研报掘金丨国盛证券：惠城环保利润空间成长可期，维持“买入”评级

Core Viewpoint - Huicheng Environmental Protection's revenue slightly declined in H1 2025, with net profit significantly impacted by rising costs, leading to a notable year-on-year decrease in profit [1] Financial Performance - Revenue in H1 2025 experienced a slight decline, while net profit saw a larger year-on-year drop due to increased management and financial expenses from new project developments [1] - Overall expenses increased as a result of rising personnel costs and depreciation expenses related to project reserves [1] Profitability Metrics - The comprehensive gross margin improved by 1.5 percentage points to 25.5%, with specific gross margins for resource utilization products and hazardous waste treatment services reaching 24.4% and 27.1%, respectively, reflecting year-on-year increases of 4.4 percentage points and 0.4 percentage points [1] Project Developments - The company successfully conducted trial production of its waste plastic project, indicating strong growth potential in this business segment [1] - The 200,000 tons/year mixed waste plastic resource utilization demonstration project, constructed by Dongyue Chemical, has successfully entered trial production, showcasing stable operation [1] - The project marks the successful industrial verification of the world's first mixed waste plastic deep catalytic cracking (CPDCC) technology, achieving a product yield of over 92% and demonstrating strong replicability and promotion potential [1] Future Outlook - The company is deeply engaged in hazardous waste recycling technology, with significant growth potential in the waste plastic business and promising profit margins anticipated [1] - The investment rating remains at "Buy" due to the expected high growth trajectory [1]