重要内容提示： 证券代码：601827 证券简称：三峰环境 公告编号：2024-044 重庆三峰环境集团股份有限公司 关于以集中竞价交易方式回购 A 股股份的进展公告 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。 | 回购方案首次披露日 | 2023/11/28 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2023 年 | 12 月 | 14 | 日至 | 2024 | 年 12 | 月 13 | 日 | | 预计回购金额 | 5,000 万元~10,000 | | | 万元 | | | | | | 回购用途 | 减少注册资本 | | | | | | | | | 累计已回购股数 | 2,191,400 | 股 | | | | | | | | 累计已回购股数占总股本比例 | 0.13% | | | | | | | | | 累计已回购金额 | 1,649.32 | 万元 | | | | | | | | 实 ...

证券研究报告 三峰环境 (601827 CH) 固废高质量运营，开拓海外设备市场 华泰研究 中报点评 2024 年 8 月 27 日│中国内地 废物管理 投资评级(维持): 买入 目标价(人民币): 11.25 1H24 收入利润均同比+5%，维持"买入"评级 三峰环境发布半年报，2024 年 H1 实现营收 31.32 亿元（yoy+5.08%），归 母净利 6.66 亿元（yoy+5.29%），扣非净利 6.62 亿元（yoy+9.18%）。我们 预计公司 2024-2026 年 EPS 分别为 0.74、0.80、0.84 元。可比公司 24 年 Wind 一致预期 PE 均值为 13.8 倍，考虑三峰环境运营指标行业居前，盈利 能力强、设备出海成长空间大，给予公司 24 年 15.2 倍 PE，目标价 11.25 元（前值 11.03 元），维持"买入"评级。 政府补助减少/应收账款减值拖累 Q2 利润 Q2 公司实现营收 15.79 亿元（yoy+10.11%，qoq+1.73%），归母净利 2.76 亿元（yoy-2.34%，qoq-29.19%）。毛利率 31.59%（yoy+1.43pp），其 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 11.25 RMB from the previous 8.76 RMB, while the current price is 8.55 RMB [1][4]. Core Views - The company's performance in the first half of 2024 met expectations, demonstrating stable operations and maintaining industry leadership, with active expansion in international business [2][4]. Financial Performance Summary - For H1 2024, the company achieved revenue of 3.132 billion RMB, a year-on-year increase of 5%, and a net profit attributable to shareholders of 666 million RMB, also up 5% year-on-year. The net profit excluding non-recurring items was 662 million RMB, reflecting a 9% increase [4]. - In Q2 2024, the company reported revenue of 1.579 billion RMB, with a net profit excluding non-recurring items of 276 million RMB, marking a 7% year-on-year growth [4]. - The company's EPC construction revenue decreased significantly by 82% to 122 million RMB due to a reduction in ongoing projects, while equipment sales revenue surged by 108% to 929 million RMB. Operating revenue grew steadily by 11% to 1.971 billion RMB [4]. - The gross margin improved by 2.41 percentage points to 34.38%, while the net profit margin remained stable at 22.42% [4]. Operational Highlights - As of the end of H1 2024, the company had 41,500 tons of invested and controlled projects and 15,850 tons of joint ventures. The waste disposal volume of controlled projects increased by 11% year-on-year to 7.535 million tons, and steam sales volume rose by 32% to 470,000 tons [4]. - The average waste-to-energy conversion rate for the company's projects was 413.5 kWh/ton, maintaining industry-leading levels [4]. - The company actively expanded its international business, signing a strategic cooperation framework agreement with Suez Group in France and renewing a licensing agreement with Martin in Germany [4]. Cash Flow and Capital Expenditure - Capital expenditure in H1 2024 was 370 million RMB, down from 648 million RMB in the same period of 2023, indicating a clear downward trend in capital spending [4]. - The net cash flow from operating activities was 1.129 billion RMB, a 27% year-on-year increase, indicating sufficient cash flow [4].

二、董事会会议审议情况 本次会议审议通过了以下议案： （一）审议通过《关于审议公司 2024 年半年度报告全文及摘要的议案》 经审议，公司董事会同意披露公司 2024 年半年度报告及摘要。 证券代码：601827 证券简称：三峰环境 公告编号：2024-041 重庆三峰环境集团股份有限公司 第二届董事会第二十七次会议决议公告 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 重庆三峰环境集团股份有限公司（以下简称"公司"）第二届董事会第二十 七次会议（以下简称"本次会议"）于 2024 年 8 月 26 日在重庆市大渡口区建桥 大道 3 号公司 101 会议室以现场及通讯结合方式召开。本次会议应出席董事 8 人，实际出席董事 8 人。公司监事及高级管理人员列席了本次会议。本次会议的 召开程序符合《中华人民共和国公司法》《重庆三峰环境集团股份有限公司章程》 和《重庆三峰环境集团股份有限公司董事会议事规则》等有关规定，会议表决结 果合法有效。 表决结果：同意 7 票，反对 0 票，弃权 0 票，表决结果 ...

