证券之星消息，8月14日饲料板块较上一交易日下跌0.34%，邦基科技领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002891 | 中宠股份 | 59.00 | 3.02% | 10.20万 | | 5.98亿 | | 002311 | 海大集团 | 57.85 | 0.36% | 10.21万 | | · 5.94亿 | | 002567 | 唐人神 | 4.82 | -0.82% | 30.98万 | | 1.50亿 | | 603609 | 禾丰股份 | 8.91 | -0.89% | - 5.92万 | | 5314.29万 | | 002385 | 大北农 | 4.13 | -0.96% | 65.48万 | | 2.71亿 | | 002548 | 金新农 | 4.09 | -1.21% | 24.46万 | | 1.01亿 | | 3 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

证券之星消息，8月1日饲料板块较上一交易日上涨0.18%，路德环境领涨。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688156 | 路德环境 | 21.51 | 8.53% | 6.05万 | 1.27亿 | | 002696 | 目洋股份 | 6.33 | 1.77% | 9.82万 | 6182.74万 | | 603151 | 邦基科技 | 24.70 | 1.52% | 3.18万 | 7816.14万 | | 001366 | 播恩集团 | 13.00 | 1.40% | 1.83万 | 2373.78万 | | 603668 | 天马科技 | 13.46 | 1.36% | 10.92万 | 1.46亿 | | 000702 | 正虹科技 | 7.56 | 1.07% | 7.90万 | 5958.26万 | | 002100 | 天康生物 | 6.43 ...

Market Overview - The feed sector experienced a decline of 1.07% on July 29, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Lude Environment (688156) closed at 20.02, down 2.58% with a trading volume of 34,800 shares and a transaction value of 69.87 million [1] - Other notable declines include: - Lusi Co. (832419) down 2.18% to 21.56 - Zhongchong Co. (002891) down 1.95% to 54.19 - Bangji Technology (603151) down 1.86% to 24.78 [1] Capital Flow Analysis - The feed sector saw a net outflow of 201 million from institutional investors, while retail investors contributed a net inflow of 96.49 million [1] - Specific stock capital flows include: - Jin Xin Nong (002548) with a net inflow of 10.17 million from institutional investors [2] - He Feng Co. (603609) with a net inflow of 5.69 million from institutional investors [2] - Petty Co. (300673) experienced a net outflow of 54,400 from institutional investors [2]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company's gross margin for the liquor lees fermentation feed business is expected to recover in 2025 as production capacity utilization increases, which will help dilute fixed costs [2] - The company has adjusted its sales strategy and is strengthening its product offerings to support continued expansion in the liquor lees fermentation feed business [4] - The company is exploring strategic investment models to introduce state-owned capital to alleviate financial pressure [9] Financial Summary - Revenue is projected to grow from 351 million yuan in 2023 to 829 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 35.8% [1] - The net profit attributable to the parent company is expected to increase from 27 million yuan in 2023 to 81 million yuan in 2027, reflecting a significant recovery after a projected loss in 2024 [1] - The company's return on equity (ROE) is anticipated to improve from 3.1% in 2023 to 8.9% in 2027 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 59.8 in 2023 to 19.9 in 2027, indicating a more attractive valuation over time [1] Production Capacity and Market Development - The company expects to reach a production capacity of 470,000 tons by 2025, with 300,000 tons of new capacity in the ramp-up phase [3] - New customer acquisitions, including partnerships with leading companies in the industry, are expected to contribute to sales growth in 2025 [3]

