Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][20] Core Views - The company is experiencing an operational turning point, with a significant increase in net profit for Q1 2025, showing a year-on-year growth of 222% [1][2] - The sales structure of oil fats has improved, although revenue is expected to decline in 2024 due to a strategic reduction in external oil fat trade sales [1][6] - Non-operating items have significantly impacted the net profit for 2024, but the company has shown improvement in operational performance [2][6] Summary by Relevant Sections Revenue and Profitability - In 2024, the company achieved operating revenue of 1.449 billion yuan, a decrease of 31% year-on-year, with industrial-grade mixed oil business revenue declining by 42.5% [1][6] - The net profit attributable to the parent company for 2024 was 13.04 million yuan, reflecting a year-on-year increase of 47.3% [2][6] - The gross profit margin improved to 19.21% in 2024, up by 4.5 percentage points year-on-year [8] Financial Performance - The company’s financial expenses decreased to 124 million yuan in 2024, down by 28 million yuan from 2023 [2][8] - The asset-liability ratio decreased by 1.02 percentage points to 72.27% in 2024 [8] Capacity Expansion - The company has expanded its kitchen waste processing capacity to 5,490 tons per day, an increase of 860 tons per day compared to 2023 [3][15] - The net cash flow from operating activities in 2024 was 374 million yuan, supporting the capacity expansion [15] Earnings Forecast - The profit forecast for 2025-2027 has been slightly adjusted upwards, with expected net profits of 88 million, 125 million, and 145 million yuan respectively, reflecting significant growth rates [16][18]

证券研究报告 | 2025年04月24日 投资建议：小幅上调盈利预测，维持 "优于大市"评级。考虑到公司 25Q1 业绩略超预期，我们小幅上调盈利预测，预计 2025-2027 年归母净利润 0.88/1.25/1.45 亿元（2025-2026 原值为 0.83、1.23 亿元），同比增速 576.3%/41.3%/16.1%，当前股价对应 PE=29/21/18x，维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,101 | 1,449 | 1,631 | 1,724 | 1,818 | | (+/-%) | 17.3% | -31.0% | 12.5% | 5.7% | 5.5% | | 归母净利润(百万元) | 9 | 13 | 88 | 125 | 145 | | (+/-%) | -89.6% | 47.3% | 576.3% | 41.3% | 16.1% | | 每股收益（元） | 0.02 | 0.03 | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000803 证券简称：山高环能 公告编号：2025-011 山高环能集团股份有限公司2024年年度报告摘要 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 1、有机固废领域的无害化处理与资源化利用业务 报告期内，公司通过处理餐厨垃圾和外购油脂，经加工后获得UCO等可再生产品。截至目前，公司已 实现在国内近二十余个城市垃圾处理布局，投资建设、运营了济南、青岛、烟台、石家庄、天津、郑 州、株洲、太原、银川、湘潭、武汉、兰州、大同、菏泽等地区多个大型城市餐厨垃圾处理和资源化利 用项目，形成规模化发展格局。公司餐厨垃圾资源化处理投运规模位居国内前茅。公司运营餐厨项目产 能已达5,490吨/日（包含新收购项目及托管项目，其中郑州项目、株洲项目尚未完成股权交割），未来 公司将通过招投标、收购等方式持续提升产能规模。 表1：公司运 ...

营业收入：大幅下滑31.04% 山高环能集团股份有限公司近日发布2024年年度报告，报告期内，公司在营业收入、净利润、研发投入 等多个关键指标上呈现出显著变化。其中，油脂产品加工和销售业务收入下滑明显，研发投入也大幅减 少。这些变化背后反映了公司怎样的经营状况和面临的挑战？本文将为您深入解读。 营收净利：一降一升 研发投入与人员：双双下降 研发投入金额为6,385,094.98元，较2023年的15,759,692.75元减少了9,374,597.77元，降幅59.48%。研发 人员数量为73人，比2023年的91人减少了18人，降幅19.78%。研发投入资本化的金额为4,195,025.35 元，较2023年的4,646,054.57元减少了451,029.22元，降幅9.71%。资本化研发投入占研发投入的比例为 65.70%，较2023年的29.48%增加了36.22%。 2024年，山高环能营业收入为1,449,072,156.30元，相较于2023年的2,101,413,082.72元，减少了 652,340,926.42元，降幅达31.04%。从业务板块来看，油脂产品加工和销售业务收入为820,92 ...

