Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has faced performance pressure due to its engineering business, but has achieved breakthroughs in hydrogen energy orders [4][5] - The company reported a revenue of 91.13 billion yuan in 2024, a year-on-year decrease of 13.31%, with a net profit attributable to the parent company of 7.04 billion yuan, down 4.98% year-on-year [7] - The company expects net profits for 2025, 2026, and 2027 to be 8.19 billion yuan, 9.00 billion yuan, and 10.08 billion yuan respectively, corresponding to P/E ratios of 11x, 10x, and 9x [5][8] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 19.65 billion yuan, a year-on-year decline of 32.25%, and a net profit of 1.29 billion yuan, down 30.77% year-on-year [7] - The gross margin for 2024 was 19.18%, which improved by 0.86 percentage points year-on-year [7] - The company’s revenue is projected to grow to 119.30 billion yuan by 2027, with a year-on-year growth rate of 10.9% [8] Hydrogen Energy Business Development - The company launched its 1500Nm3/h alkaline electrolyzer product in 2024, achieving the highest hydrogen production pressure in the industry, filling a domestic gap [7] - The company has signed significant orders, including a 2×100Nm³/h order with Shanghai Lianfeng and has been shortlisted for major hydrogen production projects [7] - National policies have been introduced to encourage hydrogen energy, with a current public tender volume for electrolyzers reaching 1.77GW [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant decline in performance due to pressure on engineering business, while hydrogen energy orders have achieved breakthroughs [4][5] - The company expects net profits attributable to shareholders to be 8.19 billion, 9.00 billion, and 10.08 billion for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11x, 10x, and 9x [5] Financial Performance Summary - In 2024, the company achieved revenue of 91.13 billion, a year-on-year decrease of 13.31%, with a net profit attributable to shareholders of 7.04 billion, down 4.98% year-on-year [7] - For Q1 2025, the company reported revenue of 19.65 billion, a year-on-year decline of 32.25%, and a net profit of 1.29 billion, down 30.77% year-on-year [7] - The gross margin for 2024 was 19.18%, which improved by 0.86 percentage points year-on-year [7] Business Outlook - The hydrogen energy sector is expected to become a new growth point, with the company launching a 1500Nm3/h alkaline electrolyzer product and completing a 500MW hydrogen production equipment production base [7] - The company has secured significant orders, including a 2×100Nm³/h order from Shanghai Lianfeng and part of the world's largest green hydrogen ammonia integrated project [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 97.46 billion, 107.61 billion, and 119.30 billion respectively, with expected year-on-year growth rates of 6.9%, 10.4%, and 10.9% [8] - The net profit attributable to shareholders is projected to grow to 8.19 billion in 2025, 9.00 billion in 2026, and 10.08 billion in 2027, with corresponding net profit growth rates of 16.2%, 9.9%, and 12.0% [8]

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证券分析师 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 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 05 月 25 日 4 月发用电同比稳增 欧亚气价小幅 反弹 看好 ——申万公用环保周报(25/05/19~25/05/23) 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 相关研究 - ⚫ 电力：国家统计局披露 4 月规上工业电力生产数据。根据国家统计局数据，4 月单月规上工业发电 量 7111 亿千瓦时，同比增长 0.9%。总体而言，相较 ...

Core Viewpoint - The company has approved the lifting of restrictions on 479,238 shares from its 2020 restricted stock incentive plan for six directors and senior management, effective May 30, 2025, as all conditions for lifting the restrictions have been met [2][11][17] Summary by Sections Stock Listing Announcement - The stock listing type is for equity incentive shares, with a total of 479,238 shares to be listed for circulation [2] - The circulation date for the shares is set for May 30, 2025 [2] Incentive Plan Approval and Implementation - The company held a board meeting on May 23, 2025, to approve the lifting of restrictions on shares for directors and senior management under the 2020 restricted stock incentive plan [2][11] - The independent directors and supervisory board have provided their consent regarding the incentive plan [3][7] Conditions for Lifting Restrictions - The remaining 20% of shares from the 2020 incentive plan, totaling 479,238 shares, are to be released from restrictions as the performance assessment results for the directors and senior management have reached a satisfactory level [11][12] - The lifting of restrictions is in accordance with the provisions of the incentive plan, which stipulates that the shares are subject to a performance assessment [11][17] Share Structure Changes - After the lifting of restrictions, the total number of restricted shares will decrease from 13,559,238 to 13,080,000, while the total number of unrestricted shares will increase from 942,406,491 to 942,885,729 [15] - The total share capital remains unchanged at 955,965,729 shares [15] Legal Opinions and Compliance - The legal opinion confirms that the lifting of restrictions has received the necessary approvals and complies with relevant laws and regulations [17] - The company is required to continue fulfilling information disclosure obligations related to the lifting of restrictions [17]

证券代码：600475 证券简称：华光环能 公告编号：2025-031 无锡华光环保能源集团股份有限公司 2020 年股权激励剩余限制性股票解除限售 暨股票上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为479,238 股。 本次股票上市流通总数为479,238股。 本次股票上市流通日期为2025 年 5 月 30 日。 无锡华光环保能源集团股份有限公司（以下简称"公司"）已于 2025年5月23 日召开第九届董事会第二次会议，审议通过了《关于公司2020年限制性股票激励 计划董事及高级管理人员剩余股份解除限售的议案》。经审议，公司2020年股权激 励对象中董事及高级管理人员对应股权激励的任期已届满，任期考核结果均达良 好等级，剩余股份解除限售条件已达成，满足解除限售要求。同意将董事长蒋志 坚等6名董事及高级管理人员所获授的2020年限制性股票激励计划之剩余20%的股 份，合计479,238股解除限售。 一、公司 2020 年限制性股票 ...

