证券代码：688501 证券简称：青达环保 公告编号：2025-019 青岛达能环保设备股份有限公司 第五届监事会第八次会议决议公告 一、监事会会议召开情况 青岛达能环保设备股份有限公司（以下简称"公司"）第五届监事会第八次 会议，于 2025 年 4 月 25 日在公司会议室以现场及通讯方式召开，会议已于 2025 年 4 月 22 日以通讯方式发出会议通知。会议应出席监事 3 名，实际出席监事 3 名，本次会议由监事会主席宋修奇先生召集和主持，会议的召集、召开、表决程 序符合《中华人民共和国公司法》和《青岛达能环保设备股份有限公司章程》（以 下简称"《公司章程》"）的相关规定，所作决议合法有效。经与会监事表决， 会议形成如下决议： 本公司监事会及全体监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。 表决结果：有效表决票共 3 票，其中同意票为 3 票，反对票为 0 票，弃权票 为 0 票。 特此公告。 青岛达能环保设备股份有限公司 监事会 二、监事会会议审议情况 1、审议并通过《关于青岛达能环保设备股份有限公司 2025 年第一季度报 告 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥618,542,490.54, representing a significant increase of 317.43% compared to the same period last year[4] - Net profit attributable to shareholders was ¥68,712,717.69, marking a remarkable growth of 990.26% year-over-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥67,919,982.67, reflecting an increase of 1,067.48% compared to the previous year[4] - Basic earnings per share (EPS) increased to ¥0.56, up 1,020.00% from ¥0.05 in the same quarter last year[4] - Operating profit for Q1 2025 was ¥78,417,517.38, compared to ¥5,912,379.69 in Q1 2024, reflecting a substantial growth[20] - Net profit for Q1 2025 was ¥67,799,813.46, up from ¥4,051,551.75 in Q1 2024, indicating a year-over-year increase of 1,572.5%[20] - Earnings per share for Q1 2025 were ¥0.56, compared to ¥0.05 in Q1 2024, representing a 1,020% increase[21] Research and Development - Total R&D investment amounted to ¥20,097,276.27, which is an increase of 88.45% compared to the previous year[5] - Research and development expenses increased to ¥20,097,276.27 in Q1 2025, compared to ¥10,664,666.64 in Q1 2024, marking an increase of 88.5%[20] - The proportion of R&D investment to operating revenue decreased to 3.25%, down by 3.95 percentage points year-over-year[5] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥81,911,443.30, indicating a significant cash outflow compared to -¥19,127,175.42 in the same period last year[4] - Cash flow from operating activities showed a net outflow of ¥81,911,443.30 in Q1 2025, worsening from a net outflow of ¥19,127,175.42 in Q1 2024[23] - The company reported a net cash outflow from investing activities of ¥77,309,925.61 in Q1 2025, compared to a larger outflow of ¥263,463,640.31 in Q1 2024[23] - The net cash flow from financing activities was $129,345,625.65, an increase from $120,725,554.14 in the previous period[24] - The total cash and cash equivalents at the end of the period amounted to $142,994,091.95, compared to $121,186,394.77 previously[24] - The net increase in cash and cash equivalents was -$29,799,747.45, an improvement from -$161,617,340.76 in the prior period[24] - The cash flow from financing activities totaled $145,154,374.35, up from $116,274,445.86[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,739,188,085.36, a decrease of 10.95% from the end of the previous year[5] - Total current assets decreased from 2,423,178,921.95 to 2,080,012,583.27, a decline of approximately 14.2%[14] - Total assets decreased from 3,075,852,540.56 to 2,739,188,085.36, a decline of approximately 10.9%[16] - Total liabilities decreased from 2,080,671,071.56 to 1,675,182,548.94, a decline of approximately 19.4%[15] - Non-current liabilities decreased significantly from 399,246,376.11 to 21,562,588.27, a reduction of about 94.6%[15] - The equity attributable to shareholders increased by 7.32% to ¥1,027,939,586.58 compared to the previous year[5] - The total equity attributable to shareholders of the parent company increased to ¥1,027,939,586.58 from ¥957,787,331.30, reflecting a growth of 7.3%[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 3,815[10] - The largest shareholder, Wang Yong, holds 21,282,430 shares, representing 17.29% of total shares[10] Other Information - The company has no significant changes in the number of shares lent through margin trading[11] - There are no new strategies or significant operational changes reported for the current period[11] - The company will not apply new accounting standards starting from 2025[24]

