证券代码：301109 证券简称：军信股份 公告编号：2025-049 一、基本情况 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第三届董事会 第二次会议，审议通过了《关于变更公司注册资本暨修订<公司章程>部分条款并办理工商变更 登记的议案》，同意公司注册资本（总股本）由 410,010,000 股变更为 563,643,459 股，具体 内容详见公司 2025 年 4 月 22 日披露于巨潮资讯网（http://www.cninfo.com.cn）的《关于变 更公司注册资本暨修订<公司章程>部分条款并办理工商变更登记的公告》（公告编号：2025- 041 号）。 二、工商变更登记情况 近日，公司完成了相关的工商变更登记及《公司章程》的备案手续，并取得了长沙市市场 监督管理局换发的《营业执照》，新取得的营业执照基本情况如下： 1、统一社会信用代码：9143000058277032XM 湖南军信环保股份有限公司 关于完成注册资本变更登记暨换发营业执照的公告 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。 2、企业名称：湖南军 ...

军信股份 2025042320250416 Q&A 健友股份 2025 年和 2026 年的经营增长主要来源是什么？ 健友股份 2025 年一季度归母净利润增长接近 40%，主要来源于并购的人和环 境公司，贡献了 4,100 万元。此外，公司新建的资源回收利用项目也符合预期， 预计全年利润增长将达到 35%至 40%。公司垃圾焚烧项目的上网电量保持较 高水平，去年吨上网电量为 459 度每吨，今年预计继续维持并有小幅增长。餐 厨垃圾处理量去年增长 3%，今年预计继续维持。公司长期分红规划不低于当 期净利润的 50%，2024 年度分红接近 95%。未来几年将继续保持稳定分红政 策，并根据现金流及生产经营状况决定具体比例。同时，公司发布了 2 到 3 亿 元的回购计划。 • 2025 年度资本性开支集中在海外项目，总计约 5 亿元。2026 年若顺利推 进，将增加 20 个新项目，总投资规模超 10 亿元，每年资本性开支预计 5- 6 亿元。未来两年基本开支预计每年 5 亿元左右，经营性现金流预计 12- 13 亿元。 • 垃圾焚烧与 IDC 合作项目获政府支持，市场需求旺盛。公司提供绿电、蒸 汽、厂房、土地和 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown steady growth in operational business and is leading the promotion of collaborative computing power centers [1] - The company reported a revenue of 2.431 billion yuan in 2024, a year-on-year increase of 30.86%, and a net profit attributable to shareholders of 536 million yuan, up 4.36% year-on-year [6] - The company has successfully integrated Renhe Environment and launched new waste incineration capacity, contributing to revenue growth [6] - The company is expanding its overseas market presence with significant projects in Kyrgyzstan, which are expected to enhance future revenue streams [6] - The company has committed to a high dividend policy, maintaining a dividend payout ratio of around 50%, with a current dividend yield of approximately 4.5% [6] Financial Data and Profit Forecast - Total revenue is projected to reach 3.254 billion yuan in 2025, with a year-on-year growth rate of 33.9% [5] - The net profit attributable to shareholders is expected to be 750 million yuan in 2025, reflecting a growth rate of 39.9% [5] - The company’s gross margin is forecasted to be 47% in 2025, with a return on equity (ROE) of 9.6% [5] - The company’s capital expenditures (capex) are expected to decrease significantly following the completion of new projects [6]

