环保行业跟踪周报：侨银股份推进人形机器人城服应用，固废板块提分红验证+供热IDC拓展提ROE

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The report highlights the collaboration between Qiaoyin Co. and Guodi Center to advance humanoid robot applications in urban services, marking a significant development in the industry [9]. - It emphasizes the trend of decreasing capital expenditures in waste incineration, leading to improved free cash flow and increased dividends, while also noting the enhancement of ROE through efficiency improvements in heating and IDC collaborations [10][11]. - The water utility sector is experiencing stable growth and high dividends, with water price reforms expected to reshape growth and valuation [12][13]. Summary by Sections Humanoid Robot Development - Qiaoyin Co. has signed a cooperation agreement with Guodi Center to launch humanoid robots for urban services, with an initial order of 1,000 robots aimed at street sanitation applications [9]. Waste Incineration Sector - The report identifies two key factors for the solid waste sector: a decrease in capital expenditures leading to improved free cash flow and increased dividends, and a focus on efficiency improvements during the industry's maturity phase [10]. - Specific dividend forecasts for 2024 include: - Junxin Co.: cash dividend of 507 million yuan (+37%), dividend ratio of 94.59% (+22.78 percentage points), and a dividend yield of 4.4% - Green Power: cash dividend of 418 million yuan (+100%), dividend ratio of 71.45% (+38.23 percentage points), with A-share and Hong Kong dividend yields of 4.2% and 8.2% respectively - Hanlan Environment: proposed dividend of 652 million yuan (+67%), dividend ratio of 39.20% (+11.83 percentage points), and a dividend yield of 3.5% [10]. Water Utility Sector - The water utility sector is projected to see stable growth, with 2024 revenues of 65.5 billion yuan (-2%) and a net profit of 11.2 billion yuan (+27%), excluding one-time gains [12]. - Water price reforms in Guangzhou and Shenzhen are expected to drive a new round of price adjustments, enhancing profitability and stability in the sector [13][14]. Environmental Equipment and Renewable Energy - The report notes a 51% increase in sales of new energy sanitation vehicles in early 2025, with a penetration rate of 14.36%, reflecting a growing trend towards electrification in the sanitation equipment sector [29]. - The average price of biodiesel has decreased slightly, with a narrowing price gap between biodiesel and waste oil, impacting profitability [36]. Lithium Battery Recycling - The report indicates a slight decline in profitability in lithium battery recycling due to fluctuating metal prices and a stable discount coefficient, with average unit profits showing a minor decrease [39].