Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company experienced significant revenue growth of 52.9% year-on-year, reaching 11.45 billion yuan in the first three quarters of 2024, while the net profit attributable to shareholders decreased by 14.7% to 560 million yuan [1] - The decline in net profit is attributed to a decrease in the engineering segment's orders and increased financial expenses due to higher financing costs and exchange losses [1] - The company has improved its cash flow significantly, with a net operating cash flow of 220 million yuan, a substantial increase of 1.42 billion yuan year-on-year [1] - The resource recycling projects, particularly the Jiangxi Xinke project, are expected to enhance production capacity and profitability, with an internal rate of return projected at no less than 19.13% [1] - The environmental operation segment remains stable, with 13 waste incineration power projects currently in operation, achieving a daily processing capacity of 11,000 tons [1] Financial Performance Summary - Revenue for 2024 is projected to reach 15.896 billion yuan, with a year-on-year growth rate of 50.2% [2] - The net profit for 2024 is estimated at 783 million yuan, reflecting a year-on-year growth of 55.1% [2] - The company’s earnings per share (EPS) is expected to be 0.51 yuan for 2024, with a price-to-earnings (P/E) ratio of 10.2 [2] - The gross margin for the first three quarters of 2024 was 14.0%, down 4.9 percentage points year-on-year, while the net margin was 5.7%, down 3.6 percentage points year-on-year [1] Market Position and Outlook - The company is positioned as a leading player in the solid waste disposal sector, with significant advantages in the metal enrichment industry chain and technology [1] - The report anticipates continued high growth in performance due to effective management capabilities and the ongoing development of resource recycling projects [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.11 RMB, unchanged from the previous rating [2][5] Core Views - The company's performance is temporarily under pressure due to reduced engineering profits and raw material price fluctuations, but improvement is expected in Q4 [1][5] - Revenue growth is driven by increased sales from Jiangxi Xinke and Jingyuan High Energy, while net profit decline is attributed to reduced engineering income, increased financial expenses, and lower material sector profits [5] - The resource recycling sector, including Xinke and Pengfu, is operating normally despite being affected by metal price fluctuations [5] Financial Performance - Q3 2024 revenue reached 3.905 billion RMB, up 29% YoY, but net profit attributable to shareholders fell 11% YoY to 145 million RMB [5] - Gross margin for Q3 2024 was 13.33%, down 0.54 percentage points QoQ, while net profit margin was 4.77%, down 0.92 percentage points QoQ [5] - Operating cash flow improved significantly, with net operating cash flow of 219 million RMB for the first three quarters of 2024, compared to -1.198 billion RMB in the same period last year [5] Business Operations - Jiangxi Xinke achieved full production capacity in the first half of 2024, completing its front-end and back-end integrated industrial chain layout [5] - Chongqing Yaohui completed technical upgrades in February 2024, expanding its range of usable raw materials [5] - Jinchang High Energy started production in April 2024 and is expected to achieve multi-metal recovery in the second half of the year [5] Financial Forecasts - The report maintains forecasts for 2024-2026 net profits at 908 million, 997 million, and 1.084 billion RMB respectively, with corresponding EPS of 0.59, 0.65, and 0.71 RMB [5] - Revenue is expected to grow from 13.723 billion RMB in 2024E to 17.495 billion RMB in 2026E, with a CAGR of 12.2% [9] - ROE is projected to increase from 9.1% in 2024E to 9.5% in 2026E [9] Valuation Metrics - Current P/E ratio is 8.66x for 2024E, with a forward P/E of 7.88x for 2025E and 7.25x for 2026E [9] - The company trades at a P/B ratio of 0.8x, below the industry median of 1.43x [4][11] - EV/EBITDA is expected to decline from 8.94x in 2024E to 7.57x in 2026E [10]

上 市 公 司 证 券 研 究 报 告 环保 2024 年 10 月 25 日 高能环境 (603588) ——工程板块承压及铜价下降影响，Q3 业绩低于预期 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（元） | 5.12 | | 一年内最高 / 最低（元） | 8.12/4.21 | | 市净率 | 0.8 | | 息率（分红 / 股价） | 8.40 | | 流通 A 股市值（百万元） | 7,799 | | 上证指数 / 深证成指 | 3,280.26/10,441.75 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |---------------------------------|--------------------------------------| | 基础数据 : \n每股净资产（元） | 2024 年 09 月 30 日 \n6.29 | | 资产负债率 ...

