环保行业跟踪周报：上实优质资产低估，高能H股上市推进，龙净受益26年环保专项资金预算提前下达-20251208

Investment Rating - The report maintains a "Buy" rating for the industry, particularly highlighting the potential of companies like Shanghai Industrial Holdings and Longjing Environmental [10][16]. Core Insights - The environmental industry is expected to benefit from an increase in government funding, with a total budget of 528 billion yuan for 2026, which includes significant allocations for air and water pollution control [12][14]. - Companies such as Longjing Environmental are positioned to gain from this funding, as they are leaders in air pollution control equipment [15]. - The report emphasizes the importance of cash flow improvements and dividend potential in the solid waste sector, with companies like Junxin and Green Power showing significant increases in cash dividends [21][22]. Summary by Sections Industry Overview - The environmental sector is experiencing a positive trend with government support and increasing market demand for pollution control solutions [12][14]. - The solid waste management segment is seeing enhanced cash flows and improved return on equity (ROE) due to reduced capital expenditures [21][22]. Company Analysis - Shanghai Industrial Holdings: The company has significantly undervalued assets in high-quality water and solid waste management, with a projected net profit of 28.08 billion HKD for 2024 [8][10]. - High Energy Environment: The company is advancing its H-share listing and has shown confidence from management through stock purchases, indicating a strong outlook for its mining and overseas expansion strategies [17][19]. - Longjing Environmental: The company is expected to benefit from increased orders in air pollution control, with a projected net profit of 12.3 billion yuan for 2025 [16]. Market Trends - The report notes a substantial increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 61.32% and a penetration rate of 18.02% [28][32]. - The water management sector is anticipated to undergo significant cash flow improvements, with companies like Yuehai Investment and Hongcheng Environment expected to maintain high dividend payouts [25][27]. Financial Projections - The report forecasts net profits for Shanghai Industrial Holdings to reach 25.70 billion yuan in 2025, with a corresponding PE ratio of 6.79 [10][11]. - Longjing Environmental's net profit is projected to grow to 12.3 billion yuan by 2025, with a PE ratio of 16.3 [16]. Investment Recommendations - Key recommended stocks include Shanghai Industrial Holdings, High Energy Environment, and Longjing Environmental, with a focus on their strong cash flow and dividend potential [10][15][21].