东吴证券近日发布环保行业跟踪周报：生物柴油：地沟油均价持平，单吨净利上升。 2025/10/10-2025/10/16生柴均价8400元/吨(周环比持平)，地沟油均价6713元/吨(周环比持 平)，考虑一个月库存周期测算单吨盈利-100元/吨（周环比减亏26.7%）。锂电回收：硫酸 钴价格大涨，盈利能力改善。截至2025/10/17，三元电池粉锂系数周环比持平，锂/钴/镍系 数分别为71.0%/75.0%/75.0%。截至2025/10/17，碳酸锂7.34万（周环比-0.2%），金属钴 39.60万（周环比+10.3%），金属镍12.28万（周环比-0.9%）。根据模型测算单吨废料毛 利-0.004万（周环比+0.342万）。 以下为研究报告摘要： 投资要点 重点推荐：瀚蓝环境，高能环境，绿色动力环保，绿色动力，海螺创业，永兴股份，光 大环境，军信股份，粤海投资，美埃科技，九丰能源，宇通重工，景津装备，新奥能源，昆 仑能源，三峰环境，兴蓉环境，洪城环境，中国水务，伟明环保，龙净环保，蓝天燃气，新 奥股份，赛恩斯，金科环境，英科再生，路德环境。 建议关注：大禹节水，联泰环保，旺能环境，北控水务集团，碧水源，浙 ...

在废弃油脂收集运输方面，瀚蓝环境也已形成了完善、智慧、高效的收运体系。同样，在农业废弃物收 运方面，瀚蓝构建了"全覆盖收集+信息化监管"双网融合体系，确保病死畜禽从源头到处理中心的全程 可追溯、无漏洞，保障原料的收集率和生物安全。而在再生生物油脂的提炼方面，瀚蓝环境以技术驱动 资源化，聚焦废弃油脂高值化转化路径，通过拓展应用场景、提升产品附加值，激活资源潜力。 瀚蓝环境表示，此次合作与国家绿色发展战略及公司绿色创新战略方向高度契合。以此为基点，公司将 持续发挥自身优势，与中资环国际充分合作，为循环经济提供创新实践案例，为国家绿色低碳循环发展 注入核心力量。（文穗） 国资源循环集团绿色投资有限公司副总经理及财务总监、中资环国际开发有限公司董事长喻红称，此次 合作是落实"十四五"循环经济发展规划与能源转型战略的具体实践，更是行业龙头的强强联合。双方将 以此次签约为起点，深化技术研发与市场拓展合作，构建"资源回收—精深加工—终端应用"全链条合作 模式，为粤港澳大湾区绿色低碳转型提供可复制的示范经验，为国家能源结构优化贡献央企与地方国企 的协同力量。 目前，瀚蓝环境在全国运营19个餐厨垃圾处理及动物无害化处理工厂，依 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The demand for waste incineration in Southeast Asia and Central Asia is urgent, driven by rapid urbanization and rising consumer spending, leading to a significant increase in municipal solid waste generation [6][17]. - Most Southeast Asian countries have a waste incineration treatment ratio below 10%, while Central Asia is even more lagging, with nearly 100% reliance on landfill disposal as of the end of 2024 [6][19]. - Chinese companies have established a competitive advantage in overseas waste incineration projects due to their technological strength and comprehensive solution capabilities, with over ten new contracts signed in 2023, totaling nearly 27,000 tons/day of capacity [7][28]. - The waste incineration sector is characterized by high certainty and steady growth, making it a premium absolute return sector [8][35]. Summary by Sections Waste Incineration Demand in "Belt and Road" Countries - The increase in waste generation is significant, with cities like Ho Chi Minh City producing about 9,700 tons of waste daily, of which only 33% is treated through incineration and composting [6][21]. - Indonesia faces severe waste management challenges, with over 35% of waste unprocessed and directly entering waterways, prompting government plans for incineration plants in 30 cities [6][21]. Economic Conditions Favoring Incineration Technology - By 2024, the GDP per capita in major Southeast Asian countries is projected to be between $4,000 and $10,000, indicating readiness for the adoption of incineration technology [6][24]. - Countries like Thailand and Malaysia have GDPs of $7,345 and approximately $11,867, respectively, which are comparable to China's GDP levels when it began promoting waste incineration [6][24]. Active Project Bidding and High Participation of Chinese Companies - The trend of regular and large-scale project bidding in Southeast Asia and Central Asia is evident, with Chinese companies dominating the competitive landscape [7][28]. - In 2023, Chinese firms signed contracts for waste incineration projects with a combined capacity of nearly 27,000 tons/day, primarily in Vietnam, Thailand, Indonesia, and Uzbekistan [7][28]. Growth Potential and Investment Strategy - Southeast Asia is expected to remain a core market, with project bidding continuing to increase, while Central Asia is in the early stages of development [8][35]. - The integration of waste incineration with new business models such as energy storage and digital capabilities is anticipated to create additional value-added services in overseas environmental projects [8][35]. Recommended Industry Leaders - Key industry leaders recommended include Huanlan Environment, China Everbright, Weiming Environmental, Yongxing Co., Green Power, Junxin Co., Sanfeng Environment, Xirong Environment, and Hongcheng Environment [8][36].

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 瀚蓝龙净三季报卓越，新增非电可再生能源 考核利好生物燃料&绿色氢氨醇 增持（维持） [[投资要点 Table_Summary] Table_Tag] 2025 年 10 月 20 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 相关研究 《【高能环境】受益金属价格上涨， 【龙净环保】矿山绿电贡献业绩，重 视水固红利价值》 2025-10-13 《中国宣布新一轮国家自主贡献，明 确 2035 年阶段性目标&能源结构优化 进阶》 2025-09-30 东吴证券研究所 1/28 请务必阅读正文之后的免责声明部分 ◼ 重点推荐：瀚蓝环境，高能环境，绿色动力环保，绿色动力，海螺创业，永兴股份，光大环境， 军信股份，粤海投资，美埃科技，九丰能源，宇通重工，景津装备，新奥能源，昆仑能源，三 峰环境，兴蓉环境，洪城环境，中国水务，伟明环保，龙净环保，蓝天燃气，新奥股份，赛恩 斯，金科环境，英科再生，路德 ...

