环保行业跟踪周报：绿色动力合作亚洲联合基建轻资产模式拓展，固废板块提分红+供热、IDC拓展提ROE-20250630

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report highlights the strategic cooperation between Green Power and Asia United Infrastructure, which, if successful, will adopt a light asset model similar to that in Hong Kong, enhancing dividends and ROE [4][8] - The report emphasizes that the decline in capital expenditure in waste incineration will lead to improved free cash flow and increased dividends, while the heat supply and IDC collaborations will enhance ROE and valuation [11][15] - The water utility sector is expected to see stable growth and high dividends, with water price reforms reshaping growth and valuation [15][17] Summary by Sections Industry Trends - The environmental protection and public utility index rose by 2.75%, outperforming the broader market indices [46] - The report notes a 73% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 14.95% [26] Key Recommendations - The report recommends companies such as Conch Venture, Blue Sky Environment, Green Power, and Yongxing Shares for investment [4] - It suggests paying attention to companies like Lian Tai Environmental Protection and Wang Neng Environment for potential growth [4] Financial Performance - Green Power's free cash flow is projected to increase significantly, with a forecasted cash dividend of 4.18 billion yuan in 2024, representing a 100% year-on-year increase [12][8] - The report anticipates that the dividend potential for 2024 will reach 97% to 120% under stable conditions, with specific companies like Yongxing Shares and Wang Neng Environment showing potential dividends exceeding 150% [13][12] Sector Developments - The report discusses the trend of waste incineration and IDC collaborations as a new growth avenue, highlighting the advantages of clean and efficient waste-to-energy processes [14] - It notes that the water utility sector is experiencing a shift towards market-driven pricing, which is expected to enhance profitability and stability [17][15] Market Dynamics - The report indicates that the average price of biodiesel remains stable at 8,250 yuan per ton, with slight fluctuations in profitability [37] - In the lithium battery recycling sector, there is a slight improvement in profitability, with metal prices showing mixed trends [39]