Beijing China Sciences Runyu Environmental Technology (SZ:301175) Dong Jian Yan Bao·2025-04-11 08:18Group 1: Report Overview - The report is about a research on Zhongke Environmental Protection in the environmental protection industry on April 10, 2025 [1][2] Group 2: Research Basic Information - The research object is Zhongke Environmental Protection, belonging to the environmental protection industry, with a reception time of April 10, 2025. The company's reception staff includes the chairman, independent director, financial director, and board secretary [16] Group 3: Detailed Research Institutions - The research institutions include securities companies such as CITIC Securities, Yangtze Securities, Dongwu Securities; other types like Henan Zhengyuan Consulting Agency Service; fund management companies such as Hunan Yuancheng Private Equity; investment companies such as Beijing Qingchuang Bole Investment; and more [17][18] Group 4: Company Performance and Strategy - The company's performance has maintained high - speed growth for many years. In 2024, it achieved an operating income of 166,279.94 million yuan, a year - on - year increase of 18.43%, and a net profit attributable to shareholders of 32,069.50 million yuan, a year - on - year increase of 18.92%. The development strategy is to optimize through green energy in the short - term, expand through mergers and acquisitions in the medium - term, and strengthen through innovation in the long - term [23] Group 5: Project Information - The Hebei Jinzhou project and Hubei Zaoyang project are new projects with signed transfer agreements in 2024. The Jinzhou project has a total scale of 1,000t/d and a first - phase scale of 600t/d, while the Zaoyang project has a total scale of 500t/d. After completion, the annual maximum green heat output of the Zaoyang project can reach 230,000 tons, and that of the Jinzhou project can reach 260,000 tons [24][25] - The company's current ongoing projects include the Yuxi project, and the pre - project procedures of the Hengyang, Jiangyou, and Tengxian projects are basically completed. The Shijiazhuang project's thermal improvement project 3 is in progress, and they are expected to be put into production from mid - 2025 to 2026. The estimated project construction expenditure in 2025 is 1 - 1.3 billion yuan, with 30% from self - owned funds and 70% from project loans [25] Group 6: Project Replication and M&A - The company can replicate the successful experience of the Shijiazhuang project to other projects. It focuses on M&A projects with good fundamentals and heating development potential, and can improve project performance through heating business expansion, technical equipment transformation, and refined management [25][26][27] Group 7: M&A Funding Sources - The company's cash flow is relatively stable, with a net cash inflow from operating activities of about 682 million yuan in 2024, a year - on - year increase of 65.27%. The asset - liability ratio is relatively low at 47.76% at the end of 2024. It can use green bonds, project green loans, and M&A loans for debt financing and explore equity financing tools [28][29]