Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance shows steady growth, with overseas equipment orders continuing to break through [1] - The company achieved a revenue of 5,991 million yuan in 2024, a year-on-year decrease of 0.59%, while the net profit attributable to the parent company was 1,168 million yuan, a slight increase of 0.20% [7] - The report highlights that the company's solid waste operations are growing steadily, and operational efficiency remains leading in the industry [7] Financial Performance Summary - Revenue and Profit Forecast: - Total revenue for 2023 is 6,027 million yuan, with a forecast of 5,991 million yuan for 2024, and expected growth to 6,577 million yuan in 2025 [1] - Net profit attributable to the parent company is projected to be 1,168 million yuan in 2024, increasing to 1,264 million yuan in 2025 [1] - Profitability Metrics: - The gross profit margin for 2024 is 33.18%, an increase of 1.42 percentage points year-on-year [7] - The net profit margin for 2024 is 20.42%, up by 0.24 percentage points [7] - Cash Flow and Dividends: - The company reported a free cash flow of 14,910 million yuan in 2024, a significant increase of 160.65% [7] - The dividend payout ratio for 2024 is 35.07%, an increase of 1.28 percentage points [7] Operational Highlights - Solid Waste Operations: - The company’s solid waste operation revenue reached 38,400 million yuan in 2024, with a growth of 5.29% [7] - The total waste processing volume for fully owned and controlled projects was 15.08 million tons, an increase of 7.42% [7] - Equipment Sales: - Engineering construction revenue decreased to 19,180 million yuan in 2024, down by 13.93% [7] - The company signed contracts for overseas equipment sales totaling over 800 million yuan [7] Future Outlook - The report indicates that the company's solid waste operations and accelerated overseas equipment sales are expected to enhance cash flow value, which is currently underestimated [7] - The forecast for net profit attributable to the parent company is adjusted to 12,640 million yuan for 2025 and 13,500 million yuan for 2026, with a new estimate of 14,230 million yuan for 2027 [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.10 RMB [6]. Core Insights - The company achieved a revenue of 5.991 billion RMB in 2024, a year-on-year decrease of 0.59%, and a net profit attributable to shareholders of 1.168 billion RMB, an increase of 0.20% year-on-year, which was 7% lower than expectations due to reduced engineering construction revenue and increased credit impairment [1][2]. - The company expects rapid growth in heating capacity in 2025, with significant advantages in core waste incineration equipment, and anticipates over 800 million RMB in new overseas equipment contracts in 2024, indicating that international expansion will drive performance growth [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 1.473 billion RMB, a year-on-year decrease of 0.98% and a quarter-on-quarter increase of 6.30%, with a net profit of 158 million RMB, down 12.73% year-on-year and 54.01% quarter-on-quarter [1]. - The operating cash flow for 2024 was 2.054 billion RMB, a decrease of 13.42% year-on-year, while capital expenditure was 563 million RMB, down 68.72% year-on-year, resulting in a strong free cash flow of 1.491 billion RMB, an increase of 161% [3]. Growth Projections - The company forecasts revenues of 6.227 billion RMB in 2025, representing a growth of 3.95% year-on-year, and net profit of 1.219 billion RMB, a growth of 4.35% year-on-year [5]. - The expected EPS for 2025 is 0.73 RMB, with projected PE ratios of 15.2 times for 2025 based on strong overseas orders and robust free cash flow [4][5]. Market Position - The company signed nine contracts for incinerators and complete equipment supply in 2024, with a total design capacity of approximately 6,370 tons per day, primarily targeting international markets along the Belt and Road Initiative, with contracts exceeding 800 million RMB [2].

