Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 5.667 billion yuan in 2024, representing a year-on-year growth of 6.46%, while the net profit attributable to shareholders decreased by 16.99% to 279.98 million yuan [1][4]. - In Q1 2025, the company reported a revenue of 1.206 billion yuan, a decline of 3.64% year-on-year, with a net profit of 106 million yuan, down 47.63% [1]. - The company is focusing on enhancing its "environmental protection + new energy" business model, with stable development in traditional operations and an accelerated construction of new energy ecosystems [3]. Summary by Sections Environmental Business Development - The company's domestic and international waste incineration power generation projects are operating efficiently, significantly enhancing waste processing capacity, which supports overall performance [2]. - By the end of 2024, the company operated 20 waste incineration power generation projects with a total daily processing capacity of 21,550 tons, achieving a waste input volume of approximately 8.49 million tons, a 20% increase year-on-year [2]. - The company has improved the thermal energy utilization efficiency of its waste incineration projects, expanding its steam supply business, which has become an important revenue supplement [2]. New Energy Business Development - The company is actively building a new energy ecosystem focusing on wind, solar, hydrogen, and methanol production in northeastern China, responding to national development initiatives [3]. - In 2024, the company signed several new energy cooperation projects, including a 400,000 kW off-grid wind power project and a 100,000-ton methanol project, which are expected to open a second growth curve for the company [3]. Financial Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 295.29 million yuan, 330.35 million yuan, and 341.80 million yuan, reflecting year-on-year growth rates of 5.47%, 11.87%, and 3.47% respectively [3]. - The corresponding price-to-earnings (PE) ratios for these years are projected to be 37.52, 33.54, and 32.41 [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 5.667 billion yuan in 2024, representing a year-on-year growth of 6.46%, while the net profit attributable to shareholders decreased by 16.99% to 279.98 million yuan [1][4]. - In Q1 2025, the company reported a revenue of 1.206 billion yuan, a decline of 3.64% year-on-year, with a net profit of 106 million yuan, down 47.63% [1]. - The company is focusing on enhancing its "environmental protection + new energy" business model, with stable development in traditional operations and an accelerated construction of new energy ecosystems [3]. Summary by Sections Environmental Business Development - The company's domestic and international waste incineration power generation projects are operating efficiently, with a total processing capacity of 21,550 tons per day across 20 projects by the end of 2024 [2]. - The total waste processed in 2024 reached approximately 8.49 million tons, a 20% increase year-on-year, and the generated electricity was about 2.197 billion kWh, up 15% [2]. - The company has expanded its steam supply business, achieving external steam sales of 1.7 million tons in 2024, a significant increase of 177.35% [2]. New Energy Business Development - The company is actively developing a new energy ecosystem in the northeastern regions of China, focusing on green electricity, hydrogen, and methanol production [3]. - Key projects include the Andar project and the Liao Yuan new energy project, which have completed approval and registration processes [3]. - The company anticipates establishing a second growth curve through these new energy initiatives, with projected net profits of 295.29 million yuan, 330.35 million yuan, and 341.80 million yuan for 2025, 2026, and 2027 respectively [3][4]. Financial Forecasts - The company expects revenues to grow from 5.667 billion yuan in 2024 to 6.457 billion yuan in 2027, with corresponding net profits projected to increase from 279.98 million yuan to 341.80 million yuan over the same period [4][10]. - The report outlines a PE ratio of 37.52 for 2025, decreasing to 32.41 by 2027, indicating a positive outlook on valuation [3][4].

Core Viewpoint - Nantong, as a key growth pole in Jiangsu's coastal economic belt, is leveraging its strategic position in the Yangtze River Delta to develop a modern industrial system centered around the "616" framework, which includes six trillion-level industrial clusters and sixteen advantageous industrial chains [1][12]. Group 1: New Quality Productive Forces Overview - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driver, moving away from traditional economic growth models, characterized by high-tech, high-efficiency, and high-quality features [2]. - This concept is crucial for promoting high-quality economic development and is a key support for building a modern industrial system [2]. Group 2: Economic Performance of Nantong - Nantong's GDP is projected to exceed 1.24 trillion yuan (approximately 1242.19 billion yuan) in 2024, with a year-on-year growth rate of 6.2%, leading the province [3]. - The three industries are showing collaborative growth: the primary industry added value is 53.21 billion yuan (2.7% growth), the secondary industry 590.68 billion yuan (6.9% growth), and the tertiary industry 598.30 billion yuan (5.7% growth) [3]. Group 3: Industrial Growth and Key Sectors - Nantong's industrial economy is experiencing robust growth, with an increase of 9.3% in industrial added value, ranking among the top in the province [5]. - Key sectors such as specialized equipment, chemical fibers, and electrical machinery have shown significant growth rates of 14.4%, 14.1%, and 11.7% respectively [5]. - The six trillion-level industrial clusters continue to expand, with an annual output growth of 8.5%, contributing 5.3 percentage points to the industrial growth [5]. Group 4: Policy Framework for New Quality Productive Forces - The central economic work conference in 2024 emphasized the importance of technological innovation in leading the development of new quality productive forces [10]. - Nantong has implemented a series of targeted policies to foster new quality productive forces, including action plans for low-altitude economy, artificial intelligence, and technology innovation parks [10][11]. Group 5: Modern Industrial System Development - Nantong is integrating new quality productive forces into the national strategic framework, focusing on six trillion-level industrial clusters and sixteen advantageous industrial chains [12][13]. - The city aims to build a modern industrial system with advanced manufacturing at its core, emphasizing industrial upgrades and the development of strategic emerging industries [15]. Group 6: Spatial Layout and Industrial Clusters - Nantong is constructing a new spatial layout characterized by "one main, one deputy, two belts, and four groups," enhancing its economic and innovation capabilities [17]. - The city has established six key industrial chains, including new energy, shipbuilding, high-end equipment, new materials, biomedicine, and new generation information technology, with leading companies like Tongfu Microelectronics and Lin Yang Energy [21][22]. Group 7: Future Development Trends - Nantong is focusing on forward-looking layouts for future industries, emphasizing low-altitude economy, deep-sea equipment, and new energy storage [25][26]. - The city aims to enhance green and intelligent transformation, targeting the establishment of over 100 provincial-level smart factories by 2027 [28]. - Nantong is deepening regional collaborative innovation, integrating into the Yangtze River Delta's development, and establishing a collaborative model for research and development [29].

