Investment Rating - The investment rating for the company is "Buy" [10] Core Views - Yongxing Co., Ltd. is the sole investment and operation entity for waste incineration power generation projects in Guangzhou, with a total operational capacity of 32,090 tons/day as of the end of 2024. The company has no ongoing construction projects, and its revenue from construction has significantly declined to 0.15 million in 2023, with no contributions expected in 2024. The quality of revenue and profit is high [3][7][25]. - The company benefits from a favorable project location, low national subsidy ratio, high calorific value, and large individual project sizes, leading to excellent cash flow performance. The cash collection ratio for 2024 is 100%, and the net cash ratio is 232% [8][13][70]. - The company operates under a government procurement service model, which is akin to perpetual operation, providing a stable revenue stream. The majority of its projects are located in Guangzhou, ensuring a steady supply of waste [13][60]. Summary by Sections Company Overview - Yongxing Co., Ltd. was established in 2009 and is controlled by the Guangzhou Environmental Investment Group. It focuses on waste incineration power generation and has expanded into biomass processing since 2021. The company operates 14 waste incineration projects and 4 biomass processing projects, with a total operational capacity of 32,090 tons/day for incineration and 2,590 tons/day for biomass [7][18][25]. Financial Performance - The company achieved a revenue of 35.36 billion in 2023, a year-on-year increase of 7.4%, and a net profit attributable to shareholders of 7.35 billion, up 2.7%. For 2024, the projected revenue is 37.65 billion, with a growth of 6.4%, and a net profit of 8.21 billion, reflecting an 11.7% increase [25][26]. Competitive Advantages - The company has several competitive advantages over its peers, including: - High-quality project locations with low national subsidy ratios and high calorific values, leading to superior cash flow performance [8][60]. - A government procurement service model that ensures stable operations and revenue [13][60]. - Strong support from its major shareholder, which guarantees sufficient waste collection and enhances operational efficiency [13][60]. - Opportunities for growth in waste processing volume due to population inflow and expansion of waste sources [13][60]. Profitability Forecast and Valuation - The company is expected to see a steady increase in net profit from 9.0 billion in 2025 to 11.0 billion in 2027, with corresponding price-to-earnings ratios of 16.0x, 14.1x, and 13.2x. The "Buy" rating reflects the company's perpetual operation characteristics and location advantages that support earnings per share growth [9][10].

Group 1 - The stock price of Yongxing Co., Ltd. (601033) closed at 16.02 yuan, down 4.93% from the previous week, with a total market value of 14.418 billion yuan, ranking 11th in the environmental governance sector [1] - The company is currently under a three-year dividend commitment made before its listing and will formulate future dividend policies based on operational performance, funding needs, and development strategies [1][2] - The company sees significant potential for waste-to-energy development in countries along the "Belt and Road" initiative and in Southeast Asia, and is steadily advancing its overseas business strategy while ensuring risk control [1][4] Group 2 - The company has completed the acquisition of Xinzhou City Jiejin Power Co., Ltd. and will continue to pursue other project acquisitions, focusing on project quality, risk-reward situations, and strategic alignment [2] - The heating business is a key strategic focus for enhancing operational efficiency, with significant cost advantages and environmental benefits recognized by various government levels [2][4] - The company is actively promoting the development of its heating business and expanding its customer base while accelerating the planning and construction of heating pipelines [2]

Group 1 - The municipal environmental protection sector is characterized by stable profitability, improved cash flow, and opportunities in environmental dividend assets due to debt reduction and water price adjustments. High dividend stocks are emerging in the municipal water and solid waste sectors, with companies like Guangdong Investment, Yongxing Co., Hongcheng Environment, and others recommended for investment [4][30][28] - The integration of AI is driving secondary growth in the municipal environmental protection sector, particularly through solid waste management and AI Data Centers (AIDC). The collaboration between waste incineration and AIDC can significantly enhance profitability and cash flow for waste management companies [4][34][37] - The report highlights the acceleration of water price adjustments across various regions, with 17 areas having raised water prices since January 2024. This trend is expected to enhance the profitability of water service companies [18][20][21] Group 2 - The report emphasizes the importance of stable revenue and income in municipal water and solid waste operations, which are essential for urban functioning. The cost structure primarily consists of depreciation, amortization, and labor costs, ensuring long-term profitability through a franchise model [17][9] - The report outlines a significant reduction in capital expenditures (Capex) within the municipal environmental sector, leading to improved free cash flow and dividend rates. This trend is expected to continue as the industry matures [23][25] - The introduction of a 12 trillion yuan debt reduction plan is anticipated to benefit the environmental protection sector, particularly companies with high dividend yields and significant accounts receivable, such as Hongcheng Environment and Yongxing Co. [27][28]

证券代码：601033 证券简称：永兴股份 公告编号：2025-025 广州环投永兴集团股份有限公司 关于收购忻州市洁晋发电有限公司 41%股权 的进展公告 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、交易概述 广州环投永兴集团股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日召开第一届董事会第二十五次会议，审议通过《关于收购忻州市洁晋发电有 限公司 41%股权的议案》，同意公司以自有资金 32,967.347 万元收购参股公司 忻州市洁晋发电有限公司（以下简称"洁晋公司"）41%的股权。具体内容详 见公司于 2025 年 1 月 11 日披露的《关于收购忻州市洁晋发电有限公司 41%股 权的公告》（公告编号：2025-002）。 本次交易已取得忻州市住房和城乡建设局出具同意本次交易的书面文件。 具体内容详见公司于 2025 年 4 月 12 日披露的《关于收购忻州市洁晋发电有限 公司 41%股权的进展公告》（公告编号：2025-019）。 二、进展情况 近日，洁晋公司完成了本次交易相关的工商变更登记手 ...

