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].

Financial Performance - The company's revenue for 2024 reached ¥2,430,648,235.70, representing a 30.86% increase compared to ¥1,857,449,113.16 in 2023[24]. - Net profit attributable to shareholders for 2024 was ¥536,277,664.83, a 4.36% increase from ¥513,852,056.70 in 2023[24]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥499,880,621.24, up 8.22% from ¥461,912,278.61 in 2023[24]. - The company's total assets increased by 45.45% to ¥14,042,522,669.19 at the end of 2024, compared to ¥9,654,441,175.45 at the end of 2023[24]. - The net assets attributable to shareholders rose by 33.22% to ¥6,854,979,560.45 at the end of 2024, from ¥5,145,508,680.77 at the end of 2023[24]. - The operating cash flow for 2024 was ¥971,097,085.03, an increase of 11.78% from ¥868,731,399.30 in 2023[24]. - Basic earnings per share for 2024 were ¥1.3080, reflecting a 4.36% increase from ¥1.2533 in 2023[24]. - The weighted average return on equity for 2024 was 10.25%, slightly up from 10.20% in 2023[24]. - The company achieved operating revenue of CNY 2.43 billion in 2024, a year-on-year increase of 30.86% compared to CNY 1.86 billion in 2023[74]. - The total waste treatment volume for 2024 was 3.31 million tons, a decrease of 1.12% year-on-year, with incineration treatment volume at 3.20 million tons, down 1.01%[75]. Dividends and Capital Reserves - The company plans to distribute a cash dividend of 9 RMB per 10 shares to all shareholders, based on a total of 563,643,459 shares[4]. - The company will increase its capital reserve by issuing 4 additional shares for every 10 shares held by shareholders[4]. Governance and Compliance - The board of directors has confirmed the accuracy and completeness of the annual report, ensuring no misleading statements or omissions[3]. - All board members attended the meeting to review the annual report, indicating strong governance practices[4]. - The company emphasizes the importance of adhering to the disclosure requirements related to energy-saving and environmental protection services[4]. - The company is committed to transparency and has made all relevant documents available for public review[11]. - The company has established a rigorous internal control system and precise management standards, certified by ISO9001:2015, ISO14001:2015, and ISO45001:2018[72]. - The company has a structured governance framework with a board of directors and various committees to oversee operations and compliance[164]. - The company ensures fair and transparent information disclosure, allowing all shareholders, especially minority shareholders, to access important information equally[159]. Strategic Focus and Market Expansion - The company is focused on expanding its environmental services and exploring new market opportunities[4]. - The company is positioned to expand its market presence through mergers and acquisitions, particularly in the organic waste processing sector[38]. - The company aims to enhance its international market competitiveness and optimize its business layout through these overseas projects[41]. - The company is actively expanding its waste treatment market in domestic and Belt and Road Initiative countries, including signing agreements for projects in Kyrgyzstan, aiming for completion by 2025[144]. - The company plans to focus on solid waste treatment projects with sustainable profitability in regions such as Central Asia, Southeast Asia, and the Middle East, aligning with the Belt and Road Initiative[133]. Research and Development - The company invested CNY 63.81 million in R&D, accounting for 2.63% of the current operating revenue[68]. - The company has achieved 431 authorized patents, including 79 invention patents, reflecting its commitment to innovation and technology development in waste management[56]. - The R&D team consists of highly qualified personnel from top universities, enhancing problem-solving capabilities[68]. - The company is focusing on the development of anaerobic fermentation and biological conversion technologies to improve resource utilization rates and reduce carbon emissions[55]. - The company has developed a new integrated anaerobic ammonia oxidation reaction system[68]. - The company is exploring collaborative development of corrosion prevention and operational control technologies for bag filters to enhance market competitiveness[90]. Operational Efficiency and Technology - The company has implemented advanced technology in waste incineration projects, achieving compliance with national and EU standards, which enhances operational efficiency and innovation capabilities[61]. - The company has integrated IoT and big data technologies to enhance the efficiency of waste transfer stations, reducing labor intensity and improving operational efficiency[58]. - The company has optimized the sludge treatment process, significantly reducing operational costs and improving air quality during sludge disposal[63]. - The company has developed a set of technologies for extracting oil from kitchen waste with an extraction rate of over 93%[98]. - The company has established a comprehensive energy-saving operation for the waste incineration power plant water system, contributing to overall efficiency improvements[91]. Risks and Challenges - The company faces risks related to potential reductions in electricity price subsidies for waste-to-energy projects, which could adversely affect its operations[141]. - The company is actively managing risks associated with potential reductions in solid waste treatment service fees due to changes in government pricing mechanisms[141]. - The company is addressing the risk of early termination or impairment of its franchise rights by adhering to environmental standards and local government plans for waste management[142]. Social Responsibility and Environmental Protection - The company actively fulfills its social responsibilities and adheres to environmental protection regulations[161]. - The company emphasizes safety and environmental protection, implementing strict internal standards and a "one-vote veto" clause in performance assessments related to safety and environmental issues[72]. Shareholder Engagement and Meetings - The company held its annual general meeting with a participation rate of 76.55% on June 6, 2024[165]. - The company also conducted a temporary shareholders' meeting with a participation rate of 76.35% on September 11, 2024[165]. - The company has a dedicated internal audit department that supervises the implementation of internal control systems and financial information review[160]. Acquisitions and Mergers - The company completed a merger with Hunan Renhe Environmental Technology Co., enhancing its capabilities in waste collection and sanitation integration, thereby expanding its service offerings[56]. - The company has acquired a 63% stake in Hunan Renhe Environmental Technology Co., enhancing its integrated operations in waste transfer and incineration in Changsha, which is expected to lower overall operational costs[139].

