| 证券代码：603568 | 证券简称：伟明环保 | | | | --- | --- | --- | --- | | | | 公告编号：临 | 2025-071 | | 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 | | | 经审议，本次董事会表决通过以下事项： 1、 审议通过《关于不向下修正"伟 22 转债"转股价格的议案》 综合考虑公司的基本情况、股价走势、市场环境等多重因素，以及对公司长 期稳健发展与内在价值的信心，为维护全体投资者的利益，决定本次不向下修正 "伟22转债"转股价格，同时在未来三个月内（2025年10月30日至2026年1月29 日），如再次触及"伟22转债"转股价格向下修正条款，亦不提出向下修正方案。 自2026年1月30日开始重新起算，若再次触发"伟22转债"的转股价格向下修正 条件，届时公司董事会将再次召开会议决定是否行使"伟22转债"的转股价格向 下修正权利。 具 体 内 容 详 见 公 司 于 2025 年 10 月 30 日 在 上 海 证 券 交 易 所 网 站 浙江伟明环保股份有限公司 第七 ...

Core Viewpoint - The report highlights that prominent fund managers from Ruifeng Fund have increased their holdings in leading technology companies like Alibaba, indicating a strong belief in the potential of artificial intelligence as a major technological transformation following the internet era [1]. Fund Performance - The Ruifeng Growth Value Mixed Fund, managed by Fu Pengbo and Zhu Lin, saw a net value increase of over 50% in Q3, with A-class shares rising by 51.09%, outperforming the benchmark by 14.82%, marking the highest quarterly record since its inception in 2019 [1]. - The Ruifeng Balanced Value Three-Year Holding Mixed A Fund, managed by Zhao Feng, reported a net value growth rate of 19.29%, exceeding the benchmark return of 13.70% during the same period [3][4]. Portfolio Adjustments - The top ten holdings of the Ruifeng Growth Value Mixed Fund included stocks that doubled in price during Q3, such as Xinyi Technology, Shenghong Technology, and Cambricon, although these were reduced in the portfolio [1]. - The fund maintained a high stock asset allocation with over 90% in equities, and the top ten holdings accounted for 66% of the net value, showing a significant increase from the previous quarter [2][3]. Sector Focus - The fund managers expressed a continued positive outlook on artificial intelligence, focusing on sectors such as internet technology, optical modules, PCB, chips, and innovative pharmaceuticals [2][3]. - The report indicates that the concentration of holdings increased due to significant price rises in key stocks, particularly in the new energy and Apple supply chain sectors [3]. Investment Strategy - Zhao Feng emphasized that AI is becoming the largest technological transformation after the internet, with rapid adoption across various industries [5]. - The report notes that while there are uncertainties regarding the future returns from substantial investments in foundational models and data centers, leading internet companies are well-positioned financially to support these capital expenditures [6].