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Group 1 - Guangzhou HuanTou Desijie Environmental Technology Co., Ltd. has been officially registered with a registered capital of 10 million RMB, primarily focusing on technology promotion and application services [1] - The company is 51% controlled by Guangzhou HuanTou Yongxing Group Co., Ltd. (601033.SH), with other shareholders including Zhejiang Desijie Environmental Technology Co., Ltd. (42%) and Shanghai Morandi Environmental Technology Co., Ltd. (7%) [1] - The business scope includes environmental technology services, energy-saving technology promotion, and research and integration of flue gas treatment equipment [1] Group 2 - The waste incineration industry is currently experiencing a wave of "ultra-low emission" technology upgrades, with stricter local standards being implemented across various provinces and cities [1] - The NOx emission limit in some regions has been reduced to 50 mg/m, significantly lower than the national standard of 300 mg/m and the EU 2010 standard of 200 mg/m [1] - HuanTou Desijie’s main technology direction includes the SNCR denitrification process based on polymer reducing agents, which has been patented by Zhejiang Desijie [2] - This technology is characterized by a wide reaction temperature range, strong flue gas adaptability, and low operating costs, making it a promising solution for waste incineration flue gas treatment [2] - HuanTou Yongxing's waste incineration projects have nitrogen oxide emissions that not only meet national standards but also exceed EU 2010 standards, although future upgrades will be necessary to meet stricter NOx emission standards [2] - The establishment of HuanTou Desijie will meet the environmental upgrade needs of multiple waste incineration projects and lay the foundation for entering the third-party denitrification market and expanding technology output [2] - In the long term, HuanTou Desijie is expected to become a key support for the environmental technology sector, fostering new business growth amid policy upgrades and industrial transformation [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has slightly declined, but collaboration with IDC is expected to lead to a revaluation of its value [5] - The company reported a revenue of 905 million yuan in Q1 2025, a year-on-year decrease of 2.52%, and a net profit attributable to shareholders of 197 million yuan, down 3.4% year-on-year [7] - The decline in performance is attributed to increased maintenance time, which affected waste processing volume and increased maintenance costs [7] - The company is expected to benefit from the ongoing excavation of aged waste, which could bring significant profit increments [7] - The collaboration between waste incineration and IDC is anticipated to become an industry trend, with the company positioned to benefit from this shift [7] Financial Summary - Revenue projections for the company are as follows: 3,536 million yuan in 2023, 3,765 million yuan in 2024, 4,126 million yuan in 2025, 4,378 million yuan in 2026, and 4,540 million yuan in 2027, with growth rates of 7.38%, 6.45%, 9.58%, 6.12%, and 3.70% respectively [6] - Net profit attributable to shareholders is projected to be 735 million yuan in 2023, 821 million yuan in 2024, 917 million yuan in 2025, 1,022 million yuan in 2026, and 1,130 million yuan in 2027, with growth rates of 2.71%, 11.67%, 11.74%, 11.43%, and 10.64% respectively [6] - The company is expected to achieve a free cash flow of 740 million yuan in 2024, with a dividend payout ratio of 65.8%, leading to projected dividend yields of 4.2%, 4.7%, and 5.2% for 2025-2027 [7]

相关日期 证券代码：601033 证券简称：永兴股份 公告编号：2025-024 广州环投永兴集团股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.60元 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/7 | － | 2025/5/8 | 2025/5/8 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经广州环投永兴集团股份有限公司（以下简称"本公司"） 2025 年 4 月 21 日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： | 股份类别 | 股权登记日 | ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-023 广州环投永兴集团股份有限公司 关于 2024 年度"提质增效重回报"行动方案 评估报告的公告 2024年，公司积极拓展运营管理服务输出业务，新增多个运营检修服务项 目及环境监管技术服务项目。公司高度关注并参与绿证交易业务，合计申领绿 证约690万张。 1 公司积极通过对外项目拓展、收并购等方式扩大公司业务区域布局，提升 公司业务规模。2024年9月，公司联合中标怀集县环保发电项目；2024年12月， 公司在越南成立全资子公司，积极探索海外项目投资发展新途径。 公司已全面掌握吊机无人值守、焚烧炉ACC智能控制、烟气污染物自动控 制等智慧电厂关键技术，开展智能巡检、DCS与烟气监测智能联动、SNCR和 SCR协同脱硝技术、餐厨垃圾厌氧消化产沼优化运营等技术研发应用和创新实 践，有效提升了公司环境效益和资源化利用效率。 二、积极回报投资者，落实分红、限售锁定以及稳定股价等承诺 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。 为深入贯彻落实国务院《关于进一步提高上 ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-022 广州环投永兴集团股份有限公司 第一届监事会第二十三次会议决议公告 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法律责任。 一、监事会会议召开情况 广州环投永兴集团股份有限公司（以下简称"公司"）第一届监事会第二 十三次会议通知于2025年4月22日以电子邮件方式发出，并于2025年4月25日以 现场会议方式召开。本次会议由监事会主席王化平先生主持，应当出席监事3 名，实际出席监事3名。本次会议的召开和表决程序符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》等有关规定。 二、监事会会议审议情况 （一）审议通过《关于<2025年第一季度报告>的议案》 经审议，监事会认为：公司《2025年第一季度报告》的编制和审核程序符 合法律、法规和公司管理制度的各项规定；2025年第一季度报告的内容和格式 符合中国证监会和上海证券交易所的各项规定，所包含的信息真实、准确地反 映出公司2025年第一季度的财务状况和经营成果；在提出本意见前，未发现参 与《2025年第一季度 ...