决议： 一、 审议通过《关于本次交易符合相关法律法规规定的议案》。 公司拟通过间接控股子公司瀚蓝（香港）环境投资有限公司（简称"瀚蓝香港"）， 以协议安排方式私有化香港联合交易所有限公司（简称"香港联交所"）上市公司粤丰 环保电力有限公司（简称"标的公司"或"粤丰环保"），从而使粤丰环保成为瀚蓝香 港控股子公司并从香港联交所退市（简称"本次交易"或"本次私有化交易"）。 根据《中华人民共 ...

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瀚蓝环境股份有限公司董事会 关于本次交易中是否存在直接或间接有偿聘请 其他第三方机构或个人的说明 瀚蓝环境股份有限公司（以下简称"公司"）拟通过间接控股子公司瀚蓝（香 港）环境投资有限公司（以下简称"瀚蓝香港"），以协议安排方式私有化香港联 合交易所有限公司（以下简称"香港联交所"）上市公司粤丰环保电力有限公司（以 下简称"标的公司"或"粤丰环保"），从而使粤丰环保成为瀚蓝香港控股子公司并 从香港联交所退市（以下简称"本次交易"）。 按照中国证券监督管理委员会《关于加强证券公司在投资银行类业务中聘 请第三方等廉洁从业风险防控的意见》（证监会公告[2018]22 号）的规定，公司 在本次交易中聘请的第三方机构情况如下： 公司聘请中信证券股份有限公司担任独立财务顾问；聘请北京市金杜（深 圳）律师事务所担任法律顾问；聘请华兴会计师事务所（特殊普通合伙）担任审 计机构和备考审阅机构；聘请中联资产评估集团有限公司担任估值机构；聘请友 扬企业形象策划（上海）有限公司作为财经公关咨询服务机构；聘请睿智天下咨 询（北京）有限公司作为境外投资备案申报咨询机构；聘请北京市金杜律师事务 所上海分所作为反垄断申报咨询机构。 除上述中 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 29 CNY, compared to the current price of 21.72 CNY [1]. Core Insights - The company achieved a revenue of 8.731 billion CNY in the first three quarters of 2024, a year-on-year decrease of 2.58%, while the net profit attributable to shareholders reached 1.385 billion CNY, an increase of 18.82% [1][2]. - The report highlights a divergence between revenue and profit growth, with a decline in revenue primarily due to a decrease in solid waste engineering business, while profit growth was supported by various factors including project confirmations and improved margins in the energy sector [2]. - The solid waste and energy business segments showed positive operational performance, with solid waste treatment revenue at 4.511 billion CNY, down 2.10%, but net profit increased by 14.89% to 0.954 billion CNY [2]. - The company has accelerated cash flow collection, resolving 0.787 billion CNY of outstanding accounts receivable by the end of Q3 2024, with plans to significantly reduce remaining receivables by year-end [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 1.681 billion CNY, with a year-on-year growth of 17.6%, and an EPS of 2.06 CNY [6]. - The main revenue for 2024 is estimated at 13.381 billion CNY, reflecting a growth rate of 6.7% compared to 2023 [6]. - The company maintains a healthy financial position with a debt-to-asset ratio of 63.13% and a net asset value per share of 16.10 CNY [3].

