证券研究报告·公司点评报告·环境治理 高能环境（603588） 2024 年报点评：工程拖累业绩，重视再生资 源的资源价值 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10580 | 14500 | 16300 | 18699 | 21018 | | 同比（%） | 20.58 | 37.04 | 12.42 | 14.71 | 12.40 | | 归母净利润（百万元） | 504.64 | 481.82 | 631.61 | 753.76 | 912.75 | | 同比（%） | (27.13) | (4.52) | 31.09 | 19.34 | 21.09 | | EPS-最新摊薄（元/股） | 0.33 | 0.32 | 0.41 | 0.49 | 0.60 | | P/E（现价&最新摊薄） | 19.11 | 20.01 | 15.27 | 12.79 | 10.56 | [Table_Tag] [ ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved rapid revenue growth in 2024, with total revenue reaching 14.5 billion yuan, a year-on-year increase of 37.0%. However, the net profit attributable to shareholders slightly decreased to 480 million yuan, down 4.5% year-on-year, primarily due to the impact of national investment on the environmental engineering segment and goodwill impairment related to acquisitions [1][5]. - The solid waste and hazardous waste resource utilization segment saw significant revenue growth, totaling 11.14 billion yuan, up 72.2% year-on-year, with a gross margin of 9.1%. The environmental operation service segment also experienced a revenue increase of 6.3% year-on-year, while the environmental engineering segment's revenue dropped by 34.3% [2][5]. - The company's overall gross margin decreased to 14.4%, down 3.8 percentage points year-on-year, mainly due to a significant decline in the gross margin of the environmental engineering segment. However, the company improved its expense control, with total expense ratio decreasing by 2.9 percentage points [3][5]. Business Segments Summary - The company has established a comprehensive industrial chain for resource recovery, enhancing profitability through multi-metal extraction. The copper, lead, and nickel industrial chains have been integrated, allowing for efficient resource recovery and processing [4][5]. - The copper industrial chain has seen improvements in operations and profitability, while the lead industrial chain has optimized product structure and expanded raw material types. The nickel industrial chain's second phase project has significantly enhanced the company's competitive edge in precious metal recovery [4][5]. Financial Forecast - The company is positioned as a leading player in the solid waste disposal sector, with significant advantages in metal enrichment and technology. The forecast for net profit attributable to shareholders is 680 million yuan in 2025, 810 million yuan in 2026, and 940 million yuan in 2027, with corresponding P/E ratios of 14.1, 11.9, and 10.2 times [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a revenue of 14.5 billion yuan in 2024, representing a year-on-year growth of 37.0%, primarily driven by the gradual release of capacity in the metal resource recycling segment [1][2]. - The net profit attributable to the parent company slightly decreased to 480 million yuan, down 4.5% year-on-year, mainly due to significant profit declines in the environmental engineering segment and goodwill impairment related to acquisitions [1][5]. - The solid waste and hazardous waste recycling segment saw a substantial revenue increase of 72.2% year-on-year, totaling 11.14 billion yuan, with a gross margin of 9.1% [2]. - The environmental operation service segment's revenue grew by 6.3% year-on-year to 1.73 billion yuan, with a gross margin of 49.9% [2]. - The environmental engineering segment's revenue fell by 34.3% year-on-year to 1.63 billion yuan, with a gross margin of 12.9% [2]. Summary by Sections Financial Performance - The company's overall gross margin decreased to 14.4%, down 3.8 percentage points year-on-year, primarily due to a significant drop in the gross margin of the environmental engineering segment [3]. - The company improved its expense control, with a total expense ratio of 7.3%, down 2.9 percentage points year-on-year [3]. - Operating cash flow significantly improved to 760 million yuan, a 17.1 billion yuan increase compared to the previous year [3]. Business Segments - The company has established a comprehensive industrial chain for multi-metal extraction, enhancing profitability through integrated operations in copper, lead, and nickel recycling [4]. - The copper recycling segment has seen operational improvements and successful project launches, contributing to a closed-loop industrial chain for resource recovery [4]. - The lead recycling segment has optimized its product structure and expanded raw material types, achieving a comprehensive recovery chain [4]. - The nickel recycling segment's new project has significantly enhanced the ability to separate and purify precious metals, improving competitive strength [4]. Profit Forecast - The company is expected to achieve net profits of 680 million yuan, 810 million yuan, and 940 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14.1, 11.9, and 10.2 [5][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 14.5 billion yuan for 2024, representing a year-on-year increase of 37.04%. However, the net profit attributable to shareholders decreased by 4.52% to 482 million yuan [4][5]. - The solid waste hazardous waste resource utilization segment achieved a revenue of 11.14 billion yuan, a significant increase of 72.17% year-on-year, driven by the gradual release of production capacity in the metal resource recovery sector [6][8]. - The company plans to implement substantial cash dividends in 2024, with a total cash dividend of approximately 609 million yuan for the year [6][8]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 145 billion yuan, with a net profit of 482 million yuan. The fourth quarter saw a revenue of 30.49 billion yuan, a slight decrease of 1.34% year-on-year [4][5]. - The gross profit margin for the year was 14.4%, down 3.79 percentage points year-on-year, while the net profit margin was 3.74%, a decrease of 1.06 percentage points [8]. Business Segments - The solid waste hazardous waste resource utilization segment's revenue was 11.14 billion yuan, with a notable increase in sales volumes for various metals, including a 54.3% increase in cathode copper sales [8]. - The environmental engineering segment's revenue decreased by 34.26% year-on-year, indicating challenges in this area [8]. Future Outlook - The company is expected to focus on improving the profitability of resource recovery projects in 2025, with anticipated net profits of 727 million yuan, 820 million yuan, and 907 million yuan for 2025, 2026, and 2027, respectively [8]. - The company’s operating cash flow significantly improved to 760 million yuan in 2024, compared to a negative cash flow of 953 million yuan in the previous year [8].

