股 票 研 究 证 券 研 究 报 告 瀚蓝环境 上证指数 -25% -20% -15% -9% -4% 1% 2023-05 2023-08 2023-11 2024-02 | --- | --- | --- | |-----------------------|--------------|------------| | | 其他公用事业 | / 公用事业 | | [Table_Invest] 评级： | | 增持 | | | 上次评级： | 增持 | | 目标价格： | | 33.49 | | | 上次预测： | 33.49 | | 当前价格： | | 18.46 | | | | 2024.04.29 | | --- | --- | --- | |--------------------------------|--------------|-------------| | | | | | [Table_ 交易数据 Market] | | | | 52 周内股价区间（元） | | 14.88-20.20 | | 总市值（百万元） | | 15,051 | | 总股本 / 流通 A | 股（百万股） | ...

[盈利预测与财务指标 Table_Forcast] 能源业务同比改善，固废运营贡献增量 2024 年 04 月 30 日 ➢ 事件：4 月 29 日，公司发布 2024 年一季报，实现营业收入 27.16 亿元， 同比下降 3.08%；归母净利润 3.81 亿元，同比增长 22.84%；扣非归母净利润 3.70 亿元，同比增长 23.19%。 ➢ 能源业务同比改善，现金流有望向好：1Q24，由于天然气业务进销差改善， 公司能源业务实现净利润 0.41 亿元，同比增长 0.52 亿元。1Q24，公司实现经 营活动现金流量净额 3.42 亿元，同比增长约 5.34 亿元，主要受益于固废业务及 排水业务经营回款增长。随着费用拨付机制逐步落实，预计公司现金流有望进一 步改善。1Q24，公司资本性支出约为 4.75 亿元，预计 2024 年全年新增项目资 本性支出约 13.8 亿元。 ➢ 固废运营贡献增量，热电联产协同增效：1Q24，公司固废处理业务实现主 营业务收入 14.32 亿元，同比下降 5.91%，主要受固废工程相关业务规模下降影 响；垃圾焚烧处理量 322.85 万吨，同比增长 8.93%；吨发电量、吨上网 ...