重要内容提示： 证券代码：601827 证券简称：三峰环境 公告编号：2024-043 重庆三峰环境集团股份有限公司 关于调整 2024 年度日常关联交易计划的公告 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。 公司于 2024 年 8 月 26 日召开的第二届董事会第二十七会议审议通过了《关 于调整公司 2024 年度日常关联交易计划的议案》，关联董事黄嘉頴先生回避表 本次日常关联交易计划无需提交股东大会审议。 公司主要业务及收入、利润来源独立，日常关联交易对公司独立性无不 利影响。 一、日常关联交易基本情况 （一）日常关联交易计划履行的审议程序 1.2024 年度日常关联交易计划履行的审议程序 重庆三峰环境集团股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日召开的第二届董事会第二十三次会议审议通过了《关于公司 2023 年度日常关 联交易情况及 2024 年度预计日常关联交易预案的议案》。关联董事 Stephen Clark 先生、冷湘女士回避表决，出席该次董事会的非关联董事一致同意该议案，审 议 ...

证券代码：601827 证券简称：三峰环境 公告编号：2024-042 重庆三峰环境集团股份有限公司 第二届监事会第十五次会议决议公告 表决结果：同意 5 票，反对 0 票，弃权 0 票，表决结果为通过。 （二）审议通过《关于审议非金融企业债务融资工具 2024 年半年度报告及 附件的议案》 经审议，监事会认为：公司拟在银行间市场交易商协会指定平台披露的 2024 年半年度报告及附件内容真实、准确、完整，不存在任何虚假记载、误导性陈述 或者重大遗漏，不会损害公司及全体股东的利益。 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 重庆三峰环境集团股份有限公司（以下简称公司）第二届监事会第十五次会 议（以下简称本次会议）于 2024 年 8 月 26 日在重庆市大渡口区建桥大道 3 号公 司206会议室以现场及通讯结合方式召开，会议通知于2024年8月16日以书面、 电话、邮件等方式送达。本次会议应出席监事 5 人，实际出席监事 5 人。本次会 议由公司监事会主席韩明先生主持，本次会议的召开程序符合《中华人 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[8]. - The net profit attributable to shareholders reached RMB 300 million, up 20% compared to the same period last year[8]. - The company's operating revenue for the first half of 2024 was ¥3,131,672,731.07, representing a 5.08% increase compared to ¥2,980,209,639.71 in the same period last year[15]. - The net profit attributable to shareholders for the first half of 2024 was ¥666,293,809.97, up 5.29% from ¥632,799,012.53 in the previous year[15]. - The total profit for the first half of 2024 was CNY 793,540,555, compared to CNY 748,412,955 in the same period of 2023, marking an increase of about 6%[120]. - The total comprehensive income for the first half of 2024 was CNY 762,597,552.00, compared to CNY 815,692,120.22 in the same period of 2023, reflecting a decrease of approximately 6.5%[123]. - The company reported a net profit margin improvement, with net profit for the first half of 2024 expected to be higher than the previous year, although specific figures were not disclosed[118]. User Growth and Market Expansion - User data indicates an increase in active service users by 25%, totaling 5 million users by the end of June 2024[8]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[8]. - Future guidance estimates a revenue growth of 12% for the second half of 2024, driven by increased demand for environmental services[8]. - The company plans to expand its market presence by entering three new regional markets by the end of 2024, targeting a 25% increase in market share[76]. Research and Development - The company has allocated RMB 200 million for research and development in the next fiscal year[8]. - New product development includes the launch of an advanced waste-to-energy technology expected to increase efficiency by 30%[8]. - Research and development expenses significantly decreased by 59.43%, amounting to ¥19,126,972.83, down from ¥47,149,819.63[33]. - The company has invested in an INCONEL manufacturing center to enhance the durability of its waste heat boilers, contributing to its leading position in the industry[27]. - The company has initiated research on the recycling process for discarded photovoltaic components and carbon accounting methods for waste incineration power generation[100]. Environmental Initiatives - Management highlighted a strategic focus on sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2030[8]. - The company is focusing on green and low-carbon development practices, with ongoing projects in zero-carbon parks and green factories[18]. - The company has adopted measures to reduce carbon emissions, including replacing landfill methods with incineration, effectively lowering methane emissions[64]. - The company is committed to sustainability, with ongoing research into reducing particulate matter emissions to 4.4 mg/Nm³ from 2 furnace[47]. - The company is actively monitoring and improving its environmental performance, as indicated by the continuous emissions data collected from multiple furnaces[50]. Operational Efficiency and Technology - The company has established a leading solid waste and wastewater treatment technology system, with 322 effective patent authorizations and has contributed to 21 national and industry standards[22]. - The company has successfully implemented smart incineration technologies in its projects, such as the Chongqing Baiguoyuan project (4,500 tons/day) and the Chengdu project (1,800 tons/day), improving operational efficiency and reducing energy consumption[25]. - The company has achieved a continuous operational status for multiple furnaces, indicating stable performance and reliability in production[49]. - The company is focusing on continuous innovation and development in the green, low-carbon, and environmental sectors to support its long-term operational growth[101]. Financial Position and Liabilities - The company's total assets at the end of the reporting period were ¥25,430,181,144.58, a 0.58% increase from ¥25,282,652,886.79 at the end of the previous year[15]. - The total liabilities decreased to ¥13,985,867,382.63 from ¥14,112,164,365.69[113]. - The company's retained earnings grew to ¥2,470,547,916.05 from ¥2,101,877,597.55, an increase of 17.5%[117]. - The total amount of related party transactions for 2024 is estimated at CNY 8,310 million, with actual transactions in the first half of 2024 amounting to CNY 3,117.69 million, resulting in a variance of CNY -5,192.31 million[79]. Compliance and Governance - The company has committed to strict compliance with all regulatory requirements, ensuring transparency and accountability in its financial disclosures[72]. - The integrity status of the company and its major shareholders remains positive, with no violations or penalties reported during the reporting period[77]. - The company has not faced any administrative penalties for environmental issues during the reporting period[62]. - The company has established measures to prevent any direct or indirect competition with the company by its controlled entities, with a commitment period extending until December 2018 and ongoing[71]. Strategic Partnerships and Acquisitions - The company is exploring potential acquisitions in the renewable energy sector to enhance its service offerings[8]. - Strategic initiatives include potential mergers and acquisitions to bolster market share and technological capabilities[47]. - The company has signed a comprehensive strategic cooperation framework agreement with Suez Group to enhance international market collaboration and innovation in the solid waste sector[24]. Emission Control and Environmental Compliance - The company has achieved a 15% reduction in fly ash at the source through its new technology, which has been validated and is now being promoted for application[31]. - The company is committed to maintaining emissions within regulatory limits, with current nitrogen oxide levels reported at 196 mg/Nm³ and 203 mg/Nm³ for respective furnaces[49]. - The company has established a comprehensive environmental monitoring plan to ensure compliance with emission standards and to monitor the impact on surrounding environmental quality[61]. - The company ensures that all waste incineration plants meet or exceed EU emission standards, demonstrating industry-leading operational levels[63].

