Core Viewpoint - The strategic cooperation agreement between Green Power and Gohigh Technology aims to enhance the application of technology in waste management, promoting modernization and the growth of emerging industries in line with national carbon reduction goals [1][2]. Group 1: Strategic Cooperation Details - The collaboration will focus on three main areas: technology research and development for industrial modernization, project incubation in the environmental sector, and deep business cooperation [2][3]. - In technology R&D, both companies will explore intelligent inspection robots, drones, smart park platform construction, and carbon reduction technologies to upgrade the waste incineration industry [1][2]. - The project incubation will utilize a "joint laboratory + industrial pilot platform" approach to accelerate the verification of new environmental technologies and shorten the industrialization cycle [2]. Group 2: Company Performance and Market Position - In 2024, Green Power reported an annual revenue of 3.399 billion yuan, a decrease of 14.08% year-on-year, primarily due to reduced PPP construction services [2]. - The waste treatment segment achieved revenue of 3.361 billion yuan, reflecting a year-on-year growth of 7.04% [2]. - As of December 31, 2024, the company operated 37 projects in the municipal waste incineration sector, with a waste processing capacity of 40,300 tons per day and an installed capacity of 857 MW, positioning it among the industry leaders [2]. Group 3: Technological Innovations and Collaborations - Green Power is actively pursuing technological innovation and expanding research cooperation channels, including partnerships with Alibaba Cloud for AI applications in waste incineration [3]. - Collaborations with institutions like China University of Mining and Technology focus on developing technologies for robot cleaning and confined space operations [3]. - The cooperation with Gohigh Technology is expected to enhance the operational intelligence of waste incineration projects, leading to improved efficiency [3].

一、 协议签订的基本情况 （一） 协议签署基本情况 绿色动力环保集团股份有限公司（以下简称"公司"或"甲方"）于2025 年4月3日在广东省东莞市与固高科技股份有限公司（以下简称"乙方"）签订 《战略合作协议》（以下简称"本协议"），以促进双方的共同发展和长远合 | 证券代码：601330 | 证券简称：绿色动力 公告编号：临 2025-015 | | --- | --- | | 转债代码：113054 | 转债简称：绿动转债 | 绿色动力环保集团股份有限公司 关于签订战略合作协议的公告 本公司董事会及全体董事除刘曙光外，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。 董事刘曙光因无法取得联系，对公告相关内容未出具意见。 重要内容提示： 整合双方优势资源，促进乙方技术装备应用到甲方厂区管理之中，有力推动产 业现代化，培育壮大新兴产业和未来产业。 （二） 合作内容 1、产业现代化有关技术研发合作 履约的风险与不确定性：本协议仅系双方经友好协商达成的初步意向，未经 公司董事会审议，针对本次合作的具体内容，将由双方进一步协商论证，以 及履行必要的决策和批 ...

Group 1 - The company Green Power is enhancing its performance and profitability through various measures, including a decrease in environmental protection fees due to centralized procurement and refined management [1] - Material costs are rising due to increased costs of obtaining industrial solid waste, while financial expenses are expected to continue decreasing due to long-term loan repayments and declining market interest rates [1] - The company anticipates receiving 372 million yuan in national subsidies in 2024, which is better than in 2023, with three new projects added to the national subsidy list [1] Group 2 - By the end of 2024, national subsidies are expected to account for 34% of revenue, while waste treatment fees will account for 55% [1] - The company's capital expenditure for 2024 is projected to be 500 million yuan, with future capital expenditures expected to continue decreasing [1] - The company has a dividend payout ratio of 71%, which will be determined based on operational performance in the future [1] Group 3 - The company is not planning to deliberately reduce its debt ratio and will continue to conduct debt replacement [1] - The growth in waste treatment and power generation in 2024 is attributed to the commissioning of new projects, expansion of waste sources, and refined management [1] - Measures to enhance capacity utilization include improving waste collection and transportation systems, expanding waste sources, and conducting collaborative disposal [1] Group 4 - The electricity price for competitive bidding projects is approximately between 0.55 yuan and 0.60 yuan per kWh [1] - The company plans to gradually implement the "polluter pays" principle for waste treatment fees in the Yongjia Phase I project [1] - The company is exploring the feasibility of a cooperation model between waste incineration power generation and IDC [1] Group 5 - The company intends to collaborate with state-owned enterprises to participate in the bidding for the Malaysia EPC project and will continue to seek acquisitions of quality projects [1] - There are currently no plans to lower the conversion price of bonds, with a focus on enhancing performance to stabilize dividend expectations [1]

