Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has slightly declined, but collaboration with IDC is expected to lead to a revaluation of its value [5] - The company reported a revenue of 905 million yuan in Q1 2025, a year-on-year decrease of 2.52%, and a net profit attributable to shareholders of 197 million yuan, down 3.4% year-on-year [7] - The decline in performance is attributed to increased maintenance time, which affected waste processing volume and increased maintenance costs [7] - The company is expected to benefit from the ongoing excavation of aged waste, which could bring significant profit increments [7] - The collaboration between waste incineration and IDC is anticipated to become an industry trend, with the company positioned to benefit from this shift [7] Financial Summary - Revenue projections for the company are as follows: 3,536 million yuan in 2023, 3,765 million yuan in 2024, 4,126 million yuan in 2025, 4,378 million yuan in 2026, and 4,540 million yuan in 2027, with growth rates of 7.38%, 6.45%, 9.58%, 6.12%, and 3.70% respectively [6] - Net profit attributable to shareholders is projected to be 735 million yuan in 2023, 821 million yuan in 2024, 917 million yuan in 2025, 1,022 million yuan in 2026, and 1,130 million yuan in 2027, with growth rates of 2.71%, 11.67%, 11.74%, 11.43%, and 10.64% respectively [6] - The company is expected to achieve a free cash flow of 740 million yuan in 2024, with a dividend payout ratio of 65.8%, leading to projected dividend yields of 4.2%, 4.7%, and 5.2% for 2025-2027 [7]

相关日期 证券代码：601033 证券简称：永兴股份 公告编号：2025-024 广州环投永兴集团股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.60元 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/7 | － | 2025/5/8 | 2025/5/8 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经广州环投永兴集团股份有限公司（以下简称"本公司"） 2025 年 4 月 21 日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： | 股份类别 | 股权登记日 | ...

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 04 月 28 日 新能源装机首超煤电 欧美气价降至 近期新低 看好 ——申万公用环保周报(25/04/21~25/04/25) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 电力：新能源装机历史性超越火电，清洁能源占比稳步提升。1-3 月我国新增发电装机容量达 8572 万千瓦，其中水电、火电、核电、风电、光伏装机新增容量分别为 213、925、0、1462、 5971 万千瓦，新能源新增装机贡献率达 86.7%。截至 ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-023 广州环投永兴集团股份有限公司 关于 2024 年度"提质增效重回报"行动方案 评估报告的公告 2024年，公司积极拓展运营管理服务输出业务，新增多个运营检修服务项 目及环境监管技术服务项目。公司高度关注并参与绿证交易业务，合计申领绿 证约690万张。 1 公司积极通过对外项目拓展、收并购等方式扩大公司业务区域布局，提升 公司业务规模。2024年9月，公司联合中标怀集县环保发电项目；2024年12月， 公司在越南成立全资子公司，积极探索海外项目投资发展新途径。 公司已全面掌握吊机无人值守、焚烧炉ACC智能控制、烟气污染物自动控 制等智慧电厂关键技术，开展智能巡检、DCS与烟气监测智能联动、SNCR和 SCR协同脱硝技术、餐厨垃圾厌氧消化产沼优化运营等技术研发应用和创新实 践，有效提升了公司环境效益和资源化利用效率。 二、积极回报投资者，落实分红、限售锁定以及稳定股价等承诺 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为深入贯彻落实国务院《关于进一步提高上 ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-022 广州环投永兴集团股份有限公司 第一届监事会第二十三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 广州环投永兴集团股份有限公司（以下简称"公司"）第一届监事会第二 十三次会议通知于2025年4月22日以电子邮件方式发出，并于2025年4月25日以 现场会议方式召开。本次会议由监事会主席王化平先生主持，应当出席监事3 名，实际出席监事3名。本次会议的召开和表决程序符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》等有关规定。 二、监事会会议审议情况 （一）审议通过《关于<2025年第一季度报告>的议案》 经审议，监事会认为：公司《2025年第一季度报告》的编制和审核程序符 合法律、法规和公司管理制度的各项规定；2025年第一季度报告的内容和格式 符合中国证监会和上海证券交易所的各项规定，所包含的信息真实、准确地反 映出公司2025年第一季度的财务状况和经营成果；在提出本意见前，未发现参 与《2025年第一季度 ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-021 广州环投永兴集团股份有限公司 第一届董事会第二十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 广州环投永兴集团股份有限公司（以下简称"公司"）第一届董事会第二 十八次会议通知于2025年4月22日以电子邮件方式发出，并于2025年4月25日以 现场会议方式召开。本次会议由公司董事张雪球先生主持，应当出席董事6名， 实际出席董事6名，公司监事和部分高级管理人员列席了会议。本次会议的召开 和表决程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 等有关规定。 二、董事会会议审议情况 （一）审议通过《关于<2025年第一季度报告>的议案》 本议案经第一届董事会审计委员会第十六次会议审议通过。 具体内容详见公司于2025年4月26日在《上海证券报》《中国证券报》《证券 日报》《证券时报》和上海证券交易所网站（www.sse.com.cn）披露的《永兴股份 2025年第一季度报告》。 表决结果：6票同意、0票反 ...

