2024H1环保半年报总结：归母净利润下滑，经营质量仍持续提升

Investment Rating - The report maintains an "Outperform" rating for the environmental protection industry [2]. Core Insights - In H1 2024, the environmental protection industry experienced a revenue increase of 1.53% year-on-year, reaching 250.9 billion yuan, while net profit attributable to shareholders decreased by 10% to 20.2 billion yuan. The gross margin remained stable at approximately 28%, and the return on equity (ROE) median declined by 0.35 percentage points to 3.5% [2][19][30]. - The report highlights that despite pressures on revenue and profit due to macroeconomic conditions and commodity price declines, the improvement in cash flow as a percentage of net profit indicates ongoing enhancements in operational quality [2][30]. Summary by Sections Water Treatment - The water treatment sector is entering a mature phase, with a decline in engineering revenue and capital expenditure in H1 2024. However, the rate of decline in engineering revenue is slowing, and accounts receivable continue to grow, indicating challenges in cash collection. The current dividend yield is approximately 2%, with a TTM PE ratio of about 15 times. Long-term prospects remain positive for cash flow stability and high dividend potential [3]. Solid Waste - In H1 2024, the solid waste sector's revenue increased by 0.74% to 43.1 billion yuan, with net profit rising by 5% to 7.8 billion yuan. Operating cash flow improved significantly, with a 44% year-on-year increase to 7.6 billion yuan. Capital expenditure decreased by 40% to 6.2 billion yuan, indicating a steady improvement in operational quality and cash flow, which supports potential dividend increases [4]. Resource Recovery - The resource recovery sector saw a revenue increase of 18% to 76.3 billion yuan in H1 2024, with net profit rising by 51% to 2.4 billion yuan. The performance within the sector is polarized, with traditional companies facing pressure from commodity price fluctuations, while new material companies are driving growth. The introduction of policies to promote resource recycling is expected to boost demand [3][4]. Environmental Monitoring and Detection - The environmental monitoring and detection sector maintained revenue growth in H1 2024, with significant improvements in net profit and cash flow. This sector is expected to benefit from ongoing regulatory support and market demand [11]. Investment Recommendations - The report suggests focusing on two main investment themes for 2024: high dividend stocks in the waste incineration and water sectors, and sectors related to economic recovery and carbon market development, including semiconductor ancillary equipment and resource recycling [4].