Core Insights - Recent research by a well-known private equity firm, Ah Xing Investment, focused on a listed company, Green Power, highlighting various measures to enhance performance and profitability [1] Company Performance - Green Power has improved its performance through multiple strategies, including a decrease in environmental protection fees due to centralized procurement and refined management [1] - Material costs have risen due to increased costs of industrial solid waste acquisition [1] - Financial expenses are expected to continue declining due to long-term loan repayments and falling market interest rates [1] Financial Projections - The national subsidy repayment for 2024 is projected to be 372 million yuan, which is better than in 2023, with three new projects added to the national subsidy list [1] - By the end of 2024, national subsidies are expected to account for 34% of revenue, while waste treatment fees will account for 55% [1] - Capital expenditure for 2024 is set at 500 million yuan, with future capital expenditures expected to decrease [1] Debt and Dividend Policy - The company has a dividend payout ratio of 71%, with future dividends to be determined based on operational performance [1] - There are no plans to deliberately reduce the debt ratio, and the company will continue to engage in debt replacement [1] Operational Growth - The growth in waste treatment and power generation in 2024 is attributed to new project launches, successful waste expansion efforts, and refined management practices [1] - Measures to enhance capacity utilization include improving waste collection systems, expanding waste sources, and conducting collaborative disposal [1] Pricing and Market Strategy - The bidding price for competitive online projects is approximately 0.55 to 0.60 yuan per kWh [1] - Future adjustments to waste treatment fees are planned, gradually implementing the principle of producer responsibility [1] Business Expansion - The company is exploring the feasibility of collaboration between waste incineration power generation and IDC [1] - Plans to collaborate with state-owned enterprises for bidding on EPC projects in Malaysia are underway, alongside ongoing efforts to acquire quality projects [1] - There are currently no plans to lower the conversion price, with a focus on enhancing performance to stabilize dividend expectations [1]

Group 1 - Recently, Jinglin Asset conducted research on two listed companies: Yanhai Co. and Green Power [1][2] - Yanhai Co. focuses on producing lithium resources for electric vehicle batteries, supporting the development of the new energy vehicle sector [1] - Green Power has implemented various measures to enhance performance and profitability, including centralized procurement and refined management, leading to a decrease in environmental protection fees [2] Group 2 - Green Power anticipates a continued decline in financial expenses due to long-term loan repayments and falling market interest rates [2] - The company expects a national subsidy repayment of 372 million yuan in 2024, which is better than in 2023, with three new projects added to the subsidy list [2] - By the end of 2024, national subsidies are projected to account for 34% of revenue, while waste treatment fees will represent 55% [2] Group 3 - Green Power plans to reduce capital expenditures to 500 million yuan in 2024 and will continue to lower future capital expenditures [2] - The company maintains a dividend payout ratio of 71%, with future dividends to be determined based on operational performance [2] - Green Power is exploring collaboration with central enterprises for an EPC project bid in Malaysia and is actively seeking acquisitions of quality projects [2]

2025 年第一季度可转债转股结果暨股份变动公告 | | | 本公司董事会及全体董事除刘曙光外，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。 董事刘曙光因无法取得联系，对公告相关内容未出具意见。 绿色动力环保集团股份有限公司 重要内容提示： 一、可转债发行上市概况 经中国证监会《关于核准绿色动力环保集团股份有限公司公开发行可转换 公司债券的批复》（证监许可[2022]132号）核准，绿色动力环保集团股份有限 公司（以下简称"公司"）于2022年2月25日公开发行2,360万张可转债，每张 面值人民币100元，发行总额23.60亿元，票面利率：第一年0.20%、第二年 累计转股情况：截至 2025 年 3 月 31 日，累计已有 126,000 元"绿动转债" 转换成公司 A 股普通股，累计转股数为 12,937 股，占可转换公司债券（以 下简称"可转债"）转股前公司已发行股份总额的 0.0009%。 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的可转债金额为 2,359,874,000 元，占可转债发行总量的 99.9947% ...

