Investment Rating - Maintains "Overweight" rating with a target price of 29.48 RMB [3][5] Core Views - The company's orders have increased year-on-year, driving a 64% YoY growth in net profit for the first three quarters of 2024 [2][3] - The company is actively expanding into non-power sectors such as steel, metallurgy, chemical, and new energy, with a focus on hydrogen production projects [3] - The company's revenue is expected to grow steadily due to the upcoming delivery of a photovoltaic hydrogen production project [2][3] Financial Performance - 2024 Q3 revenue reached 255 million RMB, a 60% YoY increase, with net profit attributable to shareholders of 9.83 million RMB, up 27% YoY [3] - 2024E revenue is projected to be 1.427 billion RMB, a 38.6% YoY increase, with net profit attributable to shareholders of 140 million RMB, up 61.9% YoY [4] - EPS for 2024E is forecasted at 1.14 RMB, increasing to 1.78 RMB in 2025E and 1.91 RMB in 2026E [3][4] Strategic Developments - The company plans to raise 150 million RMB through a private placement to its controlling shareholder and chairman, demonstrating management's confidence in the company's growth [3] - The company is constructing a 120 MW fishing and photovoltaic complementary project in Jiaozhou, Shandong, which includes 20 MW of hydrogen production equipment [3] Industry and Market Position - The company primarily serves large state-owned power enterprises, with a focus on extending its product offerings to non-power industries [3] - Comparable companies in the industry have an average 2025E PE of 16x, while the company is given a 17x PE due to its expansion into hydrogen production [3] Financial Projections - 2025E revenue is expected to reach 1.796 billion RMB, with net profit attributable to shareholders of 219 million RMB [4] - ROE is projected to increase from 14.2% in 2024E to 19.3% in 2025E [4] - The company's P/E ratio is expected to decrease from 12.02x in 2024E to 7.71x in 2025E [4]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company benefits from increased investment in thermal power, with order fulfillment meeting expectations. For the first three quarters of 2024, the company achieved revenue of 770 million RMB, a year-on-year increase of 50.1%, and a net profit attributable to shareholders of 33.82 million RMB, up 64.1% year-on-year [3][4]. - The thermal power industry has seen accelerated investment due to the introduction of a coal power capacity mechanism, with completed investments reaching 87 billion RMB in the first three quarters of 2024, a 27.3% increase year-on-year [4]. - The demand for renovation business is gradually being released, supported by government policies aimed at enhancing peak regulation capabilities and promoting energy-saving and carbon-reduction modifications in coal power [4]. Summary by Sections Company Performance - In Q3 2024, the company reported revenue of 250 million RMB, a 59.6% increase year-on-year, and a net profit of 9.83 million RMB, a 27.4% increase year-on-year [3][4]. - The company plans to raise up to 150 million RMB through a private placement to supplement working capital [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 130 million RMB, 158 million RMB, and 179 million RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.05 RMB, 1.28 RMB, and 1.45 RMB. The PE ratios are projected to be 14x, 12x, and 10x for the same years [5][7].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥254,912,106.69, representing a year-on-year increase of 59.58%[2] - Net profit attributable to shareholders for Q3 2024 was ¥9,832,877.99, up 27.40% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥7,202,062.96, reflecting a 7.33% increase year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached ¥768,846,275.47, a significant increase of 50.0% compared to ¥512,198,016.20 in the same period of 2023[17] - Operating profit for the first three quarters of 2024 was ¥43,430,934.64, representing an increase of 83.9% compared to ¥23,606,736.36 in 2023[17] - The total profit for Q3 2024 reached ¥43,391,240.19, a significant increase from ¥23,505,973.95 in Q3 2023, representing an increase of approximately 84.5%[18] - Net profit attributable to shareholders of the parent company was ¥33,815,154.50, up from ¥20,612,948.11 in the same period last year, marking a growth of about 63.8%[18] - Basic and diluted earnings per share for Q3 2024 were both ¥0.27, compared to ¥0.17 in Q3 2023, reflecting a 58.8% increase[19] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,686,436,935.09, a 39.45% increase from the end of the previous year[3] - Total assets as of the end of Q3 2024 were ¥2,686,436,935.09, compared to ¥1,926,487,881.40 at the end of Q3 2023, reflecting a growth of 39.4%[15] - Total liabilities as of Q3 2024 were ¥1,757,795,659.42, up from ¥1,016,041,070.50 in Q3 2023, indicating a rise of 73.0%[15] - Non-current assets totaled ¥602,525,757.67 in Q3 2024, compared to ¥295,956,740.32 in Q3 2023, marking an increase of 103.5%[15] - Current liabilities reached ¥1,535,905,337.52 in Q3 2024, a rise of 54.0% from ¥996,907,100.52 in the same period last year[15] - The company's equity attributable to shareholders was ¥895,232,587.35 in Q3 2024, compared to ¥878,969,316.52 in Q3 2023, showing a slight increase of 1.5%[15] Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥240,812,349.11, indicating a significant cash outflow[2] - Cash flow from operating activities for the first three quarters of 2024 was negative at -¥240,812,349.11, worsening from -¥126,209,031.63 in the same period last year[20] - Cash inflow from operating activities totaled ¥906,628,106.31, up from ¥634,245,961.50 in the previous year, indicating a growth of approximately 42.8%[20] - Cash outflow from investing activities was ¥427,979,211.22, compared to ¥131,242,205.30 in Q3 2023, showing a significant increase in investment expenditures[22] - Net cash flow from financing activities was positive at ¥417,474,410.67, a substantial increase from ¥88,322,585.52 in the same quarter last year[22] - The company reported cash and cash equivalents at the end of Q3 2024 amounting to ¥123,087,736.26, compared to ¥92,056,184.05 at the end of Q3 2023[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 3,777[8] - The largest shareholder, Wang Yong, holds 21,282,430 shares, representing 17.29% of total shares[8] - The company reported a total of 9,360,910 shares held by the state-owned enterprise, Ice Wheel Environmental Technology Co., Ltd., accounting for 7.61% of total shares[9] - The total number of shares held by the top ten shareholders represents a significant portion of the company's equity, indicating concentrated ownership[10] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[10] Research and Development - Research and development expenses totaled ¥13,256,602.47 for Q3 2024, an increase of 22.83% year-on-year[3] - Research and development expenses for the first three quarters of 2024 amounted to ¥37,048,065.75, an increase of 14.0% from ¥32,363,547.69 in the same period last year[17] Inventory and Receivables - Inventory increased significantly from 399,043,672.48 RMB to 754,483,235.86 RMB, an increase of about 88.9%[13] - Accounts receivable increased from 611,403,053.10 RMB to 631,068,367.49 RMB, a rise of about 3.8%[13] Impairment Loss - The company reported a net credit impairment loss of ¥269,611.87 for the first three quarters of 2024, a significant improvement compared to a loss of ¥7,713,014.01 in the same period of 2023[17] Comprehensive Income - The total comprehensive income for Q3 2024 was ¥34,246,348.44, up from ¥23,924,099.22 in Q3 2023, reflecting an increase of approximately 43.0%[18] - The company recorded cash inflow from investment activities of ¥91,274,637.00, which is an increase from ¥84,936,569.87 in the same period last year[22]

