证券代码：600475 证券简称：华光环能 公告编号：临 2025-023 | 回购方案首次披露日 | 年 月 2025 4 | 16 | 日 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 | 15 | 至 | 2025 | 年 7 | 月 | 14 | 日 | | 预计回购金额 | 人民币 1 | | 亿元（含）-1.5 | | | | 亿元（含） | | | 回购资金来源 | 公司自有资金或自筹资金 | | | | | | | | | 回购价格上限 | 13 元/股 | | | | | | | | | 回购用途 | □ 减少注册资本 | | | | | | | | | | □ | | 用于员工持股计划或股权激励 | | | | | | | | 用于转换公司可转债 □ | | | | | | | | | | √为维护公司价值及股东权益 | | | | | | | | | 回购股份方式 | 集中竞价交易方式 | | | | | | | | | 累计已回购股份数量 | 股 2 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company reported a revenue of 91.13 billion yuan in 2024, a year-on-year decrease of 13.3%, and a net profit attributable to shareholders of 7.04 billion yuan, down 5.0% year-on-year. The first quarter of 2025 saw revenues of 19.65 billion yuan, a decline of 32.3%, and a net profit of 1.29 billion yuan, down 30.8% year-on-year. The performance was below expectations due to a decline in engineering business and reduced investment income from a stake in Gaojia Solar Energy [7] - The company's thermal power and environmental operations remain stable, with thermal power revenue reaching 45.99 billion yuan in 2024, up 15.59% year-on-year, primarily due to the acquisition of three thermal power plants in mid-2023. Environmental operations generated 6.38 billion yuan in revenue, a 5.50% increase year-on-year [7] - Engineering business has seen a significant decline, with power station engineering revenue dropping to 6.75 billion yuan, down 70% year-on-year, and environmental engineering revenue falling to 13.1 billion yuan, down 37.59% year-on-year. The decline in photovoltaic power station engineering is attributed to volatile component prices and increased uncertainty in project returns [7] - The company has stabilized its coal powder preheating technology, which features a wide load range and low NOx emissions. The technology has achieved stable operation at 20% low load and has flexible load adjustments from 0-110%, with NOx emissions reduced by 40% compared to pre-modification levels [7] - Hydrogen energy projects are expected to contribute to profit growth, with the company completing a 500MW hydrogen production equipment production base and securing contracts for hydrogen production equipment and systems [7] - The company plans to maintain a high dividend payout ratio of 61% for 2024, with a current dividend yield of 4.9% [7] - Profit forecasts have been adjusted downward due to pressure on engineering business and reduced investment income, with net profit estimates for 2025 and 2026 revised to 7.23 billion yuan and 7.63 billion yuan, respectively [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 91.13 billion yuan, with a year-on-year decrease of 13.3%. The net profit attributable to shareholders is expected to be 7.04 billion yuan, down 5.0% year-on-year. For 2025, the estimated revenue is 109.77 billion yuan, with a growth rate of 20.5% [6][10] - The company’s gross profit margin is expected to stabilize at 21.0% from 2025 to 2027, with a return on equity (ROE) projected to increase from 7.9% in 2025 to 8.6% in 2027 [6][10] - The price-to-earnings (PE) ratio is estimated at 12 for 2025, with a potential upside of 16% based on current market valuation [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 9.113 billion yuan for 2024, a year-on-year decrease of 13.31%, and a net profit attributable to shareholders of 704 million yuan, down 4.98% year-on-year [5] - The company plans to distribute a cash dividend of 0.35 yuan per share for 2024, which represents 61.08% of the net profit attributable to shareholders [5] - The first quarter of 2025 saw a revenue of 1.964 billion yuan, a decline of 32.25% year-on-year, and a net profit of 129 million yuan, down 30.77% year-on-year [5] - The company is facing pressure on its performance due to a contraction in engineering business and losses from joint ventures [5] - The company is implementing a new round of equity incentive plans to stabilize and improve operational performance [5] Financial Summary - The company’s total market capitalization is approximately 8.728 billion yuan, with a circulating market capitalization of about 8.604 billion yuan [3] - The company’s debt-to-asset ratio stands at 59.29% [3] - The projected net profits for 2025-2027 are estimated to be 734 million, 850 million, and 898 million yuan respectively, with year-on-year growth rates of 4.25%, 15.73%, and 5.67% [6] - The company’s earnings per share (EPS) for 2025 is projected to be 0.77 yuan, with a price-to-earnings (P/E) ratio of 11.89 [7][9] - The company’s operating income is expected to grow from 9.113 billion yuan in 2024 to 10.989 billion yuan in 2025, reflecting a growth rate of 20.58% [7]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to achieve a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The thermal power operation scale is steadily increasing, with a projected revenue of 10.5 billion yuan by 2025 [2][3]. - The equipment manufacturing business has shown signs of recovery, with a 20.18% year-on-year increase in revenue for 2024 [1][2]. - The company is actively expanding its thermal power generation projects, with a nearly 1.3 GW installed capacity by the end of 2024 [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.113 billion yuan, a decrease of 13.31% year-on-year, and a net profit of 704 million yuan, down 4.98% [1][4]. - For Q1 2025, the revenue was 1.965 billion yuan, a decline of 32.25% year-on-year, with a net profit of 129 million yuan, down 30.77% [1][2]. Business Segments - The equipment manufacturing segment's revenue increased to 1.742 billion yuan in 2024, up 20.18% year-on-year, although the gross margin decreased by 6.74 percentage points to 10.23% [1][2]. - The engineering and services segment saw a significant revenue drop of 54.42% in 2024, totaling 1.985 billion yuan, while the gross margin improved by 4.57 percentage points to 17.38% [2]. Future Outlook - The company anticipates achieving a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The company is focusing on hydrogen energy projects and flexible coal-fired power generation technology, which are expected to contribute positively to future earnings [3][4].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4][6] Core Views - The company's thermal power operations have shown steady improvement, and its equipment business has notable highlights [4][9] - The earnings forecast for 2025-2027 has been adjusted, with expected earnings per share of RMB 0.80, 0.84, and 0.94 respectively, reflecting a decrease from previous estimates [6][8] - The company has completed acquisitions of three thermal power plants, enhancing its power generation and heating capacity [9][10] Financial Summary - For 2024, the company reported a revenue of RMB 9,113 million, a decrease of 13.31% year-on-year, and a net profit of RMB 704 million, down 4.98% [9][10] - In Q1 2025, the company achieved a revenue of RMB 1,964.64 million, a decline of 32.25% year-on-year, with a net profit of RMB 129.03 million, down 30.77% [11] - The company’s gross profit margin for 2024 was 19.18%, an increase of 0.86 percentage points year-on-year [10] - The EBITDA for 2025 is projected to be RMB 1,357 million, with a corresponding EBITDA margin of 13.2% [8][12] Shareholder Information - The major shareholder is Wuxi Guolian Development (Group) Co., Ltd., holding 51.95% of the shares [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to benefit from the dual momentum of hydrogen production and flexible transformation of thermal power, supporting rapid development [5]. - The company reported a revenue of 9.113 billion yuan in 2024, a year-on-year decrease of 13.31%, and a net profit of 704 million yuan, down 4.98% year-on-year [1][6]. Financial Performance - In 2024, the company's revenue from power station engineering dropped significantly by 70.08% to 675 million yuan due to price fluctuations in photovoltaic components and increased uncertainty in project returns [2]. - The environmental operation services generated revenue of 638 million yuan, an increase of 5.50% year-on-year, while thermal power operations saw a total heat sale of 9.7132 million tons, up 18.76% year-on-year [3]. - The equipment manufacturing segment achieved a revenue of 1.742 billion yuan, a year-on-year increase of 20.18%, driven by the development of high-end environmental boiler markets [3]. Future Projections - The company is projected to achieve net profits of 801 million yuan, 935 million yuan, and 1.051 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.84, 0.98, and 1.10 yuan per share [5][6]. - The report anticipates a revenue growth rate of 12.1% in 2025, followed by 11.8% in 2026 and 13.8% in 2027 [6]. Orders and Projects - The company has secured a significant order for hydrogen production equipment and is involved in the world's largest integrated green hydrogen project [4]. - As of the end of 2024, the company had a total order backlog of 11 billion yuan for traditional power station engineering, with a notable increase in orders for environmental boiler equipment [3][4].

