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伟明环保2024中报点评:环保稳定运营,设备收入增长带动公司业绩增长;静待新能源新材料项目投产
Orient Securities· 2024-08-22 00:41
Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 25.28 CNY based on a 16x PE valuation for 2024 [2][4]. Core Insights - The company reported a revenue of 4.11 billion CNY for the first half of 2024, representing a year-on-year increase of 42.2%, and a net profit attributable to shareholders of 1.42 billion CNY, up 38.7% year-on-year [1]. - New projects have been launched, with stable growth in environmental projects. The Changli waste incineration project commenced operations, and four other waste incineration projects are in trial operation, bringing the total operational projects to 53, with a daily processing capacity of approximately 36,000 tons [1]. - The new materials equipment revenue has significantly contributed to the company's performance, with a 74.5% year-on-year increase in revenue from equipment manufacturing and services, reaching 2.49 billion CNY in the first half of 2024 [1]. - The company is progressing well in its new energy materials projects, establishing an integrated battery materials supply chain with significant partnerships and resource control [1]. Financial Summary - The company expects net profits for 2024-2026 to be 2.685 billion CNY, 3.508 billion CNY, and 4.220 billion CNY respectively, with corresponding earnings per share of 1.58 CNY, 2.06 CNY, and 2.48 CNY [2]. - The projected revenue for 2024 is 9.182 billion CNY, reflecting a growth rate of 52.4% compared to 2023 [3]. - The gross margin is expected to be 43.0% in 2024, with a net margin of 29.2% [3].
伟明环保:2024年中报点评:环保运营稳增,装备收入高增75%,新材料项目投产在即
Soochow Securities· 2024-08-19 17:00
证券研究报告·公司点评报告·环境治理 伟明环保(603568) 2024 年中报点评:环保运营稳增,装备收入 高增 75%,新材料项目投产在即 2024 年 08 月 19 日 买入(维持) | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 4474 | 6025 | 9098 | 15260 | 23852 | | 同比( % ) | 4.31 | 34.66 | 51.01 | 67.74 | 56.31 | | 归母净利润(百万元) | 1664 | 2048 | 2774 | 3612 | 4514 | | 同比( % ) | 3.69 | 23.09 | 35.42 | 30.20 | 24.99 | | EPS- 最新摊薄(元 / 股) | 0.98 | 1.20 | 1. ...
伟明环保(603568) - 伟明环保投资者关系活动记录表
2024-08-19 08:35
证券代码:603568 证券简称:伟明环保 浙江伟明环保股份有限公司 投资者关系活动记录表 编号:2024-04 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关 系活动类 别 □新闻发布会 □路演活动 现场参观 □一对一沟通 其他(电话会议、网络会议) 2024年07月16日下午 13:30-18:00 现场参观 时间 2024年08月16日晚上 20:30-21:30 电话会议 睿远基金、国泰基金、长江养老保险、民生加银基金、广发基金、 东方证券资管、长青藤资产、从容投资、上银基金、招商基金、 明世伙伴基金、兴证全球基金、中信保诚基金、恒越基金、华商 参 与 人 名 称 基金、东财基金、苏州龙远投资、广东正圆私募基金、北京方圆 金鼎投资、宏利资管、杭州附加值投资、杭州新安江千岛湖流域 产业基金、温州金阳私募基金、兴业证券、长江证券、华泰证券、 天风证券、申万宏源证券、东吴证券、国泰君安证券、东方证券。 接待人员 董事长、总裁、董事、副总裁、董秘、财务总监及证券部相关人 员 一、现场接待情况 公司接待投资者参观了下属永强项目二期,通过立体可视 投资者关 系活动主 要内容介 绍 厂区模型向投资 ...
伟明环保-20240816
-· 2024-08-18 15:14
After the statement is broadcasted, the host can start speaking directly. Thank you. This phone conference is only for Xinye Securities customers. The copyright of the conference audio and text recordings is owned by Xinye Securities. The content must be approved by Xinye Securities before it can be stored. Weizhen allows and authorizes the transfer of the content of this conference to Junshu Qingquan. Xinye Securities will retain the right to pursue legal responsibility. All participants of this conference ...
伟明环保:业绩持续高增,期待新能源材料项目落地
GOLDEN SUN SECURITIES· 2024-08-18 01:08
证券研究报告 | 半年报点评 2024 gszqdatemark 年 08 月 17 日 伟明环保(603568.SH) 业绩持续高增,期待新能源材料项目落地 公司营收、利润快速增长。公司 2024H1 实现营收 41.1 亿元,yoy+42.2%, 归母净利润 14.2 亿元,yoy+38.7%;2024Q2 实现营收 21.1 亿元, yoy+35.4%,归母净利润 7.1 亿元,同比+37.1%,业绩持续快速增长。 分 业 务 来看 , 2024H1 设 备销 售及 技 术服 务 实现 营 收 24.8 亿 元 (yoy+74.5%),主要系环保与新材料装备订单落地,项目运营业务实现 营收 16.1 亿元(含餐厨、垃圾清运等,yoy+10.7%)。 盈利能力维持相对稳定,费用管控优异,现金流大幅改善。2024H1,公司 实现毛利率 45.8%(yoy-2.4pct)、归母净利润率 34.6%(yoy-0.9pct), 毛利率略有下降,主要系公司装备业务收入占比提升,归母净利润率维持 相对稳定。三费合计比率 6.4%(yoy-0.7pct),其中,销售费用率 0.2% (yoy-0.02pct),管理费用 ...
