Core Viewpoint - The company's revenue decline is primarily due to the contraction of its inorganic solid waste business, while losses are impacted by decreased feed gross margins and increased expenses, although operating cash flow has significantly improved [2] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 278 million, a year-on-year decrease of 21% [1] - The net profit attributable to shareholders was -57 million, a year-on-year decrease of 310% [1] - In Q1 2025, the company reported operating revenue of 63 million, a year-on-year decline of 7% [1] - The net profit attributable to shareholders for Q1 2025 was 1 million, a year-on-year decrease of 78% [1] Group 2: Business Segment Analysis - The biological fermentation feed business generated revenue of 217 million, a year-on-year increase of 10.19%, with sales volume rising to 112,600 tons, a 21% increase [3] - The gross margin for the biological feed business decreased by 7.76 percentage points to 22.04% due to price reductions and high-cost raw material inventory [3] - The inorganic solid waste treatment service business reported revenue of 41.19 million, a year-on-year decline of 72% [4] - The company has initiated a project in Lianyungang with a contract value of approximately 600 million, expected to contribute incremental revenue to the inorganic solid waste segment [4] Group 3: Capacity Expansion - The company has successfully launched new production capacities, with total production capacity reaching 470,000 tons per year [3] - Ongoing projects include the Suqian Road De (140,000 tons/year) and Xiangxi Road Kangde (40,000 tons/year), with a total planned capacity of 700,000 tons per year [3] Group 4: Profit Forecast - The company is projected to achieve operating revenues of 400 million, 609 million, and 821 million for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 44.24%, 52.03%, and 34.81% [4] - The net profit attributable to shareholders is expected to be 3 million, 12 million, and 20 million for the same years, with significant growth rates of 104.95%, 329.42%, and 145.62% [4]

根据市场公开信息及4月24日披露的机构调研信息，知名私募理成资产近期对3家上市公司进行了调研， 相关名单如下： 1）路德环境 （上海理成资产参与公司路演活动&电话会议&网络会议） 个股亮点：公司主营业务包含河湖淤泥处理服务、工程泥浆处理服务、工业糟渣资源化产品销售、环保 技术装备销售及其他。；公司在研项目"合成生物学技术改造乳酸克鲁维醇母发酵酒糟废弃生物生产v氨 基丁酸(GABA)生 2）中宠股份 （上海理成资产管理有限公司参与公司业绩说明会&易董价值在线平台） 中宠股份2025年一季报显示，公司主营收入11.01亿元，同比上升25.41%；归母净利润9115.53万元，同 比上升62.13%；扣非净利润8826.07万元，同比上升63.75%；负债率40.0%，投资收益716.1万元，财务 费用391.68万元，毛利率31.87%。 3）洽洽食品 （上海理成资产管理有限公司参与公司电话会议） 洽洽食品2025年一季报显示，公司主营收入15.71亿元，同比下降13.76%；归母净利润7724.78万元，同 比下降67.88%；扣非净利润5808.45万元，同比下降73.76%；负债率40.23%，投资收益10 ...

事件：公司发布2024 年年度报告及2025 年第一季度报告。24 年全年公司实现营收2.78 亿元，同 比-20.92%； 实现归母净利润-0.57 亿元，同比-309.69%；扣非归母净利润-0.6 亿元，同比-391.60%。 25Q1 公司实现营收0.63 亿元，同比-7.18%；归母净利润125 万元，同比-77.89%；扣非归母净利润72 万 元，同比-85.75%。 依托国资平台在区域内广泛的资源网络与强大影响力，子公司深入挖掘本地及周边市场潜力，积极拓展 与大型养殖集团的合作，进一步筑牢核心主业根基。 投资建议：随着酒糟发酵饲料业务持续扩产，公司调整销售策略并加强产品迭代升级，未来饲料产销有 望保持较快增长，同时公司探索战投模式引入国资减轻资金压力；连云港碱渣治理项目若顺利运营，预 计将贡献主要无机固废处理业务增量收益。我们预计25-27 年公司营收分别为3.9、5.3、7.2 亿元，EPS 分别为0.01、0.27、0.60 元，当前股价对应26-27 年估值分别为59、26 倍，维持"增持"评级。 风险提示：行业竞争加剧、项目扩产进度不及预期、下游需求不及预期、研发风险、盈利能力下降风 险 ...

证券研究报告·公司点评报告·环境治理 路德环境（688156） 2024 年报&2025 一季报点评：生物发酵饲料 销量稳步增长，现金流大幅改善 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） | 351.08 | 277.62 | 423.67 | 587.88 | 811.75 | | 同比（%） | 2.63 | (20.92) | 52.61 | 38.76 | 38.08 | | 归母净利润（百万元） | 26.97 | (56.55) | 17.32 | 35.28 | 74.50 | | 同比（%） | 4.02 | (309.69) | 130.62 | 103.71 | 111.17 | | EPS-最新摊薄（元/股） | 0.27 | (0.56) | 0.17 | 0.35 | 0.74 | | P/E（现价&最新摊薄） | 57.70 | (27.52) | 89.85 | 44.11 | 2 ...