Investment Rating - The report gives a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [2][18]. Core Viewpoints - The company's core business remains strong, with operational revenue of 2.964 billion RMB, a year-on-year increase of 8.02%, despite a significant decline in construction revenue by 95.42% due to fewer construction projects [5]. - The company has successfully launched the Jingxi project, increasing its operational capacity to over 40,000 tons per day, and processed 14.38 million tons of municipal waste in 2024, a 6.96% increase year-on-year [5]. - The company is expanding its green energy trading and collaborative business efforts, achieving notable results in projects like mobile energy storage heating and biogas purification [6]. - A dividend plan has been announced, with a cash dividend of 0.1 RMB per share for the interim and a proposed annual dividend of 0.20 RMB per share, reflecting the company's confidence in its future [7]. Financial Performance - In 2024, the company reported total revenue of 3.399 billion RMB, a decrease of 14% year-on-year, and a net profit attributable to shareholders of 585 million RMB, down 7% year-on-year [4][10]. - The company expects revenue growth in the coming years, projecting revenues of 3.542 billion RMB, 3.704 billion RMB, and 3.880 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 668 million RMB, 714 million RMB, and 768 million RMB [8][10]. - The company's gross margin improved to 45.44%, an increase of 6.92 percentage points year-on-year, due to optimized revenue structure and cost control [5]. Comparative Analysis - The company's 2025 PE ratio is lower than the average of comparable companies in the waste treatment sector, indicating potential for valuation recovery [11].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [6][7]. Core Views - The company reported a revenue of 3.399 billion RMB for 2024, a year-on-year decrease of 14.08%, and a net profit attributable to shareholders of 585 million RMB, down 7.02% year-on-year [1]. - The company has a strong free cash flow, with a significant increase to 1.068 billion RMB in 2024 from 256 million RMB in 2023, indicating robust operational efficiency [3]. - The target prices for the A and H shares have been raised to 8.62 RMB and 4.61 HKD respectively, reflecting an upward revision in profit forecasts [4]. Revenue and Profitability - The company's solid waste treatment operational revenue for 2024 is projected at 3.361 billion RMB, representing a year-on-year growth of 7.04% [2]. - The gross profit margin is expected to be 45.85%, a slight decrease of 0.54 percentage points year-on-year [2]. - The company aims for a dividend per share (DPS) of 0.3 RMB for 2024, with a payout ratio of 71.5% [3]. Financial Projections - The forecasted net profit for 2025 is 684 million RMB, with expected growth rates of 16.93% in 2025, 7.19% in 2026, and 5.57% in 2027 [5]. - The report anticipates a steady increase in the company's performance metrics, including a projected PE ratio of 17.6 for 2025 [4]. Market Position - The company is actively embracing digital transformation, collaborating with Alibaba Cloud to enhance operational efficiency through the application of artificial intelligence in waste incineration [2]. - The current dividend yields for A and H shares are 4.6% and 10.0% respectively, highlighting the company's attractive dividend policy [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 was impacted by impairment losses in hazardous waste business, with total revenue of 3.399 billion yuan, down 14% year-on-year, and net profit attributable to shareholders of 585 million yuan, down 7% year-on-year [6] - Excluding the impairment losses, the company's core business showed stable profit growth, with a significant increase in operational metrics [6] - The company significantly increased its dividend payout ratio to 71.45%, with a cash dividend total of 418 million yuan, resulting in an A-share dividend yield of 4.55% and a H-share yield of approximately 9.85% [6] - The company has launched a stock incentive plan, indicating confidence in long-term growth, with performance targets set for net profit and return on equity [6] - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards due to the impairment, but the outlook remains positive with expected steady profit growth and improved free cash flow [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.460 billion yuan, with a year-on-year growth rate of 1.8% [2] - Net profit attributable to shareholders for 2025 is projected at 734 million yuan, representing a year-on-year increase of 25.5% [2] - The company’s gross margin is expected to be 45.8% in 2025, with a return on equity (ROE) of 9.0% [2] - The price-to-earnings (PE) ratio is projected to be 13 for 2025, decreasing to 11 by 2027 [2] Market Data - As of March 28, 2025, the closing price of the stock was 6.59 yuan, with a market capitalization of 6.518 billion yuan [3] - The stock has a price-to-book ratio of 1.2 and a dividend yield of 3.79% [3]

事件：公司发布2024 年年报，2024 年，公司营业收入33.99 亿元，同比下降14%；归母净利润5.85 亿 元，同比下降7%。 核心观点： 发布分红规划和股权激励计划，彰显发展信心。公司2024 年已派发中期利润分配，向全体股东每股派 发现金红利0.1 元（含税），拟派发年度年度分红，向全体股东每股派发现金股利0.20 元（税前），中 期及年度利润分配合计派发现金红利4.18 亿元（含税）。2024 年8 月，公司发布《未来三年股东分红回 报规划（2024 年-2026 年）》，明确了公司未来三年每年以现金方式分配的利润分别不低于当年实现的 可分配利润的40%、45%、50%。2024 年12 月，公司发布股票激励计划草案，限制性股票的首次授予价 格为每股3.25 元，本激励计划的解除限售考核年度为2026-2028年三个会计年度，业绩考核目标值为 2026-2028 年净利润分别不低于7.11/7.42/7.73 亿元，净资产收益率均不低于8.2%，经营活动现金流量净 额分别不低于11.44/11.93/12.42 亿元。 盈利预测：我们预计公司2025-2027 年实现营业收入分别为35.42/3 ...