证券代码：301109 证券简称：军信股份 公告编号：2025-068 湖南军信环保股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 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。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金管 理的公告》（公告编号：2025-042）。 一、本 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-067 湖南军信环保股份有限公司 2024年年度权益分派实施公告 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。 湖南军信环保股份有限公司（以下简称"公司"）2024年年度权益分派方案已获2025 年5月26日召开的2024年年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 1、2024年年度股东大会审议通过的2024年度利润分配及资本公积金转增股本方案 为：以公司现有总股本563,643,459股为基数，向全体股东每10股派发现金红利9元（含 税）,共计派发现金人民币507,279,113.10元，不送红股；同时，以资本公积金向全体股 东每10股转增4股，合计转增225,457,383股，转增后公司总股本为789,100,842股（最终 以中国证券登记结算有限责任公司深圳分公司登记为准）。本次利润分配后，公司剩余可 供分配利润结转以后年度分配。 本次利润分配及资本公积金转增股本方案实施时，若公司董事会、股东大会审议通过 利润分配及资本公 ...

Core Viewpoint - The article highlights the transformation of municipal solid waste into clean energy at the Changsha Black Mifeng Solid Waste Treatment Plant, showcasing advanced technology and environmental benefits. Company Overview - The Changsha Black Mifeng Solid Waste Treatment Plant, operated by Hunan Junxin Environmental Protection Co., Ltd., is the only environmental park in China to have received two Luban Awards, the highest construction engineering award in the country [2]. - The plant has a daily waste processing capacity of nearly 20,000 tons of municipal solid waste and over 1,000 tons of sludge, generating approximately 5 million kilowatt-hours of electricity daily, sufficient to meet the needs of 1.37 million urban residents [2]. Technological Advancements - The facility employs a 5G cloud platform for visual detection and traceability of waste, achieving a 99.8% automation rate across the plant [4]. - Real-time monitoring of key equipment performance and emissions is conducted, with all emission indicators significantly exceeding national and EU standards [4]. Environmental Impact - The plant contributes to significant carbon reduction, achieving over 1 million tons of carbon emissions reduction annually [2]. - The waste classification system in Changsha aims for a recycling rate of 41.47% and a resource utilization rate of 86.60% by 2024, with a 100% harmless treatment rate [6]. Waste Management Strategy - The city focuses on source reduction, recycling, community education, and facility openness to enhance waste classification efforts [6].

Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

证券代码：301109 证券简称：军信股份 公告编号：2025-066 湖南军信环保股份有限公司 关于使用部分闲置自有资金进行现金管理到期赎回 并使用部分闲置募集资金及自有资金进行现金管理的公告 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。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its strong asset quality and growth potential [6][10]. Core Views - The company holds core solid waste assets in Changsha, with stable profitability and improving cash flow, committing to a long-term dividend payout ratio of no less than 50% under certain conditions [6][12]. - The company has a robust operational performance, with its Changsha waste incineration project achieving industry-leading metrics in terms of revenue and profit per ton [6][12]. - The acquisition of Renhe Environment is expected to enhance operational efficiency and profitability, with significant revenue contributions anticipated from both domestic and international projects [6][12]. Summary by Sections Market Performance - As of June 4, 2025, the closing price is 21.79 CNY, with a market capitalization of 12,281.79 million CNY and a circulating market value of 2,149.60 million CNY [4]. Financial Data - The company has maintained a stable dividend of 0.9 CNY per share over the past three years, resulting in a current dividend yield of 4.1% [6][26]. - The projected revenues for 2025-2027 are 32.2 billion CNY, 33.1 billion CNY, and 35.9 billion CNY, with corresponding net profits of 7.52 billion CNY, 8.02 billion CNY, and 8.44 billion CNY, reflecting growth rates of 40.3%, 6.62%, and 5.25% respectively [7][10]. Investment Logic - The company focuses on solid waste management in Hunan, with a comprehensive service capability across the entire waste management industry chain [12][15]. - The acquisition of Renhe Environment is expected to enhance the company's operational capabilities in waste transfer and kitchen waste processing, contributing to stable profits [12][44]. - The company is actively expanding into overseas markets, with a current project reserve of 7,000 tons/day, which is anticipated to provide continuous growth [12][56]. Profitability and Cash Flow - The company has demonstrated strong cash flow performance, with a cash flow from operations increasing from 7.5 billion CNY in 2020 to 9.7 billion CNY in 2024 [24][26]. - The company’s collection ratio has remained around 1, indicating effective receivables management and lower bad debt risk compared to industry peers [40][47]. Strategic Initiatives - The company is pioneering the integration of waste incineration power generation with data center (IDC) operations, which is expected to enhance profitability and cash flow stability [59][65]. - The collaboration with data centers is aligned with national policies aimed at reducing energy consumption and increasing the use of renewable energy sources [59][64].