Financial Performance - In 2024, the company achieved operating revenue of 2.431 billion CNY, a year-on-year increase of 30.86% [4] - The net profit attributable to shareholders was 536 million CNY, up 4.36% year-on-year [4] - The operating cash flow net amount reached 971 million CNY, reflecting an 11.78% increase [5] - In Q1 2025, the company reported operating revenue of 767 million CNY, a 54.23% increase year-on-year, with a net profit of 173 million CNY, up 39.41% [4] Operational Highlights - The company processed 3.2 million tons of municipal solid waste in 2024, generating 1.473 billion kWh of electricity, a 0.82% increase [4] - The electricity generated per ton of waste was 459.94 kWh, a 1.85% increase year-on-year [4] - The growth in performance was primarily driven by the acquisition of Renhe Environment and the commissioning of new projects, adding 1,800 tons/day of waste incineration capacity [4] Strategic Initiatives - The company plans to maintain a cash dividend ratio of no less than 50% of the net profit attributable to shareholders [6] - A cash dividend of 9 CNY per 10 shares (before tax) is proposed for 2024, continuing the previous two years' policy [6] - Future growth points include expanding operational capacity, leveraging core technologies in waste treatment, and pursuing new project developments in Kyrgyzstan [8] Industry Positioning - The company leads the industry in electricity generation per ton of waste due to advanced equipment and operational stability [4] - The synergy between waste incineration and data center (IDC) construction is highlighted, with a focus on renewable energy and stable power supply [6] - The company aims to expand into sustainable waste management projects in regions along the Belt and Road Initiative [8]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 2.431 billion RMB in 2024, representing a year-over-year increase of 30.86%, with a net profit attributable to shareholders of 536 million RMB, up 4.36% year-over-year. The results are in line with expectations [1][4]. - The company completed the acquisition of Renhe Environment and initiated the Pingjiang project, which is expected to drive growth through enhanced operational capacity and integration [2][3]. - The company has maintained a high dividend payout, with a dividend per share (DPS) of 0.90 RMB, reflecting a dividend yield of 4.6% based on the closing price as of April 22 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 675 million RMB, a year-over-year increase of 39.73%, and a net profit of 129 million RMB, up 16.75% year-over-year [1]. - For 1Q25, the company achieved a revenue of 767 million RMB, representing a year-over-year increase of 54.23%, with a net profit of 173 million RMB, up 39.41% year-over-year [1]. Operational Highlights - The company processed 3.2026 million tons of waste in 2024, a slight decrease of 1.01% year-over-year, while the electricity generated was 1.473 billion kWh, an increase of 0.82% year-over-year [2]. - The integration of Renhe Environment is expected to significantly enhance the company's operational capacity and drive revenue growth in 2025 [2]. Cash Flow and Dividends - The company's operating cash flow for 2024 was 971 million RMB, an increase of 11.78% year-over-year, with capital expenditures reaching 920 million RMB, up 61.78% year-over-year [3]. - The company has a long-term dividend policy to maintain a cash dividend payout ratio of no less than 50% [3]. Valuation and Price Target - The target price for the company is set at 24.57 RMB, based on a projected price-to-earnings (PE) ratio of 18.9 for 2025, reflecting the company's strong asset quality and leading position in the industry [4][6]. - The report has adjusted the net profit estimates for 2025 and 2026 to 733 million RMB and 782 million RMB, respectively, indicating a growth trajectory [4].

Summary of Conference Call Records Company Overview - The company discussed its commitment to maintaining a minimum dividend payout ratio of 50%, with a planned payout ratio of 95% for 2024, and intends to use 200-300 million yuan for share buybacks, reflecting confidence in long-term development [1][2][18]. Financial Performance - The company's net profit attributable to shareholders increased by 4.36% year-on-year in 2024, with a significant growth of 39.4% in the first quarter of 2025 [2]. - By the end of 2024, accounts receivable and notes reached 1.803 billion yuan, an increase of approximately 1 billion yuan year-on-year, primarily from the consolidation of Renhe Environment (contributing about 900 million yuan) and new business from the listed company (contributing about 100 million yuan) [1][2]. Project Contributions - The Renhe Environment consolidation contributed an additional profit of approximately 14 million yuan in 2024, with a net profit contribution of about 41 million yuan in the first quarter of 2025 [1][4]. - The utilization rate of the Liuyang and Pingjiang projects is close to 85%-90%, with online electricity generation exceeding 400 degrees [1][4]. Cash Flow and Capital Expenditure - Operating cash flow in the first quarter of 2025 decreased year-on-year, mainly due to a significant recovery of 130 million yuan in the same period last year, along with increased credit impairment losses and rising accounts receivable [1][6]. - Capital expenditure for 2025 is expected to be around 500 million yuan, with net cash flow projected at 1.2 to 1.3 billion yuan, primarily driven by cash flow from Renhe projects [1][19]. Project Developments - The second phase of the Changsha waste incineration project showed steady revenue growth, while the first phase experienced a slight decline of about 5% due to production technology upgrades and internal waste allocation differences [3][10]. - The Bishkek project is expected to commence operations by the end of 2025, with an anticipated return rate of 7%-8%, slightly below the domestic average but higher than the Liuyang project [3][10]. Market Outlook - The company maintains an optimistic outlook on accounts receivable for 2025, primarily from the Changsha municipal government, which has committed to addressing these issues [7][8]. - The growth in Renhe Environment's performance is driven by the increase in the volume and price of waste processing, with the price of kitchen waste and transfer waste adjusted annually based on the Changsha consumer price index [8]. Strategic Initiatives - The company plans to transition towards heating services, with new projects including the Changsha third phase and overseas DIAGNOS projects incorporating heating facilities [17]. - The company is confident in its ability to maintain high dividend payouts while managing capital expenditures and operational cash flow effectively [18][21]. Risks and Challenges - The company faces potential risks related to overseas projects, including accounts receivable and electricity price subsidy recovery, but overall risks are considered manageable [10][11]. Conclusion - The company is positioned for continued growth, driven by its strong project pipeline and operational efficiencies in waste management and energy generation, with a commitment to shareholder returns through dividends and share buybacks [21].