Financial Performance - In Q1 2024, the company achieved operating revenue of approximately CNY 2.72 billion, a year-on-year decrease of 3.08%, while net profit attributable to shareholders increased by 22.84% to CNY 380.98 million[16]. - The total operating revenue for Q1 2024 was approximately CNY 2.72 billion, a decrease of 3.1% compared to CNY 2.80 billion in Q1 2023[51]. - The total operating costs for Q1 2024 were approximately CNY 2.24 billion, down 7.7% from CNY 2.42 billion in Q1 2023[51]. - The company's basic earnings per share for Q1 2024 was CNY 0.47, reflecting a year-on-year increase of 23.68%[27]. - The total comprehensive income for the period was CNY 376,245,172.05, compared to CNY 320,477,756.67 in the previous year, representing an increase of approximately 17.4%[79]. - Basic and diluted earnings per share increased to CNY 0.47 from CNY 0.38, reflecting a growth of 23.7%[79]. - The net profit for the period was CNY 64,349,745.95, compared to a net loss of CNY 10,010,493.51 in the previous year, indicating a significant turnaround[87]. Revenue Breakdown - The solid waste treatment business generated revenue of CNY 1.43 billion, accounting for 53.71% of total revenue, with a year-on-year decline of 5.91%[18]. - The energy business reported revenue of CNY 854 million, representing a year-on-year increase of 0.50%[19]. - The water supply and drainage business generated CNY 159 million in revenue for Q1 2024, accounting for 5.97% of the company's total revenue, with a slight year-on-year growth of 0.12%[51]. - The company's main business revenue from water supply in Q1 2024 was 221 million RMB, accounting for 8.29% of total revenue, with a year-on-year increase of 4.82% due to higher water sales[108]. Cash Flow and Assets - Cash flow from operating activities improved significantly, turning from a net outflow of CNY 192 million in the same period last year to a net inflow of CNY 342 million[13]. - The net cash flow from operating activities for Q1 2024 was CNY 341.71 million, a significant improvement compared to a net outflow of CNY 191.62 million in Q1 2023[55]. - The cash flow from investing activities for Q1 2024 was 35,911,118.70 RMB, compared to -47,616,419.33 RMB in Q1 2023, showing a significant improvement[103]. - The cash flow from financing activities generated a net inflow of 561,389,754.62 RMB in Q1 2024, compared to 358,730,983.54 RMB in Q1 2023, indicating a positive trend[103]. - The company's total assets increased by 2.08% to CNY 36.54 billion compared to the end of the previous year[28]. - Total current assets increased to 8,463,223,438.97 RMB in Q1 2024, up from 7,807,503,085.29 RMB in Q1 2023[72]. - The company's total assets reached 36,543,720,223.19 RMB as of March 31, 2024, compared to 35,797,699,471.38 RMB a year earlier[76]. Business Operations - The capacity utilization rate of the waste incineration power generation projects reached approximately 122%, an increase of about 5 percentage points year-on-year[8]. - The company signed agreements for external heating services for 13 waste incineration power generation projects, achieving external heating of 303,500 tons, a year-on-year increase of 34.77%[34]. - The volume of waste incineration increased by 8.93% to 322.85 million tons in Q1 2024 compared to 296.37 million tons in Q1 2023[63]. - Power generation from waste increased by 8.74% to 122,005.49 million kWh in Q1 2024 from 112,201.95 million kWh in Q1 2023[63]. - The amount of kitchen waste processed surged by 27.74% to 9.67 million tons in Q1 2024 compared to 7.57 million tons in Q1 2023[64]. - Agricultural waste processing volume saw a significant increase of 116.61%, attributed to expanded collection strategies in Zhanjiang and Zhaoqing[65]. Investments and Future Projects - The company plans to confirm revenue from the Fuzhou expansion project (800 tons/day) in the first half of 2024 and the Dalian project expansion (650 tons/day) in the second half of 2024, totaling 1,450 tons/day[44]. - The company has initiated the construction of the second phase of the Dali City West Sewage Treatment Plant, with a capacity of 50,000 cubic meters per day, expected to be completed in the first half of 2024[47]. - The Harbin kitchen waste project phase II is expected to generate revenue in the first half of 2024, with a capacity of 200 tons/day[71]. - The company plans to complete and recognize revenue from new projects before April 2024, including a 750 tons/day waste incineration project[69]. Shareholder and Equity Information - The number of ordinary shareholders at the end of the reporting period was 33,444, with the largest shareholder holding 17.15%[60]. - The company's retained earnings reached 8,738,016,946.44 RMB, an increase from 8,357,038,045.46 RMB in the previous year[76]. - The total equity increased to CNY 5,473,549,022.84 from CNY 5,409,199,276.89, showing a growth of approximately 1.2%[85]. Research and Development - Research and development expenses rose to CNY 1,362,115.20 from CNY 218,099.68, representing a substantial increase of approximately 524.5%[87]. Market and Strategic Focus - The company is actively expanding its rural sewage treatment operations and enhancing its overall profitability through diversified gas supply and communication with suppliers and customers[35]. - The company aims to enhance smart water management and improve core indicators such as water loss control and per capita efficiency[108]. - The company is focusing on expanding its market presence and enhancing service levels in the water supply sector[108].

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。 | 股票简称：瀚蓝环境 | | | 股票代码：600323 | 编号：临 | 2024-015 | | --- | --- | --- | --- | --- | --- | | 债券简称：22 | 瀚蓝 | 01 | 债券代码：185654 | | | | 债券简称：22 | 瀚蓝 | 02 | 债券代码：137523 | | | 瀚蓝环境股份有限公司 关于召开 2023 年度业绩暨现金分红说明会的公告 会议召开时间：2024 年 5 月 27 日(星期一)上午 9:00-10:00 重要内容提示： 会议召开地点： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 5 月 20 日(星期一)至 5 月 24 日(星期五)16:00 前登录上证路演 中心网站首页点击"提问预征集"栏目或通过公司邮箱 600323@grandblue.cn 进行提问。公 司将在说明会 ...

