[Table_Tag] [投资要点 Table_Summary] 事件：2024 年公司实现营业收入 90.49 亿元，同增 11.90%；归母净利润 19.96 亿元，同比增长 8.28%；扣非归母净利润 19.63 亿元，同增 8.82%。 证券研究报告·公司点评报告·环境治理 兴蓉环境（000598） 2024 年报点评：业绩稳健增长，水务固废业 务保持成长动能 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,087 | 9,049 | 9,856 | 10,646 | 11,384 | | 同比（%） | 5.99 | 11.90 | 8.92 | 8.02 | 6.93 | | 归母净利润（百万元） | 1,843 | 1,996 | 2,174 | 2,364 | 2,572 | | 同比（%） | 13.97 | 8.28 | 8.90 | 8.75 | 8.80 | | EPS-最新摊薄（元/ ...

事件：公司发布2024 年年报，2024 年，公司实现营业收入90.49 亿元，同比增长12%；归母净利润为 19.96 亿元，同比增长8%。 盈利预测：我们预计公司2025-2027 年实现营业收入分别为98.78/108.08/118.51 亿元，同比增长 9.17%/9.41%/9.65%，归母净利润分别为22.57/25.11/28.00 亿元，同比增长13.06%/11.28%/11.48%，根据 2025 年4 月17 日收盘价，对应PE 分别为9.43/8.47/7.60 倍，EPS 分别为0.76/0.84/0.94 元，给予公司"推 荐"评级。 风险提示：市场拓展不及预期；行业竞争加剧；政策转向风险；应收账款风险。 持续扩张业务规模，深耕成都并积极向外辐射。公司在深耕成都的同时，不断壮大川内业务，积极拓展 省外业务。目前，公司运营、在建和拟建的供排水项目规模约930 万吨/日、中水利用项目规模约130 万 吨/日、垃圾焚烧发电项目规模14,400 吨/日、污泥处置项目规模约3,400吨/日、垃圾渗滤液处理项目规 模8,430 吨/日，餐厨垃圾处置项目规模2,150 吨/日。水务环保业务规模居 ...

丨证券研究报告丨 公司研究丨点评报告丨兴蓉环境（000598.SZ） [Table_Title] 兴蓉环境2024A点评：归母净利润同比增8.3%， 自来水爬坡+污水提价有望延续增长 报告要点 [Table_Summary] 兴蓉环境 2024 年实现营收 90.49 亿元，同比增 11.9%；归母净利润 19.96 亿元，同比增 8.28%。 2024 年公司经营侧稳健，核心运营板块自来水制售、污水处理服务、垃圾焚烧发电稳健增长， 自来水业务产能爬坡，和污水处理价格提升，有望延续公司业绩增长。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 2025-04-18 兴蓉环境（000598.SZ） cjzqdt11111 [Table_Title 兴蓉环境 2024A 2] 点评：归母净利润同 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 7.55 [6][7]. Core Views - The company achieved a revenue of RMB 9.049 billion in 2024, representing a year-over-year increase of 11.90%, and a net profit attributable to shareholders of RMB 1.996 billion, up 8.28% year-over-year [1][2]. - The growth in revenue and profit is driven by increased business volume, price adjustments, and operational efficiency improvements in its main business segments [2][3]. - The company is expected to continue its revenue and profit growth from 2025 to 2027, supported by increased operational capacity and price hikes [1][4]. Summary by Sections Financial Performance - In 2024, the company's wastewater treatment revenue reached RMB 3.641 billion, up 20.4% year-over-year, driven by a 9.72% increase in wastewater treatment volume to 138.4 million tons and higher treatment prices in Chengdu [2]. - The water supply revenue was RMB 2.626 billion, a 7.3% increase, with sales volume of 1.15 billion tons, and a gross margin increase of 1.11 percentage points to 45.57% [2]. - The revenue from waste incineration power generation was RMB 774 million, with a gross margin of 48.1%, reflecting a 7.9 percentage point increase [2]. Cost and Cash Flow - The company reported an increase in R&D expenses to RMB 53 million, primarily due to more R&D projects [3]. - Financial expenses rose to RMB 391 million, mainly due to interest expenses from completed projects [3]. - The net operating cash flow for 2024 was RMB 3.681 billion, an increase of 8.61% year-over-year, with a dividend per share (DPS) of RMB 0.187, up 10% year-over-year [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected EPS of RMB 0.74, RMB 0.81, and RMB 0.88 for the respective years, reflecting downward adjustments of 6% and 8% for 2025 and 2026 [4]. - The target price of RMB 7.55 is based on a price-to-earnings (PE) ratio of 10.2 times for 2025, aligning with the average PE of comparable companies [4][11].