Company Overview - The company is listed on the Shenzhen Stock Exchange under the stock code 000803[14]. - The company’s legal representative is Xie Xin, and the registered address is in Nanchong, Sichuan Province[14]. - The company has undergone a change in its registered address as of April 29, 2021[14]. - The company’s main office is located in Jinan, Shandong Province, with additional offices in Beijing and Nanchong[14]. - The company’s website is https://www.000803.cn, and the email for investor relations is ir@belg.com.cn[14]. Financial Performance - The company reported no cash dividends, stock bonuses, or capital reserve transfers for the fiscal year[5]. - The company's operating revenue for 2024 was ¥1,449,072,156.30, a decrease of 31.04% compared to ¥2,101,413,082.72 in 2023[19]. - Net profit attributable to shareholders for 2024 was ¥13,037,644.49, an increase of 47.30% from ¥8,851,101.26 in 2023[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,254,868.02, a significant improvement of 119.10% compared to -¥27,510,799.45 in 2023[19]. - The net cash flow from operating activities for 2024 was ¥373,885,367.05, down 51.47% from ¥770,346,036.91 in 2023[19]. - Basic earnings per share for 2024 increased by 50.00% to ¥0.03 from ¥0.02 in 2023[20]. - Total assets at the end of 2024 were ¥5,203,034,507.35, a decrease of 3.60% from ¥5,397,247,479.53 at the end of 2023[20]. - The weighted average return on net assets for 2024 was 0.92%, up from 0.62% in 2023[20]. Operational Highlights - The company reported a quarterly operating revenue of ¥416,414,141.10 in Q1 2024, with a net profit of ¥8,772,491.10[24]. - In Q2 2024, the company experienced a net loss of ¥43,774,924.82, despite an operating revenue of ¥373,445,571.70[24]. - The company has achieved a daily processing capacity of 5,490 tons for kitchen waste, ranking among the top in the domestic market[49]. - The company operates multiple large-scale kitchen waste treatment projects across over 20 cities, including Jinan, Qingdao, and Yantai[49]. - The company has secured long-term operating contracts, with service periods ranging from 20 to 30 years for various projects[50][52]. Strategic Focus - The company plans to continue its focus on the organic waste treatment and resource utilization sectors, reflecting its strategic shift in business operations[18]. - The company is focusing on resource utilization as a key development trend in the kitchen waste processing industry, which not only reduces risks associated with waste but also offers significant economic value[33]. - The company is leveraging its technological capabilities and financial resources to lead the industry during this period of rapid growth, aligning with national policies promoting sustainable waste management[36]. - The company aims to enhance its organic waste treatment and resource utilization business, aligning with national goals of achieving a 60% resource utilization rate for urban household waste by 2025[124]. Market and Industry Trends - The market for kitchen waste processing is expected to grow rapidly due to improved waste classification policies and the establishment of a regulatory framework for kitchen waste management, enhancing the company's operational environment[33]. - The company is positioned to benefit from the "dual carbon" goals set by the government, which aim for carbon peak by 2030 and carbon neutrality by 2060, driving growth in the kitchen waste resource utilization industry[30]. - The potential supply of Used Cooking Oil (UCO) in China exceeds 6 million tons, with less than half currently developed, indicating substantial growth opportunities in the biodiesel sector[40]. - The company is actively pursuing opportunities in the biogas and biodiesel markets, supported by favorable government policies[125]. Research and Development - The company is committed to ongoing research and development of new products to meet market demands[112]. - The company is focusing on the development of technologies for the resource utilization of kitchen waste, in line with the government's waste classification initiatives[124]. - The company has ongoing research and development efforts for new products and technologies, although specific details were not provided in the content[100]. Environmental Compliance - The company strictly adhered to various environmental protection laws and standards during its operations, confirming its status as a key pollutant discharge unit[178]. - The company has established a comprehensive environmental impact assessment process for construction projects, ensuring all necessary approvals are obtained[179]. - The company has implemented strict monitoring of pollutant emissions to ensure compliance with industry standards[179]. - The company has obtained valid pollution discharge permits for its subsidiaries, with expiration dates ranging from 2025 to 2030[179]. Governance and Management - The company has a structured remuneration system based on job responsibilities, performance, and company policies[153]. - The board of directors includes independent directors and various professionals with extensive experience in finance and law[148][149][150]. - The company has established a legal service team to enhance its compliance and risk management capabilities[149]. - The company has implemented a comprehensive performance evaluation system for its management team to ensure accountability and effectiveness[153]. Community Engagement - The company provided financial assistance to a retired soldier affected by a fire in Sichuan Province, demonstrating its commitment to social responsibility[191]. - Gansu Chinei, a subsidiary, was awarded the "Waste-Free Enterprise" honor for its contributions to green development and waste-free initiatives in Lanzhou[192]. - The company engaged in educational activities, hosting over 100 students from Taiyuan University to promote waste classification and the importance of proper waste disposal[193]. - The company actively participated in poverty alleviation efforts, providing heating fee reductions for three underprivileged households in its service area[196].

