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].

证券时报e公司讯，瀚蓝环境(600323)10月27日晚间披露三季报，公司前三季度实现营业收入87.31亿 元，同比下降2.58%；净利润13.85亿元，同比增长18.82%；基本每股收益1.7元。 报告期内，天然气业务进销价差有所改善，能源业务经营情况有所好转。 ...

股票简称：瀚蓝环境 股票代码：600323 编号：临 2024-052 瀚蓝环境股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一） 会议召开时间：2024 年 11 月 25 日上午 9:00-10:00 （二） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心网络互动 瀚蓝环境股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日披露公司 《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年前 三季度经营成果、财务状况，公司定于 2024 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥2,907,021,433.17, a decrease of 4.21% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥498,145,900.73, an increase of 4.65% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥494,975,394.97, reflecting a 5.94% increase compared to the previous year[2] - For the first three quarters of 2024, the company achieved operating revenue of 8.731 billion CNY, a decrease of 231 million CNY or 2.58% year-on-year, while the main business revenue was 8.507 billion CNY, down 221 million CNY or 2.53%[8] - The net profit attributable to shareholders for the same period was 1.385 billion CNY, an increase of 219 million CNY or 18.82% year-on-year[8] - The net profit for the first three quarters of 2024 was CNY 1,408,113,087.08, compared to CNY 1,193,909,132.70 in the same period of 2023, marking an increase of 17.92%[36] - Basic earnings per share for Q3 2024 was CNY 1.70, compared to CNY 1.43 in Q3 2023, representing an increase of 18.9%[38] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥37,466,342,317.39, representing a 4.66% increase from the end of the previous year[3] - The total liabilities increased to CNY 23,653,256,148.84 in Q3 2024 from CNY 22,957,829,359.07 in Q3 2023, reflecting a growth of 3.02%[36] - The total equity attributable to shareholders of the parent company reached CNY 13,123,487,605.86, up 8.29% from CNY 12,118,946,662.81 in the previous year[36] - The total assets of the company increased to CNY 37,466,342,317.39 in Q3 2024 from CNY 35,797,699,471.38 in Q3 2023, reflecting a growth of 4.66%[36] - The total current assets as of September 30, 2024, amounted to 9,321,317,128.80 RMB, an increase from 7,807,503,085.29 RMB at the end of 2023[31] Cash Flow - The company reported a net cash flow from operating activities of ¥1,342,912,405.22 for the year-to-date, a decrease of 17.66% year-on-year[4] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 1,342,912,405.22, a decrease of 17.7% compared to CNY 1,631,034,042.92 in the same period of 2023[39] - The cash inflow from operating activities totaled ¥2,964,489,303.78 in the first three quarters of 2024, down from ¥4,754,140,829.76 in the same period of 2023[45] - The company reported a total operating cash inflow of CNY 8,047,017,860.50, down 2.7% from CNY 8,270,736,846.33 in the previous year[39] Business Segments - The solid waste treatment business generated main business revenue of 4.511 billion CNY, accounting for 53.03% of the company's main business revenue, with a year-on-year decrease of 0.97%[9] - The net profit from the solid waste treatment business was 954 million CNY, an increase of 124 million CNY or 14.89% year-on-year, indicating strong core growth[9] - The energy business reported main business revenue of 2.784 billion CNY, a decrease of 181 million CNY or 6.11% year-on-year, primarily due to a decline in natural gas sales prices[11] - The water supply business generated main business revenue of 709 million CNY, remaining stable year-on-year, and the company was recognized as a 5A-level water supply service enterprise[12] - The drainage business achieved main business revenue of 503 million CNY, a year-on-year increase of 58 million CNY or 12.91%, driven by new operational income from expansion projects[13] Investments and Projects - The company plans to privatize Guangdong Feng Environmental Power Co., Ltd. through its subsidiary, enhancing its industry position and profitability[30] - The company has confirmed revenue projects in organic waste treatment and waste transfer stations, with capacities of 39 tons/day and 150 tons/day respectively[27] - The company has ongoing projects in waste transfer stations with a capacity of 150 tons/day expected to generate revenue in the first half of 2025[28] - The company has a planned biomass resource utilization center project with a capacity of 400 tons/day, expected to confirm revenue in 2026[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,408, with the top ten shareholders holding a combined 69.99% of shares[14] Operational Metrics - The company processed 968.35 thousand tons of waste in the first nine months of 2024, a 3.14% increase from 938.86 thousand tons in the same period of 2023[17] - The electricity generation from waste processing reached 363,729.21 thousand kWh, up 5.14% from 345,939.88 thousand kWh year-on-year[17] - The sales volume of hydrogen increased by 168.57%, reaching 596,324.59 kg compared to 222,033.00 kg in the same period of 2023[20] - The company experienced a 19.47% increase in kitchen waste processing volume, totaling 33.50 thousand tons compared to 28.04 thousand tons in the previous year[18] - The company reported a 33.30% increase in heating supply, reaching 104.23 thousand tons compared to 78.19 thousand tons in the previous year[19]

