Key Takeaways Industry Overview 1. **Solid Waste Sector Performance**: The solid waste sector, particularly garbage incineration, has seen strong stock performance since early 2024. Companies like光大环境, 绿色动力环保, 黑暗环境, and 三方环境 have seen gains of 48%, 28%, 16%, and 16% respectively. [1] 2. **Valuation and Future Outlook**: Despite the recent rally, the sector's P/E ratios remain relatively low, with companies like 光大环境 and 绿色动力环保 trading at around 5x, and 汉南环境和 三方环境 at around 10x. The average在建 and 筹建 projects as a percentage of total installed capacity has dropped to below 15%, indicating a significant reduction in future capital expenditures and a potential for strong free cash flow and dividend growth. [1] 3. **Sector Outlook**: The solid waste sector is expected to follow a similar growth trajectory as the water sector, with companies benefiting from improved free cash flow and dividend increases, potentially leading to a revaluation of valuations towards the levels seen in water sector leaders like 重庆水务. [1] Hanlan Environment 1. **Company Background**: Hanlan Environment, previously known as 南海发展, is a public utility environmental service provider under the Nansha state-owned assets. It primarily focuses on garbage incineration and gas-water synergy development. [2] 2. **Business Expansion**: Hanlan has expanded its business through acquisitions and integrations, including the acquisition of 创冠环保, projects in Harbin, Daqing, and Mudanjiang, and entry into the hazardous waste and sanitation sectors. [3] 3. **Financial Performance**: In 2023, Hanlan achieved a net profit of 1.43 billion yuan, a 25.2% increase year-on-year, with revenue growing 8% excluding engineering construction income. [3] 4. **Business Segments**: - **Solid Waste**: Revenue decreased by 6.5% in 2023, but net profit increased by 10% to nearly 1 billion yuan. The operating profit margin reached 45%. [5] - **Energy**: Revenue was 4.06 billion yuan in 2023, accounting for about 33% of total revenue, with a net profit of 157 million yuan, a significant improvement from a loss in the previous year. [12] - **Water**: Revenue from water supply and wastewater treatment was stable, with some growth in wastewater treatment revenue due to new projects and expansion. [13] 5. **Cash Flow and Dividends**: Hanlan achieved a significant improvement in cash flow in 2023, with an operating cash flow of 2.48 billion yuan and a free cash flow surplus. The company has increased its dividend payout significantly and has plans for further increases in the future. [16-19] Conclusion Hanlan Environment is expected to benefit from the strong performance of the solid waste sector, with its diversified business segments and strong financial performance. The company's focus on improving cash flow and dividends makes it an attractive investment opportunity.

瀚蓝环境股份有限公司(以下简称"公司")董事会于近日收到公司董事长陈国灿先生的 辞职报告。陈国灿先生因将于年底退休，为支持公司发展，保障董事会工作顺利衔接，申请 辞去公司第十一届董事会董事长及董事会下设各专门委员会中的一切职务。为更好支持公司 工作，陈国灿先生的辞职自公司股东大会补选产生新任董事时生效。陈国灿先生确认与公司 董事会并无意见分歧，亦无需提请公司股东和债权人关注的事宜。 股票简称：瀚蓝环境 股票代码：600323 编号：临 2024-020 债券简称：22 瀚蓝 02 债券代码：137523 瀚蓝环境股份有限公司 关于董事辞职暨增补董事的公告 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、董事长辞职的情况 特此公告。 瀚蓝环境股份有限公司董事会 2024 年 6 月 15 日 附件：董事候选人简历 张厚祥，男，1970 年出生，大学本科，经济学专业。历任南海市共青团平洲区委副书记， 南海市（区）平洲街道党委委员，南海区桂城街道办事处副主任、党工委委员，广东金融高 新区管委会三山新城建设局局长，桂城街道三山新城 ...

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。 证券代码：600323 证券简称：瀚蓝环境 公告编号：临 2024-021 瀚蓝环境股份有限公司 关于 2023 年年度股东大会增加临时提案的补充公告 公司已于 2024 年 6 月 7 日公告了股东大会召开通知，计划于 2024 年 6 月 28 日召开 2023 年年度股东大会。合计持有 32.60%股份的股东广东南海控股集 团有限公司在 2024 年 6 月 13 日提出临时提案并书面提交股东大会召集人。股 东大会召集人按照《上市公司股东大会规则》有关规定，现予以公告。 二、 增加临时提案的情况说明 2. 提案程序说明 一、 股东大会有关情况 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600323 | 瀚蓝环境 | 2024/6/24 | 1. 提案人：广东南海控股集团有限公司 3. 临时提案的具体内容 2024 年 6 月 13 日，公司董事会收到《广东南海控股集团有限公司关于提名 瀚蓝 ...

[Table_Address] 联系我们 [Table_I 重要mportant 声明Notices] [Table_PageText] 瀚蓝环境|季报点评 本报告所提及证券可能不被允许在某些国家或地区内出售。请注意，投资涉及风险，证券价格可能会波动，因此投资回报可能会有所变 化，过去的业绩并不保证未来的表现。本报告的内容、观点或建议并未考虑任何个别客户的具体投资目标、财务状况和特殊需求，不应被 视为对特定客户关于特定证券或金融工具的投资建议。本报告发送给某客户是基于该客户被认为有能力独立评估投资风险、独立行使投资 决策并独立承担相应风险。 [Table_ Interest 权益披露Disclosure] 未经广发证券事先书面许可，任何机构或个人不得以任何形式翻版、复制、刊登、转载和引用，否则由此造成的一切不良后果及法律责任 由私自翻版、复制、刊登、转载和引用者承担。 许 子 怡 ：高级分析师，硕士，毕业于香港城市大学，2022年加入广发证券发展研究中心。 陈 舒 心 ：高级分析师，新加坡国立大学硕士，2022年加入广发证券发展研究中心。 郝 兆 升 ：高级研究员，复旦大学金融硕士，中央财经大学经济学学士，2 ...

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） | ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company with a target price of 22.44 CNY per share, based on a PE of 12.0 times for 2024 [2][15]. Core Views - The company's energy business has shown year-on-year improvement, with solid waste operations contributing positively. The first quarter of 2024 saw a revenue of 2.716 billion CNY, a decrease of 3.08% year-on-year, while the net profit attributable to shareholders was 381 million CNY, an increase of 22.84% year-on-year [1]. - The energy segment's profitability is expected to remain stable due to improved gas sales margins, while the water services segment continues to provide steady cash flow [1]. - The company is actively expanding its waste treatment capacity, with a current operational capacity of 29,800 tons per day and additional capacity under construction, which is anticipated to enhance performance [1]. Financial Forecasts and Indicators - The company forecasts earnings per share (EPS) of 1.87, 2.11, and 2.29 CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 10, 9, and 8 times [1][5]. - The total revenue is projected to grow from 12.541 billion CNY in 2023 to 14.624 billion CNY by 2026, reflecting a compound annual growth rate [5][16]. - The net profit is expected to increase from 1.430 billion CNY in 2023 to 1.870 billion CNY in 2026, indicating a positive growth trajectory [5][16].

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 ...