| 股票简称：瀚蓝环境 | | | 股票代码：600323 | 编号：临 | 2024-011 | | --- | --- | --- | --- | --- | --- | | 债券简称：22 | 瀚蓝 | 01 | 债券代码：185654 | | | | 债券简称：22 | 瀚蓝 | 02 | 债券代码：137523 | | | 瀚蓝环境股份有限公司 2024 年度第三期绿色中期票据发行情况公告 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。 瀚蓝环境股份有限公司（以下简称"公司"）于2022年5月17日召开的第十届董事 会第二十六次会议审议通过了《关于申请注册发行中期票据的议案》，同意公司向中国 银行间市场交易商协会申请注册发行不超过人民币20亿元（含20亿元）的中期票据。 该事项经公司2022年6月7日召开的2021年年度股东大会审议通过。2022年12月经中 国银行间市场交易商协会核准，同意接受公司本次中期票据注册，注册金额为人民币10 亿元。 公司于近日完成了2024年度第三期绿色中期票据发行（以下简称"本期中期票 ...

股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|------------------------------------------------------------------|------------------------------------|--------------------------|------------------------------------|----------------------|---------------|----------------------------------------------|--------------|-------------------| | [Table_MainInfo] [Table_Title] 瀚蓝环境 | (600323) | | | | [Table_industryInfo] | | [Table_Invest ...

瀚蓝环境（600323.SH） 2023 年利润稳健增长。公司 2023 年实现营收 125.4 亿元，yoy-2.59%， 实现归母净利润 14.3 亿元，yoy+25.23%。2023Q4 单季度实现营收 35.8 亿元，yoy+9.6%，实现归母净利润 2.6 亿元，yoy-4.1%。公司归母净利润 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）2023 年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；（3）公司持续落实降本增效举措并取得良好成效， 保持较高运营效率。 公司以固废业务为核心，多板块协同发展。分业务看，2023 年固废处理业 务实现营收 64.3 亿元（yoy-6.5%），实现净利润 9.9 亿元（yoy+9.3%）， 在工程类业务收入大幅下降的背景下，运营类业务收入保持稳定增长并维持 较高盈利水平；能源业务实现营收 40.6 亿元（yoy-0.2%），实现净利润 1.6 亿元，同比增长约 2.2 亿元，主要系天然气价差改善；供水业务实现营收 9.6 亿元（yoy+0.2%），公司水损治理、人均效能等指标均有提升；排水 业务实现营 ...

＃assAuthor＃ ＃相关rel报ate告dReport＃ 《【兴证环保】瀚蓝环境 2023 年三季报点评：预计本年度能源 业务保持盈利，现金流情况大幅 改善》2023/10/27 《【兴证环保】瀚蓝环境 2023 年中报点评：能源业务扭亏为 盈，应收账款回收有望加速》 2023/08/18 《【兴证环保】瀚蓝环境 2023 年一季报点评：23Q1 归母净利 润+94.94%，拟通过多种方式改 善回款》2023/04/28 公司点评报告(带市场行情) | --- | --- | --- | --- | |----------------------------------------------------------------------|----------|--------|-----------------------------------------------------------------------------------------------------------------------| | 投资建议的评级标准 | 类别 | 评级 | 说明 | | 报告中投资建议所涉及的评 ...

[盈利预测与财务指标 Table_Forcast] [Table_Author] 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 营业税金及附加 84 92 97 102 EBIT 增长率 26.10 4.25 10.60 8.85 财务费用 502 476 484 529 总资产收益率 ROA 3.99 4.05 4.56 4.65 利润总额 1,831 1,960 2,209 2,401 现金比率 0.15 0.23 0.12 0.21 瀚蓝环境（600323.SH）/电力及公用事业 分析师承诺 免责声明 上海：上海市浦东新区浦明路 8 号财富金融广场 1 幢 5F； 200120 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-----------------------------|------------|-------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） ...

