惠城环保：废塑料项目能否撑起高股价？再融资8.5亿背后的业绩隐忧

Core Viewpoint - The stock price of Huicheng Environmental Protection has surged over 80% in 2024, reaching around 176 yuan, despite a significant decline in its fundamental performance, including a 69.25% drop in net profit [1][3]. Financial Performance - In 2024, the company reported a net profit of 42.6 million yuan, down 69.25% year-on-year [1]. - For the first half of 2025, total revenue decreased by 5.09%, with net profit plummeting 85.63% to 502,040 yuan [1]. - The net profit margin fell from 6.57% to 0.97%, and operating cash flow turned negative, dropping nearly 413% year-on-year [1]. Business Challenges - The company faces multiple challenges in its main business, including a significant decline in gross margins for its petroleum coke hydrogen ash disposal services and waste catalyst disposal services [3]. - Period expenses have been increasing, rising as a proportion of total revenue each year [3]. - There is a notable concentration risk with downstream customers, particularly with a high dependency on sales to China National Petroleum Corporation [3]. Innovation and Future Prospects - Despite poor fundamentals, the company's stock price is buoyed by its claimed "world's first mixed waste plastic deep catalytic cracking (CPDCC)" technology, which is expected to be a future profit growth point [3]. - The first demonstration project for the CPDCC technology, capable of processing 200,000 tons per year, has successfully entered trial production [3]. Project Financing - Huicheng Environmental Protection recently disclosed a new round of fundraising, aiming to raise 850 million yuan, with approximately 250 million yuan allocated for working capital and the remainder for two project investments [5]. - Successful implementation of these projects is expected to help reduce the debt-to-asset ratio and enhance financial stability [5].