也有52%的增长那环保工程板块今年的前三季度是13.6个亿的收入同时比去年的同期也增长了38%但是今年环保工程的板块前三季度的毛利率大概是13.77 跟去年同期相比呢是毛利率下降了将近12个点12个百分点所以在环保工程这块前三个季度的表现来看的话就是虽然收入在增长但是毛利率下降的比较厉害所以整体的这个利润其实是同比是没有什么增长的那么这是前三季度的情况那么我们单看一下 单季度的一个一个变化单季度的一个变化单季度的环比的变化呃因为这个里面讲到一个一个我们数据就是我们在本报期的时候我们的营业收入是39个亿那么比跟去年同期相比啊跟去年同期相比的话那么收入是增长了29% 那么归属上市公司的净利润呢是1.45个亿但是相比去年的同期的话呢是下降了14.69%如果算上扣飞以后的净利润的话呢就是扣飞以后的净利润的话呢本报国企呢是实现了五千二百万跟去年同期相比呢是下降了63% 这个结构可以看出说总的净利润呢下降了百分之十几左右但是呢由于经常性损益的影响半年度的三级爆的经常性损益比较大所以呢实际上扣飞以后的净利润的话实际上下降的是比较比较多的这个里面的这个影响呢我想主要是这几个方面吧主要是取决于 四个方面就是三三季度的这个净利润 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,905,466,877.02, representing a year-on-year increase of 29.25%[2] - The net profit attributable to shareholders for Q3 2024 was ¥145,209,283.14, showing a decrease of 11.23% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 63.28% in Q3 2024, amounting to ¥52,377,621.57[6] - The company reported a significant increase in operating revenue for the first nine months of 2024, up 52.88% year-on-year, primarily due to increased sales from Jiangxi Xinke and Jingyuan Gaoneng[6] - Total operating revenue for the first three quarters of 2024 reached ¥11,450,874,193.36, a significant increase of 53.3% compared to ¥7,490,320,282.73 in the same period of 2023[13] - Net profit for the first three quarters of 2024 was ¥647,896,419.64, a decrease of 6.3% from ¥691,585,059.57 in the same period of 2023[15] Assets and Liabilities - The total assets at the end of the reporting period were ¥27,920,179,690.64, reflecting a 4.64% increase from the end of the previous year[3] - As of September 30, 2024, total assets amounted to RMB 27,920,179,690.64, an increase from RMB 26,682,907,979.88 at the end of 2023, reflecting a growth of approximately 4.63%[11] - The total liabilities as of September 30, 2024, were RMB 16,069,759,885.15, slightly down from RMB 16,115,984,983.48, showing a decrease of about 0.29%[11] - The company's total liabilities increased to ¥17,465,122,297.58 in Q3 2024, compared to ¥16,558,718,756.03 in Q3 2023, marking a rise of 5.5%[12] - The total equity attributable to shareholders reached ¥9,581,030,712.26 in Q3 2024, up from ¥9,299,886,923.17 in Q3 2023, indicating a growth of 3.0%[12] Cash Flow - The cash flow from operating activities for the first three quarters of 2024 was ¥11,550,285,884.27, compared to ¥7,969,775,734.79 in 2023, showing a growth of 45.5%[16] - The net cash flow from operating activities for Q3 2024 was ¥219,357,620.71, a significant improvement compared to a net outflow of ¥1,197,889,275.58 in the same period last year[17] - Total cash inflow from operating activities reached ¥12,078,706,909.81, up from ¥8,769,359,123.75 year-over-year, indicating a growth of approximately 37.5%[17] - Cash outflow for operating activities was ¥11,859,349,289.10, compared to ¥9,967,248,399.33 in Q3 2023, reflecting an increase of about 19%[17] - The total cash and cash equivalents at the end of the period were ¥1,248,139,045.57, down from ¥1,293,451,178.22 at the beginning of the quarter[18] Expenses - The company's cash and cash equivalents decreased to RMB 1,828,577,113.51 from RMB 1,865,878,399.98, a decline of about 2.68%[10] - The company faced increased financial expenses due to higher financing costs and exchange losses, impacting overall profitability[6] - The company's financial expenses for the first three quarters of 2024 were ¥323,102,903.38, an increase from ¥238,756,130.37 in 2023, indicating a rise of 35.4%[15] - Research and development expenses for the first three quarters of 2024 were ¥266,270,547.46, compared to ¥162,221,124.96 in 2023, representing a 64.1% increase[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 37,888, with the largest shareholder holding 17.16% of the shares[7] - The basic earnings per share for Q3 2024 were ¥0.098, down 8.41% from the previous year[3] - The company reported a basic earnings per share of ¥0.368 for the first three quarters of 2024, down from ¥0.431 in the same period of 2023[16] Non-Recurring Items - Non-recurring gains and losses totaled ¥92,831,661.57 for the current period, with government subsidies contributing ¥10,954,665.29[4]