上海市广发律师事务所 关于无锡华光环保能源集团股份有限公司 2020 年限制性股票激励计划之剩余限制性股票解除限售 相关事项的 法律意见 广发律师事务所 电话: 021-58358013 | 传真: 021-58358012 网址：http://www.gffirm.com| 电子信箱：gf@gffirm.com 办公地址：上海市浦东新区南泉北路 429 号泰康保险大厦 26 楼 | 邮政编码：200120 上海市广发律师事务所 本所同意将本法律意见书作为公司本次激励计划之剩余限制性股票解除限 关于无锡华光环保能源集团股份有限公司 2020 年限制性股票激励计划之剩余限制性股票解除限售相关事项的 法律意见 致:无锡华光环保能源集团股份有限公司 上海市广发律师事务所（以下简称"本所"）接受无锡华光环保能源集团股 份有限公司（以下简称"公司"或"华光环能"）的委托，作为其实施 2020 年 限制性股票激励计划事项(以下简称"本次激励计划")的专项法律顾问,根据 《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公 司法》〈以下简称"《公司法》"）、中国证券监督管理委员会（以下简称"中 国证监会" ...

Group 1 - The company announced the election of Mr. Chen Xijun as the employee director of the ninth board of directors [1] - Mr. Chen Xijun meets all qualifications and does not have any disqualifications as per the Company Law and the company's articles of association [1] - Mr. Chen does not hold any shares in the company and has no related relationships with other directors or major shareholders [1] Group 2 - Mr. Chen Xijun, born in January 1976, has a bachelor's degree and has held various positions in different companies, including human resources and administrative roles [4] - Currently, Mr. Chen serves as the deputy secretary of the party committee and chairman of the labor union at the company [4]

Group 1 - The company appointed Mr. Miao Qiang as the General Manager and several individuals as Vice General Managers, including Mr. Mao Junhua, Mr. Xu Hui, Mr. Zhou Jianwei, Mr. Zhu Junzhong, and Mr. Huang Yi [1][2] - Mr. Zhou Jianwei was also appointed as the Chief Financial Officer, and Ms. Shu Tingting was appointed as the Secretary of the Board, while Ms. Guo Yuanyuan was appointed as the Securities Affairs Representative [1][3] - The terms of the appointed executives will last for three years, coinciding with the term of the ninth board of directors [1][4] Group 2 - The independent directors reviewed and approved the appointments, confirming that Mr. Miao Qiang possesses the necessary qualifications and has not been disqualified from holding such positions [2][3] - The appointment process for the General Manager and Vice General Managers complied with relevant laws and regulations, including the Company Law and the Shanghai Stock Exchange Listing Rules [2][3] - Ms. Shu Tingting was confirmed to have the required experience and qualifications to serve as the Secretary of the Board, with her appointment also adhering to legal requirements [4]

证券代码：600475 证券简称：华光环能 公告编号：临 2025-029 无锡华光环保能源集团股份有限公司 关于董事会完成换届选举的公告 成员： 陈晓平、耿成轩 3、审计委员会（3 人） 主任委员（召集人）：耿成轩 成员：陈晓平、陈锡军 4、提名委员会（3 人） 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个别及连带责任。 无锡华光环保能源集团股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召 开 2024 年年度股东大会，审议通过了《关于选举第九届董事会非独立董事的议案》、《关 于选举第九届董事会独立董事的议案》，公司于 2025 年 5 月 19 日召开职工代表大会， 审议通过了选举产生第九届董事会职工董事的议案。同时，2025 年 5 月 20 日，公司召开 第九届董事会第一次会议，审议通过《关于选举公司第九届董事会董事长的议案》《关 于选举公司第九届董事会审计委员会委员的议案》《关于选举公司第九届董事会薪酬与 考核委员会委员的议案》《关于选举公司第九届董事会战略与 ESG 委员会委员的议案》 《关于选举公司 ...

证券代码：600475 证券简称：华光环能 公告编号：2025-027 无锡华光环保能源集团股份有限公司 关于选举第九届董事会职工董事的公告 本公司及董事会全体成员保证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、准确和完整承担个别及连带责任。 根据《中华人民共和国公司法》、《无锡华光环保能源集团股份有限公司章 程》等相关规定，无锡华光环保能源集团股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日召开职工代表大会，审议通过了选举第九届董事会职工董事的 议案，选举陈锡军先生（简历附后）为公司第九届董事会职工董事。陈锡军先生 将与公司 2024 年年度股东大会选举产生的董事共同组成公司第九届董事会，任 期与公司第九届董事会任期一致。 经查，陈锡军先生不存在《公司法》《公司章程》中规定不得担任董事职务 的情形，也不存在被中国证监会处以证券市场禁入处罚且期限未满的情况。陈锡 军先生具备与其行使职权相适应的任职条件，其任职资格和聘任程序符合相关法 律法规、规范性文件和《公司章程》的规定。截至目前，陈锡军先生不持有公司 股票，与公司其他董事、高级管理人员、控股股东及实际控制人、持 ...