高能环境（603588）：看好资源化业务业绩持续释放

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 19.02 [5]. Core Views - The report highlights the continuous performance release of the resource recycling business, driven by rising metal prices and the capacity release of subsidiaries in the resource recycling segment [5][6]. - The company achieved a revenue of RMB 14.73 billion in 2025, reflecting a year-on-year increase of 1.60%, and a net profit attributable to the parent company of RMB 838.10 million, up 73.94% year-on-year [5][6]. - The report anticipates that the profitability of the resource recycling segment will continue to improve as capacity utilization increases and the company expands into more categories of precious metals [5][6]. Financial Forecasts and Valuation - Revenue projections for the company are as follows: RMB 16.43 billion in 2026, RMB 17.78 billion in 2027, and RMB 18.17 billion in 2028, with respective growth rates of 11.54%, 8.22%, and 2.18% [4]. - The net profit attributable to the parent company is expected to reach RMB 1.28 billion in 2026, RMB 1.51 billion in 2027, and RMB 1.66 billion in 2028, with growth rates of 52.96%, 18.10%, and 9.49% respectively [4]. - The report adjusts the 2026-2027 revenue forecast for the resource recycling business upwards by 9.9% and 9.8%, respectively, and anticipates a corresponding increase in gross margin [8]. Business Segment Performance - The resource recycling business segment's revenue increased by 6.84% year-on-year to RMB 11.90 billion in 2025, with a gross margin improvement of 5.46 percentage points to 14.60% [6]. - The environmental operation business maintained stable operations with revenue of RMB 1.72 billion, a slight decrease of 0.49% year-on-year, while the engineering business segment saw a significant revenue decline of 31.90% to RMB 1.11 billion [6]. - The company has made strategic acquisitions, including a 59% stake in three mining companies, marking its first breakthrough in mining project layout [6]. Cash Flow and International Strategy - The company implemented a comprehensive internationalization strategy, resulting in a 54.5% year-on-year increase in operating cash flow to RMB 1.17 billion in 2025 [7]. - Significant international projects include a waste tire recycling project in Mexico and a waste-to-energy project in Thailand, indicating the company's commitment to expanding its global footprint [7].