证券研究报告 高能环境 (603588 CH) 减值/环保工程拖累净利，分红及回购 合计占比高达 126% | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 20 日│中国内地 | 废物管理 | 公司公布 2024 年业绩：实现收入 145.00 亿元，同比+37.0%；归母净利 4.82 亿元，同比-4.5%，低于我们 4Q24 业绩前瞻预期的 2024E 归母净利润 5.05-6.50 亿元，主要系：1）公司计提信用减值/资产减值损失 5582 万元/1.22 亿元，其中主要对经营效益较差的贵州宏达等并购子公司计提商誉减值 7384 万元；2）环保工程板块受竞争加剧影响，毛利润同比大幅下降 4.23 亿元（-66.8%yoy）。公司 2024 年经营现金流改善显著，DPS 约 0.4 元/股， 现金分红及回购金额合计 6.09 亿元，占归母净利润比例高达 126%。考虑 公司运营化转型过程中工程业务效益仍将大幅下降，我们下调公司 2025/2026 年工程收入 68.9%/75.2%，从而下调归母净利润 18.2%/23.0%， ...

丨证券研究报告丨 公司研究丨点评报告丨高能环境（603588.SH） [Table_Title] 高能环境 2024 年报点评：固危废资源化营收高 增，关注项目盈利提升进度 报告要点 [Table_Summary] 高能环境发布 2024 年年报，全年实现营收 145.0 亿元，同比增 37.04%；归母净利润 4.82 亿 元，同比降低 4.52%。目前重要危废资源化项目技术工艺已打通；环境工程利润占比降低，后 续拖累有限；经营现金流净额大幅好转；2024 年实施大额现金分红。2025 年重点关注资源化 项目盈利性提升情况，以及铋锑锡等金属价格上涨带来的业绩弹性。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 其中，Q4 营收 30.49 亿元，同比降低 1.34%；归母净利润-0.79 亿 ...

| | | | 一、审计报告……………………………………………………… 第 | 1—7 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 | 8—16 页 | | （一）合并资产负债表…………………………………………… | 第 8 页 | | （二）母公司资产负债表………………………………………… | 第 9 页 | | （三）合并利润表…………………………………………………第 | 10 页 | | （四）母公司利润表………………………………………………第 | 11 页 | | （五）合并现金流量表……………………………………………第 | 12 页 | | （六）母公司现金流量表…………………………………………第 | 13 页 | | （七）合并所有者权益变动表………………………………第 14—15 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 16 页 | | 三、财务报表附注……………………………………………… 第 | 17—144 页 | | 四、附件………………………………………………………… 第 145—148 | 页 ...

| | | | | | | | 二、附件………………………………………………………………第 | 3—6 | 页 | | --- | --- | --- | --- | | (一) | 本所营业执照复印件……………………………………… | 第 3 | 页 | | (二) | 本所执业证书复印件……………………………………… | 第 4 | 页 | | (三) | 本所签字注册会计师执业证书复印件…………………第 | 5—6 | 页 | 内部控制审计报告 天健审〔2025〕2-63 号 四、财务报告内部控制审计意见 我们认为，高能环境公司于 2024 年 12 月 31 日按照《企业内部控制基本规 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，并评价其有效性是高能 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 ...

关于北京高能时代环境技术股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 中信证券股份有限公司（以下简称"中信证券"或"本保荐人"）作为北京高能 时代环境技术股份有限公司（以下简称"高能环境"或"公司"）非公开发行股票的 保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规 则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所 上市公司自律监管指引第 11 号——持续督导》等相关法津、法规和规范性文件 规定，就高能环境 2024 年度募集资金存放与实际使用情况进行了核查，核查情 况如下： 中信证券股份有限公司 二、募集资金管理情况 一、募集资金基本情况 经中国证券监督管理委员会《关于核准北京高能时代环境技术股份有限公司 非公开发行股票的批复》（证监许可〔2022〕1225 号）核准，公司本次非公开发 行 246,250,000 股股票（以下简称"本次发行"），发行价格为人民币 11.20 元/股， 募集资金总额为人民币 2,758,000,000.00 元。上述募集资金总额扣除 ...

北京高能时代环境技术股份有限公司 独立董事2024年度述职报告 （二）是否存在影响独立性的情况说明 作为公司的独立董事，本人及直系亲属、主要社会关系均未在公司担任除独 立董事以外的任何职务,也未在公司主要股东担任任何职务，与公司以及公司主 要股东之间不存在妨碍本人进行独立客观判断的关系，不存在影响独立董事独立 性的情况。 二、独立董事年度履职概况 （一）出席董事会会议及股东大会情况 2024年度，公司召开了11次董事会，5次股东大会，本人作为独立董事积极 作为独立董事，本人在召开董事会前主动了解并获取做出决策前所需要的情 况和资料，积极参加董事会等会议。在会议上，本人与公司非独立董事进行了充 分的沟通和交流，认真审议每个议案，积极参与讨论并提出合理化建议，为公司 董事会做出科学决策起到了积极作用，并听取了公司的财务报表年度审计等重大 事项。 （二）出席董事会专门委员会情况 作为北京高能时代环境技术股份有限公司（以下简称"公司"）的独立董事， 2024年度，本人按照《公司法》等法律法规以及《公司章程》《公司独立董事工 作制度》等规定，本着对全体股东认真负责的态度，在上市公司治理、内部控制、 信息披露、财务监督等 ...