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 公用事业 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 20 日 风电核电增值税返还政策调整 进 口 LNG 综合价格创四年新低 看好 ——申万公用环保周报(25/10/13~25/10/17) 本期投资提示： ⚫ 风险提示：1)政策节奏低于预期；2)煤炭、天然气价格波动；3)顺价执行不如预期。 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共15页 简单金融 成就梦想 本研究报告仅通 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant increase in net profit for the first three quarters of 2025, approximately 1.605 billion yuan, representing a year-on-year growth of 15.85%. Excluding one-time gains from the previous year, the actual growth rate is about 27.85% [6] - The consolidation of Guangdong Feng Environmental Protection has contributed significantly to the company's performance, with a net profit contribution of 240 million yuan over four months, exceeding pre-acquisition levels [6] - The company emphasizes shareholder returns, with a commitment to increase dividends per share by no less than 10% from 2024 to 2026 [6] - The report projects an upward revision of the company's net profit forecasts for 2025-2027, estimating 2.043 billion, 2.298 billion, and 2.482 billion yuan respectively, with corresponding price-to-earnings ratios of 11, 10, and 9 [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 12.211 billion yuan, with a year-on-year growth rate of 2.7% [5] - The projected net profit for 2025 is 2.043 billion yuan, reflecting a year-on-year growth of 22.8% [5] - The earnings per share for 2025 is expected to be 2.51 yuan, with a gross margin of 32% [5] - The company's return on equity (ROE) for 2025 is projected at 13.6% [5]

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。 重要内容提示： 1. 瀚蓝环境股份有限公司（以下简称"公司"）2025年前三季度实现归属于母公司所有者的净利润与上年 同期相比，预计将增加2.2亿元左右，同比增加15.85%左右。剔除往期一次性收益影响约1.3 亿元，则同 比增加约3.5亿元，同比增加约27.85%。 2.公司2025年前三季度归属于母公司所有者的扣除非经常性损益的净利润与上年同期相比，预计将增加 1.69亿元左右，同比增加12.39%左右。剔除往期一次性收益影响约1.3 亿元，则同比增加约3.0亿元，同 比增加约24.20%。 在去年同期含一次性往期收益约1.3亿元的情况下，本期公司归属于母公司所有者的净利润仍实现同比 增加2.2亿元左右，增幅为15.85%左右，主要是： （一）本期6月份起新增并表粤丰环保电力有限公司（公司穿透持股52.44%），增加6-9月归母净利润约 2.4亿元； （二）业绩预告情况 经财务部门初步测算，预计2025年前三季度实现归属于母公司所有者的净利润 16.05亿元左右，与上年 同期 ...

事件：公司发布2025 年前三季度业绩预增公告，预计2025 年前三季度实现归属于母公司所有者的净利 润16.05 亿元左右，同比增长15.85%左右；预计实现归属于母公司所有者的扣除非经常性损益的净利润 15.36 亿元左右，同比增长12.39%左右。 收购粤丰环保顺利落地，垃圾焚烧龙头地位稳固，协同效应逐步释放。公司完成对粤丰环保的并购后， 垃圾焚烧在手总产能达到9.76 万吨/日，位居A 股首位、全国前三。整合协同效应潜力巨大，有望持续 释放盈利能力：（1）财务协同：粤丰环保融资成本高于瀚蓝环境，公司已着手进行债务置换与降息， 截至半年报披露日，粤丰环保总贷款降低约13 亿元，融资利率从并购前的2.75%-4.75%降低至 2.50%-4.00%。（2）运营协同： 公司供热业务经验丰富，而粤丰环保供热潜力尚待挖掘，粤丰环保正有序融入公司管理体系，释放潜 能，若粤丰环保供热水平持续提升，预计可带来显著的利润增厚。 内生经营提质增效成果明显，新业务模式打开估值空间。公司内生增长动力强劲，固废主业通过精细化 管理实现"质"的提升。一方面，供热业务持续高增，2025 年上半年公司实现对外供热94.35 万吨，同 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has demonstrated impressive performance in the first three quarters of 2025, with a projected net profit of approximately 1.61 billion yuan, reflecting a year-on-year increase of about 15.9% [1]. - The acquisition of Yuefeng Environmental has significantly enhanced the company's overall strength and competitive position, with a daily waste incineration capacity of 97,590 tons, ranking it among the top three in the industry [2]. - The company is actively improving operational efficiency through its "incineration+" strategy, which has led to substantial growth in its heating supply business and enhanced cash flow [3]. Summary by Sections Financial Performance - The company expects to achieve a net profit of approximately 2.01 billion yuan in 2025, with a year-on-year growth rate of 20.6% [5]. - Revenue for 2025 is projected to be around 13.84 billion yuan, representing a year-on-year increase of 16.5% [5]. Operational Efficiency - The company has improved its operational efficiency, achieving a capacity utilization rate of approximately 115% for its waste incineration projects [3]. - The heating supply business has seen a significant increase, with external heating supply reaching 944,000 tons, a year-on-year increase of 41.6% [3]. Accounts Receivable Management - The company is focusing on enhancing accounts receivable management, aiming to recover at least 2 billion yuan of outstanding receivables in 2025 [4]. - In the first half of 2025, the company successfully recovered over 1.15 billion yuan of accounts receivable [4].