伟明环保:装备制造和新能源材料业务快速发展
国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 4407025 证 券 研 究 报 告 -14% -6% 3% 11% 20% 29% 2023-08 2023-12 2024-04 2024-08 本报告导读: [Table_Market] 交易数据 投资要点: [Table_PicQuote] 52周股价走势图 伟明环保 上证指数 [Table_Report] 相关报告 装备制造和新能源材料业务快速发展 伟明环保(603568) 其他公用事业 [Table_Industry] /公用事业 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级: | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格: | | 30.63 | | | 上次预测: | 30.63 | | [当前价格: Table_CurPrice] | | 18.59 | [tab ...
伟明环保(603568) - 2024 Q2 - 季度财报
2024-08-16 08:35
Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 4.113 billion, representing a 42.18% increase compared to RMB 2.893 billion in the same period last year[24]. - The net profit attributable to shareholders for the first half of 2024 was RMB 1.423 billion, up 38.68% from RMB 1.026 billion year-on-year[24]. - The net cash flow from operating activities was RMB 1.313 billion, reflecting a 42.94% increase from RMB 918 million in the previous year[24]. - Basic earnings per share for the first half of 2024 were RMB 0.84, a 37.70% increase compared to RMB 0.61 in the same period last year[25]. - The diluted earnings per share rose to RMB 0.81, up 37.29% from RMB 0.59 year-on-year[25]. - The weighted average return on equity increased to 12.19%, up 1.71 percentage points from 10.48% in the previous year[25]. - The company achieved an operating income of RMB 4.11 billion in the first half of 2024, representing a 42.18% increase compared to RMB 2.89 billion in the same period last year[53]. - The environmental projects generated revenue of RMB 1.61 billion, while equipment manufacturing and services contributed RMB 2.49 billion, marking a 74.51% year-on-year growth[50]. Assets and Liabilities - The total assets at the end of the reporting period amounted to RMB 26.050 billion, an 8.09% increase from RMB 24.101 billion at the end of the previous year[24]. - The net assets attributable to shareholders increased to RMB 11.958 billion, a 7.71% rise from RMB 11.102 billion at the end of the previous year[24]. - Cash and cash equivalents at the end of the period amounted to ¥2,569,940,712.37, representing 9.87% of total assets, a decrease of 0.21% compared to the previous year[56]. - Accounts receivable increased by 24.46% to ¥2,781,381,795.81, accounting for 10.68% of total assets[56]. - Long-term borrowings rose by 19.29% to ¥5,013,140,165.45, representing 19.24% of total liabilities[57]. - The company's intangible assets increased by 2.70% to ¥13,607,800,094.79, making up 52.24% of total assets[57]. - The company’s total restricted assets amounted to ¥2,508,402,342.86, with various reasons for restrictions including pledges and mortgages[61]. Market and Industry Insights - The domestic waste incineration power generation industry has seen a decline in key indicators such as the number of bids, new capacity, and investment amounts over the past three years due to the industry entering a mature phase[30]. - The government is promoting the solid waste treatment industry through policies aimed at sustainable development, which is expected to enhance the industry's profitability and competitiveness[31]. - By the end of 2025, the national urban waste resource utilization rate is expected to reach approximately 60%, with incineration treatment capacity reaching around 800,000 tons per day[31]. - The company is positioned to benefit from the rapid growth of the new energy vehicle market, supported by national policies aimed at carbon neutrality[34]. - In the first half of 2024, China's new energy vehicle production and sales reached 4.929 million and 4.944 million units, respectively, representing year-on-year growth of 30.1% and 32%, with a market share of 35.2%[35]. Strategic Initiatives - The company is exploring new growth points through operational efficiency improvements and diversifying revenue sources in both existing and new markets[30]. - The company plans to expand its equipment manufacturing business into the new materials sector, with significant growth in new materials equipment orders[34]. - The company is actively seeking opportunities in the green electricity market and carbon trading, which are expected to provide new avenues for growth[32]. - The company has invested in a nickel metal smelting project in Indonesia and a lithium battery new materials industrial base in China, aiming to integrate upstream