环保行业2024Q3业绩前瞻：行业持续分化，运营资产表现稳健

Investment Rating - The report maintains a "Positive" outlook on the environmental protection industry [3][4]. Core Viewpoints - The environmental protection industry is experiencing a continuous differentiation in performance, with stable operational assets [3]. - Municipal water services are performing steadily, while engineering business is expected to decline due to decreased demand [3]. - Waste incineration projects are seeing a slowdown in new construction and bidding, leading to varied profit growth among major companies [3]. - The industrial environmental protection sector is still in recovery, with significant differentiation across different segments [3]. - Equipment products are facing increasing differentiation due to varying impacts from downstream markets [3]. Summary by Relevant Sections Municipal Water Services - Overall operations are stable, with some companies benefiting from strategic expansion and sewage treatment price adjustments. Expected net profit growth for 2024 Q1-3 shows differentiation: Tianyuan Environmental +32%, Xingrong Environment +9%, Hongcheng Environment +4% [3][5]. Waste Incineration - The sector remains stable, but profit growth is varied due to factors like historical electricity revenue recognition and accounting adjustments. Expected net profit growth for 2024 Q1-3 includes: Green Power -9%, Hanlan Environment +10%, Junxin Co. +9%, Chengfa Environment -10%, Yongxing Co. -9% [3][5]. Sanitation - The sanitation market is stable, with expected net profit growth for major companies in 2024 Q1-3: Yingfeng Environment +3%, Yuhua Tian +4% [3][5]. Industrial Environmental Protection - The sector is still recovering, with significant differentiation. For hazardous waste, expected net profit growth for 2024 Q1-3 includes: Dongjiang Environmental -9%, Gao Neng Environment -12%. For industrial flue gas, expected growth includes: Longjing Environmental +3% [3][5]. Equipment Products - Differentiation continues due to varying impacts from different downstream markets. For conventional equipment, expected net profit growth for 2024 Q1-3 includes: Jingjin Equipment -4%. For power environmental equipment, expected growth includes: Qingda Environmental +94%, Huaguang Huaneng -1% [3][5]. Investment Recommendations - The report recommends focusing on high-dividend municipal environmental stocks and growth companies in niche sectors. Recommended stocks include Hongcheng Environment, Hanlan Environment, Yuehai Investment, Yongxing Co., Junxin Co., and Chengfa Environment. Growth companies recommended include Qingda Environmental, Huaguang Huaneng, China Tianying, and Jingjin Equipment [4][6].