Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [21][46]. Core Insights - The company is positioned to benefit from the rapid growth in demand for green methanol and ammonia due to accelerated decarbonization in the shipping industry, driven by policies from the IMO and the EU [15][4]. - The company has a strong order backlog, with over 7,900 MWh of green electricity and more than 1.62 million tons of green methanol signed [15][21]. - The company’s traditional waste incineration and environmental equipment business is recovering significantly after the sale of Urbaser, with a notable increase in net profit in Q1 2024 [20][63]. Financial Performance - The company’s revenue is projected to grow from 5,324 million yuan in 2023 to 11,816 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of 47% [9][21]. - The net profit for 2024 is expected to reach 850 million yuan, with a year-on-year growth of 152% [21][44]. - The gross margin is anticipated to improve from 20% in 2022 to 36% by 2026 [9][21]. Business Segments - The waste incineration segment is expected to contribute significantly to the company's profitability, with the Vietnam project projected to generate a revenue of 500 yuan per ton [47][93]. - The green electricity segment is expected to start production in 2024, with an estimated capacity of 1.5 GW [24][21]. - The energy storage segment is also showing promise, with a 3.68 GWh order expected to be released following successful testing of the company's gravity storage project [42][79]. Market Position - The company has established a strong international presence, particularly in the waste management sector, and is leveraging its technology to enhance competitiveness [63][90]. - The company’s environmental services have a contract backlog exceeding 1.1 billion yuan, indicating robust demand for its services [68][20]. Future Outlook - The company is expected to achieve significant growth in green methanol production, with plans to reach 150,000 tons in 2025 and 600,000 tons in 2026 [47][21]. - The overall market for alternative fuel vessels is expanding rapidly, with 49.5% of global orders in hand being for alternative fuel vessels as of April 2024 [15][6].

Summary of Conference Call Company/Industry Involved - The conference call is related to Fangzheng Telecom and its initiatives in green methanol and yeast detoxification [1] Core Points and Arguments - The meeting is aimed at professional investment institutions and invited clients, indicating a focus on attracting investment interest in the discussed technologies [1] - The content presented by third-party experts reflects personal opinions and does not constitute investment advice, highlighting the importance of due diligence for investors [1] Other Important but Possibly Overlooked Content - All participants were muted at the beginning of the call, which may suggest a structured format for the presentation and discussion [1] - The meeting's focus on green technologies aligns with current trends in sustainability and environmental responsibility, which could be a significant factor for investors considering long-term growth opportunities [1]

证券代码：000035 证券简称：中国天楹 公告编号：TY2024-28 中国天楹股份有限公司 关于为子公司提供担保的公告 本公司及董事会全体成员保证本公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 一、公司内部担保额度调剂情况 中国天楹股份有限公司（以下简称"中国天楹"或"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 22 日召开第九届董事会第四次会议和 2023 年年度股东 大会，审议并通过了《关于 2024 年度为子公司提供担保额度的议案》，具体详见 公司于 2024 年 4 月 30 日在《中国证券报》、《证券时报》以及巨潮资讯网披露的 《关于 2024 年度为子公司提供担保额度的公告》（公告编号：TY2024-22）。 为满足子公司生产经营需要，公司在 2023 年年度股东大会授权范围内，将 全资子公司江苏天楹环保能源有限公司（以下简称"江苏天楹"）未使用的担保 额度中 7,000.00 万元调剂至全资子公司江苏天楹环保能源成套设备有限公司（以 下简称"成套设备公司"）。本次调剂的金额占公司最近一期经审计净资产的 0.65%。本次调剂担保额度的具体情况如下 ...

