证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 固废业绩现金流双升+提分红兑现，油气资产 重估下持续关注生物油板块 增持（维持） [投资要点 Table_Summary] 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 ◼ 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2026 年 03 月 31 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 2025/3/31 2025/7/30 2025/11/28 2026/3/29 环保 沪深300 相关研究 《光大环境 25 年业绩&分红大增；龙 净环保 25 年业绩大增 34%还原减值 影响增速更快》 2026-03-23 《垃圾焚烧稀缺绿电，现金流&绿色 价值大增，SAF 级 UCO 价格持续抬 升》 2026-03-16 东吴证券研究所 ...

美埃科技 20260326 摘要 2026 年订单高增预期：基于 29 亿股权激励目标，预计 2026 年接单增 幅达 50%-70%，3 月单月接单已超 2 亿元，回暖趋势显著。 北美市场突破：2025 年 Q4 获 AMAT 约 3,000 万订单，2026 年目标 在美获取 3 亿订单，重点跟进美光 HBM4 项目及台积电先进制程/封装 项目。 国内半导体需求强劲：聚焦华力、中芯、长鑫等，长鑫若 IPO 成功预计 带来 1.5-3 亿订单空间；永新 GPU 项目一期已交付，国产替代需求明确。 锂电业务出海放量：2025 年订单由 1 亿增至 4.5-5 亿元，受益于比亚 迪、亿纬锂能匈牙利及印尼建厂，海外单 GWh 价值量约 2000 万元， 为国内两倍。 产品结构优化：2025 年耗材占比 26%，2026 年目标提升至 31%- 33%（剔除农业业务），高毛利耗材占比提升有助于改善盈利结构。 风险管控与成本：地缘政治影响减弱，关税不确定性降低；通过锁价及 跨境人民币结算应对大宗商品波动与汇率风险，整体毛利率保持稳定。 Q&A 请介绍一下公司近期的整体经营状况，以及对 2026 年市场需求的展望？ 公 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The environmental protection industry is experiencing significant growth, with companies like Longjing Environmental and Guangda Environment showing substantial increases in revenue and profit [1][6]. - The report emphasizes the importance of cash flow and green value in the waste-to-energy sector, highlighting the potential for growth in overseas markets [1][6]. - The report outlines a strategic focus on energy-saving equipment and industrial green transformation, driven by government policies and market dynamics [9][10]. Industry Trends - The report notes a 34% increase in Longjing Environmental's profit, with a revenue of 11.1 billion yuan, reflecting a strong performance despite impairment losses [1][6]. - Guangda Environment's revenue structure is shifting, with operational income increasing to 72% of total revenue, while construction income has decreased significantly [1][6]. - The report highlights the rising prices of biofuels, particularly bio-jet fuel, which has seen a 24.4% increase in Europe and a 4.7% increase in China [19][20]. Company Performance - Longjing Environmental's revenue for 2025 is reported at 11.9 billion yuan, a 43% increase after accounting for impairment [1][6]. - Guangda Environment's financial expenses have decreased, contributing to a net profit increase of 16% [1][6]. - The report recommends several companies for investment, including Longjing Environmental, Guangda Environment, and others, based on their growth potential and market positioning [1][6]. Policy Tracking - The report discusses the "High-Quality Development Implementation Plan for Energy-Saving Equipment," which focuses on six key types of energy-saving equipment to support industrial green transformation [9][10]. - It emphasizes the need for optimizing energy systems and integrating artificial intelligence into energy-saving equipment to enhance efficiency and reduce carbon emissions [9][10]. Market Dynamics - The report indicates a significant increase in the sales of new energy sanitation vehicles, with a 70.9% year-on-year growth, reflecting a growing trend towards electrification in the sanitation sector [34][42]. - The report also notes a decline in lithium and cobalt prices, impacting profitability in the lithium battery recycling sector [48][49].

