青岛达能环保设备股份有限公司（以下简称"公司"）于2024年4月26日召 开第四届董事会第二十七次会议、第四届监事会第十八次会议，审议通过了 《关于增加募投项目实施地点的议案》，同意公司"底渣处理系统产品生产线技 术改造项目"在原实施地点"胶州市胶北办事处工业园达能路3号"基础上，增 加实施地点"胶州市胶北街道办事处纬四十五路南、王庸路西侧"，实施主体不 变。公司本次部分募投项目增加实施地点事项不属于募集资金用途变更，在董 事会审批权限内，无需提交公司股东大会审议。现将有关情况公告如下： 一、 募集资金的基本情况 经中国证券监督管理委员会证监发行字[2021]2053 号文批复，青岛达能环 保设备股份有限公司（以下简称"公司"）于 2021 年 7 月向社会公开发行人民 币普通股（A 股）2,367.00 万股，每股发行价为 10.57 元，应募集资金总额为 人民币 25,019.19 万元，根据有关规定扣除发行费用 4,983.56 万元后，实际募 集资金净额为 20,035.63 万元。该募集资金已于 2021 年 7 月到账。上述资金到 账情况已经容诚会计师事务所（特殊普通合伙）容诚验字[2021]36 ...

中泰证券股份有限公司 关于青岛达能环保设备股份有限公司 增加募投项目实施地点的核查意见 中泰证券股份有限公司（以下简称"中泰证券"或"保荐机构"）作为青岛达能环 保设备股份有限公司（以下简称"青达环保"或"公司"）首次公开发行股票并在科创 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 科创板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》《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》等有关法律法规和规范性文件的要求，对青达环保增加募投项目实施地 点的事项进行了审慎核查，核查情况及核查意见如下： 一、募集资金的基本情况 经中国证券监督管理委员会证监发行字[2021]2053 号文批复，青达环保于 2021 年 7 月向社会公开发行人民币普通股（A 股）2,367.00 万股，每股发行价为 10.57 元，应募集资金总额为人民币 25,019.19 万元，根据有关规定扣除发行费用 4,983.56 万元后，实际募集资金净额为 20,035.63 万元。该募集资金已于 2021 年 7 月到账。上述资金到账情况已经容诚会计师事务所 ...

青岛达能环保设备股份有限公司 第四届监事会第十八次会议决议公告 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。 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"）第四届监事会第十八 次会议，于 2024 年 4 月 26 日在公司会议室以现场方式召开，会议已于 2024 年 4 月 20 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， 会议由宋修奇先生主持，会议的召集、召开、表决程序符合《中华人民共和国公 司法》（以下简称"《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： 证券代码：688501 证券简称：青达环保 公告编号：2024-013 监事会认为：公司本次增加募投项目实施地点是根据实际情况做出的审慎决 定，不会对公司的正常经营产生重大不利影响，不存在变相改变募集资金使用用 途的情形，不存在损害股东尤其是中小股东利益的情况，有利于公司整体战略规 划及合理布局。综上所述，公司监 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥148,180,425.93, representing a year-on-year increase of 93.24%[5] - Net profit attributable to shareholders was ¥6,302,401.91, marking a significant increase of 500.16% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,817,674.98, reflecting a 746.07% increase year-on-year[5] - Basic earnings per share (EPS) was ¥0.05, an increase of 400.00% compared to the previous year[5] - The net profit for Q1 2024 was ¥4,051,551.75, a turnaround from a net loss of ¥840,343.08 in Q1 2023[19] - The gross profit margin for Q1 2024 was approximately 5.3%, compared to a negative margin in Q1 2023[18] - Basic earnings per share for Q1 2024 were ¥0.05, compared to ¥0.01 in Q1 2023, reflecting improved profitability[19] Research and Development - Total R&D investment amounted to ¥10,664,666.64, which is 30.63% higher than the previous year[6] - R&D investment accounted for 7.20% of operating revenue, an increase of 3.45 percentage points year-on-year[6] - Research and development expenses for Q1 2024 were ¥10,664,666.64, up from ¥8,164,274.76 in Q1 2023, indicating a focus on innovation and product development[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,217,697,282.21, up 15.12% from the end of the previous year[6] - The company reported a total asset increase to ¥2,217,697,282.21 in Q1 2024 from ¥1,926,487,881.40 in Q1 2023, marking an increase of about 15.1%[16] - Total liabilities increased to ¥1,301,483,177.57 in Q1 2024 from ¥1,016,041,070.50 in Q1 2023, an increase of approximately 28.1%[16] - The company’s total equity increased to ¥916,214,104.64 in Q1 2024 from ¥910,446,810.90 in Q1 2023, showing a slight growth in shareholder value[16] Cash Flow - The net cash flow from operating activities was -¥19,127,175.42, indicating a negative cash flow situation[5] - The company's cash flow from operating activities for Q1 2024 showed improvement, indicating better liquidity management compared to the previous year[20] - In Q1 2024, the cash inflow from operating activities was $321,452,386.53, a significant increase from $139,547,056.20 in Q1 2023, representing a growth of approximately 130%[21] - The net cash flow from operating activities was -$19,127,175.42 in Q1 2024, an improvement compared to -$79,784,810.05 in Q1 2023[21] - The cash outflow from investing activities totaled $310,496,254.00 in Q1 2024, compared to $26,969,797.57 in Q1 2023, indicating a substantial increase in investment spending[22] - The net cash flow from investing activities was -$263,463,640.31 in Q1 2024, worsening from -$26,915,815.27 in Q1 2023[22] - Cash inflow from financing activities was $237,000,000.00 in Q1 2024, up from $112,990,000.00 in Q1 2023, reflecting a 110% increase in financing received[22] - The net cash flow from financing activities improved to $120,725,554.14 in Q1 2024, compared to $20,063,925.67 in Q1 2023[22] - The ending cash and cash equivalents balance was $121,186,394.77 in Q1 2024, up from $89,564,507.03 in Q1 2023, showing a growth of approximately 35%[22] Shareholder Information - Total number of common shareholders at the end of the reporting period was 4,040[11] - The largest shareholder, Wang Yong, holds 21,282,430 shares, representing 17.29% of total shares[11] - The total number of shares held by the top 10 shareholders includes 8,435,310 shares held by Ice Wheel Environmental Technology Co., Ltd.[12] Inventory and Current Assets - Total current assets as of March 31, 2024, amounted to ¥1,694,780,239.51, an increase from ¥1,630,531,141.08 as of December 31, 2023[14] - Cash and cash equivalents decreased to ¥192,235,086.55 from ¥350,483,798.68[14] - Inventory increased to ¥529,011,382.55 from ¥399,043,672.48, reflecting a growth of approximately 32.6%[14] - Accounts receivable rose to ¥636,328,575.64 from ¥611,403,053.10, indicating an increase of about 4.1%[14] - The company reported a total of ¥40,000,000.00 in trading financial assets, up from ¥10,000,000.00[14]