湖南军信环保股份有限公司 独立董事 2024 年度述职报告 （黎毅） 各位股东及股东代表： 本人作为湖南军信环保股份有限公司（以下简称"公司"）独立董事，2024 年度严格按 照《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司独立董事管理办 法》、《深圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》及其他有关法律法规和《公司章程》《独立董事工作 制度》等公司相关的规定和要求，在 2024 年度工作中，诚实、勤勉、独立地履行职责，积极 出席相关会议，认真审议董事会各项议案，对公司重大事项独立发表意见，充分发挥了独立 董事的作用，维护公司和公众股东的合法权益，促进公司规范运作。现就本人 2024 年度履行 独立董事职责情况汇报如下： 一、独立董事基本情况 黎毅女士，女，1965 年 4 月出生，中国国籍，无永久境外居留权，江西财经大学会计学 专业，博士研究生学历，教授。1985 年 7 月至 1998 年 11 月，历任华东交通大学经济管理系 助教、讲师；1998 年 11 月至今，历任华东交通大学经济管理学院副教授、教授；2016 年 ...

湖南军信环保股份有限公司董事会 关于独立董事2024年度保持独立性情况的专项意见 经核查独立董事戴塔根、兰力波、黎毅的任职经历以及签署的相关自查文件，上述人员 未在公司担任除独立董事以外的任何职务，也未在公司主要股东及其控制的公司担任职务， 与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系。因此， 公司独立董事符合《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》中对独立董事独立性的相关要求。 湖南军信环保股份有限公司董事会 2025 年 4 月 18 日 根据《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》《深圳证 券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等要求，湖南军信环 保股份有限公司（以下简称"公司"）董事会，就公司在任独立董事戴塔根、兰力波、黎毅 的独立性情况进行评估并出具如下专项意见： ...

湖南军信环保股份有限公司 独立董事 2024 年度述职报告 （戴塔根） 各位股东及股东代表： 本人作为湖南军信环保股份有限公司（以下简称"公司"）独立董事，2024 年度严格按 照《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司独立董事管理办 法》、《深圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》等相关法律法规以及《公司章程》、公司《独立董事 工作制度》的规定和要求，诚实勤勉、独立地履行职责，积极出席相关会议，认真审议董事 会各项议案，对公司相关事项独立发表意见，做到不受公司主要股东、实际控制人或者其他 与公司存在利害关系的单位或个人的影响，充分发挥了独立董事的作用，维护了公司利益。 以下为本人在 2024 年任职期间履行独立董事职责的具体情况： 一、独立董事基本情况 戴塔根先生，男，1952 年 8 月出生，中国国籍，无永久境外居留权，中南工业大学地质 学专业，博士研究生学历，博导，二级教授，政府特殊津贴获得者。1976 年 8 月至 1994 年 8 月，历任中南大学地质系讲师、教授、矿床教研室主任；1994 年 9 月至 2 ...

湖南军信环保股份有限公司 章 程 二〇二五年四月 1 | 第一章 总则 3 | | --- | | 第二章 经营宗旨和范围 4 | | 第三章 股 份 4 | | 第一节 股份发行 4 | | 第二节 股份增减和回购 5 | | 第三节 股份转让 6 | | 第四章 股东和股东大会 7 | | 第一节 股东 7 | | 第二节 股东大会的一般规定 9 | | 第三节 股东大会的召集 12 | | 第四节 股东大会的提案与通知 14 | | 第五节 股东大会的召开 15 | | 第六节 股东大会的表决和决议 18 | | 第五章 董事会 23 | | 第一节 董事 23 | | 第二节 董事会 26 | | 第六章 总经理及其他高级管理人员 31 | | 第七章 监事会 33 | | 第一节 监事 33 | | 第二节 监事会 34 | | 第八章 财务会计制度、利润分配和审计 35 | | 第一节 财务会计制度 35 | | 第二节 内部审计 39 | | 第三节 会计师事务所的聘任 39 | | 第九章 通知和公告 39 | | 第一节 通知 39 | | 第二节 公告 40 | | 第十章 合并、分立、增 ...

湖南军信环保股份有限公司 独立董事 2024 年度述职报告 （兰力波） 各位股东及股东代表： 本人作为湖南军信环保股份有限公司（以下简称"公司"）独立董事，2024 年度严格按 照《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司独立董事管理办 法》、《深圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》及其他有关法律法规和《公司章程》、《独立董事工 作制度》等相关规定和要求，在 2024 年度工作中，诚实、勤勉、独立地履行职责，积极出席 相关会议，认真审议董事会各项议案，对公司重大事项独立发表意见，充分发挥了独立董事 的作用，维护公司和公众股东的合法权益，促进公司规范运作。现就本人 2024 年度履行独立 董事职责情况汇报如下： 一、独立董事基本情况 兰力波先生，男，1977 年 8 月出生，中国国籍，无永久境外居留权，湘潭大学法学专业， 硕士研究生学历，二级律师。1995 年 9 月至 2003 年 5 月，任望城县新康乡人民政府司法所 所长、综治办主任；2003 年 5 月至今，任湖南通程律师事务所主任；2020 年 8 月至今，任 ...