Core Viewpoint - The company reported stable growth in its main business, maintaining industry-leading operational efficiency in waste-to-energy generation despite a slight decline in overall revenue [2][3]. Financial Performance - In 2024, the company achieved operating revenue of 5.991 billion yuan, a year-on-year decrease of 0.59%. However, after excluding one-time factors from 2023 and 2024, the revenue showed a same-caliber growth of 0.30% [2]. - The net profit attributable to shareholders reached 1.168 billion yuan, reflecting a year-on-year increase of 0.20%, with a same-caliber growth of 7.08% [2]. - The company's net profit after deducting non-recurring items was 1.155 billion yuan, marking a year-on-year growth of 1.54% [2]. Operational Highlights - As of the end of 2024, the company operated 54 waste incineration projects, with 44 being wholly-owned or controlled, and a total processing capacity of 42,500 tons per day [2]. - The company processed 15.08 million tons of waste in its controlled projects, a year-on-year increase of 7.42% [2]. - The electricity generated from waste reached 5.24 billion kWh, up 8.53% year-on-year, with power generation per ton of waste at 428.8 kWh, maintaining an industry-leading position [2]. - Steam sales amounted to 936,400 tons, reflecting an 18.46% increase year-on-year [2]. Business Development - The company has extended its focus on waste incineration, with a total of 57 projects in domestic investment, achieving a design waste processing scale of 61,450 tons per day [3]. - In January 2025, the company won a bid for a small-scale waste incineration project in Youyang County, adding 200 tons per day of waste processing capacity [3]. - The company signed 10 new steam sales contracts in 2024, expected to add approximately 630,000 tons of steam supply annually [3]. - Investments in energy storage and distributed photovoltaic projects totaled over 350 million yuan, with ongoing projects showing gradual benefits [3]. International Expansion - In 2024, the company signed nine contracts for the supply of incinerators and complete equipment, with a processing capacity of 6,370 tons per day, including contracts in India, Thailand, and Vietnam, totaling over 800 million yuan [4]. - The company secured 35 new orders for wastewater and drinking water equipment, including five overseas projects, with a contract value of 239 million yuan [4]. Profit Forecast - The company is projected to achieve operating revenues of 6.294 billion yuan, 6.676 billion yuan, and 7.125 billion yuan for 2025-2027, representing year-on-year growth rates of 5.06%, 6.08%, and 6.72% respectively [4]. - The net profit attributable to shareholders is expected to be 1.337 billion yuan, 1.470 billion yuan, and 1.619 billion yuan for the same period, with growth rates of 14.48%, 9.91%, and 10.15% respectively [4]. - Based on the closing price on March 28, 2025, the corresponding PE ratios are projected to be 10.70, 9.74, and 8.84, with EPS of 0.80, 0.88, and 0.97 yuan respectively, leading to a "recommended" rating for the company [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][11] Core Views - The company reported a provision for bad debts of 92.8 million in 2024, which negatively impacted profits. However, its waste incineration operations remain robust, maintaining industry-leading levels. The company is actively expanding its international business with ample overseas orders, and dividends are gradually increasing [2][11] Financial Summary - Revenue for 2023 was 6,027 million, with a slight decrease to 5,991 million in 2024, reflecting a year-on-year decline of 0.6%. Net profit attributable to the parent company was 1,166 million in 2023, slightly increasing to 1,168 million in 2024, a growth of 0.2% [4][11] - The earnings per share (EPS) for 2024 is projected to remain at 0.70, with expected increases to 0.73 in 2025 and 0.76 in 2026 [4][11] - The return on equity (ROE) is forecasted to decline from 11.2% in 2023 to 10.4% in 2024, and further to 9.8% by 2027 [4][11] Operational Highlights - The company achieved a waste processing volume of 15.08 million tons in 2024, a year-on-year increase of 7%. The sales volume of steam rose by 18% to 940,000 tons, with new steam sales contracts signed for 630,000 tons per year [11] - The company is leveraging industrial big data and machine learning technologies to enhance operational efficiency in waste incineration, leading the industry transformation [11] Capital Expenditure and Dividends - Capital expenditures were significantly reduced to 563 million in 2024 from 1,800 million in 2023. The cash dividend payout ratio increased to 35.07% in 2024, up from 33.79% in 2023 [11]

Core Viewpoint - The company reported a provision for bad debts of 92.8 million in 2024, impacting profits, while maintaining strong operational performance in waste incineration and actively expanding international business with sufficient overseas orders. The dividend is gradually increasing [1]. Financial Performance - In 2024, the company achieved revenue of 5.991 billion, a year-on-year decline of 0.6%, and a net profit attributable to shareholders of 1.168 billion, a year-on-year increase of 0.2%. The net profit excluding non-recurring items was 1.155 billion, a year-on-year increase of 1.5%. After excluding one-time factors from 2023 and 2024, the revenue growth on a comparable basis was 0.3%, and the net profit growth was 7.1% [3]. - In Q4 2024, the company recorded revenue of 1.473 billion, a quarter-on-quarter increase of 6.3%, but a net profit decline of 54.0% quarter-on-quarter and 12.7% year-on-year [3]. Operational Highlights - The waste incineration business remains robust, with the company maintaining top industry performance. By the end of 2024, the company will have launched a 42,500-ton holding project, increasing waste processing volume by 7% to 15.08 million tons. The sales volume of steam increased by 18% to 940,000 tons, with 630,000 tons/year of new steam sales contracts signed in 2024 [4]. - The company is actively introducing industrial big data and machine learning technologies to enhance operational efficiency through an AI smart incineration system, leading industry transformation [4]. International Business Development - The company has signed nine contracts for the supply of incinerators and complete equipment with a total design capacity of approximately 6,370 tons/day and a total contract value exceeding 800 million [4]. Capital Expenditure and Dividends - In 2024, the company's net cash flow from operating activities was 2.054 billion, a year-on-year decline of 13.4%, primarily due to a decrease in the amount of national subsidies recovered and reduced cash receipts from construction business [4]. - Capital expenditure in 2024 was 563 million, significantly reduced from 1.8 billion in 2023. The cash dividend rate for 2024 was 35.07%, an increase from 33.79% in 2023 [4]. Investment Outlook - The rating is maintained at "Buy." The net profit forecasts for 2025-2027 have been adjusted to 1.22 billion (previously 1.372 billion), 1.274 billion (previously 1.498 billion), and 1.32 billion, respectively, with corresponding EPS of 0.73, 0.76, and 0.79. Given the stable operation of the solid waste business and the decline in capital expenditure, free cash flow is expected to improve, leading to a gradual increase in dividends. The target price for 2025 is set at 10.95, based on a 15x PE ratio [2].

