环保行业跟踪周报：垃圾焚烧国补回收显著加速，环卫无人化迎发展机遇-20250908

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The environmental protection industry is experiencing stable operational growth and improving cash flow, with opportunities arising from the automation of sanitation services [10][12] - The report highlights significant acceleration in national subsidies for waste incineration and the potential for increased profitability through operational efficiency and cash flow improvements [10][12] Summary by Sections Waste Incineration - In H1 2025, the sector saw a revenue increase of 1% and a net profit growth of 8%, with a gross margin improvement of 2.9 percentage points [10][12] - Free cash flow reached 32 billion yuan, up from 17 billion yuan in H1 2024, indicating a strong cash generation capability [10][12] - Key companies recommended include Huanlan Environment, Green Power, and Yongxing Co., with a focus on operational efficiency and dividend increases [12][17] Water Services - The water services sector reported a 2% decline in revenue but a 6% increase in net profit, with a notable improvement in cash flow [13][24] - The report emphasizes the importance of water pricing reforms to ensure reasonable returns on investments, with cities like Guangzhou and Shenzhen implementing price increases [13][24] - Recommended companies include Yuehai Investment and Xinyuan Environment, with a focus on high dividend yields and improving cash flows [14][15] Sanitation Services - The report notes a 3.3% increase in total sanitation vehicle sales, with a remarkable 77.6% growth in sales of new energy sanitation vehicles, raising the penetration rate to 16.14% [16][31] - The rise of autonomous sanitation vehicles is highlighted, with over 290 new projects in the field, indicating a strong market trend towards automation [16][31] - Key companies recommended include Yutong Heavy Industry, with additional companies suggested for attention [16][31] Biofuels and Lithium Battery Recycling - The average price of biodiesel remained stable, but profitability per ton has decreased significantly [43][46] - The report indicates a decline in lithium carbonate prices and profitability in lithium battery recycling, suggesting a challenging market environment [46][47]