Social Responsibility and Community Engagement - Total investment in social responsibility projects amounted to CNY 1.54 million, with all funds allocated to donations and public welfare projects[2] - The company invested CNY 1.0687 million in poverty alleviation and rural revitalization projects, including CNY 273,400 in cash and CNY 795,300 in material donations[2] - The company is actively responding to national poverty alleviation policies, focusing on improving the livelihoods of impoverished farmers[2] - The company ranked 5th among the top 10 environmental enterprises in China for 2023 and has received multiple awards for its social responsibility and ESG performance[83] - The company is focused on integrating social responsibility into its strategy and operations, promoting sustainable development and stakeholder trust[139] Financial Performance - The company's operating revenue for 2023 was approximately ¥12.54 billion, a decrease of 2.59% compared to ¥12.88 billion in 2022[26] - Net profit attributable to shareholders for 2023 was approximately ¥1.43 billion, an increase of 25.23% from ¥1.14 billion in 2022[26] - The net cash flow from operating activities reached approximately ¥2.48 billion, a significant increase of 487.50% compared to ¥422 million in 2022[26] - Basic earnings per share for 2023 were ¥1.75, up 25.00% from ¥1.40 in 2022[26] - The weighted average return on equity increased to 12.44% in 2023, up from 10.99% in 2022, representing an increase of 1.45 percentage points[26] Environmental Management and Compliance - The company has implemented a self-monitoring plan for environmental emissions, ensuring compliance with regulations and public disclosure of monitoring results[13] - The company has established an emergency response plan for environmental incidents, which has been filed with the local ecological environment bureau[10] - The company has not reported any administrative penalties related to environmental issues during the reporting period[14] - The company is committed to high environmental standards and has not faced any major environmental penalties during the reporting period[47] - The company has successfully passed environmental impact assessments for all its projects and has received relevant approvals from environmental protection departments[72] Operational Developments - The company improved its natural gas business, achieving a net profit of approximately ¥157 million in 2023, an increase of about ¥222 million compared to the previous year[26] - The company has expanded its waste treatment business into cities such as Jining in Shandong and Wuhan in Hubei, focusing on front-end sanitation services[89] - The company has signed agreements for external heating services from 13 waste incineration power projects, achieving an external heating supply of 1.1101 million tons in 2023, a year-on-year increase of 35.28%[114] - The company has incubated over 80 high-growth enterprises through its environmental industry incubator by the end of 2023[97] - The company has initiated international development by acquiring a 40% stake in New Source Energy for up to 200 million yuan, which has a waste incineration capacity of 4,500 tons/day[115] Revenue and Cost Analysis - The solid waste treatment business generated a revenue of 6.433 billion yuan in 2023, accounting for 52.83% of total revenue, with a year-on-year decline of 6.49%[112] - Operating revenue from solid waste treatment decreased by 6.49%, while operating costs fell by 12.36%, resulting in a gross margin increase of 4.50 percentage points[178] - Revenue from drainage business grew by 20.03%, and operating costs increased by 21.80%, primarily due to new project launches and ongoing sewage network operations[179] - The company reported a total revenue of 12.541 billion yuan in 2023, a decrease of 2.59% year-on-year, while the net profit attributable to shareholders increased by 25.23% to 1.430 billion yuan[111] Innovation and Technology - The company has established a technology committee to strengthen management of major technical matters and enhance its innovation capabilities[119] - The company is developing a digital brain for waste management, aiming to achieve comprehensive solid waste management information integration by 2025[136] - The company has obtained 393 utility model patents and 45 software copyrights, contributing to cost reduction and operational optimization[121] Carbon Management and Sustainability - The company has established a systematic carbon management framework and aims for carbon peak and carbon neutrality[48] - The company implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 3,768,840 tons during the reporting period[48] - The company has established a carbon management system to enhance its organizational capabilities in carbon management and to respond to the dual carbon goals[82] Market Position and Growth - The company has a strong market position in the Nanhai District for its water supply, drainage, and gas businesses, and is recognized as one of the top ten influential companies in solid waste treatment[132] - The company is actively enhancing its supply chain management system to support sustainable high-quality development[61] - The company is expanding its market presence in the solid waste treatment sector, driven by increasing demand for environmental services[60]