中信证券股份有限公司 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，并经上海证券交 易所同意，公司于 2022 年 8 月 3 日非公开发行人民币普通股 24,625 万股，每股 发行价格为 11.20 元，募集资金总额为 2,758,000,000.00 元，扣除各类发行费用 之后实际募集资金净额 2,752,836,835.93 元。天健会计师事务所（特殊普通合伙） 于 2022 年 8 月 4 日对北京高能时代环境技术股份有限公司非公开发行股票的资 金到位情况进行了审验，并出具了"天健验［2022］2-29 号"验资报告。2022 年 8 月 16 日，公司本次非公开发行股票在上海证券交易所上市。 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等相关法规和规范性文件的要求，中信证券履行 持续督导职责，自前次提交 2022 年度持续督导报告书至本持续督导报告书出具 日，中信证券对高能环境的持续督导工作情况总结如下： 一、持续督导工作概述 1、保荐人制定了持续督导工作制 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.64 CNY per share based on a 15x PE ratio for 2024 [22][51][62]. Core Views - The company reported a revenue of 10.58 billion CNY in 2023, a year-on-year increase of 20.6%, while the net profit attributable to shareholders was 505 million CNY, down 27.1% year-on-year due to low capacity utilization and declines in metal prices [5][18]. - The hazardous waste resource recovery revenue grew significantly by 59.5% in 2023, accounting for 61.1% of total revenue, although the gross margin decreased to 8.3% due to ongoing capacity ramp-up and market competition [5][33]. - The company has a strong governance structure and has launched an employee stock incentive plan, aiming to enhance management efficiency and align employee interests with company performance [5][49][61]. Summary by Sections Revenue Growth and Profitability - The company experienced steady revenue growth, with 2023 revenue at 10.58 billion CNY, up 20.6% year-on-year, while net profit fell to 505 million CNY, a decrease of 27.1% due to low capacity utilization and price declines in metals like palladium [5][18][28]. - The gross margin for 2023 was 18.2%, down 5.3 percentage points year-on-year, and the net profit margin was 4.8%, down 3.1 percentage points [5][29]. Hazardous Waste Resource Recovery - The hazardous waste resource recovery segment saw revenue increase to 6.468 billion CNY, representing a 59.5% year-on-year growth, but the gross margin fell to 8.3% due to ongoing capacity ramp-up and competitive pressures [5][33]. - The company has fully launched its XinKe project, which is expected to significantly enhance production capacity in the coming years [5][44]. Governance and Management Efficiency - The company has implemented a stock incentive plan for 752 employees, granting a total of 26.93 million shares, which is 1.75% of the total share capital, with performance targets set for net profit over the next few years [5][49]. - The management team has shown strong integration and trust, which is expected to support project execution and operational efficiency [5][61].

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5月7日（星期二）下午13:00-14:30在上海证券交易所上证路演中心（网 址http://roadshow.sseinfo.com/），采用视频播放结合网络互动方式召开"2023 年度暨2024年第一季度业绩说明会"。关于本次说明会的召开事项，公司于2024 年4月23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2023年度暨2024年第一季度业绩说明会的公告》（公告编号： 2024-021）。现将召开情况公告如下： 一、本次说明会召开情况 2024年5月7日，公司董事、总裁凌锦明先生，独立董事刘力女士，董事、副 总裁、财务总监吴秀姣女士，副总裁、董事会秘书张炯先生出席了本次说明会。 公司就2023年度及2024年第一季度经营成果及财务指标的具体情况与投资者进 行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、本次会议投资者提出的主要问题及公司的回复情况 证券代码：603588 证券简称：高能环境 公告编号：2024-036 北京高能时代环境技术股份有限公司 关于 ...