第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。 公司聘任会计师事务所从事除财务会计报告审计之外的其他法定审计业务 的，视重要性程度可以比照本制度执行。 中国天楹股份有限公司 会计师事务所选聘制度 （经公司2023年年度股东大会审议批准） 第一章 总则 第一条 为规范中国天楹股份有限公司（以下简称"公司"）选聘（含续聘、 改聘，下同）会计师事务所的有关行为，提高财务信息质量，切实维护股东利益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上市公 司选聘会计师事务所管理办法》等法律法规、规范性文件和《中国天楹股份有限 公司章程》（以下简称《公司章程》）的相关规定，并结合公司实际情况，特制 定本制度。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称"审计 委员会"）审议同意后，提交董事会审议，并由股东大会决定。在公司董事会、 股东大会审议批准前，公司不得聘请会计师事务所开展工作。 第四条 公司控股股东、实际控制人不得在公司董事会、股东大会审议前， 向公司指定会计师事务所，不得干预审计委员会独立履行 ...

证券代码：000035 证券简称：中国天楹 公告编号：TY2024-27 中国天楹股份有限公司 2023 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议的情况。 一、 会议召开和出席情况 （一）会议召开情况 1、召开时间： 现场会议召开时间：2024年5月22日（星期三）下午14:30 网络投票时间：2024年5月22日。其中，通过深圳证券交易所系统进行网络投票 的具体时间为：2024年5月22日上午9:15-9:25,9:30-11:30，下午13:00-15:00；通 过深圳证券交易所互联网投票系统网络投票时间为：2024年5月22日9:15至15:00期 间的任意时间。 2、召开方式：现场表决与网络投票相结合 3、现场会议召开地点：江苏省海安市黄海大道西268号公司会议室 4、召集人：中国天楹股份有限公司第九届董事会 5、主持人：董事长严圣军先生 6、本次会议通知于2024年4月30日发出，会议的召开符合有关法律、行政法规、 部 ...

| 第一章 | 总 则 | | 3 | | --- | --- | --- | --- | | 第二章 | 经营宗旨和范围 | | 4 | | 第三章 | 股 份 | | 4 | | 第一节 | 股份发行 | | 6 | | 第二节 | 股份增减和回购 | | 6 | | 第三节 | 股份转让 | | 8 | | 第四章 | 股东和股东大会 | | 9 | | 第一节 | 股 东 | | 9 | | 第二节 | 股东大会的一般规定 | | 14 | | 第三节 | 股东大会的召集 | | 18 | | 第四节 | 股东大会的提案与通知 | | 20 | | 第五节 | 股东大会的召开 | | 22 | | 第六节 | 股东大会的表决和决议 | | 25 | | 第五章 | 董 事 会 | | 30 | | 第一节 | 董 事 | | 30 | | 第二节 | 董事会 | | 34 | | 第六章 | 总裁及其他高级管理人员 | | 42 | | 第七章 | 监 | 事 会 | | 44 | | --- | --- | --- | --- | --- | | 第一节 | | 监 事 | | 44 | | 第二节 ...

二〇二四年五月 北京市中伦（上海）律师事务所 关于中国天楹股份有限公司 2023 年年度股东大会的 法律意见书 | 一、 | 本次股东大会的召集、召开程序 2 | | --- | --- | | 二、 | 本次股东大会的召集人资格 3 | | 三、 | 本次股东大会出席、列席人员资格 3 | | 四、 | 本次股东大会的表决程序和表决结果 4 | | 五、 | 结论意见 11 | 法律意见书 北京市中伦（上海）律师事务所 关于中国天楹股份有限公司 2023 年年度股东大会的 法律意见书 致：中国天楹股份有限公司 为出具本法律意见书，本所及本所律师特作如下声明： 1. 本法律意见书系按照出具日之前公司已经发生或存在的事实，依据中国当 时或现行有效法律、法规和规范性文件而出具，并基于对公司有关事实的了解和 对中国有关法律、行政法规和规范性文件的理解发表法律意见。本所律师不对会 议审议的议案内容以及该等议案所表述的事实或数据的真实性及准确性发表意 见。 2. 本所律师对本法律意见书所涉及有关事实的了解和判断，最终依赖于公司 向本所提供的文件、资料及所作说明，且公司已向本所及本所律师保证了其真实 性、完整性和准确性。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.75 CNY, up from a previous forecast of 4.75 CNY [14][15]. Core Views - The company is actively advancing its gravity energy storage business, which is expected to contribute positively to its financial performance in the coming years [14]. - The company reported a revenue of 5.324 billion CNY in 2023, a decline of 21% year-on-year, but is projected to recover with revenues of 7.165 billion CNY in 2024, representing a growth of 35% [14][15]. - The net profit attributable to shareholders is expected to increase from 337 million CNY in 2023 to 780 million CNY in 2024, reflecting a significant recovery [14][15]. Summary by Sections Financial Performance - The company achieved a revenue of 5.324 billion CNY in 2023, down 21% year-on-year, with a net profit of 337 million CNY, down 24% [14]. - For 2024, the company is expected to generate a revenue of 7.165 billion CNY, with a net profit forecasted at 780 million CNY [15]. - The earnings per share (EPS) is projected to rise from 0.05 CNY in 2023 to 0.13 CNY in 2024 [14]. Business Segments - The company's core businesses, including waste incineration and environmental equipment manufacturing, remain stable, while the gravity energy storage and renewable energy sectors are rapidly advancing [14]. - The company has successfully launched several gravity energy storage projects and is expanding its international market presence [14][15]. Valuation Metrics - The report indicates a projected PE ratio of 25 for 2024, which is in line with comparable companies in the gravity energy storage sector [14][17]. - The company’s net asset return is expected to improve from 3.2% in 2023 to 6.9% in 2024, indicating better profitability [15].