Financial Performance - The basic earnings per share for Q1 2025 is 0.2200 yuan, a decrease of 8.33% compared to Q1 2024, which was 0.2400 yuan, and a decline from 0.3000 yuan in Q1 2023 [1] - The operating revenue for Q1 2025 is 9.05 billion yuan, down 2.48% from 9.28 billion yuan in Q1 2024, and an increase from 8.8 billion yuan in Q1 2023 [1] - The net profit for Q1 2025 is 1.97 billion yuan, a decrease of 3.43% from 2.04 billion yuan in Q1 2024, and a decline from 2.24 billion yuan in Q1 2023 [1] - The return on equity for Q1 2025 is 2.49%, an increase of 15.81% compared to 2.15% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 10,945.47 million shares, accounting for 45.61% of the circulating shares, with an increase of 9,269.84 million shares compared to the previous period [1] - New entrants among the top shareholders include Guangzhou Urban Investment Group with 3,750.00 million shares (15.63%) and Science City (Guangzhou) Investment Group with 3,750.00 million shares (15.63%) [2] - Other new shareholders include Guangzhou Baiyun Urban Development Investment Group with 1,500.00 million shares (6.25%) and several funds and insurance companies [2] Dividend Distribution - The company has decided not to distribute dividends or transfer shares in this period [3]

Investment Rating - The report suggests that the current sector has investment value, recommending a focus on operators with potential for increased capacity utilization, leading indicators in power generation per ton and heating ratio, lower reliance on subsidies, and higher cash dividend capabilities [1]. Core Insights - The report highlights that the waste incineration sector is entering a phase of positive free cash flow, with significant increases in dividend ratios expected in the coming years. The average dividend ratio is projected to rise from 35% in 2023 to 47% in 2024, driven by a 307% year-on-year increase in free cash flow [3][23][30]. - The report emphasizes the importance of collaboration with IDC (Internet Data Center) operators, which is expected to optimize cash flow curves and business models for waste incineration operators. This partnership is anticipated to create a win-win scenario for all parties involved [3][54]. Summary by Sections Section 1: Industry Overview - The waste incineration industry has achieved a 100% harmless treatment rate for domestic waste by the end of 2023, with a significant shift towards incineration over landfill methods [12][13]. - The fixed cost structure of waste incineration plants is characterized by a high proportion of depreciation and amortization costs, approximately 42.8%, leading to stable cash outflows [15][18]. Section 2: Financial Performance - The report notes that the waste incineration sector is expected to see a substantial increase in free cash flow, with the first year of positive free cash flow occurring in 2023. The average dividend payout ratio is projected to increase significantly in 2024 [3][23][30]. - The cash flow structure is stable, with variable costs linked to fuel prices being only 5.5% of total costs, while the majority consists of labor and auxiliary costs [15][18]. Section 3: Risks and Challenges - The report identifies several risks, including delayed subsidy payments, lower-than-expected capacity utilization for newly commissioned plants, and potential issues with the commercial model leading to accounts receivable delays [2][26]. - The impact of subsidy reductions on project internal rates of return (IRR) is highlighted, with a decrease of 0.1 CNY/KWh potentially lowering IRR from 7.9% to 6.2% [29][34]. Section 4: Strategic Recommendations - The report recommends focusing on regional operators in high electricity price areas (e.g., Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei) that have lower reliance on subsidies and higher cash dividend capabilities [1]. - Collaboration with IDC is seen as a strategic move to enhance cash flow and stabilize revenue streams, particularly in light of increasing energy demands from data centers [54][56].

证券代码：601033 证券简称：永兴股份 公告编号：2025-019 广州环投永兴集团股份有限公司 关于收购忻州市洁晋发电有限公司41%股权的进展公告 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、交易概述 广州环投永兴集团股份有限公司（以下简称"公司"或"永兴股份"）于2025年1月10日召开第一届董事会 第二十五次会议，审议通过《关于收购忻州市洁晋发电有限公司41%股权的议案》，同意公司以自有资 金32,967.347万元收购参股公司忻州市洁晋发电有限公司（以下简称"洁晋公司"）41%的股权。本次交 易尚需取得忻州市住房和城乡建设局（以下简称"忻州市住建局"）出具同意本次交易的书面文件。具体 内容详见公司于2025年1月11日披露的《广州环投永兴集团股份有限公司关于收购忻州市洁晋发电有限 公司41%股权的公告》（公告编号：2025-002）。 二、进展情况 近日，洁晋公司收到了忻州市住建局《关于忻州市洁晋发电有限公司与广州环投永兴集团股份有限公司 进一步深化股权合作 ...

Core Viewpoint - Hanlan Environment (600323) announced a 2024 dividend distribution plan, proposing a cash dividend of 8 yuan per 10 shares (including tax), totaling 652 million yuan, which represents 39.20% of the net profit and a dividend yield of 4.01% based on the average trading price for the year [1][2]. Financial Performance - The company reported a revenue of 11.886 billion yuan for the year, a decrease of 5.22% year-on-year, while net profit reached 1.664 billion yuan, an increase of 16.39% year-on-year. The basic earnings per share were 2.04 yuan, and the weighted average return on equity was 13.05% [2]. Dividend History - The company has a history of dividend distributions since its listing, with the latest being the 25th distribution. The previous year's distribution was 4.8 yuan per 10 shares, totaling 391 million yuan, with a dividend yield of 2.62% [1][2]. Market Activity - The stock experienced a net inflow of 7.63 million yuan in main funds today, but over the past five days, there was a net outflow of 82.87 million yuan [3]. - The latest margin financing balance for the stock is 259 million yuan, with a decrease of 8.89 million yuan over the past five days, representing a decline of 3.32% [4]. Industry Comparison - In the environmental protection industry, Hanlan Environment leads in dividend distribution for 2024, with a total cash distribution of 652 million yuan, followed by Chongqing Water (601158) and Yongxing Co. (601033) with distributions of 629 million yuan and 540 million yuan, respectively [4][5].