环保行业深度跟踪：固废板块现金流显著改善，分红潜力有望充分释放

Investment Rating - The report rates the environmental protection industry as "Buy" [2] Core Insights - The solid waste sector is expected to see significant cash flow improvement, with dividend potential likely to be fully realized [2] - The report emphasizes the transition of the solid waste industry from a construction phase to an operational phase, highlighting the importance of investment opportunities in this sector [7] - The report suggests focusing on specific companies within the equipment, solid waste, water, and recycling sectors for potential investment [2][11] Summary by Sections Section 1: Mid-Year Report Perspective on Solid Waste Industry - In the first half of 2024, the solid waste sector's free cash flow is projected to turn positive for the first time, with operating cash flow increasing from 5.2 billion to 7 billion CNY year-on-year, a growth rate of +34.6% [7] - Investment cash flow is expected to narrow from -7.3 billion to -5.5 billion CNY, indicating a reduction of 1.8 billion CNY year-on-year [7] - The report highlights the core investment logic of "capital expenditure contraction, positive free cash flow, and enhanced dividend potential" [7] Section 2: Company Performance - Sanfeng Environment reported a revenue of 3.132 billion CNY in the first half of 2024, a year-on-year increase of +5.08%, with a net profit of 666 million CNY, also up by +5.29% [10] - Meiyu Technology announced a stock incentive plan for 145 employees, granting 4.032 million restricted shares at a price of 15.60 CNY per share, with ambitious performance targets set for the next three years [11] - Yingke Recycling achieved a revenue of 1.435 billion CNY, reflecting a year-on-year growth of +26.49%, with a net profit increase of +30.75% [10] Section 3: Key Company Announcements - Haicong Chuangye plans to issue a special dividend for the first time in its history, reflecting improved cash flow and shareholder returns [11] - The report emphasizes the importance of monitoring cash flow improvements and capital expenditure reductions in predicting future dividend increases for companies like Haicong Chuangye [11] Section 4: Policy and Market Tracking - The report tracks domestic and international carbon neutrality policies, highlighting significant developments in carbon trading markets and their implications for the environmental sector [12][13] - The carbon trading market is currently experiencing low transaction volumes, with the latest price recorded at 92.27 CNY per ton, reflecting a 2.98% increase from the previous week [15] Section 5: Market Trends and Valuation - The environmental protection sector is currently at a historical low in terms of valuation, with the GFHB sample stock PE-TTM at only 15.18 times, indicating potential for a bottom reversal [20] - The report notes that the environmental index has outperformed the Shanghai and Shenzhen 300 indices since the second half of 2021, suggesting a positive trend for the sector [20]