证券代码：000598 证券简称：兴蓉环境 成都市兴蓉环境股份有限公司 2024 年 10 月 31 日投资者关系活动记录表 编号：2024-37 | --- | --- | --- | |-----------------------|-------------------------------|----------------------------------------------------------------| | | | | | 投资者关系活动 | ★ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 □ | 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称及 | 申万宏源证券 | 莫龙庭 | | 人员姓名 | 华宝信托 朱永习 | | | | 浙商证券资管 | 胡晓楠 | | 时间 | 2024 年 10 月 31 日 | | | 地点 | 成都市兴蓉环境股份有限公司 | | | | | | | 上市公司接待人 员姓名 | 梁一谷 | | | | 问题 1 | ：请介绍公司运营及在建项目 ...

看到这份资料的感受是公司不仅仅有增长更重要的是增长的质量比如说利润率 现金流我们看到毛利率 净利率 定限比都是在环币提升的收险比比较平稳的情况之下确实因为公司掌握了成都区域的优质的省份和公费资产那么能够实现一个比较高质量的增长 我们也期待未来公司在这个开始高峰过后在现金流上能够有更大的增厚和回馈空间那么下面就把访问的时间交给公司的领导有请董事会秘书刘总请您来给大家介绍一下山地路业绩的整体情况谢谢好的各位大家上午好我是新闻环境总秘书刘杰 第二个我先把公司今年一到三季度的一个整体的一个月的情况给大家先做一个简单的介绍完了之后就大家比较关心的问题大家发一下提问我来自己回答首先今年一到三季度经营环境实现的营业收入是62.13亿元实现规模就业16.26亿元比上年同期分别增长了9.14%和9.17% 前三季度我们的创造毛利率44.76%应该说是继续保持了一个高位运行的状态跟上年同期相比还略有提升特别是今年三季度叠加水量以及水价的一个增长所以说这个要比从单三季度来说的话我们毛利率也是增长了两个月左右经营活动潜力流这方面前三季度实现了21.47亿元 同比增长18.5%应该说3G这个资产情况要比上半年要好一些那么从各个业务板块 ...

Investment Rating - The report maintains a "Buy" rating for Xingrong Environment [1] Core Views - The company achieved a revenue of 6.213 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 9.17%. The net profit attributable to the parent company was 1.626 billion yuan, up 9.14% year-on-year [2] - The report highlights a steady growth in performance, with a slowdown in credit impairment losses in Q3 2024. The single-quarter revenue for Q3 2024 was 2.205 billion yuan, down 0.29% year-on-year but up 1.97% quarter-on-quarter. The net profit for Q3 2024 was 698 million yuan, an increase of 8.57% year-on-year and 48.14% quarter-on-quarter [2] - The company has improved its cash collection, with credit impairment losses in Q3 2024 amounting to 11 million yuan, a decrease of 37.08% year-on-year and 72.47% quarter-on-quarter [2] - The report emphasizes the company's strong cash flow position, with operating cash flow net amounting to 2.147 billion yuan, an increase of 18.50% year-on-year [2] Financial Forecasts and Valuation - The report forecasts the company's net profit attributable to the parent company for 2024-2026 to be 2.079 billion yuan, 2.280 billion yuan, and 2.489 billion yuan respectively, corresponding to a P/E ratio of 11, 10, and 9 times [2] - The company is expected to benefit from the expansion of its water and solid waste assets in Chengdu, with significant capacity increases and price hikes in wastewater treatment contributing to future revenue growth [2] - The report notes that the company has a dividend payout ratio of 27.53% in 2023, indicating potential for future increases in dividends [2]

证券代码：000598 证券简称：兴蓉环境 成都市兴蓉环境股份有限公司 2024 年 10 月 25 日投资者关系活动记录表 编号：2024-36 | --- | --- | |----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a revenue of 2.205 billion yuan in Q3 2024, a slight decrease of 0.29% year-on-year, while the net profit attributable to the parent company was 698 million yuan, reflecting a year-on-year increase of 8.57% [3][4]. - The gross margin improved by 2.21 percentage points year-on-year to 47.8% in Q3 2024, attributed to fixed cost dilution from capacity ramp-up and an increase in sewage treatment service fees [3][4]. - The company reported a significant improvement in cash collection, with a cash collection ratio of 97.72% in Q3 2024, up 6.47 percentage points year-on-year [4]. - Operating cash flow for Q3 2024 was 1.170 billion yuan, representing a year-on-year growth of 25.4% [4]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company reported a total revenue of 6.213 billion yuan, up 9.17% year-on-year, and a net profit of 1.626 billion yuan, also up 9.14% year-on-year [3]. - The Q3 2024 net profit was 698 million yuan, with a non-deducted net profit of 692 million yuan, both showing year-on-year increases of 8.57% and 8.64% respectively [3]. Financial Performance - The financial expense ratio decreased to 3.76% in Q3 2024, down 0.28 percentage points year-on-year, indicating stable operational efficiency [4]. - The company’s credit impairment losses were significantly reduced, with Q3 2024 losses at 11 million yuan, down from 67.6 million yuan in the same period last year [4]. Future Growth Drivers - The company is set to benefit from an increase in sewage treatment service fees in Chengdu, which is expected to enhance revenue from its sewage treatment business [4]. - The company has ongoing and planned projects that will contribute to future capacity, including a total operational and under-construction water supply capacity of approximately 4.3 million tons per day and sewage treatment capacity of about 4.8 million tons per day [4]. Dividend Policy - The dividend payout ratio for 2023 was increased to 27.5%, up 6.86 percentage points from 2022, with an expected dividend yield of 2.48% for 2024 [4].

