丨证券研究报告丨 公司研究丨点评报告丨瀚蓝环境（600323.SH） [Table_Title] 瀚蓝环境 2025H1 点评：粤丰正式并表，运营效 率持续提升 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 徐科 任楠 贾少波 李博文 盛意 报告要点 [Table_Summary] 瀚蓝环境 2025 上半年实现营业收入 57.63 亿元，同比下降 1.05%，归母净利润 9.67 亿元，同 比增加 8.99%，其中 Q2 单季度实现营业收入 31.62 亿元，同比增长 1.73%，归母净利润 5.47 亿元，同比增长 8.03%。吨发、吨上网等运营指标持续提升，供热、财务费用下行等降本增效 空间仍较大，存量应收账款收回改善现金流，资本开支继续下行。截至目前，公司已投产垃圾 焚烧规模 66190 吨/日，在建规模 2250 吨/日，随着项目逐渐投运，未来仍有一定运营利润贡 献。 分析师及联系人 [Table_Author] ...

Core Viewpoint - The environmental industry is undergoing a significant transformation, and a leading environmental company is establishing the first AI joint research institute in the sector to drive intelligent transformation and innovation [1][2]. Group 1: Industry Challenges and Opportunities - The environmental industry faces a dual challenge of increasing standards and rising public awareness, alongside low levels of intelligence and unutilized data value [2]. - There is a pressing need for refined operations and intelligent transformation within the industry, driven by the call to embrace AI and big data [2]. Group 2: Company Initiatives - The company, Hanlan Environment (600323), has over 20 years of experience in the environmental sector, with significant operations in waste treatment, energy supply, and water services [2]. - Hanlan processes nearly 100,000 tons of municipal waste daily and serves 54 cities across 20 provinces, providing a rich dataset for AI applications [2]. Group 3: AI Research Institute Focus - The AI joint research institute will focus on breakthroughs in models, algorithms, and application development, aiming to create a comprehensive knowledge base across all business segments [4]. - The institute aims to enhance operational efficiency and compliance through intelligent decision-making and data integration [4]. Group 4: Collaboration and Technology Integration - Hanlan collaborates with Ruibo Technology, a leading AI enterprise, to build an AI application platform that integrates the entire process from data to algorithms to applications [5]. - The partnership leverages advanced research resources from top institutions, enhancing the technological capabilities of the environmental sector [5]. Group 5: Future Development and Goals - The AI initiatives are designed to enhance the company's core business while achieving a technological leap and value enhancement [6]. - The research institute will develop proprietary business models and high-value scenario intelligence to improve operational efficiency and reduce costs [7]. - The ultimate goal is to create a reliable and transferable AI engine for the environmental industry, aiding partners lacking technology and resources [7]. Group 6: Regional Support and Broader Impact - The establishment of the AI joint research institute is supported by local government initiatives promoting AI across various industries [8]. - The integration of AI technology is expected to reshape the global competitiveness of China's environmental industry [8].