证券代码：600475 证券简称：华光环能 公告编号：2025-022 无锡华光环保能源集团股份有限公司 关于召开2024年年度股东大会的通知 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、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 20 日 至2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — ...

无锡华光环保能源集团股份有限公司 第八届监事会第十八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 证券代码：600475 证券简称：华光环能 编号：临 2025-010 无锡华光环保能源集团股份有限公司（以下简称"公司"）第八届监事会第十八 次会议于 2025 年 4 月 17 日以邮件、书面等形式发出会议通知，于 2025 年 4 月 27 日 以现场形式召开。余恺先生主持本次会议，会议应参加表决的监事 3 人，实际表决的 监事 3 人。本次会议的召开符合《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》、《无锡华光环保能源集团股份有限公司监事会议事规则》的 有关规定，会议合法、有效。 二、监事会审议情况 （一）审议通过了《2024 年度监事会工作报告》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案还须提交 2024 年年度股东大会审议。 （二）审议通过了《2024 年度财务决算报告》 2024 年公司实现营业收入 91.13 亿元，利润总额 ...

证券代码：600475 证券简称：华光环能 公告编号：临 2025-009 无锡华光环保能源集团股份有限公司 第八届董事会第三十次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 无锡华光环保能源集团股份有限公司（以下简称"公司"）第八届董事会第三十次 会议通知于 2025 年 4 月 17 日以书面、电子邮件形式发出，会议于 2025 年 4 月 27 日在 公司会议室以现场结合通讯会议方式召开。董事长蒋志坚先生主持会议，会议应出席董 事 9 人，实际出席董事 9 人。公司监事和高级管理人员列席了本次会议。本次会议的召 开符合《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》的有关 规定，会议合法、有效。 二、董事会会议审议情况 （一）审议通过了《2024 年度总经理工作报告》 本议案经战略与 ESG 委员会 2024 年度会议审议通过，并同意提交公司本次董事会 审议。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过了《2024 年度董事会工作报告 ...

证券代码：600475 证券简称：华光环能 公告编号：临2025-011 无锡华光环保能源集团股份有限公司 关于2024年度利润分配预案及2025年中期分红计划 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个别及连带责任。 重要内容提示： 一、2024 年度利润分配预案内容 （一）利润分配方案的具体内容 经公证天业会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日， 公司母公司报表中期末未分配利润为人民币 2,241,977,693.61 元。经董事会决议， －1－ 2024年度每股分配比例：每10股派发现金红利3.5元人民币（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发 生变动，拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中 披露。 提请股东大会授权董事会在满足现金分红条件，不影响公司正常经营和持续 发展的情况下，在2025年半年度报告或第三季度报告披露期间适当增加一次 中期分红，制定并实施具 ...