Investment Rating - The investment rating for Xingrong Environment (000598.SZ) is "Buy" [1][2] Core Views - The company achieved operating revenue of 6.213 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 9.17% [1] - The net profit attributable to shareholders reached 1.626 billion yuan, also up 9.14% year-on-year [1] - The net profit margin for the first three quarters was 26.87%, showing a slight increase compared to the previous half-year [1] - The company is expected to maintain stable growth and dividend potential, with projected revenues of 9.14 billion, 9.61 billion, and 10.45 billion yuan for 2024, 2025, and 2026 respectively [2] Financial Performance Summary - In Q3 2024, the company reported revenue of 2.205 billion yuan, a year-on-year decrease of 0.29% but a quarter-on-quarter increase of 1.97% [1] - The net profit for Q3 2024 was 698 million yuan, reflecting an 8.57% year-on-year increase and a significant 48.14% quarter-on-quarter increase [1] - The cash flow from operating activities for the first three quarters was 2.147 billion yuan, an increase of 18.5% year-on-year [1] Business Growth and Development - The company is focusing on both organic and external growth in its water business, with ongoing projects expected to contribute to future performance [1] - The company has plans to invest in new water treatment facilities, which will enhance its market presence in Chengdu [1] - The total capacity of the company's current, under-construction, and planned water supply and drainage projects exceeds 9 million tons per day [1] Earnings Forecast - The forecasted earnings for the company are stable, with expected net profits of 2.091 billion, 2.283 billion, and 2.477 billion yuan for 2024, 2025, and 2026 respectively [2] - The projected P/E ratios for the company are 10.78x, 9.87x, and 9.10x for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [2]