内生增长动力强劲，运营提质增效成果显著。报告期内，公司固废处理运营类业务（剔除工程与装备业 务）实现净利润7.30 亿元，同比增长26.44%，展现了强大的内生增长韧性。其中，供热业务成为突出 亮点，实现供热量94.35 万吨，同比增长41.60%；供热收入1.40 亿元，同比增长46.50%。公司运营效率 持续提升，在供热量大幅增长的同时，吨垃圾发电量和上网电量仍同比分别增长2.60%和3.51%，达到 386.26 度和337.42度，综合厂用电率同比降低0.77 个百分点，精益化管理成效显现。公司财务状况健 康，经营活动产生的现金流量净额达12.21 亿元，同比增长29.77%；存量应收账款回收顺利，上半年回 款超11.50 亿元（不含粤丰环保），为公司发展提供坚实保障。 积极探索新增长曲线，持续提升股东回报。公司前瞻布局，积极探索"绿电直供"等新业务模式，近期分 别与中国联通广东省分公司、深圳市城市交通规划设计研究中心签署算力中心相关战略合作协议，拟发 挥公司绿电资源优势，推动智算（AIDC）项目落地，挖掘新的盈利增长点。同时，公司持续推进以排 水和固废业务为底层资产的基础设施公募REITs 发行工作 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated better-than-expected growth through both organic and acquisition strategies, with the first interim dividend being distributed [1] - The integration of the acquired company, Yuefeng, has shown significant contributions to revenue and profit, indicating strong synergy effects [1] - The company's financial performance is projected to improve, with net profit estimates for 2025-2027 being raised due to better-than-expected growth [1] Financial Summary - Total revenue for 2023 is projected at 12,541 million, with a decline of 2.59% year-on-year, while 2024 is expected to see a further decline of 5.22% [1] - Net profit attributable to shareholders is forecasted to be 1,430 million in 2023, with a year-on-year growth of 25.23% [1] - The latest diluted EPS is expected to be 1.75 in 2023, with a P/E ratio of 14.85 [1] - The company’s operating cash flow for the first half of 2025 is reported at 12.21 billion, showing a year-on-year increase of 2.80 billion [1] - The company plans to distribute an interim dividend of 0.25 per share, totaling 2.04 billion, which is 21.08% of the net profit for the first half of 2025 [1]

Core Viewpoint - The company reported stable financial performance in Q2 2025, with revenue and net profit showing slight growth, and initiated a mid-year dividend, reflecting a commitment to shareholder returns [1][3]. Financial Performance - Q2 2025 revenue reached 3.16 billion yuan, up 1.7% year-on-year, while net profit attributable to shareholders was 550 million yuan, up 8% year-on-year, aligning with previous forecasts [1]. - For the first half of 2025, total revenue was 5.76 billion yuan, down 1.1% year-on-year, and net profit was 970 million yuan, up 9% year-on-year [1]. - The company declared its first interim dividend of 0.25 yuan per share, with a payout ratio of 21% [1]. Business Segments Solid Waste Management - Net profit from solid waste management increased by 24.5%, primarily due to the consolidation of Yuefeng Environmental [1]. - Solid waste revenue for the first half of 2025 was 2.95 billion yuan, down 3% year-on-year, with Yuefeng Environmental contributing 360 million yuan [1]. - The company’s operational capacity for waste incineration reached 66,000 tons per day, with an 18% year-on-year increase in waste disposal volume and a 21% increase in power generation [1]. Energy and Water Services - Energy segment revenue increased by 0.7% year-on-year, driven by a slight rise in natural gas sales [2]. - Water supply revenue grew by 2.2% year-on-year, while sewage treatment volume increased by 2.9% [2]. - Operating cash flow rose by 30% year-on-year, reaching 1.2 billion yuan, with over 1.15 billion yuan in receivables collected during the period [2]. Future Outlook - The company aims to enhance shareholder returns, projecting a minimum 10% year-on-year increase in dividends per share from 2024 to 2026 [3]. - For 2024, the projected dividend per share is expected to increase by 67%, with a payout ratio of 40% [3]. Profit Forecast and Valuation - Following the consolidation of Yuefeng Environmental, the company raised its net profit estimates for 2025 and 2026 by 16.6% and 20.3%, respectively, to 2.11 billion yuan and 2.34 billion yuan [4]. - The estimated dividend per share for 2025 and 2026 has been increased to 1 yuan and 1.1 yuan, respectively, with a target price raised by 20% to 31 yuan, indicating a potential upside of 19.8% from the current stock price [4].