青岛达能环保设备股份有限公司（以下简称"公司"）第五届监事会第四次 会议，于 2024 年 10 月 28 日在公司会议室以现场方式召开，会议已于 2024 年 10 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》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： 二、监事会会议审议情况 1、审议通过《关于青岛达能环保设备股份有限公司 2024 年第三季度报告的 议案》。 证券代码：688501 证券简称：青达环保 公告编号：2024-054 青岛达能环保设备股份有限公司 第五届监事会第四次会议决议公告 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 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 2024 年 10 ...

舆情管理制度 青岛达能环保设备股份有限公司 第一条 为提高青岛达能环保设备股份有限公司（以下简称"公司"）应对各 种舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司 股价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益， 根据《上海证券交易所科创板股票上市规则》等相关法律法规及《青岛达能环保 设备股份有限公司章程》，结合公司具体情况，特制定本制度。 第一章 总则 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的报道； （二）社会上存在的已经或将给公司造成影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及上市公司信息披露且可能对上市公司股票及其衍生品交易价 格产生较大影响的事件信息。 第二章 舆情管理的组织体系及工作职责 第三条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一 组织、快速反应、协同应对。 （三）协调和组织各类舆情处理过程中对外宣传报道工作； （四）负责做好向证券监督机构及上海证券交易所重大舆情的信息上报工作 和信息沟通工作； （五）各类舆情处理过程中的其他事项。 第四 ...

