中科环保(301175)：业绩高增 绿色热能布局持续深化、领先地位稳固

Core Viewpoint - The company reported a robust revenue growth driven by the improvement in core business efficiency, with a revenue of 848 million yuan and a net profit of 196 million yuan for the first half of 2025, marking a 4% and 20% year-on-year increase respectively [2] Revenue and Profit Performance - In the first half of 2025, the company achieved an operating income of 848 million yuan, a 4% increase year-on-year, and a net profit attributable to shareholders of 196 million yuan, a 20% increase year-on-year [2] - The core business of municipal solid waste treatment saw a revenue of 691 million yuan, a 14.81% increase year-on-year, with a gross margin improvement of 1.27 percentage points to 52.57% [2] - The waste treatment volume reached 2.1363 million tons, a 10.07% increase year-on-year, and the heating supply volume was 877,500 tons, a 12.01% increase year-on-year [2] Strategic Initiatives - New operational and acquisition projects contributed significantly, with the Yuxi project achieving profitability in its first month of operation and the newly acquired Jinzhou project turning profitable in its first month post-acquisition [2][3] - The company is executing a "short-term reliance on green energy for optimization" strategy, with the green energy business as a core competitive advantage, achieving a heating supply volume of 877,500 tons, a 12.01% increase year-on-year [2] Expansion and Growth Drivers - The company is expanding its business footprint through both acquisitions and internal development, completing the acquisition of the Jinzhou project and successfully replicating the experience from the Shijiazhuang project [3] - The company has also acquired the Guigang project (1500 tons/day) and the Pingnan project (1200 tons/day) to strengthen its strategic presence in South China [3] - Ongoing projects include the Yuxi project, which commenced operations in May and achieved profitability in its first month, and the comprehensive construction of the Hengyang project [3] Financial Forecast - The company is expected to achieve operating revenues of 1.911 billion yuan, 2.173 billion yuan, and 2.442 billion yuan for 2025-2027, with year-on-year growth rates of 14.93%, 13.69%, and 12.37% respectively [3] - The net profit attributable to shareholders is projected to be 404 million yuan, 487 million yuan, and 550 million yuan for the same period, with year-on-year growth rates of 25.87%, 20.54%, and 13.04% respectively [3]