Group 1 - Several A-share listed companies completed mergers and acquisitions in the first half of this year to strengthen their industry positions and enhance performance [1] - Hanlan Environment completed the acquisition of Guangdong Feng Environmental Power Co., Ltd. in June, contributing approximately 60 million yuan to the net profit attributable to shareholders in the first half of the year [1] - Hanlan Environment's total garbage incineration power generation project capacity reached 97,590 tons/day, ranking among the top three in the domestic industry and first among A-share listed companies [1] Group 2 - The Vice Secretary-General of the China Urban Expert Think Tank Committee stated that the synergistic development post-merger has significantly enhanced Hanlan Environment's leading position in the domestic solid waste industry [2] - The success of mergers is measured by the degree of post-merger synergy, which helps expand enterprise scale and improve overall industry quality and efficiency [2] - Other A-share listed companies, such as Guangdong Hongda and Yantai Debang Technology, also completed mergers in the first half of the year [2] Group 3 - Guangdong Hongda's acquisition of Xinjiang Xuefeng Technology added new chemical products to its main business, enhancing production capacity and optimizing layout [3] - Guangdong Hongda reported a revenue of 9.15 billion yuan in the first half of the year, a year-on-year increase of 63.83%, with a net profit of 504 million yuan, up 22.05% [3] - Debang Technology's acquisition of Suzhou Taijino New Materials Technology expanded its layout in high-end thermal interface materials, contributing 8.25 million yuan to revenue growth [3] Group 4 - The importance of both pre-merger evaluation and post-merger integration is emphasized, as true strategic upgrades and realization of merger value can only be achieved through effective integration [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company's internal business is experiencing steady growth, and the consolidation of Yuefeng has further enhanced profits. The revenue decline is primarily due to a decrease in PPP project income and sanitation business scale, while the net profit attributable to shareholders has increased significantly [1][3] - The successful acquisition of Yuefeng Environmental has solidified the company's leading position in the industry, with a clear growth path both internally and externally. The report predicts revenue and net profit growth for the years 2025 to 2027, indicating strong growth potential and dividend capability [6] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating income of 5.763 billion yuan, a year-on-year decrease of 1.05%. The net profit attributable to shareholders was 967 million yuan, an increase of 8.99% year-on-year. The net cash flow from operating activities was 1.221 billion yuan, up 29.77% year-on-year [1][4] - The company plans to implement a mid-term dividend, distributing 0.25 yuan per share (including tax), which accounts for approximately 21.08% of the net profit attributable to shareholders for the first half of 2025 [1][4] Business Segments - The solid waste treatment business generated 2.949 billion yuan in revenue, a year-on-year decrease of 3.36%, but net profit increased by 24.51% to 724 million yuan. The heating business showed significant growth, with external heating reaching 943,500 tons, a year-on-year increase of 41.60% [3][4] - The energy segment reported revenue of 1.865 billion yuan, a year-on-year increase of 0.71%, while the water supply and drainage businesses also showed stable growth [3] Acquisition and Integration - The acquisition of Yuefeng Environmental was completed in June 2025, with a total waste incineration power generation capacity of 97,590 tons per day, ranking among the top in the industry. The integration work is progressing smoothly, and initial synergies are being realized [3][6] - Financial synergies from the acquisition include a reduction in total loans by approximately 1.3 billion yuan and a decrease in financing rates, effectively lowering financial costs [3][6] Cash Flow and Shareholder Returns - The company has set a target to recover at least 2 billion yuan of outstanding accounts receivable in 2025, with over 1.15 billion yuan already collected in the first half of the year. This has contributed to a significant improvement in cash flow [4] - The company is committed to sharing development results with shareholders, as evidenced by the planned mid-term dividend distribution [4][6]

