证券研究报告·公司点评报告·环境治理 高能环境（603588） 2024 年半年报点评：资源化投产&恢复， 24H2 有望集中释放迎拐点 2024 年 08 月 26 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） | 8774 | 10580 | 14325 | 16462 | 18737 | | 同比（ % ） | 12.11 | 20.58 | 35.39 | 14.92 | 13.82 | | 归母净利润（百万元） | 692.48 | 504.64 | 929.16 | 1,104.92 | 1,285.57 | | 同比（ % ） | (4.65) | (27.13) | 84.12 | 18.92 | 16.35 | | EPS- 最新 ...

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： 截至本公告披露日，北京高能时代环境技术股份有限公司（以下简称"公 司"）控股股东、实际控制人李卫国先生持有公司股份 263,452,149 股，约占公 司总股本比例为 17.14%。本次办理部分股份补充质押后，李卫国先生累计质押 股份数量为 157,800,000 股，约占其个人持有公司股份比例为 59.90%。 证券代码：603588 证券简称：高能环境 公告编号：2024-071 北京高能时代环境技术股份有限公司 关于控股股东、实际控制人部分股份补充质押的公告 一、本次股份质押的基本情况 | | 是否 | | 是否 | 是否 | | | | | | 约占 其所 | 约占公 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 为控 | 本次质押股 | 为限 | 补充 | 质押起 | | 质押到 | | 质权人 | 持股 | 司总 ...

环保 证 券 研 究 报 告 2024 年 08 月 23 日 高能环境 (603588) ——资源化项目盈利陆续兑现，公司拟大幅提升分红 报告原因：有业绩公布需要点评 增持（维持）投资要点： ⚫ 事件：公司发布 2024 年中报，2024 年上半年公司营业收入 75.45 亿元，yoy +68.85%； 归母净利润 4.16 亿元，yoy -15.84%，主要受工程利润下滑及投资净收益下滑影响，业绩 表现符合预期。 ⚫ 资源化板块：核心项目投产及经营改善，带动板块业绩提升。24H1 公司资源化板块实现 收入 56.76 亿元，yoy +129%，但毛利率同比下降 2.9 个 ppts 至 8.76%，毛利润整体明 显增加，这主要得益于核心项目边际改善。1）江西鑫科：经过近一年的试运行与技改升 级，今年 4 月迎来全面投产，建设含铜及其它稀贵金属资源化产业链闭环，产能逐步提升 后销售产品收入同比大幅增加，上半年实现收入 28.14 亿元，扣非净利润 0.84 亿元；2） 重庆耀辉：经过近半年技改升级，今年 2 月完成技改升级，进一步提升处理高含杂物料能 力，在原料市场萎缩、市场竞争激烈的情况下拓宽可利用原料范 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][8]. Core Views - The company's performance in H1 2024 is generally in line with expectations, with significant profit release from the hazardous waste resource utilization projects. The operating cash flow turned positive, and the interim cash dividend ratio is 121% [1][8]. - The resource utilization segment saw a revenue increase of 129% year-on-year, indicating strong operational performance [8]. - The company plans to distribute a total cash dividend of RMB 5.03 billion to all shareholders, reflecting a commitment to enhancing shareholder returns [8]. Financial Summary - For H1 2024, the company achieved revenue of RMB 7.545 billion, a 69% increase year-on-year, while the net profit attributable to shareholders was RMB 416 million, a 16% decline year-on-year [8]. - The net cash flow from operating activities was RMB 1.1 billion, a significant improvement from a negative RMB 1.361 billion in the same period last year [8]. - The company forecasts net profits of RMB 908 million, RMB 997 million, and RMB 1.084 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 0.59, RMB 0.65, and RMB 0.71 [8][9]. Market Data - The current stock price is RMB 4.51, with a target price maintained at RMB 9.70 [3][4]. - The company has a total market capitalization of RMB 6.923 billion and a P/B ratio of 0.7 based on the current price [4][5]. Operational Highlights - The resource utilization segment's revenue reached RMB 5.676 billion in H1 2024, with a gross margin of 8.76%, despite a year-on-year decline of 2.90 percentage points [8]. - The environmental operation service segment reported revenue of RMB 883 million, a 9% increase year-on-year, with a gross margin of 47.12%, up 5.61 percentage points [8].