成都市兴蓉环境股份有限公司 非金融企业债务融资工具披露信息事务管理制度 （经 2024 年 10 月 24 日公司第十届董事会第十四次会议审议通过） 第一章 总则 第一条 为规范成都市兴蓉环境股份有限公司（以下简称：公司） 在银行间债券市场发行非金融企业债务融资工具的信息披露行为，加 强信息披露事务管理，促进公司依法规范运作，保护投资者合法权益， 公司根据中国人民银行《银行间债券市场非金融企业债务融资工具管 理办法》、中国银行间市场交易商协会（以下简称：交易商协会）《银 行间债券市场非金融企业债务融资工具信息披露规则》及相关法律法 规，制定本制度。 第二条 本制度所称非金融企业债务融资工具（以下简称：债务 融资工具），是指公司在中国银行间债券市场发行的，约定在一定期 限内还本付息的有价证券。 本制度所称"信息"是指公司作为交易商协会的注册会员，在债 务融资工具发行及存续期内，对发行债务融资工具的非金融企业偿债 能力或投资者权益可能有重大影响的信息以及债务融资工具监管部 门要求披露的信息。 本制度所称"信息披露"是指按照法律、法规和交易商协会规定 要求披露的信息，在规定时间内，按照规定的程序、以规定的方式向 投 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥2,204,609,452.58, a decrease of 0.29% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥698,106,295.81, an increase of 8.57% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥691,938,155.44, up 8.64% from the previous year[2]. - Total operating revenue for the third quarter reached ¥6,212,609,988.95, an increase of 9.16% compared to ¥5,690,683,745.78 in the same period last year[15]. - The total profit for the quarter was CNY 1,951,432,221.85, an increase from CNY 1,770,240,921.61, representing a growth of 10.2%[16]. - Operating profit for the quarter was CNY 1,948,095,632.97, compared to CNY 1,761,493,426.32 in the same period last year, marking an increase of 10.6%[16]. - The net profit for Q3 2024 reached CNY 1,669,231,972.77, an increase of 9.4% compared to CNY 1,525,705,757.64 in Q3 2023[16]. - Basic earnings per share rose to CNY 0.5461, compared to CNY 0.5013 in the previous year, reflecting an increase of 8.9%[17]. Assets and Equity - Total assets at the end of Q3 2024 reached ¥47,128,025,711.81, reflecting an increase of 8.20% compared to the end of the previous year[2]. - The company's total equity attributable to shareholders was ¥17,789,737,185.14, up 6.89% from the end of the previous year[2]. - The company's total assets increased to ¥47,128,025,711.81, compared to ¥43,555,025,093.36 in the previous year, marking a growth of 8.67%[14]. - The total equity attributable to shareholders increased to ¥17,789,737,185.14 from ¥16,643,592,400.55, reflecting a growth of 6.87%[14]. Cash Flow and Financing - Cash flow from financing activities for the year-to-date period was ¥1,866,136,416.50, an increase of 57.31% compared to the same period last year[8]. - The net increase in cash and cash equivalents for the year-to-date period was ¥595,216,282.95, a remarkable increase of 1011.45% year-on-year[8]. - The company's cash and cash equivalents increased to ¥4,496,496,711.60 from ¥3,907,848,282.78, representing a growth of approximately 15.06%[12]. - The company's cash and cash equivalents at the end of Q3 2024 totaled CNY 4,467,929,312.21, an increase from CNY 3,625,478,651.79 at the end of Q3 2023[19]. - Cash inflow from financing activities reached CNY 4,807,969,171.96, compared to CNY 3,300,961,889.35 in Q3 2023, with a net cash flow from financing activities of CNY 1,866,136,416.50[19]. Expenses and Liabilities - The company's R&D expenses for the year-to-date period amounted to ¥18,458,532.13, representing a significant increase of 192.12% year-on-year[6]. - Total operating costs amounted to ¥4,197,160,472.88, up from ¥3,887,993,255.75, reflecting a year-over-year increase of 7.95%[15]. - Non-current liabilities rose to ¥19,225,245,573.28, up from ¥15,822,609,596.50, indicating an increase of 21.14%[14]. - Financial expenses increased to CNY 260,743,367.94 from CNY 202,321,844.86, showing a rise of 28.8%[16]. - The company reported a significant increase in interest expenses, which reached CNY 368,320,571.19, up from CNY 308,912,315.02, reflecting a rise of 19.2%[16]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 71,184[9]. - Chengdu Environmental Investment Group Co., Ltd. holds 42.20% of shares, totaling 1,259,605,494 shares[10]. - The top ten shareholders collectively hold significant stakes, with the largest shareholder owning over 42%[10]. - The company has no known related party relationships among the top ten shareholders, except for those controlled by the same entity[10]. - The company repurchased and canceled 561,600 restricted stocks, reducing total share capital from 2,984,996,321 shares to 2,984,434,721 shares[11]. Operational Developments - The company plans to operate the Phoenix River Second Water Plant project starting October 2024[11]. - The company has ongoing investments in new technologies and market expansion, although specific figures were not disclosed in the report[15]. Preliminary Report Status - The company has not yet audited the Q3 report, indicating that the figures are preliminary and subject to change[21].

成都市兴蓉环境股份有限公司 董事会战略委员会工作细则 （经2024年10月24日公司第十届董事会第十四次会议审议通过） 第四条 战略委员会委员由董事长、二分之一以上独立董事或者 全体董事的三分之一提名，并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，由董事长担任， 负责召集、主持委员会工作。 第六条 战略委员会任期与董事会任期一致，委员任期届满，连 选可以连任。期间如有委员不再担任公司董事职务或应当具有独立董 1 第一条 成都市兴蓉环境股份有限公司（以下简称"公司"）为 适应公司战略发展需要，增强公司核心竞争力，确定公司发展规划， 健全投资决策程序，加强决策科学性，提高重大投资决策的效益和决 策的质量，完善公司治理结构，根据《中华人民共和国公司法》、《上 市公司治理准则》、《成都市兴蓉环境股份有限公司章程》（以下简 称"《公司章程》"）及其他有关规定，特设立董事会战略委员会（以 下简称"战略委员会"），并制定工作细则。 第二条 董事会战略委员会是董事会按照股东大会决议设立的专 门工作机构，主要负责对公司长期发展战略（含可持续发展战略）、 重大投融资决策进行研究并提出建议。 第二章 人员组成 ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2024-41 成都市兴蓉环境股份有限公司 第十届董事会第十四次会议决议公告 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。 成都市兴蓉环境股份有限公司（以下简称：公司）于2024年10月 21日以电子邮件、专人送达方式向全体董事发出召开第十届董事会第 十四次会议的通知。在保障董事充分表达意见的前提下，会议于2024 年10月24日以通讯表决方式召开。本次会议应出席的董事9名，实际 出席会议的董事9名。会议的召集、召开及表决程序符合法律法规及 《公司章程》的相关规定。 与会董事对议案进行了审议，形成如下决议： 一、审议通过《2024年第三季度报告》，详见《中国证券报》《证 券时报》和巨潮资讯网（www.cninfo.com.cn）。 表决结果：9票同意、0票反对、0票弃权。 二、审议通过《关于对子公司东营津膜环保科技有限公司增加注 册资本的议案》。 为支持控股子公司东营津膜环保科技有限公司（以下简称：东营津 膜公司）经营发展，同意向东营津膜公司增加注册资本，公司按60%的 持股比例增资2,250万元，东营津 ...