TUNA(SH:603177) Shang Hai Zheng Quan Bao·2026-01-07 17:51Core Viewpoint - Dechuan Environmental Protection is a leading player in industrial flue gas treatment in China, focusing on expanding its overseas business while optimizing its domestic operations [2][3][4][5] Group 1: Company Overview - Dechuan Environmental Protection, founded in 2005, has evolved from a local enterprise in Shaoxing to a comprehensive environmental technology company, providing desulfurization, denitrification, and dust removal equipment and services [2] - The company has expanded its operations internationally, entering markets in India, Indonesia, Vietnam, and others, and has established an overseas factory in India [2] Group 2: Industry Trends - The Chinese environmental protection industry has maintained a revenue scale of over 2 trillion yuan, but the growth model is shifting from "incremental expansion" to "stock optimization" due to the completion of facilities in air, water, and solid waste treatment [3] - Despite the rapid development of renewable energy, coal power remains irreplaceable, with approximately 31 GW of coal power capacity approved in the first half of 2025, maintaining a high level compared to the same period in 2024 [3] Group 3: Business Strategy - Dechuan Environmental Protection is adjusting its business structure by reducing heavy asset EPC projects and increasing more stable cash flow from equipment orders, while also exploring new markets in marine exhaust denitrification [3] - The company has established hazardous waste management as a second growth curve since 2019, acquiring 100% of Feile Environmental Protection in 2023 to enter the hazardous waste landfill sector [4] Group 4: Financial Performance - In the first three quarters of 2025, Dechuan Environmental Protection achieved a revenue of 793 million yuan, representing a year-on-year increase of 17.48% [4] Group 5: Global Expansion - Dechuan Environmental Protection delivered its first set of plate-type denitrification catalysts for a 2×660 MW coal-fired power plant in India in July 2025, marking a significant breakthrough in the South Asian market [5] - The company has maintained over 40% of its revenue from overseas markets, with expectations that this will exceed 50% in 2025 as it continues to focus on international expansion, particularly in India and Indonesia [5]