and downstream operations[37]. - The company is actively expanding into other solid waste treatment areas, including kitchen waste and sludge, to diversify its service offerings[42]. Environmental Compliance and Performance - The company is actively monitoring and reporting emissions to ensure compliance with environmental standards[90]. - The latest report indicates ongoing efforts to maintain emissions within regulatory limits across all monitored pollutants[90]. - The company has implemented a comprehensive air pollution control process, including SNCR, dry methods, and activated carbon injection, ensuring compliance with emission standards[105]. - Wastewater treatment employs a multi-step process including anaerobic treatment and reverse osmosis, with treated water either reused in production or sent to municipal treatment facilities[105]. - The company has established an emergency response plan for environmental incidents, ensuring rapid response to minimize public and environmental impact[107]. Corporate Governance and Shareholder Relations - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital for the first half of 2024[6]. - The company has established a share lock-up period, during which shareholders are prohibited from selling their shares, ensuring stability in ownership[119]. - The company will strictly adhere to its commitments and will publicly explain any failures to meet these obligations, including potential compensation for losses incurred by investors[120]. - The company is committed to protecting investors' rights and will compensate for any losses incurred due to violations of the IPO prospectus[120]. - The company has outlined specific measures to address any breaches of commitment, including potential penalties and compensation for affected shareholders[120]. Research and Development - The company’s R&D expenses increased by 27.86% to RMB 53.86 million, reflecting its commitment to innovation[53]. - Research and development investments increased by 30%, totaling 150 million, aimed at advancing new technologies[123]. - The company is investing in new technology development, allocating $30 million towards R&D initiatives aimed at enhancing product features and user experience[126]. Future Outlook - The company provided an optimistic outlook for the second half of 2024, projecting a revenue increase of 10% to 1.32 billion[124]. - New product launches are expected to contribute an additional 200 million in revenue, with a focus on innovative technology solutions[123]. - The company plans to implement cost-cutting measures, aiming for a 5% reduction in operational expenses by the end of 2024[122]. - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 20% over the next three years[126].
伟明环保:伟明环保关于为全资子公司申请综合授信提供担保的公告
2024-08-16 08:35
| 证券代码:603568 | 证券简称:伟明环保 | | 公告编号:临 | 2024-074 | | --- | --- | --- | --- | --- | | 转债代码:113652 | 转债简称:伟 22 | 转债 | | | | 转债代码:113683 | 转债简称:伟 24 | 转债 | | | 浙江伟明环保股份有限公司 关于为全资子公司申请综合授信提供担保的公告 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: 1、被担保人名称:伟明环保装备集团有限公司(以下简称"伟明装备集团"), 系浙江伟明环保股份有限公司(以下简称"公司")全资子公司。 2、本次担保金额及已实际为其担保余额:本次为伟明装备集团担保的最高 债权本金金额为等值人民币 2 亿元;发生本次担保前,公司为伟明装备集团实际 提供的担保余额为人民币 41,081.43 万元。 3、本次担保无反担保。 公司 2024 年 4 月 19 日第七届董事会第四次会议和第七届监事会第三次会议 审议通过了《关于 2024 年度担保额度预计的议案》,公司 ...
伟明环保:伟明环保第七届董事会第十次会议决议公告
2024-08-16 08:35
| 证券代码:603568 | 证券简称:伟明环保 | | 公告编号:临 | 2024-075 | | --- | --- | --- | --- | --- | | 转债代码:113652 | 转债简称:伟 22 | 转债 | | | | 转债代码:113683 | 转债简称:伟 24 转债 | | | | 浙江伟明环保股份有限公司 第七届董事会第十次会议决议公告 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法律责任。 一、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过,并同意提交公司董事会审议。 具 体 内 容 详见 公 司 于 2024 年 8 月 17 日 在 上海 证 券 交易 所 网 站 (www.sse.com.cn)披露的《浙江伟明环保股份有限公司 2024 年半年度报告及 摘要》。 表决结果:同意 9 票;反对 0 票;弃权 0 票。 2、审议通过《公司 2024 年半年度募集资金存放与实际使用情况专项报告》 具体内容详见公司于 2024 年 8 月 17 日 在 上海 证 券 交 易 所 网 站 (ww ...
伟明环保:伟明环保关于召开2024年半年度业绩说明会的公告
2024-08-16 08:35
浙江伟明环保股份有限公司 | 证券代码:603568 | 证券简称:伟明环保 | | 公告编号:临 | 2024-078 | | --- | --- | --- | --- | --- | | 转债代码:113652 | 转债简称:伟 22 | 转债 | | | | 转债代码:113683 | 转债简称:伟 24 | 转债 | | | 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法律责任。 重要内容提示: 会议召开时间:2024 年 8 月 26 日(星期一)上午 9:00-10:00 会 议 召 开 地 点 : 上 海 证 券 交 易 所 上 证 路 演 中 心 ( 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 19 日(星期一)至 8 月 23 日(星期五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@cnweiming.com 进行提问。公司将在说明会上 ...