Group 1 - The core viewpoint of the article highlights that Qingda Environmental (688501.SH) reported significant financial growth in the first quarter of 2025, with a net profit increase of 990% year-on-year [1] - The company achieved an operating revenue of 619 million yuan, representing a year-on-year growth of 317.43% [1] - The net profit attributable to shareholders reached 68.71 million yuan, with a substantial increase of 990.26% compared to the previous year [1] Group 2 - The non-recurring net profit was reported at 67.92 million yuan, showing a remarkable year-on-year growth of 1067.48% [1] - The significant performance improvement is primarily attributed to the substantial increase in operating revenue, driven by the completion of the "fishing-solar complementary" project [1]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 青达环保(688501) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 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 [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 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] 业绩稳步增长，煤电灵活性改造或将带来市 化工行业： [Table_OtherReport] 场需求持续放量 [Table_ReportDate] ...

积极开拓海外市场，渔光互补制氢项目顺利落地。2024 年，公司积极开拓国际市场，正式成立印尼子 公司，公司将以印尼为战略支点，聚焦智慧电厂建设、机组灵活性改造、环保技术升级等核心领域，持 续推动海外业务。截至2024 年底，公司建设的胶州市李哥庄镇120MW 渔光互补项目已顺利完成并网发 电，该项目标志着山东省首个规模化绿电制氢项目在青岛落地。公司通过为该项目提供EPC 总承包服 务，预计对公司2025 年度经营业绩产生积极影响。 盈利预测：我们预计公司2025-2027 年实现营业收入分别为18.11/22.86/28.27 亿元，同比增长 37.85%/26.21%/23.64%，归母净利润分别为1.83/2.24/2.68 亿元，同比增长96.82%/22.47%/19.81%，根据 2025 年4 月21 日收盘价，对应PE 分别为15.81/12.91/10.77 倍，EPS 分别为1.49/1.82/2.18 元，给予公 司"推荐"评级。 风险提示：项目进展不及预期；行业竞争加剧；政策转向风险；产品开发风险。 事件：公司发布2024 年年报，2024 年，公司营业收入实现13.14 亿元，同比增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.314 billion yuan in 2024, representing a year-on-year growth of 27.67%, with a net profit of 92.9732 million yuan, up 7.26% year-on-year [1] - The company is positioned as a leader in coal power auxiliary machines and flexibility transformation, with significant growth potential due to the ongoing upgrades in the coal power sector [4] - The company is actively expanding into overseas markets and diversifying its product offerings, which are expected to drive future growth [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.314 billion yuan, a 27.67% increase from the previous year, and a net profit of 92.9732 million yuan, reflecting a 7.26% growth [1] - The earnings per share (EPS) for 2024 was 0.76 yuan, an increase of 8.57% year-on-year [1] - The company expects revenues of 1.987 billion yuan, 2.384 billion yuan, and 2.785 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51.2%, 20.0%, and 16.8% [4] Business Segments - The company's traditional business, including slag removal equipment and low-temperature economizers, benefits from the expansion and upgrading of coal power plants, with a market space that is expected to grow significantly [1] - The low-temperature flue gas waste heat recovery system generated revenue of 430 million yuan in 2024, a 76.1% increase, with a gross margin of 29.38% [1] - The company is focusing on the flexibility transformation of coal power plants, with a projected annual market potential of 700 million to 1.7 billion yuan over the next three years [2] Strategic Initiatives - The company has established a subsidiary in 2024 and formed strategic partnerships for coal power environmental protection equipment and flexibility transformation technology [3] - A contract worth 15.895 million USD was signed with a South Korean company for ash and slag treatment systems, expected to contribute to revenue in 2025 [3] - The company is also exploring emerging businesses such as desulfurization wastewater and steel slag treatment, which are anticipated to become new growth engines [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.314 billion yuan in 2024, representing a year-on-year growth of 27.67%, with a net profit of 92.9732 million yuan, up 7.26% year-on-year [1] - The company is positioned as a leader in coal power auxiliary machinery and flexibility transformation, with significant growth potential due to the ongoing upgrades in the coal power sector [4] - The company is actively expanding into international markets and diversifying its product offerings, which are expected to drive future revenue growth [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.314 billion yuan, a 27.67% increase from the previous year, and a net profit of 92.9732 million yuan, reflecting a 7.26% growth [1] - The earnings per share (EPS) for 2024 was 0.76 yuan, an increase of 8.57% year-on-year [1] - The company expects revenues of 1.987 billion yuan, 2.384 billion yuan, and 2.785 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51.2%, 20.0%, and 16.8% [4] Business Segments - The company's low-temperature flue gas waste heat recovery system generated 430 million yuan in revenue in 2024, a 76.1% increase, with a gross margin of 29.38% [1] - The dry slag removal equipment revenue reached 312 million yuan, up 6.5%, with a gross margin of 35.38% [1] - The wet slag removal equipment saw revenue of 265 million yuan, a 38.7% increase, with a gross margin of 43.22% [1] Market Outlook - The report highlights the increasing demand for coal power upgrades and flexibility transformations, with a potential market space of 700 million to 1.7 billion yuan annually over the next three years [2] - The company is leveraging advanced technologies such as big data and artificial intelligence to enhance its flexibility transformation offerings [2] - Strategic partnerships and projects, including a collaboration with an Indonesian power delegation and a contract with a South Korean company, are expected to contribute positively to future earnings [3]