北京高能时代环境技术股份有限公司 关于公司高级管理人员增持公司股份的公告 本公司董事会、全体董事及相关股东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： 本次增持股份主体：北京高能时代环境技术股份有限公司（以下简称"公 司"）高级管理人员吴士慧先生。 本次增持股份情况：2024 年 4 月 30 日，吴士慧先生通过上海证券交易 所交易系统以集中竞价交易方式增持公司股份50,000股，增持金额327,400元。 证券代码：603588 证券简称：高能环境 公告编号：2024-035 2024 年 4 月 30 日，公司接到吴士慧先生通知，基于对公司战略发展的坚定 信心及对公司长期投资价值和未来发展前景的充分认可，其通过上海证券交易所 交易系统以集中竞价交易方式增持了公司股份，现将有关情况公告如下： 一、本次增持基本情况 1、本次增持主体：公司高级管理人员吴士慧先生。 2、本次增持时间：2024 年 4 月 30 日。 3、本次增持方式：通过上海证券交易所交易系统以集中竞价交易方式增持。 4、本次增持股份的资金来源：自有资金。 5、本次 ...

上 市 公 司 ——资源化业务盈利低于预期，看好今年量价齐升释放 报告原因：有业绩公布需要点评 增持（下调）投资要点： 事件：公司发布 2023 年报及 2024 一季报，2023 年公司营收 105.80 亿元，yoy +20.58%， 实现归母净利润 5.05 亿元，yoy -27.13%。业绩表现低于预期。 资源化板块：多因素影响 2023 年盈利不及预期，鑫科项目 2024 年 4 月重新投产，耀辉 技改，金昌轻装上阵，2024 年有望业绩放量。该板块 2023 年收入 64.68 亿元，yoy +59.50%，毛利率下降 5.73 个百分点。收入增长主要因为鑫科项目逐步投产（2023 年贡 献收入 27.45 亿元）；毛利率下降主要因为：鑫科项目具有产值大毛利率水平较低的特点， 同时鑫科处于产能爬坡阶段，并在此期间对环保设备做过多次工艺的升级改造，影响了生 产线的生产时间和产能负荷；另外重庆耀辉项目受收料区域、物料结构等影响，利润达成 情况不及预期；金昌高能深加工生产线投产时间比预期延长，产能利用率不足，同时受到 当地原料供应和钯金属价格下跌的影响，处置能力和盈利能力都不及预期。 | --- | - ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - In 2023, the company achieved a revenue of 10.58 billion yuan, a year-on-year increase of 20.58%, while the net profit attributable to shareholders was 504.64 million yuan, a decrease of 27.13% [11] - The first quarter of 2024 showed significant revenue growth of 80.10% year-on-year, reaching 3.125 billion yuan, although net profit decreased by 5.95% [11] - The company is experiencing operational pressure in its resource utilization projects, primarily due to capacity ramp-up and technical upgrades affecting load and profitability [11] - The report predicts a recovery in performance as project operations improve, with a forecasted net profit of 9.3 billion yuan in 2024 and 12.9 billion yuan in 2026, reflecting growth rates of 84%, 19%, and 16% respectively [11] Financial Performance Summary - Total revenue is projected to grow from 10.58 billion yuan in 2023 to 18.74 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 13.82% [11] - The net profit attributable to shareholders is expected to increase from 504.64 million yuan in 2023 to 1.28557 billion yuan in 2026, with significant growth in 2024 [11] - The company's earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 0.84 yuan in 2026, indicating a positive trend in profitability [11] Cash Flow and Valuation Metrics - The operating cash flow for 2023 is projected to be negative at -953 million yuan, but is expected to improve significantly in 2024 with a positive cash flow of 128 million yuan [7] - The report highlights a decrease in the price-to-earnings (P/E) ratio from 20.29 in 2023 to 7.96 in 2026, suggesting an attractive valuation as earnings improve [11] - The company's return on equity (ROE) is expected to increase from 5.43% in 2023 to 10.17% in 2026, reflecting enhanced profitability [7]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - In 2023, the company achieved revenue of 10.58 billion yuan, a year-on-year increase of 20.58%, while the net profit attributable to shareholders was 505 million yuan, a decrease of 27.13% [1]. - The first quarter of 2024 saw a significant revenue increase of 80.10% year-on-year, reaching 3.125 billion yuan, with a net profit of 194 million yuan, down 5.95% year-on-year [1]. - The company announced a cash dividend of 0.10 yuan per share for 2023, totaling 154 million yuan, with a cash dividend payout ratio of 30.46% [1]. Summary by Sections Revenue and Profitability - The solid waste and hazardous waste resource utilization segment generated revenue of 6.468 billion yuan in 2023, up 59.50% year-on-year, but the gross margin fell by 5.73 percentage points to 8.29% due to the lower margin characteristics of deep resource projects [1]. - The environmental operation services segment reported revenue of 1.628 billion yuan, an increase of 11.71% year-on-year, with a gross margin of 46.57%, up 4.95 percentage points [1]. - The environmental engineering segment's revenue decreased by 23.84% to 2.484 billion yuan, with a gross margin of 25.51%, down 1.85 percentage points [1]. Cash Flow and Future Expectations - The company's operating cash flow improved, with a net cash flow of -953 million yuan in 2023, compared to -446 million yuan in 2022, primarily due to an increase in inventory [1]. - The company expects improved cash flow and profitability as the Jiangxi Xinke project reaches full production [1]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 853 million yuan, 962 million yuan, and 1.057 billion yuan, representing year-on-year growth rates of 69.1%, 12.7%, and 9.9% respectively [1][9]. - The corresponding PE ratios for 2024-2026 are projected to be 11.9x, 10.5x, and 9.6x [1].