Financial Performance - The net profit attributable to the parent company for the first three quarters of 2024 is expected to increase by approximately 21.937 million yuan, representing a year-on-year growth of 18.82%[2] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to increase by approximately 22.901 million yuan, representing a year-on-year growth of 20.14%[2] - The estimated net profit for the first three quarters of 2024 is 138.528 million yuan, compared to 116.59131 million yuan in the same period last year[3][4] - The estimated net profit after deducting non-recurring gains and losses for the first three quarters of 2024 is 136.628 million yuan, compared to 113.72753 million yuan in the same period last year[3][4] Revenue Contribution - The increase in net profit is primarily due to significant progress in the power generation revenue from the wholly-owned subsidiary, which is expected to contribute approximately 120 million yuan to the current net profit[5] Operational Efficiency - The company has successfully implemented cost reduction and efficiency enhancement measures, maintaining a high level of operational efficiency[5] Forecast Accuracy - There are currently no significant uncertainties affecting the accuracy of this earnings forecast[6] - The preliminary financial data provided is subject to confirmation in the third-quarter report to be disclosed on October 28, 2024[7]

股票简称：瀚蓝环境 股票代码：600323 编号：临 2024-051 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 （一）本次交易先决条件的进展情况 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）》，本次交易在达成先决条件的前提下，将根据开曼群 岛公司法第 86 条以协议安排的方式向粤丰环保计划股东提出将粤丰环保私有化之 建议，并在条件达成的情况下该私有化建议 ...

二、本次交易的进展情况 （一）本次交易先决条件的进展情况 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。 股票简称：瀚蓝环境 股票代码：600323 编号：临 2024-049 瀚蓝环境股份有限公司 关于重大资产重组进展公告 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）》，本次交易在达成先决条件的前提下，将根据开曼群 岛公司法第 86 条以协议安排的方式向粤丰环保计划股东提出将粤丰环保私有化之 建议，并在条件达成的情况下该私有化建议 ...

股票简称：瀚蓝环境 股票代码：600323 编号：临 2024-048 瀚蓝环境股份有限公司 关于重大资产重组进展的公告 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）》。截至本公告披露日，本次交易涉及的境外融资安排 并提供担保事项、开展外汇衍生品交易业务事项、向子公司增资事项等已经公司 2024 年第一次临时股东大会审议通过。本次交易已取得佛山市人民政府国有资产 ...

股票简称：瀚蓝环境 股票代码：600323 编号：临 2024-047 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。 特此公告。 一、情况概述 瀚蓝环境股份有限公司董事会 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"粤丰环保"或"标的公司"），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。具体内容详见 公司于 2024 年 7 月 22 日和 2024 年 8 月 23 日于上海证券交易所网站 （www.sse.com.cn）披露的《瀚蓝环境股份有限公司重大资产购买预案》和《瀚蓝 环境股份有限公司重大资产购买预案（修订稿）》。 根据本次交易的安排，通过国家市场监督管理总局的 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 相关研究 瀚蓝环境（600323.SH） 业绩持续增长，"大固废"战略深入推进 2024H1 利润持续增长。公司发布 2024 半年度报告，上半年实现营收 58.2 亿元，yoy-1.7%，实现归母净利润 8.9 亿元，yoy+28.6%。公司净 利润同比增长而营业收入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 6 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，能源业务经营情况有所好转，实现净利润约 1.2 亿元，比去年同期增 加约 0.6 亿元；（4）公司持续落实降本增效举措取得良好成效。 盈利能力显著改善，费用管控合理，经营净现金流稳健。2024H1，公司实 现综合毛利率 31.2%（yoy+5.3pct），主要系固废业务及排水业务本期经 营回款增加。三费合计比率 10.8%（（yoy+0.5pct），其中，销售费用率/管 理费用率/财务费用率分别为 1.0%/5.5%/4.3%，yoy+0.02pc ...