债券代码：149193.SZ 债券简称：20兴蓉01 关于召开成都市兴蓉环境股份有限公司 2020 年面向合格 投资者公开发行公司债券（第一期） 2024 年度第一次债券持有人会议的公告 特别提示： 根据募集说明书及持有人会议规则的规定，债券受托管理人中信 建投证券股份有限公司（以下简称：中信建投或受托管理人）拟召集 成都市兴蓉环境股份有限公司 2020 年面向合格投资者公开发行公司 债券（第一期）2024 年第一次债券持有人会议（以下简称：本次债 券持有人会议），公告如下： 一、债券基本情况 （一）债券名称：成都市兴蓉环境股份有限公司 2020 年面向合 格投资者公开发行公司债券（第一期）。 （二）债券简称：20 兴蓉 01。 （三）债券代码：149193.SZ。 （四）发行规模：人民币 14 亿元。 ●根据《成都市兴蓉环境股份有限公司 2020 年面向合格投资者 公开发行公司债券（第一期）募集说明书》（以下简称：募集说明书） 及《成都市兴蓉环境股份有限公司 2019 年公开发行公司债券债券持 有人会议规则》（以下简称：持有人会议规则或《债券持有人会议规 则》）的规定，如进行参会登记的债券持有人所代表的本期 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating, citing a 20% upside potential based on a 13x PE multiple for 2024, targeting a market cap of 26.4 billion yuan [4][10] Core Investment Thesis - The company is a leading integrated water and environmental services provider under the Chengdu State-owned Assets Supervision and Administration Commission (SASAC), with a strong presence in water and solid waste sectors [4] - Historical performance shows steady growth, with revenue and net profit CAGR of 14% from 2019-2023, and a significant improvement in cash flow, leading to a higher dividend payout ratio of 28% in 2023 [5] - The company has a robust pipeline of projects in water treatment, water supply, and environmental services, with significant expansion potential in both Chengdu and other regions [5][6][7] Water Treatment Business - The company operates 4.34 million tons/day of water treatment capacity, with an additional 460,000 tons/day under construction, representing a 10.6% expansion ratio [5] - Chengdu accounts for 72% of the operational capacity, with a guaranteed return on investment of 10% every three years, and a recent price increase of 0.5 yuan/ton in 2024 is expected to boost net profit by 200 million yuan [5] - The company is expanding its footprint beyond Chengdu, with 28% of its water treatment capacity located in other regions such as Lanzhou, Xi'an, and Shenzhen [38] Water Supply Business - The company operates 3.89 million tons/day of water supply capacity, with an additional 410,000 tons/day under construction, representing a 10.5% expansion ratio [6] - Chengdu accounts for 82.4% of the operational capacity, with stable water prices since 2014, but potential for future adjustments [6] - The company has a strong track record in water supply, with historical gross margins maintained between 45-50% [6] Environmental Services - The company has a significant presence in waste-to-energy, with 6,900 tons/day of operational capacity and 5,100 tons/day under construction, expected to be completed by the end of 2025 [7] - The company also operates in leachate treatment (5,630 tons/day), sludge treatment (1,516 tons/day), and food waste treatment (500 tons/day), with substantial expansion plans in these areas [7] - The environmental services segment is expected to contribute significantly to future growth, with waste-to-energy capacity set to double by 2025 [7] Financial Projections - The company is expected to achieve net profits of 2.033 billion yuan, 2.216 billion yuan, and 2.407 billion yuan for 2024-2026, with PE ratios of 11x, 10x, and 9x, respectively [8] - Revenue is projected to grow at a CAGR of 7.6% from 2024-2026, driven by expansions in water treatment, water supply, and environmental services [9] - The company's free cash flow is expected to turn positive as capital expenditure peaks pass, providing room for further dividend increases [5][8]

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 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 ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2024-43 成都市兴蓉环境股份有限公司（以下简称：公司）于 2023 年 12 月 26 日召开第十届董事会第六次会议，审议通过了《关于 2024 年日常关联 交易预计的议案》，预计 2024 年与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）及其关联企业新增日常关联交易 25,398 万 元（年内预计发生额 21,253 万元），业务类型包括接受关联人提供的劳务、 租赁关联人物业、向关联人采购材料、向关联人提供劳务、向关联人提供 物业租赁和销售产品（具体详见公司于 2023 年 12 月 27 日在《中国证券 报》《证券时报》及巨潮资讯网（www.cninfo.com.cn）披露的《关于 2024 年日常关联交易预计的公告》，公告编号：2023-73）。 根据公司业务需要，预估 2024 年还将与控股股东成都环境集团及其 关联企业新增日常关联交易，预计金额共人民币 13,750.35 万元（年内预 计发生额约为 8,983.85 万元），主要包括接受关联人提供的劳务、向关联 人采购材料、向关联人提供劳务、向关联人提供物业租赁和销售产品。 ...

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 ...