[Table_Main] 证券研究报告 | 公司点评 高能环境(603588.SH) 2024 年 08 月 23 日 | --- | --- | |----------------------------------------|---------------------| | 高能环境（ 买入（维持） | 603588.SH ）： 24H1 | | 收入同比增加 所属行业：环保 / 环境治理 | 69% ，期待资源化 | | 当前价格 ( 元 ) ： 4.51 | | | 证券分析师 | 项目利润释放 | | 郭雪 | | 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 研究助理 市场表现 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 高能环境 沪深300 | --- | --- | --- | --- | |--------------------------------|--------|-- ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 3.30 per 10 shares, totaling approximately RMB 502.67 million (including tax) based on a total share count of 1,523,234,457 shares after accounting for the repurchase of restricted shares[3]. - The company does not plan to increase capital reserves or issue bonus shares in the current dividend distribution[3]. - The company will not distribute any bonus shares or increase capital from the capital reserve[56]. - The company plans to distribute a cash dividend of RMB 3.30 per 10 shares (including tax) for a total of approximately RMB 502,667,370.81[58]. Financial Performance - The company achieved a revenue of CNY 7.55 billion in the first half of 2024, representing a year-on-year increase of 68.85% compared to CNY 4.47 billion in the same period last year[21]. - The net profit attributable to shareholders was CNY 415.75 million, a decrease of 15.84% from CNY 494.00 million in the previous year[19]. - The net cash flow from operating activities was CNY 110.37 million, a significant improvement of 108.11% compared to a negative cash flow of CNY -1.36 billion in the same period last year[19]. - The company's total assets increased by 4.87% to CNY 27.98 billion from CNY 26.68 billion at the end of the previous year[19]. - The net assets attributable to shareholders rose by 2.94% to CNY 9.57 billion compared to CNY 9.30 billion at the end of the previous year[19]. - The basic earnings per share decreased by 16.67% to CNY 0.270 from CNY 0.324 in the previous year[20]. Operational Highlights - The company achieved operating revenue of 7.545 billion yuan, a year-on-year increase of 68.85%[35]. - The solid waste and hazardous waste resource utilization segment generated revenue of 5.678 billion yuan, up 129.03% year-on-year, with a gross margin of 8.76%, down 2.90 percentage points[39]. - The environmental operation service segment reported revenue of 883 million yuan, a year-on-year increase of 9.12%, with a gross margin of 47.12%, up 5.61 percentage points[39]. - The environmental engineering segment's revenue was 987 million yuan, a decrease of 16.81% year-on-year, with a gross margin of 16.61%, down 13.49 percentage points[39]. Risk Management - The report includes a detailed description of potential risks the company may face, which investors should review[5]. - The company faces risks from fluctuations in raw material prices, particularly for metals like copper, lead, and nickel, which could impact procurement and sales prices[50]. - Financial risks include high overall guarantee amounts due to subsidiary financing, with potential increases in financing costs if external rates rise[51]. - The company is experiencing intensified competition in solid waste treatment and environmental engineering sectors, with numerous competitors and low market concentration[52]. Environmental Compliance - The total emissions of sulfur dioxide (SO2) reached 5.222381 tons, with a concentration of 30 mg/m³, adhering to the hazardous waste incineration pollution control standards (GB18484-2020)[61]. - Nitrogen oxides (NOx) emissions totaled 4.351984 tons, with a concentration of 25 mg/m³, complying with the standards for emissions from the recycling of copper, aluminum, lead, and zinc industries (GB31574-2015)[61]. - The company is committed to adhering to the "Lead and Zinc Industry Pollutant Emission Standards"[63]. - The company has implemented strategies to manage and reduce emissions of various pollutants, including arsenic and cadmium[63]. - The company is focused on continuous monitoring and compliance with environmental standards to enhance sustainability[63]. Corporate Governance - The board of directors confirmed that all members attended the meeting, ensuring the accuracy and completeness of the semi-annual report[2]. - The financial report has been declared true, accurate, and complete by the responsible personnel[2]. - The semi-annual report has not been audited[2]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 32,640[107]. - The largest shareholder, Li Weiguo, holds 263,452,149 shares, representing 17.14% of the total shares[107]. - The top ten shareholders collectively hold significant stakes, with the second-largest shareholder, Xu Limin, owning 54,087,921 shares (3.52%) and the third-largest, Liu Zejun, holding 48,131,953 shares (3.13%)[107]. - The company has not engaged in any share lending or borrowing activities during the reporting period[109]. Investment and Financing Activities - The total amount of raised funds is RMB 275.8 million, with a net amount after issuance costs of RMB 275.28368 million[100]. - The total amount of guarantees provided by the company, excluding guarantees to subsidiaries, is RMB 11,140 million, which accounts for 130.77% of the company's net assets[98]. - The company plans to use RMB 25,600 million of idle raised funds to temporarily supplement working capital, with a repayment period not exceeding 12 months[102]. - The company has ongoing litigation and arbitration matters, which have been disclosed in previous announcements[94]. Research and Development - Research and development expenses rose by 32.50% to ¥140,306,965.56, driven by increased investment in hazardous waste resource recovery projects[41]. - The company is actively pursuing research and development of new materials to enhance product offerings and meet evolving market demands[74]. - The company recognizes research and development expenses, including personnel costs, materials, and equipment, with specific allocation methods for shared resources[188][189]. Financial Reporting and Accounting - The company's financial statements are prepared based on the going concern assumption, ensuring ongoing operational viability[144]. - The company adheres to the accounting standards for enterprises, ensuring the financial statements reflect a true and complete picture of its financial status[145]. - The company recognizes loss provisions for financial assets based on expected credit losses, which are adjusted at each balance sheet date[162]. - The company applies the effective interest method for financial liabilities measured at amortized cost, with gains or losses recognized upon derecognition[158].

