环保行业2024Q3业绩前瞻：环保行业持续分化，运营资产表现稳健

Investment Rating - The report maintains a "Positive" outlook on the environmental protection industry, indicating an expectation for the sector to outperform the overall market [3][4]. Core Insights - The municipal water sector shows stable operations, with some companies benefiting from strategic expansions and adjustments in sewage treatment prices. However, the engineering business is expected to decline due to decreased demand [3]. - The waste incineration sector remains stable, but there is a divergence in profit growth among major companies due to factors like historical electricity revenue recognition and accounting adjustments [3]. - The sanitation market is relatively stable, with expected steady profit growth for major companies [3]. - The industrial environmental protection sector is still recovering, with significant differentiation across sub-sectors. The hazardous waste segment faces pressure due to overcapacity, while the industrial flue gas segment sees increased orders from new thermal power units [3]. - Equipment products are experiencing widening divergence due to varying impacts from downstream markets, with conventional equipment facing competitive pressure on profit margins [3]. Summary by Category Municipal Water - Overall operations are stable, with companies like Tianyuan Environmental expected to see a 32% year-on-year increase in net profit for Q1-3 2024 [5]. - Companies such as Xingrong Environment and Hongcheng Environment are projected to have net profit growth of 9% and 4%, respectively [5]. Waste Incineration - Major companies like Green Power and Huanlan Environment are expected to see net profit declines of 9% and 10%, while Junxin Co. and Huanlan Environment are projected to grow by 9% and 10% [5]. Sanitation - Companies like Yingfeng Environment and Yuhua Tian are expected to see modest net profit growth of 3% and 4%, respectively [5]. Industrial Environmental Protection - The hazardous waste segment is under pressure, with companies like Dongjiang Environmental and Gaoneng Environment expected to see declines of 9% and 12% in net profit [5]. - The flue gas segment is more stable, with Longjing Environmental expected to grow by 3% [5]. Equipment Products - Conventional equipment companies are facing slight declines, with Jingjin Equipment projected to see a 4% decrease in net profit [5]. - Qingda Environmental is expected to see significant growth of 94% in net profit, while Huaguang Huaneng is projected to decline by 1% [5]. Investment Recommendations - The report recommends focusing on high-dividend municipal environmental stocks and growth-oriented companies in niche segments. Specific recommendations include Hongcheng Environment, Huanlan Environment, and Qingda Environmental [4][6].