证券代码：000035 证券简称：中国天楹 公告编号：TY2024-26 投资者依据提示，授权登入"约调研"小程序，即可参与交流。 出席本次网上说明会的人员有：公司董事长严圣军先生，独立董事刘睿智先 生，董事、副总裁兼财务总监涂海洪先生，副总裁兼董事会秘书陆平先生。 敬请广大投资者积极参与。 特此公告。 中国天楹股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日披露了 《2023 年年度报告》及《2023 年年度报告摘要》。为便于广大投资者进一步了 解公司 2023 年度经营情况，公司定于 2024 年 5 月 16 日（星期四）15:00-16:00 在"约调研"小程序举行 2023 年度网上业绩说明会。本次网上业绩说明会将采 用网络远程的方式举行，投资者可登陆"约调研"小程序参与互动交流。 为广泛听取投资者的意见和建议，提前向投资者征集问题，提问通道自发出 公告之日起开放。 参与方式一：在微信小程序中搜索"约调研"后，点击"网上说明会"搜索 "中国天楹"参与交流； 参与方式二：微信扫一扫以下二维码： 中国天楹股份有限公司 关于举行 2023 年度网上业绩说明会的公告 本公司及董事会全体成 ...

Investment Rating - The report maintains a "Buy" rating for China Tianying (000035.SZ) [1] Core Views - The company is expected to achieve steady growth in operating performance under the dual-engine development strategy of "Environmental Protection + New Energy" [3] - The company reported a revenue of 5.324 billion yuan in 2023, a year-on-year decrease of 20.62%, while the net profit attributable to the parent company was 337 million yuan, a year-on-year increase of 173.15% [2] - The gross profit margin for 2023 was 27.60%, an increase of 8 percentage points year-on-year, with significant improvements in the gross margins of the power supply and waste treatment services segment [2] Financial Performance Summary - The projected operating revenues for 2024, 2025, and 2026 are 8.743 billion yuan, 11.016 billion yuan, and 13.611 billion yuan, with growth rates of 64.2%, 26%, and 23.6% respectively [4] - The net profit attributable to the parent company is expected to be 815 million yuan in 2024, 1.212 billion yuan in 2025, and 1.522 billion yuan in 2026, with growth rates of 141.6%, 48.7%, and 25.6% respectively [4] - The company’s gross margin is projected to be 24.7% in 2024, 25.3% in 2025, and 26.7% in 2026 [7] Business Development Highlights - The company has signed multiple gravity energy storage projects, enhancing its growth trajectory in the new energy sector [11] - As of the end of 2023, the company operated 20 waste incineration power generation projects with a total daily processing capacity of 21,550 tons, achieving a 44% year-on-year increase in waste processed [26] - The company has successfully expanded its international EPC market, providing advanced technology and equipment for waste incineration projects in France, Maldives, and India [26]