丨证券研究报告丨 公司研究丨点评报告丨路德环境（688156.SH） [Table_Title] 路德环境 2024&2025Q1 业绩点评：生物发酵饲 料产能持续释放，价格下调拖累业绩提升 报告要点 [Table_Summary] 路德环境 2024 年实现营业收入 2.78 亿元，同比下降 20.92%，归母净利润亏损 0.57 亿元，去 年同期为盈利 0.27 亿元；2025 年 Q1 实现收入 0.63 亿元，同比下滑 7.18%，归母净利润 0.01 亿元，同比下滑 77.89%。2024 年白酒糟生物发酵饲料业务实现产品销量 11.26 万吨，同比增 长 20.74%，实现销售收入 2.17 亿元，同比增长 10.19%，收入占比达 78.11%。公司已披露的 生物发酵饲料规划产能合计达 70 万吨/年，其中已投产项目 47 万吨/年，其中遵义、亳州、永 乐项目合计 30 万吨/年产能 2024 年 Q4 新投产，期待产能爬坡打开未来业绩成长空间。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S04905180700 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights steady growth in sales of bio-fermented feed and significant improvement in cash flow [1] - The company is focusing on expanding its bio-fermented feed business, which now accounts for 78% of its revenue, while actively reducing its environmental engineering business [7] - The report anticipates a gradual increase in production capacity, with a projected annual capacity of 700,000 tons for bio-fermented feed by the end of 2024 [7] Financial Summary - Total revenue for 2024 is projected at 2.78 billion yuan, a decrease of 20.92% year-on-year, with a net profit attributable to shareholders of -0.57 billion yuan, down 309.69% [7] - The gross margin for the bio-fermented feed segment is expected to be 21.93%, reflecting a decrease of 14.32 percentage points [7] - The company’s operating cash flow is expected to increase significantly, with a net operating cash flow of 0.53 billion yuan in 2024, up 379.41% [7] - The report forecasts a net profit of 0.17 billion yuan for 2025 and 0.35 billion yuan for 2026, with a long-term net profit projection of 0.74 billion yuan for 2027 [1][8] Business Performance - The revenue from the distiller's grains feed segment is projected to be 2.17 billion yuan in 2024, representing a year-on-year increase of 10.19% [7] - The company’s sales volume for distiller's grains bio-fermented feed is expected to reach 11.26 million tons in 2024, an increase of 20.75% [7] - The average selling price for this segment is projected to be 1,926 yuan per ton, down 8.74% year-on-year [7] Market Data - The closing price of the company's stock is 14.39 yuan, with a market capitalization of 1,449.28 million yuan [5] - The price-to-earnings ratio (P/E) is projected to be 89.85 for 2025 and 44.11 for 2026 [1][8] Asset and Liability Overview - The company’s total assets are projected to be 1,725 million yuan in 2024, with total liabilities of 853 million yuan [8] - The debt-to-asset ratio is expected to be 49.41% in 2024, indicating a moderate level of leverage [8] Future Outlook - The report emphasizes the strategic importance of the company's bio-fermented feed products in ensuring food security, as they can partially replace soybean meal and corn [7] - The company is positioned as an industry leader with expanding production capacity, which is expected to enhance long-term profitability [1][7]

路德环境首次公开发行股票募集资金总额为3.65亿元，扣除发行费用后，募集资金净额为3.24亿元。路 德环境最终募集资金净额较原计划少2582.52万元。路德环境于2020年9月16日发布的招股说明书显示， 该公司计划募集资金3.50亿元，其中，1.50亿元用于路德环境技术研发中心升级建设项目；2000.00万元 用于路德环境信息化建设项目；1.80亿元用于路德环境信息化建设项目。 路德环境首次公开发行股票的发行费用为4111.88万元，其中，保荐及承销费用2922.35万元。 2022年，路德环境向特定对象发行股票实际募集资金。根据中国证券监督管理委员会"证监许可 [2023]799号"文《关于同意路德环境科技股份有限公司向特定对象发行股票注册的批复》同意注册，公 司向特定投资者季光明发行人民币普通股834.0397万股，发行价格为每股13.57元，募集资金总额为 11,317.92万元，根据相关规定扣除不含税发行费用415.40万元后实际募集资金净额为10,902.52万元。其 中，保荐承销费用为360.00万元(不含税)，其他与发行权益性证券直接相关费用55.40万元。 经计算，路德环境IPO及2022年 ...

路德生物环保科技股份有限公司 证券代码：688156 证券简称：路德环境 公告编号：2025-015 路德生物环保科技股份有限公司 关于作废 2020 年限制性股票激励计划部分已授予 尚未归属的限制性股票的公告 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、准确性和完整性依法承担法律责任。 路德生物环保科技股份有限公司（以下简称"公司"）于2025年4月17日召开第四届董 事会第二十三次会议、第四届监事会第十九次会议，审议通过了《关于作废2020年限制性股 票激励计划部分已授予尚未归属的限制性股票的议案》，根据公司《2020年限制性股票激励 计划（草案修订稿）》（以下简称"《激励计划》"）、《2020年限制性股票激励计划实施 考核管理办法（修订稿）》（以下简称"《考核管理办法》"）的规定和公司2020年第二次 临时股东大会的授权，公司董事会同意作废2020年限制性股票激励计划（以下简称"本次激 励计划"）部分已授予但尚未归属的限制性股票共115,800股。现将有关事项说明如下： 一、本次激励计划已履行的决策程序和信息披露情况 （一）2020 年 11 月 ...