证券代码：601827 证券简称：三峰环境 公告编号：2024-040 重庆三峰环境集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开地点：上海证券交易所"上证路演中心"网络平台（网址： http://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 8 月 22 日(星期四)至 8 月 28 日(星期三)16:00 前登录 上证路演中心网站首页点击"提问预征集通道"或通过公司邮箱 zqb@cseg.cn 进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 重庆三峰环境集团股份有限公司（以下简称"公司"）计划于 2024 年 8 月 27 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度的经营成果、财务状况，公司计划于 2024 年 8 月 29 日上午 11:00-12:00 举行 2024 年半年度业绩说明会 ...

根据《公司法》和《公司章程》的有关规定，冷湘女士辞职不会导致本公司 董事会成员人数低于法定最低人数，不会影响公司董事会的正常运作。公司将按 照有关规定开展新任董事的选举工作。 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。 重庆三峰环境集团股份有限公司（以下简称"三峰环境"或"公司"）董事 会于近日收到公司董事冷湘女士的书面辞职申请。冷湘女士因工作调动，申请辞 去公司董事职务，该申请自送达公司董事会之日起生效。冷湘女士辞职后不再担 任公司其他职务。 证券代码：601827 证券简称：三峰环境 公告编号：2024-039 重庆三峰环境集团股份有限公司 关于董事辞职的公告 冷湘女士在担任公司董事期间勤勉尽责、恪尽职守，为推动公司董事会及战 略委员会的相关工作做出了重要贡献，有力支持了公司的经营发展。公司及公司 董事会对冷湘女士任职期间对公司所做贡献和辛勤工作表示衷心感谢。 2024 年 8 月 13 日 特此公告。 重庆三峰环境集团股份有限公司董事会 ...

大家好,感谢大家在周五晚上的时间来收听我们的电话会。我是苏政院袁李,今天邀请到了顾费的主理分析师,也是三个环境深度报告的重点参与人,陈作人老师来给我们讲一下三个环境的深度报告。 其实我们对工会板块的推荐已经由来已久了,但在观点上面,我们的想法和看法是层层地定的。比如说在去年,我们其实重点的去推荐这个板块的逻辑是在于现金流的改善,就是我们可以看到2023年, 整个板块随着资本开支的下降出现了全行业的自由现金流的减速的转正这意味着未来现金流造血和产生能力的大幅增加大家都能够知道比如说看DCF模型当然如果是在现金流流入期的话和资本开支期整个公司的现金流折现的价值是差别非常大的基本上是1比3的这样的一个关系 所以整体第一个核心点是最早的一个主点是行业进入了一个成熟期然后运营项目开始不断的产生现金流并且伴随着资本开支的减少现金流产生能力大幅增加了但是到今年其实我们把着力点放到行业公用法快的市场化上面 也是我们可能不同于市场研究的重点了如果从市场化的角度大家可能关注水污染经验的会多一点但我们也在推荐顾废的因为顾废板块在市场化之后有一个非常明显的变化是盈利能力的回升和企业超额周益的诞生我们看周期就能很清楚的看到比如说以 同 ...