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 ...

证券代码：688501 证券简称：青达环保 公告编号：2025-017 青岛达能环保设备股份有限公司 前次募集资金使用情况专项报告 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。 一、前次募集资金情况 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]361Z0061 号"《验资报告》验证。 为了规范募集资金的管理和使用，保护投资者权益，公司根据《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 ...

证券代码：688501 证券简称：青达环保 公告编号：2025-015 青岛达能环保设备股份有限公司 关于2025年度日常关联交易预计公告 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。 重要内容提示： 是否需要提交股东大会审议：否 日常关联交易对上市公司的影响：本次关联交易为公司日常关联交易， 以公司正常经营业务为基础，以市场价格为定价依据，不影响公司的独立性，不 存在损害公司及股东利益的情形，公司不会因该关联交易对关联人产生依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 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 2025 年度日常关联交易 预计的议案》，本次日常关联交易预计金额合计为 1200.20 万元人民币。相关的 关联董事回避表决，出席会议的非关联董事一致同意该议案，审议程序符合相关 法律法规。 2025 年 4 月 18 日，公司召开第五届监事会第七次会议，审议通过了《关于 公司 2025 年度日常关 ...

2024 年度会计师事务所履职情况的评估报告 青岛达能环保设备股份有限公司(以下简称"公司")聘请容诚会计师事务所 （特殊普通合伙）（以下简称"容诚所"）作为公司 2024 年度财务报告审计机 构及内部控制审计机构。根据财政部、国务院国有资产监督管理委员会、中国证 券监督管理委员会颁布的《国有企业、上市公司选聘会计师事务所管理办法》， 公司对容诚所在 2024 年度审计过程中的履职情况进行了评估。经评估，公司认 为，近一年容诚所在资质等方面合规有效，履职能够保持独立性，勤勉尽责、公 允表达意见。具体情况如下： 一、资质条件 1.基本信息 容诚所初始成立于 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 10 层 1001-1 至 1001- 26，首席合伙人刘维。 青岛达能环保设备股份有限公司 2.人员信息 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。 3 ...