青岛达能环保设备股份有限公司 关于2024年度向特定对象发行A股股票 摊薄即期回报与填补措施及相关主体承诺的公告 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。 证券代码：688501 证券简称：青达环保 公告编号：2024-047 根据《国务院关于进一步促进资本市场健康发展的若干意见》（国发〔2014〕 17 号）《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作的 意见》（国办发〔2013〕110 号）《关于首发及再融资、重大资产重组摊薄即期回 报有关事项的指导意见》（证监会公告〔2015〕31 号）等相关文件的要求，为保 障中小投资者利益，公司就本次发行事项对摊薄即期回报的影响进行了认真、审 慎、客观的分析，具体内容如下： 一、 本次发行摊薄即期回报对公司主要财务指标的影响 （一）分析的主要假设和前提 1、假设宏观经济环境、产业政策、行业发展状况、市场情况等方面没有发 生重大变化； 2、假设本次向特定对象发行于 2025 年 6 月底实施完成，此假设仅用于测算 本次发行摊薄即期回报对公司主要财务指标的影响 ...

青岛达能环保设备股份有限公司 1、本承诺人确认本次发行股票定价基准日前 6 个月不存在减持所持上市公 司股票的情形，承诺自定价基准日至本次发行完成后 6 个月内不减持所持上市公 司的股票，并承诺在本次向特定对象发行股票完成后 36 个月内不减持本次认购 的上市公司的股票； 2、如本承诺人违反前述承诺而发生减持上市公司股票的，本承诺人承诺因 减持所得的收益全部归上市公司所有。 如违反上述声明和承诺，本承诺人愿意承担相应的法律责任。 特此公告。 证券代码：688501 证券简称：青达环保 公告编号：2024-049 青岛达能环保设备股份有限公司 关于认购对象出具特定期间不存在减持情况 或减持计划的公告 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 2024 年 10 月 9 日召开第五届董事会第三次会议和第五届监事会第三次会议，审议通过了公司向 特定对象发行股票的相关议案，公司控股股东、实际控制人王勇作为本次发行股 票的认购对象，出具了《关于特定期间不存在减持情况或减持计划 ...

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 2024 年 10 月 9 日 召开第五届董事会第三次会议、第五届监事会第三次会议，会议审议通过了公司 2024 年度向特定对象发行 A 股股票（以下简称"本次发行"）的相关议案。现公 司就本次发行承诺如下： 公司在本次发行过程中，不存在向发行对象作出保底保收益或变相保底保收 益承诺的情形，亦不存在直接或通过利益相关方向发行对象提供任何财务资助或 者补偿的情形。 证券代码：688501 证券简称：青达环保 公告编号：2024-050 青岛达能环保设备股份有限公司 关于本次发行不存在直接或通过利益相关方 向参与认购的投资者提供财务资助或补偿的公告 特此公告。 青岛达能环保设备股份有限公司 董事会 2024 年 10 月 10 日 ...

证券代码：688501 证券简称：青达环保 公告编号：2024-044 青岛达能环保设备股份有限公司 《中华人民共和国证券法》（以下简称"《证券法》"）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： 二、监事会会议审议情况 （一）审议并通过《关于公司符合向特定对象发行 A 股股票条件的议案》 根据《公司法》《证券法》及《上市公司证券发行注册管理办法》（以下简称 "《注册管理办法》"）等有关法律法规及规范性文件的规定，结合公司实际情况， 监事会认为公司符合科创板上市公司向特定对象发行股票的规定，具备本次向特 定对象发行股票的资格和条件。 第五届监事会第三次会议决议公告 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"）第五届监事会第三次 会议于 2024 年 10 月 9 日在公司会议室以现场方式召开，会议已于 2024 年 10 月 8 日以通讯方式发出会议通知。本次 ...

青岛达能环保设备股份有限公司 第五届董事会独立董事专门会议第一次会议决议 青岛达能环保设备股份有限公司（以下简称"公司"）第五届董事会独立董 事专门会议第一次会议于 2024 年 10 月 9 日在公司会议室以通讯表决的方式召 开，会议通知已于 2024 年 10 月 8 日送达公司全体独立董事，经全体独立董事同 意豁免会议通知时间要求。会议应出席独立董事 3 人，实际出席 3 人，经与会独 立董事一致推举，本次会议由独立董事孙邦清先生主持。会议的召集、召开以及 表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）等相关法律法规和《青岛达能环保设备股 份有限公司章程》（以下简称"《公司章程》"）、《青岛达能环保设备股份有限公司 独立董事工作制度》的有关规定，会议形成的决议合法有效。 经与会独立董事审议表决，一致通过如下议案： 一、审议通过《关于公司符合向特定对象发行 A 股股票条件的议案》 根据《公司法》《证券法》《上市公司证券发行注册管理办法》（以下简称"《注 册管理办法》"）等有关法律法规及规范性文件的规定，结合公司实际情况，我们 一致认为公 ...