Core Viewpoint - The company focuses on energy-saving and environmental protection equipment, contributing to sustainable development and carbon neutrality goals through innovative solutions in various industries [5][39]. Company Overview - The company is dedicated to the research, design, manufacturing, sales, and operation of energy-saving and environmental protection equipment, targeting sectors such as power, heat, chemicals, metallurgy, waste treatment, and new energy [5][28]. - The main products include slag energy-saving treatment systems, flue gas energy-saving treatment systems, full-load denitrification systems, clean energy consumption systems, desulfurization wastewater treatment systems, and steel slag energy-saving treatment systems [5][20]. Business Model - The company operates under two main business models: Engineering Procurement (EP) and Engineering Procurement Construction (EPC), focusing on customized solutions based on client specifications [29][33]. - The procurement strategy emphasizes building a resilient supply chain, utilizing demand-driven procurement and dynamic inventory management to optimize costs and efficiency [30][31]. Industry Situation - The energy-saving and environmental protection industry is a strategic emerging industry, driven by policies and capital to address energy transition and climate change challenges [39][40]. - The industry is experiencing a shift towards cleaner energy systems, with coal power transitioning from a base-load to a flexible power source, supporting renewable energy integration [40][41]. Technological Advancements - The company has developed innovative technologies such as air concentration evaporation technology and smoke-water dual-isolation phase change smoke deep cooling technology, enhancing system stability and efficiency [44][45]. - The integration of digital technologies, including big data and artificial intelligence, is being pursued to optimize energy management and equipment operation in coal-fired power plants [46].

一、本次申请综合授信额度的情况 公司及子公司为进一步拓宽融资渠道，优化融资结构，确保公司业务发展所 需，满足公司及子公司2025年度经营发展需要，公司及子公司拟向银行、金融机 构、融资租赁等机构申请综合授信额度，综合授信额度最终以各家实际审批的授 信额度为准，具体融资金额将视公司及子公司的实际经营情况需求决定。授信期 限内，授信额度可循环使用。 证券代码：688501 证券简称：青达环保 公告编号：2025-011 青岛达能环保设备股份有限公司及子公司 2025 年度申请综合授信额度的公告 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。 青岛达能环保设备股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日 召开第五届董事会第九次会议，审议通过了《关于公司及子公司 2025 年度申请 综合授信额度的议案》，具体情况如下： 董事会 2025 年 4 月 22 日 2025年度公司及子公司拟向银行、金融机构、融资租赁等机构申请综合授信 额度总计不超过人民币40亿元整(最终综合授信额度和具体业务品种以金融机构、 融资 ...

青岛达能环保设备股份有限公司 董事会审计委员会对会计师事务所2024年度 履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易 所科创板上市公司自律监管指引第1号——规范运作》和《公司章程》等规定和 要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。 现将董事会审计委员会对会计师事务所2024年度履行监督职责的情况汇报如下： 一、2024年年审会计师事务所基本情况 （一）会计师事务所基本情况 容诚会计师事务所（特殊普通合伙）（以下简称"容诚所"）由原华普天 健会计师事务所（特殊普通合伙）更名而来，初始成立于 1988 年 8 月，2013年 12月10日改制为特殊普通合伙企业，是国内最早获准从事证券服务业务的会计师 事务所之一，长期从事证券服务业务。注册地址为北京市西城区阜成门外大街 22号1幢外经贸大厦901-22至901-26，首席合伙人肖厚发。截至2024年12月31日 ，容诚所共有合伙人212人，注册会计师1552人，其中781人签署过证券服务业 务审计报告。 根据公司《审计委员会议事 ...