Core Insights - The company reported a robust financial performance for 2024, with total revenue reaching 9.049 billion yuan, an increase of 11.90% year-on-year, and a net profit attributable to shareholders of 1.996 billion yuan, up 8.28% year-on-year [1][2] Financial Performance - The company achieved earnings per share of 0.67 yuan, reflecting an 8.06% increase year-on-year [1] - Operating cash flow net amount reached 3.681 billion yuan, growing by 8.61% year-on-year [3] - Total assets increased to 48.448 billion yuan, marking an 11.24% year-on-year growth [1] Business Segments Performance - The wastewater treatment segment generated 3.641 billion yuan in revenue, a significant increase of 20.42% year-on-year, driven by operational enhancements and fee adjustments [2] - The water supply segment saw a 7.62% increase in water sales volume to 1.150 billion tons, with revenue reaching 2.620 billion yuan, up 7.26% year-on-year [2] - The waste incineration power generation segment achieved revenue of 774 million yuan, growing by 10.51% year-on-year, with a gross margin increase of 7.84 percentage points to 48.07% [2] Cost Management and Shareholder Returns - The company effectively managed accounts receivable and optimized financing structures to mitigate cost pressures associated with business expansion [3] - A cash dividend of 1.87 yuan per 10 shares is proposed, representing a 10% increase in total dividends year-on-year, reflecting management's confidence in future performance [3] Expansion and Capacity Growth - The company is focusing on consolidating regional advantages while expanding its national market presence, with new projects in multiple locations and successful acquisitions [4] - Total operational and under-construction water supply project capacity reached approximately 9.2 million tons per day, with waste incineration capacity at 12,000 tons per day [4] - The company is also expanding into emerging sectors such as reclaimed water utilization and kitchen waste disposal, with a current reclaimed water business scale of 1.3 million tons per day [4] Innovation and Technology - The company significantly increased R&D investment by 355% year-on-year to 54.88 million yuan, launching 57 projects and obtaining 33 new patents [5] - A smart management platform is being developed to enhance operational efficiency across various functions [5] Environmental and Social Responsibility - Several projects have been recognized as industry benchmarks, including a kitchen waste resource utilization project selected by the UN [6] - The company received multiple awards for its ESG practices, highlighting its commitment to social responsibility and environmental sustainability [6] Future Outlook - Industry experts anticipate growth opportunities for the company in 2025, driven by supportive policies and market reforms in the environmental sector [7] - The company is well-positioned with a strong project pipeline and a solid financial structure, supported by technological innovation and smart operations [7]

| | | 上次评级 买入 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兴蓉环境(000598.SZ) [Table_A 左前明 uthor 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 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 公用环保行业分析师 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] 主营业务毛利率上行，经营质量稳步提升 [Table_ReportDate] 2025 年 4 月 18 日 [Table_S 事件：2025 ummar年y]4 月 17 日晚，兴蓉环境发布 2024 年度报告。2024 年公司 实现营业收入 90. ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兴蓉环境(000598.SZ) | | | 上次评级 买入 [Table_A 左前明 uthor 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 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 公用环保行业分析师 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] 主营业务毛利率上行，经营质量稳步提升 [Table_ReportDate] 2025 年 4 月 18 日 [Table_S 事件：2025 ummar年y]4 月 17 日晚，兴蓉环境发布 2024 年度报告。2024 年公司 实现营业收入 90. ...

2025 年 04 月 18 日 兴蓉环境 (000598) ——成都优质水务资产经营稳健，期待分红提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 17 日 | | --- | --- | | 收盘价（元） | 7.13 | | 一年内最高/最低（元） | 8.54/5.95 | | 市净率 | 1.2 | | 股息率%（分红/股价） | 2.38 | | 流通 A 股市值（百万元） | 21,211 | | 上证指数/深证成指 | 3,280.34/9,759.05 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 6.08 | | 资产负债率% | | 59.64 | | 总股本/流通 A 股（百万） | | 2,984/2,975 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 04-17 05-17 06-17 07-17 08-17 09-17 10-17 11-17 12-17 ...

4月17日晚间兴蓉环境（000598）发布2024年年报，全年实现营业收入90.49亿元，同比增长11.9%；归 母净利润19.96亿元，同比提升8.28%，经营性现金流达36.81亿元，增幅8.61%。资产规模与归母净资产 同步扩容，分别增至484.48亿元和181.6亿元。业绩增长主要得益于污水处理、自来水制售及垃圾焚烧发 电等核心板块的业务量提升及处理费上调。 在股东回报方面，公司每股收益增长至0.67元；公司拟每10股派发1.87元现金红利(含税)，较2023年同 比增长10%。 报告期内，兴蓉环境市场拓展成效显著，新增温江、大邑等地供排水项目，并完成西安餐厨垃圾处置项 目股权收购，进一步夯实主业布局。同时，公司加速向再生水利用、直饮水、固废资源化等细分领域延 伸，打造多元化增长极。 兴蓉环境各建设项目有序推进。骑龙净水厂、凤凰河二沟再生水厂年内投运，成都市自来水七厂三期、 邛崃餐厨处置厂等已进入调试或试运行阶段，预计2025年释放产能；万兴环保发电厂三期、成都中心城 区厨余垃圾处理三期等在建项目有序推进，未来处理规模将再上新台阶。随着在建项目陆续落地及新业 务增量释放，兴蓉环境有望进一步巩固环保行业 ...

本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、关联交易基本情况 （一）关联交易概述 证券代码：000598 证券简称：兴蓉环境 公告编号：2025-20 成都市兴蓉环境股份有限公司 关于因公开招标新增关联交易的公告 成都市兴蓉环境股份有限公司（以下简称：公司）控股子公司成都市 自来水有限责任公司（以下简称：自来水公司）投资的成都市水七厂三期 至温江老城区供水输水管线工程近期实施了该项目施工标段公开招标， 经评审和公示，确定成都环境工程建设有限公司（以下简称：环境建设公 司）为该标段中标人，中标含税价 10,663.51 万元（不含税额 9,783.04 万 元）。由于环境建设公司为公司控股股东成都环境投资集团有限公司（以 下简称：成都环境集团）的全资子公司，系公司关联方，本次交易构成关 联交易。 （二）审批程序 本次关联交易经公司独立董事专门会议审议通过，全体独立董事同 意后提交公司董事会审议。公司已于 2025 年 4 月 16 日召开第十届董事 会第二十一次会议审议通过该议案。关联董事刘嫏女士在审议该议案时 回避表决，8 名非关联董事进行了表决。 1 ...