Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,009,816,440.87, a slight increase of 0.09% compared to CNY 2,008,033,045.49 in the same period last year[4] - Net profit attributable to shareholders was CNY 715,952,104.85, reflecting a 0.50% increase from CNY 712,424,891.49 year-on-year[4] - The net cash flow from operating activities increased by 12.78% to CNY 560,232,453.27, up from CNY 496,733,760.17 in the previous year[4] - Total operating revenue for Q1 2025 reached ¥2,009,816,440.87, slightly up from ¥2,008,033,045.49 in Q1 2024, indicating a growth of 0.09%[20] - Operating profit for Q1 2025 was ¥827,848,040.70, compared to ¥790,498,170.32 in Q1 2024, reflecting an increase of 4.73%[20] - Net profit for Q1 2025 was ¥743,695,319.34, up from ¥724,653,211.72 in Q1 2024, representing a growth of 2.93%[21] - The total comprehensive income for Q1 2025 was ¥743,990,045.36, compared to ¥725,939,698.53 in Q1 2024, indicating an increase of 2.83%[21] Assets and Liabilities - The total assets at the end of the reporting period reached CNY 28,738,925,507.28, marking a 4.58% increase from CNY 27,480,181,894.87 at the end of the previous year[5] - Current assets increased to approximately 7.985 billion RMB as of March 31, 2025, up from 7.470 billion RMB at the end of 2024, representing an increase of about 6.9%[15] - Long-term borrowings increased to approximately 5.157 billion RMB as of March 31, 2025, up from 4.714 billion RMB at the end of 2024, reflecting a growth of about 9.4%[17] - The total liabilities of the company reached approximately 12.965 billion RMB, an increase from 12.457 billion RMB at the end of 2024, indicating a rise of about 4.1%[17] - The company's total assets amounted to approximately 28.739 billion RMB as of March 31, 2025, compared to 27.480 billion RMB at the end of 2024, showing an increase of about 4.6%[17] Cash Flow - The company's cash and cash equivalents rose to approximately 2.570 billion RMB, compared to 2.250 billion RMB at the end of 2024, marking an increase of about 14.2%[15] - Cash flow from operating activities increased to ¥560,232,453.27 in Q1 2025, compared to ¥496,733,760.17 in Q1 2024, marking a rise of 12.76%[25] - Cash inflow from investment activities surged to ¥1,370,790,344.21 in Q1 2025, significantly higher than ¥193,748,747.45 in Q1 2024[25] - The net cash flow from investing activities was -$717.60 million, compared to -$766.68 million in the previous period, indicating a slight improvement[26] - Cash inflow from financing activities totaled $556.92 million, down from $678.79 million year-over-year[26] - The net cash flow from financing activities was $446.07 million, a significant increase from $42.97 million in the previous period[26] - The cash and cash equivalents at the end of the period amounted to $2.48 billion, up from $2.23 billion at the end of the previous period[26] - The company experienced a net increase in cash and cash equivalents of $288.38 million, contrasting with a decrease of $226.62 million in the prior period[26] Operational Highlights - The company completed a total waste input of 3.3259 million tons in Q1, with a year-on-year growth of 8.57%, and generated 932 million kWh of electricity, up 12.43% year-on-year[10] - The company has 55 operational waste incineration projects and 19 kitchen waste treatment projects as of the end of the reporting period[10] - The company signed a strategic cooperation framework agreement with the Wenzhou Longwan District People's Government to explore a collaborative construction model for waste incineration power generation