美埃（中国）环境科技股份有限公司（以下简称"公司"）独立董事沈晋 明先生、王尧先生、王昊先生于 2020 年 3 月 20 日起任公司独立董事，任期于 2026 年 3 月 19 日届满六年。根据《上市公司独立董事管理办法》及相关规定， 独立董事连续任职不得超过六年，公司应召开股东会补选独立董事。鉴于本次 拟补选独立董事的候选人提名工作仍在推进，为确保公司董事会工作的连续性 及稳定性，本次选举独立董事将适当延期。 独立董事沈晋明先生、王尧先生、王昊先生期满离任将导致公司独立董事 人数及比例低于《上市公司独立董事管理办法》及《美埃（中国）环境科技股 份有限公司章程》（以下简称"《公司章程》"）规定的最低人数及比例，因 此，沈晋明先生、王尧先生、王昊先生的离任将在公司股东会选举产生新任独 立董事后生效。在此期间，沈晋明先生、王尧先生、王昊先生将按照法律法规 及《公司章程》的有关规定，继续履行独立董事及董事会各专门委员会的相关 职责。 证券代码：688376 证券简称：美埃科技 公告编号：2026-003 美埃（中国）环境科技股份有限公司 关于独立董事任期届满暨延期选举独立董事的公告 本公司董事会及全体董事保证本公 ...

Investment Rating - The report maintains a rating of "Add" for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies such as Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for solid waste management overseas [16][17]. - The report highlights the growth potential in the environmental protection sector driven by policy support and economic validation, particularly in areas like waste incineration and electric sanitation vehicles [25][30]. Summary by Sections Government Policy Insights - The 2026 government work report outlines a shift from energy consumption control to carbon emission control, with specific targets for reducing carbon emissions per unit of GDP [9][10]. - The report also introduces a national low-carbon transition fund to foster new growth points in hydrogen and green fuels, marking a significant policy shift [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16][17]. - Wangneng Environmental has also secured a similar project in Indonesia, indicating a growing trend of Chinese companies expanding into international waste management markets [18][19]. Industry Trends - The report notes a significant increase in the sales of electric sanitation vehicles, with a year-on-year growth of 70.9% and a penetration rate of 21.11% in 2025 [30][31]. - The prices of biofuels, including biojet fuel and biodiesel, have remained stable, indicating a steady market environment for these products [41][42]. Investment Recommendations - The report recommends focusing on companies with strong growth potential in the environmental sector, such as Longjing Environmental, Green Power, and others involved in waste management and renewable energy [25][26].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies like Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for Chinese firms in the overseas waste management market [16][17]. - The report highlights the increasing demand for low-emission transformations in key industries such as cement and coking, with specific targets set for 2026 [21][22]. Summary by Sections Government Policy and Industry Trends - The government aims to transition from energy consumption control to carbon emission control, with a target of reducing carbon emissions per unit of GDP by 3.8% in 2026 [9]. - The establishment of a national low-carbon transition fund is intended to foster new growth points in hydrogen and green fuels, with green fuels being included in the government work report for the first time [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16]. - Wangneng Environment has also secured a similar project in Indonesia, indicating a robust market potential for waste-to-energy solutions in the region [17][18]. Market Performance and Recommendations - The report recommends focusing on companies such as Longjing Environmental, High Energy Environment, and Saince, which are expected to benefit from the ongoing green transformation and policy support [4]. - The environmental sanitation equipment sector is projected to see significant growth, with a 70.9% increase in sales of new energy sanitation vehicles in 2025 [30][31]. Biofuels and Recycling - Biofuel prices remain stable, with European biojet fuel averaging $2250 per ton and Chinese biojet fuel at $2150 per ton [41]. - The report notes a decrease in lithium and cobalt prices, which may enhance profitability in the lithium battery recycling sector [42].

Core Viewpoint - The company reported a revenue of 1.926 billion yuan for the fiscal year 2025, reflecting an 11.79% year-on-year increase, while the net profit attributable to shareholders decreased by 39.39% to 116 million yuan [1][2] Group 1: Financial Performance - The company achieved an operating income of 1.926 billion yuan, which is an increase of 11.79% compared to the previous year [1] - The net profit attributable to the parent company was 116 million yuan, showing a significant decline of 39.39% year-on-year [1] Group 2: Factors Affecting Performance - The domestic semiconductor industry is undergoing a structural adjustment in capacity, influenced by changes in the international environment and industry cycles, leading to delays in project construction by some downstream customers [2] - The ongoing tariff policy negotiations have caused a slowdown in capital expenditure by some overseas clients, affecting the order progress and implementation timeline for semiconductor projects [2] - The company is actively adapting to market changes by deepening traditional business while expanding into emerging application areas such as emission control, with some new businesses showing good growth momentum [2] Group 3: Operational Adjustments - The company is optimizing operational management in response to market competition and fluctuations in raw material prices [2] - Increased depreciation and amortization costs from prior strategic investments in fixed assets have temporarily impacted the overall gross margin [2] - The company is steadily advancing its overseas layout and strategic expansion to address external environmental changes and optimize risk structure [2] Group 4: Long-term Outlook - The company anticipates that as business scale expands and capacity utilization improves, the scale effect will gradually manifest, alleviating the pressure from fixed asset depreciation and creating conditions for long-term recovery and steady growth of gross margin [2] - Strategic investments, although increasing short-term expenses, are expected to lay the groundwork for the company's long-term development [2] - The accounting treatment related to the equity incentive plan has led to an increase in period expenses for the current period [2]