——火电辅机设备稳步发展，看好火改及新业务加速 相关研究 投资分析意见：我们持续看好火电投资加速及灵活性改造逐步放量的主逻辑，同时公司第 二曲线逐步兑现，我们上调公司 2024-25 年归母净利润为 1.52/2.01 亿元（上调前为 1.40/1.74 亿元），新增 2026 年归母净利预测为 2.45 亿元，对应 PE 分别为 13/10/8 倍， 维持"买入"评级。 资料来源：公司公告，申万宏源研究 【投资收益及其他】包括投资收益、其他收益、净敞口套期收益、公允价值变动收益、资产处置收益等 【营业外净收入】营业外收入减营业外支出 机构销售团队联系人 上 市 公 司 证 券 研 究 报 告 环保 2024 年 04 月 24 日 青达环保 (688501) 公 司 研 究 / 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 24 日 | | 收盘价（元） | 16.31 | | 一年内最高 / 最低（元） | 28.99/9.9 | | 市 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 30.01, unchanged from the previous rating [17]. Core Views - The company is experiencing rapid expansion in traditional slag and flue gas energy-saving and environmental protection businesses, with expectations for breakthroughs in new areas such as hydrogen energy [1][6]. - The company's revenue for 2023 is projected to reach 10.29 billion, representing a year-on-year growth of 35%, while the net profit attributable to shareholders is expected to be 0.87 billion, up 48% year-on-year [1][6]. - The gross margin is reported at 33.71%, with a net profit margin of 8.98%, indicating stable performance [1]. Summary by Sections Financial Performance - The company achieved a revenue of 1,029 million in 2023, a 35% increase from the previous year, and is expected to reach 1,329 million in 2024, a 29% growth [6]. - The net profit attributable to shareholders is projected to grow from 87 million in 2023 to 140 million in 2024, reflecting a 61.4% increase [6]. - The gross margin is expected to remain stable around 32.8% in 2024, with an EBIT margin of 13.5% [6]. Business Expansion - The company is actively expanding its energy-saving and environmental protection services into non-electric sectors such as steel and chemical industries, leveraging its experience in the power sector [1][6]. - The report highlights the company's successful entry into the steel slag energy-saving and environmental protection business, generating revenue of 0.92 billion in 2023 [1][6]. - The company is also accelerating its hydrogen energy initiatives, with ongoing research and development in hydrogen production and storage technologies [1][6]. Market Outlook - The report anticipates a significant increase in demand for the company's services due to the ongoing transformation of the thermal power sector, positioning the company as a leader in the industry [1][6]. - The company is expected to benefit from policy support for new thermal power investments and upgrades, which will drive revenue growth in the coming years [1][6].

