“热电+固废”双轮驱动 富春环保上半年归母净利预计增长80%至110%

Core Viewpoint - Zhejiang Fuchunjiang Environmental Protection Thermal Power Co., Ltd. (Fuchun Environmental) expects a significant increase in net profit for the first half of 2025, driven by lower coal prices and enhanced profitability in its thermal power business [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders between 178 million to 207 million yuan, representing a year-on-year growth of 80% to 110% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 131 million to 153 million yuan, indicating a year-on-year increase of 50% to 75% [1] Group 2: Business Operations - Fuchun Environmental's thermal power business has benefited from a decline in coal prices and a steady increase in heating supply, which has enhanced the profitability of this segment [1] - The company has expanded its business model from thermal power generation to include solid waste (hazardous waste) resource utilization and environmental monitoring and governance [1] - The main products of the thermal power business are clean thermal energy and clean electricity, with the company providing centralized heating services to enterprises in industrial parks while selling excess electricity [1] Group 3: Capacity and Expansion Plans - The total production capacity of the thermal power business currently stands at 340 megawatts, with 34 boilers and 22 turbines operational, and there are two expansion projects expected to add 43 megawatts of capacity [2] - In the solid waste resource utilization segment, the company is advancing the construction of a project that will process 50,000 tons of general solid waste annually, along with upgrades to existing production lines [2] - The company aims to enhance product value and improve market competitiveness through technological upgrades and the expansion of production lines, thereby maximizing economic benefits [2]