事件：公司发布2024 年年报及2025 年一季报，2024 年，公司营业收入实现24.31 亿元，同比增长 31%，归母净利润为5.36 亿元，同比增长4%。 2025 年一季度，公司实现营业收入7.67 亿元，同比增长54%，归母净利润1.73 亿元，同比增长39%。 核心观点： 公司业绩稳中有进，经营性现金流净额同比提升。2024 年，公司营业收入实现24.31 亿元，归母净利润 为5.36 亿元，扣非净利润5.00 亿元，均同比正增长。分业务来看，垃圾焚烧发电实现营业收入6.07 亿 元，同比下降5%，毛利率同比下降0.13 个百分点至64.68%；垃圾焚烧发电及污泥协同处理实现营业收 入5.55 亿元，同比增长2%，毛利率同比提升3.14 个百分点至72.57%；建设期服务实现营业收入8.40 亿 元，同比增长145%。经营性现金流净额实现9.71 亿元，同比增长12%，现金流情况持续改善。 收购仁和环境，拓宽业务外延。2024 年8 月5 日，公司通过发行股份及支付现金的方式向19 名交易对方 购买其持有的仁和环境63%股权，2024 年11 月27 日，仁和环境成为公司的控股子公司，2024 年 ...

事件描述 2024A 公司实现营收24.31 亿元，同比增30.86%；归母净利润5.36 亿元，同比增4.36%；扣非归母净利 润5.00 亿元，同比增长8.22%。其中，2024Q4 实现营收6.75 亿元，同比增39.73%；归母净利润1.29 亿 元，同比增长16.75%；扣非归母净利润1.24 亿元，同比增长33.81%。公司拟每股派发股利0.90 元，分 红比例为94.6%，对应股息率4.8%（2025/4/21 收盘价）2025Q1 公司实现营收7.67 亿元，同比增长 54.23%；归母净利润1.73 亿元，同比增长39.41%；扣非归母净利润1.65 亿元，同比增长47.05%；基本 每股收益0.32 元/股，同比增4.37%。 新项目投产贡献增量，海外拓展加速。1）国内新项目：浏阳市（1200 吨/日）和平江县（600 吨/日） 垃圾焚烧发电项目于2024 年底至2025 年初建成投产，将成为2025 年业绩增长的重要驱动力。2）海外 市场突破：吉尔吉斯斯坦首都比什凯克市垃圾发电项目（一期1000 吨/日）正在建设中，预计2025 年底 投产；2025 年3 月，公司与吉尔吉斯斯坦奥什市签 ...

Group 1: Market Reactions - Trump criticized Powell, suggesting he should be dismissed, leading to a significant market downturn with major US stock indices dropping over 2%, and the Nasdaq falling nearly 4% [1] - The 10-year US Treasury yield rose for two consecutive days, while the 2-year yield hit a one-week low [2] - The US dollar index fell over 1%, breaking below 98 for the first time in three years, while the offshore RMB rose over 200 points, surpassing 7.29 [3] Group 2: Domestic Developments - The Central Committee and State Council issued opinions to enhance the strategic implementation of free trade zones, supporting the testing and application of intelligent connected vehicles and the establishment of civilian drone testing bases [6] - The State Council approved a plan to accelerate the opening of the service industry, promoting new business models like "processing with incoming materials" [6] - The Shanghai International Financial Center's action plan aims to enhance cross-border financial services, providing insurance support for key export enterprises and improving the CIPS functionality [6] Group 3: Company Announcements - CATL launched its first sodium-ion battery product, "Sodium New," set to be mass-produced in June, with significant safety features and plans for a second-generation battery by 2025 [8][13] - Haiguang Information reported a net profit of 506 million yuan for Q1 2025, a 75.33% increase year-on-year, driven by strong R&D investment in general and AI computing markets [17] - Shenghong Technology's Q1 net profit surged by 339.2% to 920 million yuan [17] Group 4: Industry Insights - TrendForce predicts that the market value of humanoid robots in China will exceed 4.5 billion by 2025 [10] - The agricultural outlook report forecasts China's grain production to reach 710 million tons in 2025, with significant increases in rice, wheat, and corn production [14] - The intelligent connected vehicle market is expected to reach $830 billion globally by 2024, with a projected breakthrough of $1 trillion by 2025 [15]

重要的消息有哪些 1.近日，中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》（以下简称《意见》）， 对自由贸易试验区建设工作作出系统部署。《意见》强调，经过5年左右的首创性、集成式探索，实现 自由贸易试验区制度型开放水平、系统性改革成效、开放型经济质量全面提升，以贸易、投资、资金流 动、交通运输、人员往来自由便利和数据安全有序流动为重点的政策体系更加完善，科技创新和产业创 新深度融合，现代产业集群能级跃升，新质生产力加快发展，打造开放层次更高、营商环境更优、辐射 作用更强的改革开放新高地。（新华社） 2.商务部新闻发言人就美国以关税手段胁迫其他国家限制对华经贸合作事答记者问。有记者问：据多家 境外媒体报道，消息人士透露，特朗普政府正准备在关税谈判中向其他国家施压，要求其他国家限制与 中国的贸易往来，以换取美方关税豁免。请问发言人对此有何评论？答：我们注意到有关报道。近期， 美国打着所谓"对等"旗号对所有贸易伙伴滥施关税，同时又胁迫各方与其开启所谓"对等关税"谈判。这 是打着"对等"的幌子，在经贸领域推行霸权政治、实施单边霸凌。绥靖换不来和平，妥协也得不到尊 重。为一己一时私利，以损害别人利益来换取 ...