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

Core Viewpoint - The company achieved a slight decline in revenue but an increase in net profit for the first three quarters of 2025, indicating resilience in its operations despite market challenges [1][4]. Group 1: Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 5.88 billion yuan, a year-on-year decrease of 2.7%, while net profit attributable to shareholders was 2.13 billion yuan, reflecting a year-on-year increase of 1.1% [1]. - In Q3 alone, the company achieved operating revenue of 1.98 billion yuan, marking a year-on-year growth of 2.3%, and net profit attributable to shareholders was 710 million yuan, up 3.2% year-on-year [1]. Group 2: Business Segments - The environmental protection business continued to grow, with a total waste input of 10.55 million tons, including 10.06 million tons of municipal waste, representing a year-on-year increase of 7.5%. The electricity generated reached 2.816 billion kWh, up 5.11% year-on-year [2]. - The equipment manufacturing and service segment saw new equipment orders totaling approximately 4.47 billion yuan for the first three quarters, with significant growth potential as these orders are gradually delivered [2]. - The new materials business began contributing revenue, with the subsidiary achieving 326 million yuan in Q3 and another subsidiary reporting 1.045 billion yuan in revenue for the first three quarters, both achieving profitability [2]. Group 3: Profitability and Cash Flow - The overall gross margin improved by 2 percentage points to 49.6%, attributed to cost reduction and efficiency improvements in operations [3]. - Cash flow from operations increased by 12.3% year-on-year to 8.79 billion yuan, indicating significant improvement, although there are some delays due to new accounts receivable from expanded renewable energy equipment business [3]. Group 4: Future Outlook - The company has 56 operational waste incineration projects, with expectations for gradual performance improvement as these projects come online. There are also opportunities for international expansion in waste incineration [4]. - The company plans to increase its dividend payout ratio to 30.07% in 2024, up from 20.67% in 2023, with potential for further increases as capital expenditures stabilize [4]. - Forecasts for net profit attributable to shareholders for 2025-2027 are 2.96 billion yuan, 3.47 billion yuan, and 3.97 billion yuan, with corresponding price-to-earnings ratios of 12.7x, 10.8x, and 9.4x, respectively [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 5.88 billion yuan, a year-on-year decrease of 2.7%, while the net profit attributable to the parent company was 2.13 billion yuan, an increase of 1.1%. In Q3 alone, the operating revenue was 1.98 billion yuan, showing a year-on-year growth of 2.3%, and the net profit was 710 million yuan, up 3.2% year-on-year [2][6]. - The environmental protection business continues to grow, and the new materials business has started to contribute revenue. The gross profit margin increased by 2 percentage points, and cash flow has significantly improved. The new energy materials project, Jiaman, has begun trial production and is expected to contribute incremental performance in the future [2][12]. Summary by Sections Financial Performance - The company reported a total operating revenue of 5.88 billion yuan in the first three quarters of 2025, down 2.7% year-on-year, with a net profit of 2.13 billion yuan, up 1.1%. In Q3, the revenue was 1.98 billion yuan, a 2.3% increase year-on-year, and the net profit was 710 million yuan, a 3.2% increase year-on-year [2][6]. Business Segments - Environmental Protection Business: The company processed a total of 10.55 million tons of waste, with a year-on-year growth of 7.5%. The electricity generated was 2.816 billion kWh, up 5.11% year-on-year [12]. - Equipment Manufacturing and Services: The total new equipment orders in the first three quarters amounted to approximately 4.47 billion yuan, compared to 2.688 billion yuan in the same period of 2024. The company has also successfully developed new equipment and improved product coverage [12]. - New Materials Business: The Jiaman company achieved revenue of 326 million yuan in Q3, and the Weiming Shengqing company (not consolidated) reported revenue of 1.045 billion yuan in the first three quarters, with both companies achieving profitability [12]. Profitability and Cash Flow - The overall gross profit margin increased by 2.0 percentage points to 49.6%, attributed to operational cost reduction and increased heating supply. The cash flow improved significantly, with a cash collection ratio up 12.3 percentage points to 87.9% year-on-year [12]. Future Outlook - The Jiaman project in Indonesia is expected to contribute to future profits, with ongoing investments in lithium battery materials production capacity. The company plans to invest 80 million yuan for a 10% stake in a lithium carbonate project in Quanzhou, Fujian [12]. - The company has 56 operational waste incineration projects, and as these projects gradually come online, the company's performance is expected to improve. The dividend payout ratio is projected to increase to 30.07% in 2024, with potential for further increases as capital expenditures stabilize [12].

Core Viewpoint - Weiming Environmental achieved a net profit attributable to shareholders of 2.135 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 1.14% [1] Financial Performance - Q3 net profit attributable to shareholders was 710 million yuan, showing a year-on-year growth of 3.23% and a quarter-on-quarter increase of 0.21% [1] - The company experienced stable growth in performance, with an upward trend in profit margins and a significant positive shift in free cash flow [1] Business Development - Equipment orders in Q1-Q3 2025 increased by 66%, indicating ongoing advancements in product technology innovation [1] - The waste incineration and collaborative businesses showed steady growth, with the Kunshan project nearing production [1] Strategic Partnerships - Weiming Shengqing signed a cooperation framework agreement with Guangdong Bangpu Recycling Technology Co., Ltd., aiming for targeted sales of specific models of ternary precursor materials (nickel-cobalt-manganese hydroxide) with an annual production of 24,000 to 48,000 tons over a three-year period [1] Market Outlook - Solid waste operations are experiencing steady growth, with an expansion in equipment categories and a significant increase in orders [1] - New material production lines are gradually coming online, contributing to performance growth [1] - The profit forecasts for 2025-2027 are set at 3.003 billion, 3.574 billion, and 4.029 billion yuan, corresponding to price-to-earnings ratios of 12, 10, and 9 times, respectively, maintaining a "buy" rating [1]