证券代码：603588 证券简称：高能环境 公告编号：2024-067 北京高能时代环境技术股份有限公司 第五届监事会第二十三次会议决议公告 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。 会议就下述事项作出如下决议： 一、审议通过《公司 2024 年半年度报告（全文及摘要）》。 监事会对公司 2024 年半年度报告及其摘要进行了认真审核，审核意见如下： 《公司 2024 年半年度报告（全文及摘要）》的编制和审议程序符合相关法 律、法规、《公司章程》和有关制度规定的要求； 《公司 2024 年半年度报告（全文及摘要）》的内容和格式符合中国证监会 和上海证券交易所的各项规定，所包含的信息公允、全面、真实地反映了公司本 报告期内的财务状况和经营成果等事项；未发现参与 2024 年半年度报告编制和 审议的人员不遵守保密规定的行为； 我们保证《公司 2024 年半年度报告（全文及摘要）》所披露的信息真实、 准确、完整，承诺本报告所载资料不存在任何虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 表决结 ...

| 第一章 | 总 | 则 | 2 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和经营范围 | 3 | | 第三章 | 股份 | | 3 | | 第一节 | | 股份发行 | 3 | | 第二节 | | 股份增减和回购 | 5 | | 第三节 | | 股份转让 | 7 | | 第四章 | | 股东和股东大会 | 8 | | 第一节 | | 股东 | 8 | | 第二节 | | 股东大会的一般规定 | 10 | | 第三节 | | 股东大会的召集 | 13 | | 第四节 | | 股东大会的提案与通知 | 15 | | 第五节 | | 股东大会的召开 | 16 | | 第六节 | | 股东大会的表决和决议 | 19 | | 第五章 | | 董事会 | 23 | | 第一节 | | 董事 | 23 | | 第二节 | | 董事会 | 27 | | 第六章 | | 总裁及其他高级管理人员 | 38 | | 第七章 | | 监事会 | 41 | | 第一节 | | 监事 | 41 | | 第二节 | | 监事会 | 42 | | 第八章 | | 财务会计制度、利润分配和审计 | ...

证券代码：603588 证券简称：高能环境 公告编号：2024-070 北京高能时代环境技术股份有限公司 关于变更注册资本并修订《公司章程》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。 此议案尚须提交公司股东大会审议，并提请授权公司董事会及董事会授权人 士全权办理与公司注册资本变更、《公司章程》修订相关的一切事宜，包括但不 限于工商变更登记手续等事项。 特此公告。 北京高能时代环境技术股份有限公司董事会 北京高能时代环境技术股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日以通讯方式召开了第五届董事会第三十次会议，会议审议通过了《关于变 更注册资本并修订<公司章程>的议案》，同意变更公司的注册资本、修订《北京 高能时代环境技术股份有限公司章程》（以下简称"《公司章程》"）并办理工 商变更登记。现将有关事项公告如下： 根据公司注册资本变更情况，同时根据《公司法》《证券法》等相关法律法 规和规范性文件，结合公司实际情况，公司拟对《公司章程》进行修订，具体内 容如下： | 原条款内容 | | 现修订为 | ...

证券代码：603588 证券简称：高能环境 公告编号：2024-066 北京高能时代环境技术股份有限公司 第五届董事会第三十次会议决议公告 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。 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"） 第五届董事会第三十次会议于会议召开10日前以通讯方式发出会议通知，并于 2024年8月22日以通讯方式召开。会议由公司董事长李卫国先生主持，全体董事 认真审阅了会议议案，全部9名董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： 一、审议通过《公司2024年半年度报告（全文及摘要）》。 本议案已经公司董事会审计委员会审议通过并取得明确同意的意见：公司 2024年半年度报告的编制符合法律法规、上海证券交易所相关规定的要求，能够 公允反映公司2024年半年度的财务状况和经营成果，公司2024年半年度报告所披 露的信息真实、准确、完整，我们同意本议案并提交至公司董事会审议。 表决结果：同 ...