Core Viewpoint - The company has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the performance of its white wine residue biological fermentation feed business and the significant decline in its gross profit margin [1] Group 1: Business Performance - The white wine residue biological fermentation feed business achieved a sales volume of 112,590.95 tons in 2024, a year-on-year increase of 20.74% [2][10] - Sales revenue for this business reached 216.85 million yuan, up 10.19% from the previous year [2][11] - The average sales price decreased by 8.74% to 1,925.97 yuan per ton, while unit costs increased by 1.36% to 1,501.58 yuan per ton [2][5] Group 2: Cost Analysis - The manufacturing costs for the white wine residue biological fermentation feed accounted for 40.96% of total costs, an increase of 16.85 percentage points year-on-year [10][12] - Direct material costs decreased by 7.12% to 637.04 yuan per ton, while direct labor costs increased by 7.11% to 86.28 yuan per ton [3][12] - Manufacturing expenses rose by 8.84% to 778.26 yuan per ton, primarily due to increased transportation costs and depreciation expenses [3][14] Group 3: Market Conditions - The overall feed production in 2024 saw a decline of 2.15% compared to 2023, with specific categories like ruminant feed experiencing a significant drop of 13.29% [8][9] - The prices of traditional feed ingredients such as soybean meal and corn have decreased significantly, impacting the pricing strategy for the company's products [6][10] - The company’s products have competitive advantages in terms of functional technical indicators compared to similar products in the market [10][15] Group 4: Strategic Decisions - The company has chosen to selectively undertake inorganic solid waste treatment services, resulting in a significant drop in revenue for this segment, down 71.52% year-on-year [15][17] - The decision to forgo projects with long payment expectations reflects a strategic shift to mitigate financial risks [15][18] - The company continues to explore opportunities in the inorganic waste treatment sector, indicating a long-term commitment to this business despite current challenges [18][19]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the performance of its white wine residue fermentation feed business and inorganic solid waste treatment services, highlighting significant changes in sales, costs, and market conditions [1][16]. Summary by Category Business Performance - The white wine residue fermentation feed business achieved sales of 112,590.95 tons in 2024, a year-on-year increase of 20.74%, with sales revenue reaching 216.85 million yuan, up 10.19% from the previous year [1][10]. - The sales price per ton decreased by 184.39 yuan, or 8.74%, while the unit cost increased by 20.09 yuan, or 1.36%, leading to a decline in gross margin from 29.80% to 22.04%, a drop of 7.76 percentage points [1][10][11]. Cost Analysis - The manufacturing costs for the white wine residue fermentation feed accounted for 40.96% of total costs, an increase of 16.85 percentage points compared to the previous year [10][11]. - The increase in manufacturing costs was primarily due to higher transportation costs, which rose by 41.07 yuan per ton, and depreciation expenses, which increased by 28.65 yuan per ton, attributed to new production facilities coming online [2][13]. Market Conditions - The overall feed production in 2024 showed a decline, with total feed production down 2.15% year-on-year, reflecting reduced demand in the livestock sector [7][8]. - The prices of major feed raw materials, such as soybean meal and corn, have significantly decreased, with soybean meal prices dropping by 41.69% from their peak in 2023, impacting the pricing strategy of the company's products [6][9]. Inorganic Solid Waste Treatment Services - The inorganic solid waste treatment services reported a revenue of 41.19 million yuan, a significant decline of 71.52% year-on-year, primarily due to the company's decision to forgo projects with long payment cycles [16][17]. - The river and lake sludge treatment service experienced an 88.41% drop in revenue, with a negative gross margin of -8.55%, while the engineering mud treatment service also reported a negative gross margin of -15.31% [16][17]. Competitive Position - The company maintains a competitive edge in the white wine residue fermentation feed market, with its products showing superior technical indicators compared to competitors, despite the overall market price decline [9][10]. - The company continues to explore new projects in the river and lake sludge treatment sector, indicating a long-term growth potential despite current challenges [18][19].

路德生物环保科技股份有限公司 2024 年年报问询回复 证券代码：688156 证券简称：路德环境 公告编号：2025-031 路德生物环保科技股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复公告 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"）收到上海证券交易所 下发的《关于路德生物环保科技股份有限公司2024年年度报告的信息披露监管问 询函》（上证科创公函[2025]0107号）（以下简称"年报问询函"）。公司收到 年报问询函后高度重视，会同国投证券股份有限公司（以下简称"持续督导机 构"）、大信会计师事务所（特殊普通合伙）（以下简称"年审会计师"）就年 报问询函提及的事项逐项进行了认真讨论、核查与落实，现就有关事项回复如下： 在本问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上存 在差异，均为四舍五入所致。如无特别说明，本回复中使用的简称或名词释义与 《路德生物环保科技股份有限公司2024年年度报告》一致。 | 项目 | 年度 2024 | ...

大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants LLP. Room2206 22/F,Xueyuan International Tower No.1 ZhichunRoad,Haidian Dist. Beijing,China,100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 大信会计师事务所（特殊普通合伙） 关于路德生物环保科技股份有限公司 2024 年年度报告的信息披露监管问询函回复 上海证券交易所科创板公司管理部： 大信会计师事务所（特殊普通合伙）（以下简称"会计师"、"我们"）作为路德生物环 保科技股份有限公司（以下简称"公司"）2024 年年报审计会计师，收到贵部《关于路德生物 环保科技股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0107 号）（以下简称"问询函"）。根据问询函要求，现就有关事项回复如 ...

国投证券股份有限公司 关于路德生物环保科技股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查意见 上海证券交易所： 路德生物环保科技股份有限公司（以下简称"公司"）收到上海证券交易所下 发的《关于路德生物环保科技股份有限公司 2024 年年度报告的信息披露监管问 询函》（上证科创公函[2025]0107 号）（以下简称"年报问询函"）。国投证券股 份有限公司（以下简称"持续督导机构"）会同公司、大信会计师事务所（特殊普 通合伙）就年报问询函提及的事项逐项进行了认真讨论、核查与落实，现就有关 事项出具明确核查意见如下： 一：关于经营业绩 问题1：关于白酒糟生物发酵饲料业务。根据2024 年年报，报告期内公司白酒糟 生物发酵饲料业务实现销量11.26 万吨，较上年同期增长20.74%；实现销售收入 21,684.67 万元，同比增长10.19%；销售毛利率为22.04%，同比减少7.76 个百分点。 同时，白酒糟生物发酵饲料产品制造费用占成本的比例为40.96%，同比增加10.95 个 百分点。请公司：（1）结合公司白酒糟生物发酵饲料及竞品销售价格、原材料采购价 格变化趋势、下游需求变化情况、白酒糟 ...