Core Viewpoint - China Tianying reported a revenue increase of 6.46% in 2024, but net profit decreased by 16.99%, indicating challenges in cost control and market environment [1][6] Environmental Business - The environmental business, particularly waste-to-energy projects, showed stable growth with 20 operational projects processing a total of 21,550 tons of waste daily [4] - The annual household waste input reached approximately 8.49 million tons, a 20% increase, while electricity generated was about 2.197 billion kWh, up 15% [4] - The steam supply business became a significant profit supplement, with external steam sales increasing by 177.35% to 1.7 million tons [4] - Despite good performance, the company needs to focus on controlling operational costs due to rising environmental standards and potential increases in equipment upgrade and emission control investments [4][6] New Energy Business - The new energy sector emerged as a highlight in 2024, driven by the national "dual carbon" strategy, with projects in green electricity, green hydrogen, and green ammonia/alcohol [5] - Agreements were signed for a wind-solar-hydrogen-ammonia integrated project, including 400 MW of off-grid wind power and 400 MW of grid-connected wind power, expected to produce 19,500 tons of hydrogen and 100,000 tons of methanol annually [5] - Additional projects in Liaoyuan include 214.5 MW of off-grid wind power and 514.8 MW of grid-connected wind power, indicating accelerated development in the new energy sector [5] International Expansion and Technological Innovation - The company made significant progress in international expansion, particularly in "Belt and Road" countries, with the Hanoi project processing over 4,000 tons of waste daily [6] - Technological innovations include the development of intelligent sorting and cleaning robots, which can reduce costs and increase efficiency by over 30% [6] - The company continues to upgrade its proprietary technologies, such as large-capacity mechanical grate furnaces and plasma melting, contributing to the intelligent development of the environmental industry [6]

Summary of China Tianying's Conference Call Company Overview - **Company**: China Tianying - **Industry**: Waste-to-energy and renewable energy Key Points Financial Performance - In 2024, China Tianying achieved revenue of **56.67 billion RMB**, a **6.46%** increase year-on-year, but net profit attributable to shareholders was **2.8 billion RMB**, a **16.99%** decrease year-on-year. Excluding a one-time tax payment of **1.83 billion RMB**, net profit would have increased by **37.41%** to **4.63 billion RMB** [2][4] - In Q1 2025, revenue was **12.06 billion RMB**, a **3.64%** decrease year-on-year, with net profit down **47.63%** to **1.06 billion RMB**. This decline was attributed to delays in overseas EPC project revenue recognition, increased financial costs due to new energy project financing, and the expiration of tax incentives [2][5] Business Segments - In Q1 2025, the waste-to-energy segment accounted for approximately **50%** of total revenue with a gross margin of **47%**. The urban environmental services segment contributed about **35%** of revenue with a gross margin of **24%** [2][7] - The company is focusing on expanding its overseas waste-to-energy projects in regions such as Southeast Asia, Europe, and Latin America, leveraging its first-mover advantage [2][6] Strategic Initiatives - China Tianying is pursuing a dual circulation development strategy, emphasizing both domestic and international markets. The company has signed a strategic cooperation agreement with Suez Group to advance EPC projects [2][6] - The company is also advancing hydrogen energy projects, having secured nearly **10GW** of wind and solar capacity for hydrogen production [2][6] Market Dynamics - The global trade environment and foreign exchange risks are impacting the company's profit margins. The company is monitoring currency fluctuations and implementing hedging strategies [2][8] - The demand for hydrogen is projected to exceed **20 million tons** by 2030, with China Tianying positioned to capitalize on this growth through its rapid project advancements in off-grid hydrogen production [2][9] Cost and Pricing Trends - The production cost of green hydrogen at the Liao Yuan project is approximately **15 RMB per kg**, with expectations for further cost reductions as technology improves [3][16] - The price of green methanol is anticipated to exceed **1,000 Euros per ton** from 2025 to 2030, driven by compliance requirements and market demand [12] Collaborations and Projects - China Tianying is collaborating with shipping companies and traders like Maersk and BP to develop green fuel solutions, including projects in Jilin and Heilongjiang for green methanol and RNG [13][34] - The company is also exploring the integration of waste-to-energy with data centers to enhance profitability and meet energy demands in high-consumption areas [24][25] Future Outlook - The company expects to see significant growth in revenue and profits from its overseas projects and the integration of waste-to-energy with data centers. The anticipated implementation of carbon tariffs in Europe is expected to create additional high-visibility orders [11][22][23] - China Tianying is committed to improving its financial structure and efficiency in receivables management to address challenges related to accounts receivable [26][30] Conclusion - Despite facing challenges in 2024, China Tianying is poised for growth in 2025, driven by its waste-to-energy and renewable energy initiatives. The company is well-positioned to leverage its strategic partnerships and market opportunities in the evolving energy landscape [35]

内部控制审计报告 毕马威华振审字第 2515073 号 中国天楹股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了中国 天楹股份有限公司 (以下简称"贵公司") 2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 中国天楹股份有限公司 2024 年度内部控制审计报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并 对注意到的 ...

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