Investment Rating - The report maintains a "Buy" rating for the company [49] Core Insights - The company's cash flow is expected to improve significantly as projects come online, particularly with the full production of the Jiangxi project [2] - In 2023, the company's net profit was significantly below expectations, with a net profit margin of 4.8%, down 3.7 percentage points year-on-year [18] - The solid hazardous waste resource utilization segment saw a revenue increase of 59.5% in 2023, driven by the Jiangxi project [47] - The company anticipates substantial improvements in net profit and cash flow in Q2 2024, aided by rising metal prices [48] Financial Summary - In 2023, the company reported total revenue of 105.8 billion yuan, a year-on-year increase of 20.58%, but a net profit of 5.05 billion yuan, down 27.13% [45] - For Q1 2024, revenue was 31.25 billion yuan, up 80.1% year-on-year, with a net profit of 1.94 billion yuan, down 5.95% [45][48] - The company expects net profits of 10.2 billion yuan, 12.7 billion yuan, and 15.8 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 9.9x, 7.9x, and 6.4x [48]

证券研究报告 | 年报点评报告 利润短期承压，资源化产能爬坡望加速业绩释放 | --- | --- | |-------------------------------|----------| | | | | 买入（维持） | | | 股票信息 | | | 行业 | 环境治理 | | 前次评级 | 买入 | | 4 月 26 日收盘价 ( 元 ) | 6.44 | | 总市值 ( 百万元 ) | 9,898.61 | | 总股本 ( 百万股 ) | 1,537.05 | | 其中自由流通股 (%) | 99.10 | | 30 日日均成交量 ( 百万股 ) | 32.32 | | 股价走势 | | 1、《高能环境（603588.SH）：业绩稳定增长，期待资 源化项目产能释放》2023-10-31 2、《高能环境（603588.SH）：业绩稳步增长，期待后 续产能释放》2023-08-30 3、《高能环境（603588.SH）：业绩符合预期，资源化 前景可期》2023-04-25 | --- | --- | |--------------------|-------| | 会计年度 | 2022A | | 流动 ...

股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|----------------------|-----------------------------------|----------------------------|-----------------------------------|---------------------------------------------------|-------------------------------------------------|--------------|-------------------| | [Table_MainInfo] [Table_Title] 高能环境 (603588) | | | | [Table_industryInfo] | [Table_Invest] 评级： | | 其他公用 ...