股票研究 /[Table_Date] 2025.10.22 电动重卡市场驶入增长快车道 [Table_Industry] 动力锂电 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | | 李依雯(研究助理) | 021-23183948 | liyiwen@gtht.com | S0880125042249 | [Table_Report] 相关报告 动力锂电《再读固态电池投资机会》2025.09.11 动力锂电《再读固态电池投资机会》2025.08.29 动力锂电《固态电池正负极&集流体发展方向》 2025.08.26 动力锂电《上汽半固态装车 10 万级，半/全固态 或情绪联动》2025.07.26 动力锂电《海外固态电池进展积极，产品性能持 续突破》2025.07.08 本 ...

证券之星消息，10月22日环保设备板块较上一交易日上涨0.64%，ST先河领涨。当日上证指数报收于 3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。环保设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300137 | ST先河 | 8.02 | 4.43% | 13.81万 | | 1.10亿 | | 600817 | 宇通車丁 | 11.76 | 2.89% | 8.34万 | | 9800.99万 | | 300631 | 久吾高科 | 31.67 | 2.39% | 1 6.60万 | | 2.05亿 | | 000890 | 法尔胜 | 4.93 | 1.65% | 0 21.69万 | | 1.06亿 | | 001336 | 楚林科技 | 24.06 | 1.48% | 1.81万 | | 4348.28万 | | 002645 | 华宏科技 | 15.30 | 1.26% | 33.16万 | | 5.09亿 ...

2025年1-8月，废弃资源综合利用业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年 起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 4127个，和上年同期相比，增加了387个，同比增长10.35%，占工业总企业的比重为0.79%。 上市公司：格林美（002340），惠城环保（300779），神雾节能（000820），法尔胜（000890），盈峰 环境（000967），楚环科技（001336）龙净环保（600388），菲达环保（600526），宇通重工 （600817），景津装备（603279） 相关报告：智研咨询发布的《2025-2031年中国废弃资源循环再利用行业市场竞争现状及产业趋势研判 报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2016-2025年1-8月废弃资源综合利用业企业数统计图 数据来源：国家统计局，智研咨询整 ...

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 ...

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 ...

证券之星消息，10月20日环保设备板块较上一交易日上涨1.41%，*ST节能领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。环保设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000820 | *ST节能 | 2.64 | 5.18% | 8.77万 | | 2271.56万 | | 600388 | 龙净环保 | 15.89 | 5.16% | 37.28万 | | 5.90亿 | | 300137 | ST先河 | 7.60 | 4.97% | - 16.25万 | | 1.21亿 | | 001336 | 楚杯科技 | 23.07 | 3.55% | 1.44万 | | 3296.50万 | | 603282 | 亚米股份 | 18.44 | 3.42% | 2.50万 | | 4580.29万 | | 688309 | 恒营环保 | 24.23 | 2.89% | 1.17万 | | 28 ...

东吴证券近日发布公用事业行业跟踪周报：25年8月电网代购电价同比下降2%、环比上 升1.3%。煤价：截至2025/10/17，动力煤秦皇岛5500卡平仓价748元/吨，周环比上升39元/ 吨。2025M1-7全社会用电量5.86万亿千瓦时（同比+4.5%），其中，第一产业、第二产业、 第三产业、居民城乡用电分别同比+10.8%、+2.8%、+7.8%、+4.1%。2025M1-7年累计发电 量5.47万亿千瓦时（同比+1.3%），其中火电、水电、核电、风电、光伏分 别-1.3%、-4.5%、+10.8%、+10.4%、+22.7%。 行业核心数据跟踪：电价：25年8月电网代购电价同比下降2%、环比上升1.3%。煤价： 截至2025/10/17，动力煤秦皇岛5500卡平仓价748元/吨，周环比上升39元/吨。水情：截至 2025/10/17，三峡水库站水位170.55米，2021、2022、2023、2024年同期水位分别为173米、 158米、175米、164米，蓄水水位正常。三峡水库站入库流量16000立方米/秒，同比上升 48.15%，三峡水库站出库流量14600立方米/秒，同比上升102.78%。用电量 ...