projects[10] - The equipment manufacturing segment received new orders totaling approximately 2.342 billion RMB in Q1 2025[11] - The company produced a total of 1,584 tons of finished nickel plates and sold 963 tons in Q1 2025[12] - The company established a robotics division and developed new equipment such as the carbonization robot and crane automation system to enhance technological competitiveness[11] - The company plans to expand its production capacity with the acquisition of approximately 52 acres of land for expansion at the Dushan base[11] - The second oxygen-enriched side-blown furnace began production on April 15, 2025, further enhancing the company's production capabilities in the new materials segment[11] Research and Development - Research and development expenses rose to ¥23,670,689.12 in Q1 2025 from ¥22,498,968.33 in Q1 2024, an increase of 5.20%[20] Accounting Standards - The company will not apply new accounting standards starting from 2025[27] Miscellaneous - The company reported a total of CNY 42,453,331.56 in non-recurring gains and losses for the period[6] - The weighted average return on equity decreased to 5.24%, down from 6.28% in the previous year[5] - The basic earnings per share remained stable at CNY 0.42, unchanged from the previous year[5] - Basic earnings per share remained stable at ¥0.42 for both Q1 2025 and Q1 2024[21] - The company reported a significant increase in investment income, which reached ¥16,190,792.07 in Q1 2025, compared to ¥1,934,353.18 in Q1 2024[20] - Total operating costs decreased to ¥1,244,598,834.36 in Q1 2025 from ¥1,244,777,149.68 in Q1 2024, a reduction of 0.01%[20]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.4200 | 0.4200 | 0 | 0.3000 | | 每股净资产（元） | 8.16 | 6.77 | 20.53 | 5.72 | | 每股公积金(元) | 0.75 | 0.72 | 4.17 | 0.66 | | 每股未分配利润(元) | 6.16 | 4.88 | 26.23 | 3.78 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 20.1 | 20.08 | 0.1 | 13.38 | | 净利润(亿元) | 7.16 | 7.12 | 0.56 | 5.08 | | 净资产收益率(%) | 5.24 | 6.28 | -16.56 | 5.28 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 123519.65万股，累计占流通股比： 72.73%，较上期变 ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-026 | | --- | --- | --- | --- | --- | | 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 关于注销"伟 22 转债"部分募集资金专户的公告 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。 | 序号 | 开户单位 | 募集资金存储银 行名称 | 银行账号 | 状态 | | --- | --- | --- | --- | --- | | 1 | 浙江伟明环保 股份有限公司 | 招商银行股份有 限公司温州分行 | 577902882310607 | 本次已注销 | | 2 | 浙江伟明环保 股份有限公司 | 中信银行温州人 民路支行 | 8110801011702496825 | 本次已注销 | | 3 | 卢龙伟明环保 能源有限公司 | 平安银行温州分 行营业部 | 1555951888 ...

浙江伟明环保股份有限公司 非经营性资金占用及其他关联资金 往来情况 的专项报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 立信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS L 关于浙江伟明环保股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025]第 ZF10291 号 浙江伟明环保股份有限公司全体股东: 我们审计了浙江伟明环保股份有限公司(以下简称"伟明环 保")2024年度的财务报表,包括 2024年 12月 31日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 4 月 18 目出具了报告号为信会师报字[2025]第 ZF10288 号的 无保留意见审计报告。 伟明环保管理层根据中国证券监督管理委员会《上市公司监管指 引第 8 号 -- 上市公司资金往来、对外担保的监管要求》(证监会公 告(2022)26 号)和《上海证券交 ...

浙江伟明环保股份有限公司 未来三年（2025-2027 年度）股东分红回报规划 为进一步优化浙江伟明环保股份有限公司（以下简称"公司"）分红机制， 健全利润分配政策，提升分配的透明度，确保投资者共享公司发展红利，并引导 投资者树立长期、理性的投资理念，公司根据中国证券监督管理委员会《上市公 司监管指引第3号——上市公司现金分红》以及上海证券交易所《上海证券交易 所上市公司自律监管指引第1号——规范运作》等相关规定，结合公司实际情况， 对现有利润分配政策进行细化，并制定公司未来三年（2025-2027年度）股东分 红回报规划。现将具体内容说明如下： 一、 股东分红回报规划制定考虑因素 公司立足长远、秉持可持续发展理念，在全面分析企业战略规划、社会资金 成本及外部融资环境等因素的基础上，充分考量公司当前及未来盈利规模、现金 流状况、发展阶段、项目投资资金需求及银行信贷等多方面因素，科学平衡股东 短期利益与长期利益，对利润分配作出系统性规划与制度性安排。通过构建持续、 稳定、科学的投资者分红回报机制，切实保障公司利润分配政策的连续性和稳定 性，为股东创造长期价值。 二、 股东分红回报规划制定原则 2025 年 4 ...

