研报掘金丨华源证券：维持瀚蓝环境“买入”评级，供热+AIDC贡献增长潜力

Core Viewpoint - Hanlan Environment achieved operating revenue of 3.97 billion yuan in Q3 2025, representing a year-on-year growth of 36.7%, and a net profit attributable to shareholders of 638 million yuan, up 28.1% year-on-year and 16.7% quarter-on-quarter, indicating that Q3 performance met expectations with growth potential from heating and AIDC contributions [1] Financial Performance - In the first three quarters of 2025, the company's waste-to-energy generation reached 380.06 kWh/ton, an increase of 1.18% year-on-year, while the on-grid electricity generation per ton of waste was 330.24 kWh/ton, up 1.84% year-on-year, reflecting improved power generation efficiency [1] - Capital expenditures continued to decline, and accounts receivable collection accelerated, leading to sustained improvement in cash flow [1] Strategic Initiatives - The company is advancing its AIDC strategic cooperation, aiming to create a model of "waste incineration power generation + intelligent computing center" [1] Valuation and Outlook - Current valuation levels are considered low, and the improvement in free cash flow lays a foundation for further dividend increases, maintaining a "buy" rating [1]