Core Viewpoint - Weiming Environmental achieved a net profit attributable to shareholders of 2.135 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 1.14% [1] Financial Performance - Q3 net profit attributable to shareholders was 710 million yuan, showing a year-on-year growth of 3.23% and a quarter-on-quarter increase of 0.21% [1] - The company experienced stable growth in performance, with an upward trend in profit margins and a significant positive shift in free cash flow [1] Business Development - Equipment orders in Q1-Q3 2025 increased by 66%, indicating ongoing advancements in product technology innovation [1] - The waste incineration and collaborative businesses showed steady growth, with the Kunshan project nearing production [1] Strategic Partnerships - Weiming Shengqing signed a cooperation framework agreement with Guangdong Bangpu Recycling Technology Co., Ltd., aiming for targeted sales of specific models of ternary precursor materials (nickel-cobalt-manganese hydroxide) with an annual production capacity of 24,000 to 48,000 tons over a three-year period [1] Market Outlook - Solid waste operations are experiencing steady growth, with an expansion in equipment categories and a significant increase in orders [1] - New material production lines are gradually coming online, contributing to performance growth [1] - The profit forecasts for 2025-2027 are set at 3.003 billion, 3.574 billion, and 4.029 billion yuan, corresponding to price-to-earnings ratios of 12, 10, and 9 times respectively, maintaining a "buy" rating [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 27.94 [1]. Core Insights - The company reported a 66% year-on-year increase in new equipment orders, indicating strong demand in the equipment manufacturing sector [6]. - The new materials segment has achieved profitability, with significant revenue contributions from its subsidiaries [7]. - The company's environmental operations and equipment manufacturing are expected to support steady growth in performance [4]. Financial Performance - For Q3, the company achieved revenue of RMB 1.976 billion, a year-on-year increase of 2.28% and a quarter-on-quarter increase of 4.35% [4]. - The net profit attributable to the parent company for Q3 was RMB 710 million, reflecting a year-on-year increase of 3.23% [4]. - The company expects a compound annual growth rate (CAGR) of 8.54% in net profit from 2025 to 2027, with projected net profits of RMB 28.91 billion, RMB 31.55 billion, and RMB 34.58 billion for those years respectively [8]. Business Segments - Environmental Operations: The company processed a total of 10.5526 million tons of waste in the first three quarters, a year-on-year increase of 7.5% [5]. - Equipment Manufacturing: The total new equipment orders amounted to approximately RMB 4.47 billion in the first three quarters, marking a 66% increase year-on-year [6]. - New Materials: The subsidiary companies have started generating profits, with projected contributions from new material projects expected to increase in 2026 [7]. Valuation Metrics - The company’s projected earnings per share (EPS) for 2024, 2025, 2026, and 2027 are RMB 1.59, RMB 1.70, RMB 1.85, and RMB 2.03 respectively [3]. - The price-to-earnings (PE) ratio is expected to decrease from 13.86 in 2025 to 10.83 in 2027, indicating potential undervaluation [3]. - The target price of RMB 27.94 is based on a PE of 15.1 for 2026, reflecting the company's growth potential in solid waste revenue and new materials [8].

