高能环境（603588）公告，2025年第一季度营收为33.08亿元，同比增长5.86%；净利润为2.25亿元，同 比增长15.75%。 ...

消息面上，4月13日，中国人民银行发布了主要金融数据，首季社会融资规模增量超15万亿元、新增贷 款9.78万亿元、3月末广义货币M2余额同比增长7%。数据展现着金融对实体经济保持稳固支持，也折射 出实体经济需求持续回暖。此外，一季度全国工程机械平均开工率为44.67%，较去年同期增幅为 1.62%，折射出一季度中国经济平稳起步。 4月14日，A股市场主要指数高开后午后有所回落，大盘蓝筹风格整体走势平稳，A500和A50指数通过 行业均衡配置和聚焦优质龙头，契合资金关注主线。 相关产品：A500ETF（159339）、A50ETF基金（159592） MACD金叉信号形成，这些股涨势不错！ A股核心资产代表，"A股的标普500"：A500ETF（159339）跟踪的A500指数以不足A股市场10%的成份 股数量，覆盖全市场63%的总营收和70%的总净利润，或是大家长期布局我国资本市场高质量发展趋势 的有力工具。 各行业超级龙头，"漂亮50"：A50ETF基金（159592）跟踪的A50指数布局各行业超大市值龙头股，这 些绩优大白马在供给侧改革的趋势下受益于市场集中度提升，在业绩披露期或更受资金青睐。 华泰证券认 ...

证券代码：603588 证券简称：高能环境 公告编号：2025-026 北京高能时代环境技术股份有限公司 2024 年年度股东大会决议公告 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 401 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 308,012,775 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 20.2209 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，经公 司半数以上董事推举，会议由公司董事陈望明先生主持。本次会议的召集、召开 及表决方式均符合《公司法》及《公司章程》的有关规定。 (一) 股东大会召开的时间：2025 年 4 月 9 日 (二) 股东大会召开的地点：北京市海淀区秋枫路 36 号院 1 号楼高能环境大厦 会议室 (三) 出席会议的普通股股东及其持有股份情况： (五) 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 9 人，出席 3 人，董事长李卫国先生、副董事长刘 ...

北京市中伦律师事务所 法律意见书 关于北京高能时代环境技术股份有限公司 2024 年年度股东大会的 法律意见书 致：北京高能时代环境技术股份有限公司 北京市中伦律师事务所（以下简称"本所"）作为北京高能时代环境技术股 份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派律师出席 公司2024年年度股东大会（以下简称"本次股东大会"）。本所律师根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东 大会规则》"）等相关法律、法规、规范性文件及《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》"）的规定，对本次股东大会进行见 证并出具法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确.完整，所发表 的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏， ...

北京高能时代环境技术股份有限公司 2024 年年度股东大会 会议资料 二○二五年四月一日 一、会议议程 北京高能时代环境技术股份有限公司 2024 年年度股东大会会议资料 目 录 | 一、会议议程 | | | | 3 | | --- | --- | --- | --- | --- | | 二、会议须知 | | | | 4 | | 三、会议审议事项 | | | | 6 | | 议案 | 1：《公司 | 2024 | 年年度报告（正文及摘要）》 | 6 | | 议案 | 2：《公司 | 2024 | 年度利润分配预案》 | 7 | | 议案 | 3：《公司 | 2024 | 年度董事会工作报告》 | 8 | | 议案 | 4：《公司 | 2024 | 年度监事会工作报告》 | 24 | | 议案 | 5：《公司 | 2024 | 年度财务决算报告》 | 28 | | 议案 | 6：《关于续聘公司 | | 2025 年度审计机构及内部控制审计机构的议案》 | 31 | | 议案 | 7：《关于 | 2025 | 年向银行等金融机构申请综合授信的议案》 | 32 | | 议案 | 8：《关于 | 2025 | 年度对 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 高能环境(603588) 投资评级 —— 上次评级 [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 环保工程板块及计提减值拖累公司业绩，资源 化板块盈利能力稳步提升 [Table_ReportDate] 2025 年 03 月 25 日 [Table_S 事件：2025 ummar年y]3 月 20 日高能环境发布 2024 年度报告，2024 年公司实现 营业收入 145 亿元，同比增长 37.0 ...