股票简称：瀚蓝环境 股票代码：600323 编号：临 2024-053 瀚蓝环境股份有限公司 关于重大资产重组进展公告 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。 一、本次交易概述 瀚蓝环境股份有限公司（以下简称"公司"）拟通过控股子公司瀚蓝（香港） 环境投资有限公司（以下简称"瀚蓝香港"），以协议安排方式私有化香港联合交 易所有限公司（以下简称"香港联交所"）上市公司粤丰环保电力有限公司（以下 简称"粤丰环保"），从而使粤丰环保成为瀚蓝香港控股子公司并从香港联交所退 市（以下简称"本次交易"）。本次交易将达到《上市公司重大资产重组管理办法》 规定的重大资产重组标准，构成重大资产重组。 二、本次交易的进展情况 公司已于 2024 年 7 月 22 日、8 月 23 日分别披露《重大资产购买预案》及《重 大资产购买预案（修订稿）》， 本次交易的有关进展情况详见公司于 2024 年 7 月 22 日、8 月 2 日、8 月 6 日、8 月 7 日、8 月 23 日、8 月 30 日、9 月 12 日、9 月 30 日、10 月 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 87.31 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.58%, while the net profit attributable to shareholders increased by 18.82% to 13.85 billion yuan [4][5]. - The solid waste operation showed stable growth, while the engineering equipment business saw a significant decline in profit. The solid waste treatment business generated 45.11 billion yuan in revenue, down 2.10%, but net profit increased by 14.89% to 9.54 billion yuan [4][5]. - The company is addressing its accounts receivable, having resolved 7.87 billion yuan of outstanding accounts receivable in the first three quarters, with a target of 20 billion yuan for the year [5][6]. - The company is pursuing the acquisition of Guangdong Yufeng Environmental Protection, which is expected to enhance earnings per share (EPS) significantly [5][6]. - The company has a total of 35,750 tons/day of waste incineration projects in hand, with ongoing projects expected to contribute to future profits [6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 29.07 billion yuan, a year-on-year decrease of 4.21%, while net profit was 4.98 billion yuan, up 4.65% [4]. - The energy business generated 27.84 billion yuan in revenue, down 6.11%, but showed improvement in operational conditions [4][5]. - The company’s operating cash flow for 2023 was 2.48 billion yuan, with projections for 2024 to reach 4.67 billion yuan [11]. Business Segments - The solid waste treatment segment's revenue was 45.11 billion yuan, with a net profit of 9.54 billion yuan, while the engineering and equipment segment saw a revenue drop of 61.98% [4][5]. - The company’s water supply business remained stable, with revenue of 7.09 billion yuan, while the drainage business grew by 12.91% to 5.03 billion yuan [4][5]. Future Outlook - The company expects to complete the acquisition of Guangdong Yufeng by the end of 2024, which could increase net profit by 3.89 billion yuan [5][6]. - Forecasted net profits for 2024-2026 are 16.9 billion yuan, 21.8 billion yuan, and 23.2 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.1x, 8.6x, and 8.1x [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - For the first three quarters of 2024, the company achieved a revenue of 8.731 billion yuan, a year-on-year decrease of 2.58%, while the net profit attributable to the parent company was 1.385 billion yuan, an increase of 18.82% year-on-year [1] - The decline in revenue is primarily due to a decrease in solid waste engineering income, while natural gas revenue slightly decreased but improved the sales margin [1] - The company is expected to enhance profitability and cash flow through the acquisition of Yuefeng Environmental [1] Financial Performance Summary - Revenue and Profit: In Q1-Q3 2024, the company reported a revenue of 8.731 billion yuan, with a net profit of 1.385 billion yuan. The revenue for Q3 alone was 2.907 billion yuan, showing a year-on-year decrease of 4.21% [1] - Business Segments: - Solid Waste: Revenue of 4.511 billion yuan, down 2.10%, with net profit of 0.954 billion yuan, up 14.89% [1] - Energy: Revenue of 2.784 billion yuan, down 6.11%, with natural gas sales volume of 729 million cubic meters, down 3.36% [1] - Water Supply: Revenue of 709 million yuan, flat year-on-year, with water sales volume of 340 million tons, up 0.75% [1] - Drainage: Revenue of 503 million yuan, up 12.91%, with sewage treatment volume of 200 million tons, up 7.34% [1] - Cash Flow: Operating cash flow for Q1-Q3 2024 was 1.343 billion yuan, a decrease of 17.66% year-on-year [1] - Profitability Metrics: The gross margin for Q1-Q3 2024 was 31.44%, an increase of 4.36 percentage points year-on-year, while the net profit margin was 16.13%, an increase of 2.81 percentage points year-on-year [1] Earnings Forecast and Valuation - The report forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 1.679 billion yuan, 1.739 billion yuan, and 1.881 billion yuan respectively, corresponding to a P/E ratio of 11, 11, and 10 times [1]

大家好 我是泛满环境董立昌日语今天出席我们交流会的还有公司副总裁兼财务负责人吴志勇吴总 那下面我简要的跟各位先回顾一下我们三季报的那个情况那我想主要是三点想跟各位交流一下一个就是在三季报里面呢大家也看到那我们的本体的业绩还是非常出现的那其中供海水那也是一如既往的稳定然后能源业务那在经历了 就是前几年的波动以后呢在今年开始恢复了一个正常的一个盈利的水平那顾费处理业务的话呢在工程业务大幅下滑的情况下那整体的一个净利润依然是实现了一个稳定的增长同时呢顾费处理业务的生产指标产能利用率 公司处于一个比较稳定并且是在有所增长的态势这也呈现出来一方面是公司整体的业务结构还是非常具有抗风险的能力并且也是服务于民生产业的整体收益比较稳定 并且公司这几年的经济管理降本增效还是取得了非常好的一个成效包括我们在这一个开拓业务方面包括我们的公热等等的这种中和一体化的这种业务也在这两年也是看到了一个比较好的一个这个成效 然后第二点的话是现金流大家都非常关注这一个数据那看到我们经营活动产生的这个现金流是超过了13个亿那整体这也体现了就是汉南环境的四大业务板块里面 整体的抗风险的能力包括我们的供水和能源的这种突袭的业务应该说对我们整体现金流 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 29 年 月 日 瀚蓝环境（600323.SH） 利润持续增长，"焚烧+"协同效益显著 2024Q3 利润持续增长。公司 2024 前三季度实现营收 87.3 亿元，yoy2.6%，实现归母净利润 13.9 亿元，yoy+18.8%。2024Q3 单季度实现营 收 29.1 亿元，yoy-4.2%，实现归母净利润 5.0 亿元，yoy+4.7%。公司净 利润同比增长而营收同比下降的主要原因是：（1）固废工程业务收入规模 下降导致营业收入下降；（2）济宁项目补确认 2020 年 11 月至 2024 年 8 月电费收入影响净利润约 1.2 亿元；（3）天然气业务进销价差有所改善， 能源业务经营情况好转；（4）公司持续落实降本增效举措取得良好成效。 盈利能力显著提升，费用管控合理，应收账款回款加速。2024 前三季度， 公司实现综合毛利率 31.4%（yoy+4.4pct），主要是运营效率提升、天然 气价差改善所致。三费合计比率 10.8%（yoy+0.4pct），其中，销售费用 率 / 管理费用率 / 财 务 费 用 率 分 别 为 1.0% ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][9]. Core Views - The company achieved a net profit of 1.385 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 19% [2][9]. - The revenue for the first three quarters of 2024 was 8.731 billion yuan, a decrease of 3% year-on-year, while the net profit attributable to the parent company was 1.366 billion yuan, reflecting a growth of 20% [9]. - The report highlights improvements in the natural gas business and ongoing cost reduction measures contributing to operational efficiency [2][9]. Financial Summary - The company’s total revenue for Q3 2024 was 2.907 billion yuan, down 4% year-on-year, with a net profit of 498 million yuan, up 5% year-on-year [9]. - The solid waste business generated a net profit of 954 million yuan in the first three quarters, a 15% increase year-on-year, with an operating net profit margin of 52.71% [9]. - The energy business reported a revenue of 2.784 billion yuan, a decline of 6% year-on-year, primarily due to lower natural gas sales prices, although the price difference improved during the reporting period [9]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 1.659 billion yuan, 1.795 billion yuan, and 1.920 billion yuan respectively, with corresponding EPS of 2.03 yuan, 2.20 yuan, and 2.35 yuan [9][10]. - The target price remains at 32.75 yuan, with the current price at 23.05 yuan, indicating potential upside [4][9].