Core Viewpoint - The company maintains positive growth in performance, with new materials business starting to contribute revenue. For the first three quarters of 2025, the company achieved operating revenue of 5.88 billion yuan, a slight decrease of 2.74% year-on-year, and a net profit attributable to the parent company of 2.135 billion yuan, an increase of 1.14% year-on-year. In Q3 alone, the company achieved operating revenue of 1.976 billion yuan, a year-on-year increase of 2.28%, and a net profit of 710 million yuan, a year-on-year increase of 3.23% [2]. Group 1: New Materials Business - The new materials business has made progress, with the Jiaman project in Indonesia obtaining operational sales permission in July and generating revenue of 326 million yuan in Q3, achieving profitability. Additionally, the associated company Weiming Shengqing reported revenue of 1.045 billion yuan in the first three quarters (not consolidated), also achieving profitability in Q3. A three-year cooperation framework agreement was signed with leading customer Guangdong Bangpu for ternary precursor production, securing future sales and supporting the continuous growth of the new materials business [3]. Group 2: Traditional Environmental Business - The traditional environmental business has shown stable growth, with a total waste input of 10.5526 million tons in the first three quarters, a year-on-year increase of 7.50%, and an online electricity generation of 2.816 billion kWh, a year-on-year increase of 5.11%. The Kunshan recycling project has entered trial operation, providing new momentum for future revenue growth. At the end of the period, the company had 56 operational waste incineration projects and 20 kitchen waste treatment projects under its control [4]. Group 3: Equipment Manufacturing Orders - The equipment manufacturing business, as a core part of the company's integrated advantages, has significant growth potential. In the first three quarters, the total value of new equipment orders reached approximately 4.47 billion yuan, significantly exceeding the 2.688 billion yuan from the same period last year. The rapid growth in orders is driven by internal environmental project construction needs and the provision of equipment and EPC services in the new materials sector, reflecting the company's successful market expansion and equipment manufacturing capabilities [4]. Group 4: Profit Forecast - The company forecasts operating revenues of 8.409 billion yuan, 10.082 billion yuan, and 12.091 billion yuan for 2025-2027, representing year-on-year growth of 17.26%, 19.90%, and 19.92%, respectively. The net profit attributable to the parent company is expected to be 2.900 billion yuan, 3.389 billion yuan, and 3.866 billion yuan, with year-on-year growth of 7.25%, 16.87%, and 14.05%. Based on the closing price on October 24, 2025, the corresponding PE ratios are projected to be 12.92, 11.05, and 9.69, with EPS of 1.70, 1.99, and 2.27 yuan [5].

Core Viewpoint - Zhejiang Weiming Environmental Protection Co., Ltd. reported a slight decline in revenue but a growth in net profit, indicating strong operational resilience amid industry cost pressures [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 5.88 billion yuan, a year-on-year decrease of 2.74% - Net profit attributable to shareholders was 2.14 billion yuan, a year-on-year increase of 1.14% - In Q3 alone, operating revenue reached 1.98 billion yuan, up 2.28% year-on-year, while net profit was 710 million yuan, up 3.23% year-on-year [1] Business Segments - The company has developed a collaborative industrial structure comprising three main segments: environmental governance, equipment manufacturing, and new energy materials - The environmental governance segment continued to show steady growth, with all operational projects maintaining normal production [1] Waste Management Operations - The company processed a total of 10.55 million tons of waste in the first three quarters, including 10.06 million tons of municipal waste, representing a year-on-year increase of 7.50% - The total electricity generated from waste incineration projects was 2.816 billion kWh, up 5.11% year-on-year - The company received 168 million yuan in national subsidy electricity fees and sold 342,500 green certificates during the reporting period [2] New Growth Areas - The company is exploring new growth avenues by integrating "green electricity + computing power," having signed strategic cooperation agreements with local governments and telecom operators to develop intelligent computing centers [2][3] - The projects in Longwan District are designed to process 1,800 tons of municipal waste daily, generating over 300 million kWh annually, which can support a high-performance computing center [3] Equipment Manufacturing - The equipment manufacturing segment showed strong growth, with new equipment orders totaling approximately 4.47 billion yuan in the first three quarters, indicating increased market recognition of the company's products [3] New Energy Materials - The new energy materials segment achieved significant milestones, with the subsidiary Jiaman obtaining sales licenses and generating 326 million yuan in revenue in Q3 - Zhejiang Weiming Shengqing Energy Materials Co., Ltd. reported revenue of 1.045 billion yuan in the first three quarters, although this revenue is not included in the company's total [4]