Summary of Huanlan Environment Conference Call Company Overview - **Company**: Huanlan Environment - **Date**: August 27, 2025 Key Points Industry and Company Performance - Huanlan Environment optimized its business structure, reducing the scale of sanitation operations, resulting in a net cash flow from operating activities exceeding 1.2 billion yuan, a year-on-year increase of nearly 30% [2][3] - The acquisition of Yuefeng Environmental contributed 60 million yuan in net profit and 200 million yuan in operating cash flow [2][4] - The company reported a significant increase in asset scale by 61.4%, reaching 63.4 billion yuan post-acquisition [3] - Despite a decrease in revenue, net profit increased by 80 million yuan due to proactive business structure optimization [3] Financial Metrics - Capital expenditures decreased to 893 million yuan, continuing a downward trend, while free cash flow turned positive at 338 million yuan [2][3] - The company achieved a stable collection rate of over 99% in the water and energy sectors, with an average collection rate of 81% in waste incineration and 65% in wastewater treatment [2][9] Business Segments - The four major business segments of Huanlan Environment showed steady growth, with the waste treatment segment's heating business revenue increasing by 44 million yuan and heating volume growing over 40% [2][6] - The gross profit margin for the large waste business remained stable at over 42%, with a year-on-year increase of over 3% [15] Dividend Policy - Huanlan Environment announced its first interim dividend, committing to a minimum annual growth of 10% in dividends per share for 2025 and 2026, reflecting improved operational conditions and cash flow [2][7] Strategic Initiatives - The company is formulating its "15th Five-Year" strategy, focusing on ensuring existing business growth and exploring new areas such as waste-to-energy, heating services, and organic waste resource utilization [4][24] - Huanlan Environment plans to enhance management efficiency and reduce costs through integrated management and operational improvements [5][30] Challenges and Responses - The company is addressing the impact of unfavorable economic conditions on accounts receivable management, with ongoing efforts to improve collection rates [9][10] - Huanlan Environment is also preparing for potential adjustments in waste treatment fees, which are expected to be synchronized with wastewater treatment fees in the future [12][29] Future Outlook - The company maintains an optimistic outlook for the second half of 2025, expecting continued growth driven by operational efficiency improvements and strategic acquisitions [32] - Huanlan Environment aims to enhance shareholder returns through increased dividends and strategic growth initiatives while transitioning towards innovative business models [26][25] Additional Considerations - The integration of Yuefeng Environmental is expected to yield significant synergies over the next three years, enhancing profitability [4][24] - The company is actively pursuing partnerships for data center projects and exploring opportunities in international markets [27][26] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Huanlan Environment's performance, financial metrics, and future growth strategies.

2025 年 08 月 27 日 瀚蓝环境 (600323) ——粤丰并表利润超预期，高成长高分红可期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（元） | 25.87 | | 一年内最高/最低（元） | 28.18/18.47 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 3.09 | | 流通 A 股市值（百万元） | 21,093 | | 上证指数/深证成指 | 3,800.35/12,295.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 16.90 | | 资产负债率% | 72.46 | | 总股本/流通 A 股（百万） | 815/815 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-27 09-27 10-27 11-27 12-27 01-27 02-27 03-27 04-27 05-27 06-27 07-2 ...

Core Insights - Hanlan Environment reported a decrease in the number of shareholders to 21,058 as of June 30, 2025, down by 2,663 or 11.23% from March 31, 2025 [1] - The average number of shares held per shareholder increased from 34,400 to 38,700, with an average market value of 942,800 yuan [1] - Compared to the industry average, Hanlan Environment's shareholder count is lower, while its average market value per shareholder is higher [1] Summary by Category Shareholder Statistics - As of June 30, 2025, the number of shareholders is 21,058, a decrease of 2,663 or 11.23% from the previous quarter [2] - The average market value per shareholder is 942,800 yuan, which is above the industry average of 219,800 yuan [1][2] Stock Performance - From March 31, 2025, to June 30, 2025, Hanlan Environment's stock price increased by 1.93% [1][2] - During this period, the company experienced a net outflow of 172 million yuan from institutional investors, while retail investors contributed a net inflow of 59.08 million yuan [2] Industry Comparison - The average number of shareholders in the environmental governance industry is 28,100, indicating that Hanlan Environment has a lower shareholder base [1] - The average market value per shareholder in the environmental governance sector is 219,800 yuan, which Hanlan Environment exceeds [1]