龙净环保 20251019 摘要 龙净环保二季度业绩边际改善显著，单季度同比增长 12%，预示业绩增 速进入上行期，尽管一季度受订单完工确认影响收入利润有所下降。 绿电业务成为业绩新增长点，西藏拉果措项目贡献主要增量，黑龙江多 同项目预计四季度开始贡献业绩，将成为今明两年主要增长动力。 储能业务与易纬合作后实现满产，成功扭亏为盈，上半年已实现盈利， 表明公司在问题解决和业务转型方面具备较强能力。 截至 2025 年前三季度，公司新增烟气治理订单 76 亿元，同比增长 1%；期末在手订单 197 亿元，同比增长 2%左右，火电和非电领域订 单比例为 6:4，订单稳健。 公司积极布局钠离子电池、固态电池、CCS、氢能等新业务方向，已完 成钠离子电池样品开发并获得潜在客户认证，有望带来新的增长点和主 题关注度。 预计龙净环保 2025-2027 年盈利分别为 11 亿元、14 亿元和 17 亿元， 复合增速达 26.8%。按成长角度给予 15 倍估值，未来市值可期，绿电 项目投产将带来更多业绩增量。 公司具备解决问题的能力和明确的市场定位，例如储能业务扭亏为盈， 为紫金矿卡提供市场吸引合作方，具备长期投资价值，并不 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Insights - The company reported a significant increase in Q3 performance, with revenue reaching 3.175 billion yuan, a year-on-year increase of 60.16%, and a net profit attributable to shareholders of 335 million yuan, up 54.99% year-on-year. The growth was driven by contributions from flue gas treatment, green electricity, and energy storage businesses [2][6]. - For the first three quarters, the company achieved a total revenue of 7.858 billion yuan, representing an 18.09% year-on-year increase, and a net profit of 780 million yuan, up 20.53% year-on-year [6]. - The company is actively expanding into new areas such as sodium-ion batteries, with stable order sizes in flue gas treatment and strong performance in energy storage sales [2][6]. Summary by Sections Revenue and Profitability - Q3 revenue was 3.175 billion yuan, a 60.16% increase year-on-year, with a net profit of 335 million yuan, up 54.99% [2][6]. - The first three quarters saw total revenue of 7.858 billion yuan and net profit of 780 million yuan, reflecting growth of 18.09% and 20.53% respectively [6]. Business Contributions - The flue gas treatment, green electricity, and energy storage sectors all contributed positively to revenue [2]. - Green electricity projects have been operating steadily, contributing nearly 170 million yuan in net profit for the first three quarters [2][6]. - Energy storage sales have shown strong performance, with cumulative deliveries of energy cells reaching 5.9 GWh, primarily for export [2][6]. Financial Health - The company reported a net operating cash flow of 764 million yuan for the first three quarters, continuing the trend from the first half of the year [2]. - As of the end of Q3, the company had cash reserves of 2.19 billion yuan, indicating a strong liquidity position [2][6]. - The debt-to-asset ratio was 62.0%, down 6.89% year-on-year, with a low interest-bearing debt ratio of 16.9% [2][6]. Future Outlook - The company is expected to achieve net profits of 1.103 billion yuan, 1.408 billion yuan, and 1.705 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32.8%, 27.7%, and 21.0% [2][6]. - The company is also expanding its project portfolio in green electricity and energy storage, with ongoing developments in various international projects [2][6].

Core Viewpoint - The company has experienced accelerated performance growth, with significant contributions from its renewable energy business, achieving a revenue of 7.858 billion yuan and a net profit of 780 million yuan in the first three quarters of 2025, representing year-on-year growth of 18.09% and 20.53% respectively [2] Group 1: Financial Performance - In Q3 alone, the company achieved a revenue of 3.175 billion yuan, marking a year-on-year increase of 60.16%, and a net profit of 335 million yuan, up 54.99% year-on-year, indicating a notable acceleration in performance growth [2] - The renewable energy sector has become a key driver of profit growth, contributing nearly 170 million yuan to net profit in the first three quarters [2] Group 2: Renewable Energy Business - The company's renewable energy business is entering a fast development phase, with the green electricity segment showing strong growth and synergy effects with its controlling shareholder, Zijin Mining [3] - Key projects include the 200MW photovoltaic and 540MWh energy storage system in the Lagocuo Phase I project, and the 200MW wind-solar project in Heilongjiang, which is expected to reach full load generation in November [3] - The company has established a deep partnership with Yiwei Lithium Energy, achieving full production and sales of energy storage cells, with a current production capacity of approximately 8.5GWh and cumulative deliveries of 5.9GWh (over 95% for export) [3] Group 3: Air Pollution Control Business - The company maintains a solid leading position in the air pollution control sector, with a balanced order structure where 61.51% of new orders come from the power industry and 38.49% from non-power sectors [4] - The company is actively responding to new coal power project constructions and environmental upgrades for existing units, ensuring stable performance [4] - The company is also strategically investing in emerging sectors, such as special robots for the energy field, to leverage its extensive customer resources in power plants [4] Group 4: Profit Forecast - The company is projected to achieve revenues of 11.829 billion yuan, 13.756 billion yuan, and 16.045 billion yuan for 2025-2027, with year-on-year growth rates of 18.06%, 16.29%, and 16.64% respectively [4] - The forecasted net profits for the same period are 1.189 billion yuan, 1.383 billion yuan, and 1.653 billion yuan, with growth rates of 43.16%, 16.31%, and 19.56% respectively [4] - Based on the closing price on October 17, 2025, the corresponding PE ratios are projected to be 16.14, 13.88, and 11.61, with EPS of 0.94, 1.09, and 1.30 yuan respectively [4]