Core Viewpoint - The company reported a revenue of 1.926 billion yuan for the fiscal year 2025, reflecting an 11.79% year-on-year increase, while the net profit attributable to shareholders decreased by 39.39% to 116 million yuan [1][2]. Group 1: Financial Performance - The company achieved an operating income of 1.926 billion yuan, marking an 11.79% increase compared to the previous year [1]. - The net profit attributable to the parent company's shareholders was 116 million yuan, which represents a significant decline of 39.39% year-on-year [1]. Group 2: Factors Affecting Performance - The semiconductor industry is undergoing a structural adjustment in capacity, influenced by changes in the international environment and industry cycles, leading to delays in project construction by some downstream customers [2]. - The ongoing tariff policy negotiations have caused a slowdown in capital expenditure from overseas clients, affecting the order progress and implementation timeline for the company's semiconductor projects, resulting in a slight decline in overall performance compared to previous years [2]. - The company is actively adapting to market changes by deepening its traditional business while expanding into emerging application areas such as emission control, with some new businesses showing good growth momentum [2]. Group 3: Operational Adjustments - The company is optimizing its operational management in response to market competition and fluctuations in raw material prices [2]. - Increased depreciation and amortization costs from prior strategic investments in fixed assets have temporarily impacted the overall gross margin, which is a normal phenomenon during growth phases [2]. - As the company's business scale expands and capacity utilization improves, economies of scale are expected to gradually manifest, alleviating the pressure from fixed asset depreciation and creating conditions for long-term recovery and steady growth of gross margins [2]. Group 4: Strategic Initiatives - To address external environmental changes and optimize risk structure, the company is steadily advancing its overseas layout and strategic expansion [2]. - By introducing localized professional talent, the company continues to deepen its engagement in both traditional industries and emerging business sectors [2]. - Although strategic investments have led to an increase in operating expenses in the short term, they are paving the way for the company's long-term development [2].

影响经营业绩的主要因素包括：报告期内，一、受国际环境变化与行业周期调整等因素影响，当前国内 半导体行业正处于产能结构性调整阶段，部分下游客户的项目建设有所延后；与此同时，在关税政策持 续博弈的背景下，海外部分客户资本开支节奏有所放缓，致使公司相关半导体项目的订单推进及落地周 期延长，进而对2025年公司整体合并收入形成一定影响，整体表现较往年略有回落。公司积极顺应形势 变化，在深耕传统业务的同时，持续拓展排放治理等新兴应用领域，部分新兴业务保持良好发展势头。 面对市场竞争和原材料价格波动，公司不断优化运营管理。报告期内，前期战略投入形成的固定资产导 致折旧摊销等刚性成本阶段性增加，对短期综合毛利率产生一定影响，这是成长过程中的正常现象。随 着公司业务规模的扩大和产能利用率的提升，规模效应将逐步显现，固定资产折旧摊销压力将得到有效 缓解，为毛利率的长期修复与稳步回升创造条件。二、为应对外部环境变化并优化风险结构，公司正稳 步推进海外布局与战略扩张。通过引进本土化专业人才，公司持续深耕传统行业以及新兴业务领域。尽 管相关战略性投入在短期内推高了三费增长，但为公司的长远发展铺设道路。随着专业能力持续释放， 公司的毛 ...

Group 1 - The core point of the article is that 美埃科技 reported its financial performance for the year 2025, showing a revenue increase but a significant decline in net profit [1] Group 2 - The company achieved a total operating revenue of 1925.97 million yuan in 2025, representing a year-on-year growth of 11.79% [1] - The net profit attributable to the owners of the parent company was 116.36 million yuan, which reflects a year-on-year decrease of 39.39% [1]