司 मे 投资要点： 研发费用率提升，科技创新与产业布局优化。报告期内，公司持续加 大研发投入，研发费用率提升至 4.93%，同比+0.64pct。利用技术平台优势， 公司吸引了科技创新人才，加强了科技合作，全年新增了多项专利和软件 著作权，并参与了行业标准的制定。公司还建立了氢能技术测试中心，推 进了氢能技术的研发。同时，公司调整了产业布局，优化了产品结构，丰 富了经营模式，并在节能环保处理行业中巩固了优势，推动了清洁能源和 氢能源技术的发展。公司计划将技术产品拓展至更多行业，并已与钢铁企 业合作，推动冶金渣综合利用技术的创新，以实现技术产业化和可持续发 展。 数据来源：公司公告、华福证券研究所 财务数据和估值2022A2023A2024E2025E2026E 营业收入（亿元） 7.62 10.29 13.23 16.48 19.91 增长率 21% 35% 29% 25% 21% 净利润（亿元） 0.59 0.87 1.32 1.61 1.96 增长率 5% 48% 52% 22% 22% EPS（元/股） 0.48 0.70 1.07 1.31 1.59 市盈率（P/E） 32.5 22.0 14.5 ...

Investment Rating - The report maintains a "Buy" rating for the company [12][4]. Core Views - The company achieved a revenue of 1.029 billion yuan in 2023, representing a year-on-year increase of 35.04%, and a net profit attributable to shareholders of 86.68 million yuan, up 48.02% year-on-year [2]. - The growth in revenue is primarily driven by significant increases in the low-temperature flue gas waste heat recovery system and the newly developed steel slag treatment system [3]. - The company is expected to continue its growth trajectory with projected revenues of 1.294 billion yuan, 1.596 billion yuan, and 1.910 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 25.7%, 23.4%, and 19.6% [4]. Financial Performance Summary - The company reported a gross margin of 33.7% in 2023, slightly down from the previous year, with specific product lines showing varied performance in gross margins [3]. - The financial forecasts indicate a net profit of 127 million yuan in 2024, with a growth rate of 47.0%, and further increases to 150 million yuan and 187 million yuan in 2025 and 2026, respectively [4][22]. - The company’s total assets are projected to grow from 1.926 billion yuan in 2023 to 3.461 billion yuan by 2026, reflecting a strong asset base [22]. Business Segment Analysis - The revenue breakdown for different business segments in 2023 includes: dry slag removal system (290 million yuan, +28.1%), wet slag removal system (190 million yuan, +8.1%), low-temperature flue gas waste heat recovery system (250 million yuan, +100.1%), and full-load denitrification project (130 million yuan, -25.2%) [3]. - The newly developed steel slag treatment system generated 92 million yuan in revenue with a gross margin of 40.43%, which is higher than the overall company gross margin [3]. Market Context - The company is positioned to benefit from the increasing demand for flexible coal-fired power generation modifications, which is expected to drive growth in its energy-saving environmental treatment systems [16]. - The establishment of a hydrogen technology testing center indicates the company's strategic move into emerging energy sectors, aiming to capture opportunities in hydrogen equipment development [16].

【小程序】 国金证券研究服务 【公众号】 国金证券研究 来源：公司年报、国金证券研究所 4 月 16 日晚间公司披露 23 年报，23 全年实现营收 10.3 亿元， 同比+35.0%；实现归母净利润 8668 万元，同比+48.0%。业绩 符合预期。 煤电容量机制出台，本轮火电投资仍有空间。23 全年国内火 电投资完成额达 1029 亿元，同比+15%；公司干式/湿式除渣 系统及低温烟气余热深度回收系统业务合计营收 8.5 亿元， 同比+16.3%，略高于行业增速。在 23 年煤电容量机制出台前， 由于对机组长期收益的担忧，火电核准虽较快、但投建进度 实则慢于预期。我们认为容量电价已然落地，火电建设将加 速，公司传统业务受益。 新能源消纳进入新阶段，全负荷脱硝业务需求向好。伴随新 能源市场化交易电量占比提升，火电减少出力时段增加，更 多存量机组将出于经济性考虑进行灵活性改造。公司 23 年该 业务营收同比-25.2%，或与改造需求释放节奏有关。 成本上升顺价较好、毛利率基本稳定；业务拓展带来费率上 升。公司 23 年综合毛利率达 33.7%，同比-0.1pct，材料/人 工成本上升，产品单价调整较为及时；公 ...

RSM 容诚 中国 · 北京 容诚会计师事务。 骑 缝 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.gngf.ggv.cn）"进行查验 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 募集资金存放与实际使用情况鉴证报告 | 1-3 | | 2 | 募集资金存放与实际使用情况的专项报告 | 1-3 | 目 录 募集资金存放与实际使用情况鉴证报告 青岛达能环保设备股份有限公司 容诚专字|2024|361Z0318 号 容诚会计师事务所(特殊普通合伙) 募集资金存放与实际使用情况鉴证报告 容诚专字[2024]361Z0318 号 青岛达能环保设备股份有限公司全体股东: 我们审核了后附的青岛达能环保设备股份有限公司(以下简称青达环保公司) 董事会编制的 2023 年度《募集资金存放与实际使用情况的专项报告》。 一、 对报告使用者和使用目的的限定 本鉴证报告仅供青达环保公司年度报告披露之目的使用,不得用作任何其他 目的。我们同意将本鉴证报告作为青达环保公司年度报告必备的文件,随其他文 件一起报送并对外披露。 二、董事会的责任 按照中国证券监督管 ...