Core Viewpoint - Sanfeng Environment reported a steady growth in revenue and net profit for the year 2024, highlighting its strong position in the waste management industry and ongoing international expansion efforts [1][2] Financial Performance - The company achieved an operating revenue of 5.991 billion yuan and a net profit attributable to shareholders of 1.168 billion yuan, with a year-on-year growth of 0.30% in revenue and 7.08% in net profit after excluding one-time factors from 2023 and 2024 [1] - Basic earnings per share were reported at 0.7 yuan, with a proposed cash dividend of 2.45 yuan per 10 shares (tax included) [1] Operational Highlights - Sanfeng Environment operates 54 waste incineration projects, with steady increases in total waste processed, total power generation, grid-connected electricity, and steam sales [1] - The average power generation from waste processed reached 428.8 kWh/ton, with an average plant electricity consumption rate of 11.99% [1] - The company processed approximately 226,200 tons of kitchen waste, marking an 88.33% year-on-year increase, and treated about 132,100 tons of sludge, a 13.09% increase [1] Strategic Development - The company is advancing a dual-market development strategy focusing on both domestic and international markets, aiming to deepen its core waste incineration business and expand its industrial chain [1] - In the international market, a new international division has been established to leverage core technologies and collaborate with multinational companies, successfully signing contracts for projects in India, Thailand, and Vietnam, with a total contract value exceeding 800 million yuan [2] Research and Innovation - Sanfeng Environment is actively promoting an AI smart incineration system for municipal waste, with ongoing upgrades to existing projects, aiming for full smart incineration coverage by 2025 [2] - The company launched the "Spark Plan" during its technology innovation conference, focusing on collaboration in research, standard setting, talent development, smart incineration, and low carbon emissions [2] - A Green Development Innovation Research Institute was established to enhance the company's research capabilities in environmental protection and waste management [2]

重庆三峰环境集团股份有限公司 第三届监事会第二次会议决议公告 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 重庆三峰环境集团股份有限公司（以下简称公司）第三届监事会第二次会议 （以下简称本次会议）于 2025 年 3 月 27 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 2025 年 3 月 17 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 议由韩明先生主持，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监事会议 事规则》等有关规定，会议表决结果合法有效。 | 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-017 | | --- | --- | --- | --- | --- | | 债券代码：240410 | 债券简称：GK | 三峰 | 01 | | | 债券代码：241970 | 债券简称：GK | ...

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-016 | | --- | --- | --- | --- | --- | | 债券代码：240410 | 债券简称：GK | 三峰 | 01 | | | 债券代码：241970 | 债券简称：GK | 三峰 | R1 | | | 债券代码：242083 | 债券简称：GK | 三峰 | 02 | | | 债券代码：242610 | 债券简称：GK | 三峰 | 03 | | 重庆三峰环境集团股份有限公司 第三届董事会第二次会议决议公告 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"）第三届董事会第二次 会议（以下简称"本次会议"）于 2025 年 3 月 27 日在重庆市大渡口区建桥大道 3 号公司 102 会议室以现场及通讯结合方式召开。本次会议出席董事 8 人，副董 事长、总经理司景忠先生因工作原因书面委托董事长廖高尚先生出席会议并代为 行使表决权。公司监事及高 ...

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-018 | | --- | --- | --- | --- | --- | | 债券代码：240410 | 债券简称：GK | 三峰 | 01 | | | 债券代码：241970 | 债券简称：GK | 三峰 | R1 | | | 债券代码：242083 | 债券简称：GK | 三峰 | 02 | | | 债券代码：242610 | 债券简称：GK | 三峰 | 03 | | 重庆三峰环境集团股份有限公司 关于 2024 年度利润分配预案的公告 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： 每股分配比例：每 10 股派 2.45 元(含税)，本次利润分配不送红股，不 进行公积金转增股本。 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。 如在本公告披露之日起至实施权益分派股权登记日期间，因回购股份等 致使公司总股本或有权参与权益分派的股数发生变动的，公司拟维持每股分配比 例不 ...

重庆三峰环境集团股份有限公司 内部控制审计报告 | 一、内部控制审计报告…………………………………………第 | 1—2 | 页 | | --- | --- | --- | | 二、资质附件……………………………………………………第 | 3—8 | 页 | 目 录 内部控制审计报告 天健审〔2025〕8-154 号 重庆三峰环境集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了重庆三峰环境集团股份有限公司（以下简称三峰环境公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是三峰 环境公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对 ...