Niutech(SH:688309) Zhong Guo Jin Rong Xin Xi Wang·2026-01-27 12:31Core Viewpoint - Hengyu Environmental Protection (688309.SH) expects a significant increase in net profit for 2025, driven by a surge in high-end equipment sales and stable operational project revenues, reflecting the success of its "equipment sales + project operation" dual-driven strategy [1][2]. Group 1: Financial Performance - The company anticipates a net profit of approximately 35.56 million yuan for 2025, representing a year-on-year increase of about 104.14% [1]. - The expected net profit after deducting non-recurring items is around 32.74 million yuan, showing a year-on-year growth of approximately 136.63% [1]. Group 2: Business Strategy and Market Position - Hengyu Environmental Protection is a leader in the organic waste pyrolysis technology sector and has been actively expanding its international presence, signing equipment sales contracts with new clients in countries like the UK and South Korea [2]. - The company’s technology and equipment have received high praise from clients, particularly for its chemical recycling plant in Vietnam, which demonstrates the stability and economic viability of its waste plastic pyrolysis technology [2]. Group 3: Project Operations and Innovations - The company is extending its operations into the downstream value chain, focusing on project operations to enhance revenue stability and deepen market understanding [3]. - Ongoing projects, such as the BOO projects in Enshi and Zhejiang, are contributing consistent revenue, while the collaboration with Yuxiao Zirconium Titanium Mining aims to develop a demonstration project for high-end titanium materials [3]. Group 4: Industry Outlook and Policy Alignment - The recent "Solid Waste Comprehensive Treatment Action Plan" issued by the State Council outlines a clear development blueprint for the solid waste resource utilization industry, with ambitious targets for 2030 [4]. - Hengyu Environmental Protection's core technology aligns well with national policies focused on reduction, resource utilization, and harmlessness, positioning the company to capitalize on policy opportunities and strengthen its industry leadership [4].