高能环境(603588)2025年度业绩预增公告点评：结构优化、产能释放促业绩持续释放

Core Viewpoint - The company announced an expected increase in net profit attributable to shareholders for 2025, projecting a range of 750 to 900 million yuan, representing a year-on-year increase of 426 to 576 million yuan, or a growth of 131.63% to 177.95% [1] Group 1: Performance Drivers - The performance boost is attributed to multiple factors, including the upgrade of product structure in resource projects and rising metal prices. The second phase of the Jinchang High Energy project is set to commence production in 2024, significantly enhancing the separation and purification capacity of precious metals, with an annual production capacity of 2 tons of gold, 2 tons of platinum, 2 tons of palladium, 2 tons of rhodium, 500 kilograms of iridium, and 50 tons of silver [1] - The company has optimized production capacity for gold, silver, copper, bismuth, nickel, and tin through technological upgrades at the Jingyuan High Energy and Jiangxi Xinke projects. The Zhuhai project will also contribute to capacity increases, allowing the company to capitalize on the high demand for rare and precious metals, leading to substantial profit growth [1] Group 2: Strategic Moves - The company plans to invest 63.28 million yuan to acquire 45.2% equity in Tianyuan Mining, Tianxin Mining, and Yueping Mining, which hold exploration rights for several gold mines. The exploration rights for the Qingshan Cave gold mine have completed detailed investigations, revealing a total gold metal quantity of 2,445 kg, while the Daping gold mine is in the detailed investigation phase with an estimated gold metal quantity of 2,029 kg, indicating promising exploration prospects [2] - The company's environmental operations, primarily focused on waste incineration power generation, currently manage projects with a capacity of 11,000 tons per day. Recent initiatives to increase heating supply have led to steady improvements in profitability. The company has also won a bid for a 500 tons per day waste incineration project in Thailand, with a total investment of approximately 427 million yuan, of which the company holds an 80% stake. The company is committed to its overseas expansion strategy, with ongoing projects in Southeast Asia expected to materialize [2] Group 3: Investment Outlook - The profit forecast for 2025-2027 has been slightly adjusted upward, with expected net profits of 823 million, 1.013 billion, and 1.212 billion yuan, corresponding to price-to-earnings ratios of 15.33x, 12.46x, and 10.41x, respectively. The company maintains a "recommend" rating [2]