Group 1 - The municipal environmental protection sector is characterized by stable profitability, improved cash flow, and opportunities in environmental dividend assets due to debt reduction and water price adjustments. High dividend stocks are emerging in the municipal water and solid waste sectors, with companies like Guangdong Investment, Yongxing Co., Hongcheng Environment, and others recommended for investment [4][30][28] - The integration of AI is driving secondary growth in the municipal environmental protection sector, particularly through solid waste management and AI Data Centers (AIDC). The collaboration between waste incineration and AIDC can significantly enhance profitability and cash flow for waste management companies [4][34][37] - The report highlights the acceleration of water price adjustments across various regions, with 17 areas having raised water prices since January 2024. This trend is expected to enhance the profitability of water service companies [18][20][21] Group 2 - The report emphasizes the importance of stable revenue and income in municipal water and solid waste operations, which are essential for urban functioning. The cost structure primarily consists of depreciation, amortization, and labor costs, ensuring long-term profitability through a franchise model [17][9] - The report outlines a significant reduction in capital expenditures (Capex) within the municipal environmental sector, leading to improved free cash flow and dividend rates. This trend is expected to continue as the industry matures [23][25] - The introduction of a 12 trillion yuan debt reduction plan is anticipated to benefit the environmental protection sector, particularly companies with high dividend yields and significant accounts receivable, such as Hongcheng Environment and Yongxing Co. [27][28]

证券代码：301109 证券简称：军信股份 公告编号：2025-064 湖南军信环保股份有限公司 关于使用闲置自有资金进行现金管理到期赎回的公告 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。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金管 理的公告》（公告编号：2025-042）。 近 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Views - The company is a leading player in waste-to-energy in Hunan Province, focusing on stable revenue growth and profitability through its waste incineration projects and strategic acquisitions [9][14]. - The integration of waste incineration with IDC (Intelligent Data Center) presents significant collaboration potential, especially in the Changsha region, and the company is actively expanding its overseas projects [9][14]. - The company has a strong cash flow position, supporting high dividend payouts, with a commitment to maintain a cash dividend ratio of no less than 50% in the long term [9][14]. Summary by Sections 1. Hunan Province Waste-to-Energy Leader - The company focuses on waste incineration power generation, with a compound annual growth rate (CAGR) of 19.5% in revenue and 11.0% in net profit from 2019 to 2024 [9][18]. - As of Q1 2025, the company has a waste incineration capacity of 11,800 tons per day, contributing significantly to local energy needs and carbon reduction [14][18]. 2. Strong Asset Base and Expansion - The company holds a 46.31% market share in Hunan's waste incineration market, with ongoing projects enhancing its competitive edge [30][31]. - The acquisition of 63% of Renhe Environment allows for vertical integration in the waste management chain, enhancing operational efficiency [52][54]. 3. Synergy of Waste Incineration and IDC - The company is leveraging its waste incineration capabilities to support IDC operations, which is expected to benefit from government policies promoting green computing [57][75]. - The integration of waste-to-energy solutions with data centers is projected to improve energy efficiency and reduce operational costs [57][63]. 4. Profitability and Financial Outlook - The company is expected to achieve net profits of 750 million, 797 million, and 841 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 15.7, 14.7, and 13.9 [9][11]. - The company maintains a robust cash flow, with operating cash flow reaching 971 million yuan in 2024, supporting its high dividend payout policy [22][27].