证券代码：000803 证券简称：山高环能 公告编号：2025-017 山高环能集团股份有限公司 关于 2024 年度计提各项资产减值准备的公告 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。 山高环能集团股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开第 十一届董事会第二十次会议和第十一届监事会第十二次会议，审议通过《关于 2024 年度计提各项资产减值准备的议案》，现将有关情况公告如下： 一、本次计提各项资产减值准备情况概述 根据《深圳证券交易所上市公司自律监管指南第 1 号—业务办理》《企业会 计准则》及公司相关会计制度的有关规定，为真实反映公司的财务状况、资产价 值及经营成果，公司对合并报表中截至 2024 年 12 月 31 日相关资产价值出现的 减值迹象进行了全面的清查，在清查的基础上，对各类存货的可变现净值、应收 款项回收可能性等进行了充分的分析，并按资产类别进行了测试，对可能发生减 值的相关资产计提了减值准备。 2024 年度计提各项资产减值准备合计 3,506.28 万元，明细如下表： 单位：人民币万元 | 序号 | 资 ...

证券代码：000803 证券简称：山高环能 公告编号：2025-019 山高环能集团股份有限公司 关于募投项目结项并将节余资金永久补充流动资金的公告 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。 山高环能集团股份有限公司（以下简称"公司"或"山高环能"）于 2025 年 4 月 21 日召开第十一届董事会第二十次会议和第十一届监事会第十二次会议，审 议通过《关于募投项目结项并将节余资金永久补充流动资金的议案》。公司拟将 2020 年度向特定对象发行股票（以下简称"本次非公开发行"）募集资金投资项 目"收购北京驰奈生物能源科技有限公司 99.996%股权"予以结项，并将节余募集 资金合计 1,664.85 万元用于永久补充流动资金。具体情况如下： 一、募集资金基本情况 （一）募集资金概况 经中国证券监督管理委员会《关于核准北清环能集团股份有限公司非公开发 行股票的批复》（证监许可〔2021〕1986 号）核准，公司向 25 名特定对象发行 人民币普通股（A 股）股票 51,823,630 股，发行价格为 11.68 元/股，募集资金总 额为 605,299,9 ...

（一）日常关联交易概述 公司及各控股子公司因日常生产经营需要，预计2025年度拟与间接控股股东 山东高速集团有限公司（以下简称"高速集团"）及其下属子公司发生日常关联交 易，合计交易金额不超过27,756万元，去年同类交易实际发生总额为17,914.93万 元。 证券代码：000803 证券简称：山高环能 公告编号：2025-015 山高环能集团股份有限公司 关于2025年度日常关联交易预计的公告 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。 山高环能集团股份有限公司（以下简称"公司"）于2025年4月21日召开第十 一届董事会第二十次会议和第十一届董事会独立董事第三次专门会议，会议审议 通过了《关于2025年度日常关联交易预计的议案》，本事项尚需提交公司股东大 会审议。现将有关情况公告如下： 一、日常关联交易基本情况 注：1、关联交易在总额范围内，公司管理层可以根据实际情况在同一控制下不同关联人之 间的关联交易金额进行内部调剂。 2、上述发生额为不含税金额，占同类业务比例计算基数为2024年度经审计同类业务的 发生额。 （三）上一年度日常关联交易实际发生情 ...

一、公司 2024 年度经营情况 山高环能集团股份有限公司 2024 年度董事会工作报告 2024 年，山高环能集团股份有限公司（以下简称"公司"）董事会严格遵循 《公司法》《证券法》《深圳证券交易所上市公司自律监管指引第 1 号—主板上 市公司规范运作》等法律法规，同时按照《公司章程》、公司《董事会议事规则》 等规章制度的规定，本着恪尽职守、勤勉尽责的原则，确保运作规范、决策科学 审慎。董事会严格执行股东大会决议，高效推进董事会各项工作，持续优化公司 法人治理结构，促进公司长期稳健发展，切实有效保障公司和全体股东的合法权 益。现将公司董事会 2024 年度主要工作情况报告如下： 报告期内，公司业务主要涵盖三大核心板块，一是有机餐厨固废无害化处理， 公司采取特许经营（ BOO、BOT ）、PPP、股权收购等模式投资、建设、运营， 获得所在城市餐厨、厨余和废弃油脂资源化利用中长期特许经营权。截至目前， 公司已实现在国内近二十余个大中城市的布局，餐厨垃圾资源化处理投运规模位 居国内前茅。在政府特许经营授权下，对城市餐厨废弃物进行统一收集和无害化 处理，政府支付餐厨废弃物收运、处置费用，在无害化处理的同时，将餐厨废 ...