丨证券研究报告丨 联合研究丨公司点评丨伟明环保（603568.SH） [Table_Title] 伟明环保 2024 年报业绩点评：装备制造提质增 量带动业绩快速提升 报告要点 [Table_Summary] 伟明环保 2024 年实现营业收入 71.71 亿元，同比增长 19.03%，归母净利润 27.04 亿元，同比 增长 31.99%，扣非归母净利润 26.19 亿元，同比增长 31.72%。环保和新材料装备订单表现亮 眼，带动 2024 营收和业绩高增。2024 各项期间费用略有增加，但规模效应下费用率有所下降。 新能源材料项目实现重要突破，高冰镍项目顺利投入试生产。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490518070001 SAC：S0490519080004 SAC：S0490522080001 SFC：BUV415 SFC：BUZ393 徐科 任楠 王筱茜 肖百桓 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 伟明环保（603568.SH） cjzqdt11111 [Table_Ti ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company achieved a revenue of 7.171 billion RMB in 2024, representing a year-over-year increase of 19.03%, and a net profit attributable to the parent company of 2.704 billion RMB, up 31.99% year-over-year, although this was below expectations due to slower project operation revenue growth [1] - The company is actively expanding its solid waste projects and has entered the trial production phase for its new materials business, which is expected to contribute to revenue and profit growth from 2025 to 2027 [1][2] - The company’s equipment revenue grew by 28.88% year-over-year to 3.759 billion RMB, with new orders totaling approximately 3.17 billion RMB [3] - Operating cash flow and dividends per share (DPS) both increased year-over-year, with a DPS of 0.48 RMB, reflecting a 92% increase [4] - The target price for the company is set at 28.39 RMB, based on a projected PE ratio of 15.1 for 2025 [5] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 7.171 billion RMB, a 19.03% increase from the previous year, and a net profit of 2.704 billion RMB, which is a 31.99% increase year-over-year [7] - The company’s Q4 revenue was 1.125 billion RMB, down 19.81% year-over-year and 41.76% quarter-over-quarter, attributed to a slowdown in equipment revenue growth and increased maintenance costs [1] Operational Highlights - The company processed 12.5438 million tons of household waste in 2024, a 12.0% increase year-over-year, and generated 3.618 billion kWh of electricity, a 14.6% increase year-over-year [2] - The company is expanding its collaborative business, including signing contracts for waste-to-energy operations and implementing resource utilization projects [2] Cash Flow and Dividends - The company’s net operating cash flow was 2.430 billion RMB in 2024, a 4.69% increase year-over-year, with a capital expenditure of 3.053 billion RMB, up 34.55% year-over-year [4] - The dividend payout ratio increased to 30.1%, reflecting a commitment to returning value to shareholders [4] Valuation and Price Target - The target price of 28.39 RMB is based on a revised earnings forecast, with expected EPS of 1.88 RMB, 2.19 RMB, and 2.45 RMB for 2025, 2026, and 2027 respectively [5] - The company is expected to benefit from increased capacity and growth in its new materials business, justifying a higher PE ratio compared to peers [5]

证券研究报告·公司点评报告·环境治理 伟明环保（603568） 2024 年报点评：归母净利润同增 32%，设备 收入高增&新材料贡献在即 买入（维持） -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/4/22 2024/8/20 2024/12/18 2025/4/17 伟明环保 沪深300 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,025 | 7,171 | 9,765 | 13,482 | 17,292 | | 同比（%） | 34.66 | 19.03 | 36.17 | 38.07 | 28.26 | | 归母净利润（百万元） | 2,048 | 2,704 | 3,003 | 3,574 | 4,029 | | 同比（%） | 23.09 | 31.99 | 11.06 | 19.01 | 12.73 | | EPS-最新摊薄（元/股） | 1.20 | 1.5 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 伟明环保（603568.SH） 利润快速增长，期待新能源新材料项目落地释放业绩 公司营收、利润快速增长。公司 2024 年实现营收 71.7 亿元，yoy+19.0%； 归母净利润 27.0 亿元，yoy+32.0%。其中项目运营业务实现 33.7 亿元， yoy+9.6%；设备、EPC 及服务实现 37.6 亿元，yoy+28.9%。Q4 单季实 现营收 11.3 亿元，yoy-19.8%；归母净利润实现 5.9 亿元，yoy+24.2%。 2024 年营收利润双增，主要系公司经营良好，环保项目运营收入和设备、 EPC 及服务业务收入增加所致。 盈利水平持续提升，费用管控能力增强。公司 2024 年毛利率为 51.8% （yoy+4.2pct）、净利率 38.8%（（yoy+4.2pct），利润率持续提升。公司 2024 年管理费用率 3.5%（（yoy-0.5pct），财务费用率 3.5%（（yoy-0.4pct），销售 费用率 0.3%（（yoy+0.05pct），三费合计费用率 7.4%（（yoy-0.8pct ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 利润快速增长，期待新能源新材料项目落地释放业绩 公司营收、利润快速增长。公司 2024 年实现营收 71.7 亿元，yoy+19.0%； 归母净利润 27.0 亿元，yoy+32.0%。其中项目运营业务实现 33.7 亿元， yoy+9.6%；设备、EPC 及服务实现 37.6 亿元，yoy+28.9%。Q4 单季实 现营收 11.3 亿元，yoy-19.8%；归母净利润实现 5.9 亿元，yoy+24.2%。 2024 年营收利润双增，主要系公司经营良好，环保项目运营收入和设备、 EPC 及服务业务收入增加所致。 盈利水平持续提升，费用管控能力增强。公司 2024 年毛利率为 51.8% （yoy+4.2pct）、净利率 38.8%（（yoy+4.2pct），利润率持续提升。公司 2024 年管理费用率 3.5%（（yoy-0.5pct），财务费用率 3.5%（（yoy-0.4pct），销售 费用率 0.3%（（yoy+0.05pct），三费合计费用率 7.4%（（yoy-0.8pct），费用 管控能力增强。公司 2 ...