Investment Rating - The investment rating for GaoNeng Environment (603588) is not explicitly stated in the report [1]. Core Views - The report highlights that the environmental engineering segment has negatively impacted the company's performance, while the resource utilization segment has shown steady improvement in profitability [1][3]. - In 2024, the company achieved a revenue of 14.5 billion yuan, a year-on-year increase of 37.04%, but the net profit attributable to shareholders decreased by 4.52% to 482 million yuan due to the decline in the environmental engineering segment and goodwill impairment related to acquisitions [1][3]. - The report anticipates continued growth in revenue and profitability for the resource utilization segment, driven by operational improvements and new project launches [3][6]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 14.5 billion yuan, with a year-on-year growth of 37.0%. The net profit attributable to shareholders was 482 million yuan, reflecting a decrease of 4.5% [5]. - The gross margin for 2024 was 14.4%, down from 18.2% in 2023, while the return on equity (ROE) was 5.3% [5]. - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares, totaling 609 million yuan, which represents 126.46% of the net profit attributable to shareholders [6]. Segment Performance - The hazardous waste resource utilization segment generated revenue of 11.137 billion yuan in 2024, a significant increase of 72.17%, with a gross margin of 9.14% [3]. - The environmental operation service segment achieved revenue of 1.729 billion yuan, a year-on-year increase of 6.25%, while the environmental engineering segment saw a revenue decline of 34.26% to 1.633 billion yuan [3][6]. Future Projections - The report projects that the company's revenue will reach 16.747 billion yuan in 2025, with a growth rate of 15.5%, and net profit attributable to shareholders is expected to increase to 657 million yuan, reflecting a growth rate of 36.3% [5][6]. - The company is expected to continue focusing on enhancing its operational efficiency and expanding its service offerings in the environmental sector [3][6].

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： 杭州高能时代新材料科技有限公司（以下简称"杭州新材料"）， 证券代码：603588 证券简称：高能环境 公告编号：2025-025 北京高能时代环境技术股份有限公司 关于为全资子公司、控股子公司及控股孙公司 提供担保的公告 杭州高能结加包装材料科技有限公司（以下简称"结加包装"）， 濮阳高能生物能源有限公司（以下简称"濮阳高能"）， 湖北高能鹏富环保科技有限公司（以下简称"高能鹏富"）， 靖远高能环境新材料技术有限公司（以下简称"靖远高能"），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： 本次为杭州新材料担保金额不超过人民币 800 万元，为新增授信担保额度； 本次为结加包装担保金额不超过人民币 1,000 万元，为新增授信担保额度； 本次为濮阳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； 本次为高能鹏富担保金额不超过人民币 7,000 万元，为新增授信担保额度； 本次为靖远高能担保金额不超过人民币 3,00 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 14.5 billion yuan in 2024, representing a year-on-year increase of 37.04%. However, the net profit attributable to shareholders decreased by 4.52% to 481.82 million yuan [7][8] - The growth in revenue is primarily driven by the resource utilization segment, which saw a significant increase in revenue from hazardous waste recycling [7] - The company is focusing on strategic adjustments in its environmental engineering business, shifting its client base from government to large enterprises and expanding its service model [7] Financial Performance Summary - Total revenue for 2024 is projected at 145 billion yuan, with a year-on-year growth of 37.04% [7] - Gross profit for 2024 is expected to be 2.092 billion yuan, reflecting an 8.5% increase year-on-year, with a gross margin of 14.4%, down 3.8 percentage points [7] - The resource utilization segment generated 11.137 billion yuan in revenue, a 72.2% increase year-on-year, with a gross profit of 1.018 billion yuan, up 89.8% [7] - The environmental operation services segment reported revenue of 1.729 billion yuan, a 6.3% increase, with a gross margin of 49.9% [7] - The environmental engineering segment experienced a decline in revenue to 1.633 billion yuan, down 34.3%, with a significant drop in gross profit [7] Cash Flow and Valuation - The company reported a net cash flow from operating activities of 760 million yuan in 2024, a significant improvement from -950 million yuan in the previous year [7] - The report projects a decrease in net profit forecasts for 2025 and 2026, adjusting from 930 million yuan and 1.1 billion yuan to 630 million yuan and 750 million yuan respectively [7] - The projected P/E ratios for 2025 to 2027 are 15, 13, and 11 times respectively [7]

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].