产能释放叠加价格上行 金属资源化龙头高能环境2025年归母扣非净利润预计翻倍

Core Viewpoint - The company, GaoNeng Environment, is expected to significantly increase its net profit for 2025, driven by improvements in technology, capacity optimization, and market opportunities, particularly in the solid waste and hazardous waste resource utilization sector [1][2]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 750 million to 900 million yuan for 2025, representing an increase of 268 million to 418 million yuan year-on-year, which translates to a growth of 55.66% to 86.79% [1]. - The expected net profit after deducting non-recurring gains and losses is also projected to be between 750 million to 900 million yuan, with an increase of 426 million to 576 million yuan compared to the previous year, indicating a growth of 131.63% to 177.95% [1]. Group 2: Operational Developments - The company's subsidiary, Jinchang GaoNeng Environment Technology Co., Ltd., is set to release production capacity for high-value rare and platinum group metals in 2025, following the full implementation of its platinum group recovery process in 2024, which will enhance profitability [2]. - Another subsidiary, Jiangxi Xinke Environmental Protection High-tech Co., Ltd., is optimizing production processes to increase rare metal output and reduce production costs, gradually improving operational efficiency [2]. - The Zhuhai New Hong project in the solid waste and hazardous waste resource utilization sector commenced stable production in December 2024, contributing to overall production capacity and efficiency [2]. Group 3: Industry Context - In 2024, China's comprehensive utilization rate of bulk solid waste reached 59%, with domestic raw material supply for recycled copper and aluminum at 58.4% and 84.4%, respectively, indicating a solid industrial foundation [3]. - The implementation of the "Action Plan" for solid waste management is expected to accelerate policy benefits for the solid waste resource utilization industry, enhancing the recovery potential of important mineral resources and constructing a secondary resource supply system [3]. - The company is positioned as a leader in the metal resource utilization sector within the solid waste and hazardous waste field, aligning its core business with national policies and contributing to the dual carbon goals [2][3].