证券代码：603588 证券简称：高能环境 公告编号：2024-086 北京高能时代环境技术股份有限公司 关于 2024 年半年度业绩说明会召开情况的公告 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。 北京高能时代环境技术股份有限公司（以下简称"公司"或"高能环境"） 于2024年10月18日（星期五）上午10:00-11:00在上海证券交易所上证路演中心 （网址http://roadshow.sseinfo.com/），采用网络互动方式召开"2024年半年 度业绩说明会"。关于本次说明会的召开事项，公司于2024年10月9日在《上海证 券报》《中国证券报》及上海证券交易所网站披露了《高能环境关于召开2024年 半年度业绩说明会的公告》（公告编号：2024-084）。现将召开情况公告如下： 一、本次说明会召开情况 2024年10月18日，公司董事、总裁凌锦明先生，独立董事王竞达女士，副总 裁、财务总监孙敏先生，副总裁、董事会秘书张炯先生出席了本次说明会。公司 就2024年半年度经营成果及财务指标的具体情况与投资者进行互动交流 ...

证券代码：603588 证券简称：高能环境 公告编号：2024-085 北京高能时代环境技术股份有限公司 关于为控股子公司及控股孙公司提供担保的公告 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： 被担保人名称： 金昌高能环境技术有限公司（以下简称"金昌高能"）， 荆门高能时代环境技术有限公司（以下简称"荆门高能"）， 珠海市新虹环保开发有限公司（以下简称"珠海新虹"），均非上市公司关联 人。 本次担保金额及已实际为其提供的担保余额： 本次为金昌高能担保金额不超过人民币 3,000 万元，为新增授信担保额度； 本次为荆门高能担保金额不超过人民币 1,000 万元，为新增授信担保额度； 本次为珠海新虹担保金额不超过人民币 10,000 万元，为新增授信担保额度。 截至 2024 年 10 月 10 日，北京高能时代环境技术股份有限公司（以下简称 "公司"）实际为金昌高能提供担保余额为 18,304.24 万元，为荆门高能提供担 保余额为 32,310 万元，为珠海新虹提供担保余额为 13,236.30 万元。 本 ...

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10月18日（星期五）上午10:00-11:00 证券代码：603588 证券简称：高能环境 公告编号：2024-084 北京高能时代环境技术股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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/） 2 、 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/） 3、会议召开方式：上证路演中心网络互动 三、参加人员 董事、总裁：凌锦明先生 会议召开方式：上证路演中心网络互动 投资者可于2024年10月11日(星期五)至10月17日(星期四)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 （stocks@bgechina.cn）进行提问。公司将在说明会 ...

一、审议通过《关于调整 2023 年限制性股票与股票期权激励计划之股票期 权行权价格的议案》。 证券代码：603588 证券简称：高能环境 公告编号：2024-082 北京高能时代环境技术股份有限公司 第五届监事会第二十五次会议决议公告 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。 北京高能时代环境技术股份有限公司（以下称"公司"或"高能环境"）第 五届监事会第二十五次会议于 2024 年 9 月 30 日以通讯方式召开。监事会于本次 会议召开 5 日前以通讯方式通知全体监事，会议由公司监事会主席赵海燕女士主 持，全体监事认真审阅了会议议案，全部 3 名监事以记名投票的方式对会议议案 进行了表决，会议的召集召开符合《公司法》和《公司章程》的有关规定，所作 决议合法有效。 会议就下述事项作出如下决议： 特此公告。 2024年9月30日 北京高能时代环境技术股份有限公司监事会 监事会认为：根据公司 2024 年半年度权益分派方案，按照《北京高能时代 环境技术股份有限公司 2023 年限制性股票与股票期权激励计划（草案修订稿）》 ...

北京市中伦律师事务所 关于北京高能时代环境技术股份有限公司 2023 年限制性股票与股票期权激励计划 股票期权行权价格调整的 法律意见书 二〇二四年九月 北京 • 上海 • 深圳 • 广州 • 成都 • 武汉 • 重庆 • 青岛 • 杭州 • 香港 • 东京 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 Beijing • Shanghai • Shenzhen • Guangzhou • Chengdu • Wuhan • Chongqing • Qingdao • Hangzhou • Hong Kong • Tokyo • London • New York • Los Angeles • San Francisco 法律意见书 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 ...