证券研究报告 海螺创业 (586 HK) 港股通 提质效果显现，分红大幅提升 华泰研究 更新报告 2025 年 5 月 06 日│中国香港 水泥 海螺创业 2024 年实现收入 62.7 亿元，同比-21.8%，系垃圾处置业务建设 收入减少；实现归母净利 20.2 亿元，同比-18.0%，低于我们预期（25.4 亿）。 若扣除应占联营公司海螺集团收益的影响，垃圾发电主业核心净利润 6.7 亿 元，同比+7.2%。公司积极推进主业提质增效，减少低毛利建设业务和新增 投资，我们看好公司运营性收入占比提升对盈利质量的改善，以及水泥投资 收益的稳定提升。公司有望延续压降资本开支、提升分红率，维持"买入"。 发电运营收入优异，盈利能力稳步提升 公司 2024 年垃圾处置主业实现收入 48.8 亿元，同比-20.8%；其中建设收 入 9.8 亿元，同比-63.8%；运营收入 39.0 亿元，同比+12.7%，炉排炉垃圾 发电收入 38.6 亿元，同比+13.4%。随着低毛利建设业务下降，公司 2024 年垃圾处置毛利率同比+9.0pct 至 37.6%。公司 24 年末在运炉排炉垃圾发 电项目 48100 吨/日，同比+ ...

2024年沪深交易所主板上市公司实现营业收入66.35万亿元，净利润4.95万亿元，展现出主板上市公司的 强大韧性。同时，主板上市公司产业结构不断向"新"发展，央国企竞争力不断提升，积极承担社会责任 等令人欣喜的变化，也随着数据的披露呈现在人们眼前。 主板上市公司业绩稳健 2024年，沪市主板公司合计实现营业收入49.57万亿元，同比保持稳定；净利润4.35万亿元、扣非后净利 润4.14万亿元，同比增长1.9%、2.4%。八成公司实现盈利，四成公司净利润同比增长，230余家净利润 增幅超30%，78家扭亏为盈。其中，金融、能源、建筑、交运等上证180公司发挥"压舱石"作用，贡献 超八成利润；以汽车、医药生物、智能制造、精细化工为代表的公司净利润三年复合增速达10%，成为 抵御外部冲击和经济周期波动的新兴力量。 深市主板公司2024年总市值合计超过20万亿元；合计实现营业收入16.78万亿元，占深市上市公司 80.64%；合计实现净利润5989.59亿元，占深市上市公司74.27%。其中，25家公司市值超过千亿元；32 家公司营业收入超过千亿元。这些上市公司行业汇聚新能源汽车、大消费、电子信息等支柱产业集群， ...

Group 1 - The core viewpoint of the news is that the private equity firm, Phan Hou Wei Ran, has conducted research on a listed company, Yiqiao Shenzhou, focusing on its strategies in response to complex international situations and tariff changes [1] - Yiqiao Shenzhou has adopted proactive inventory measures and leveraged its production capabilities in the US and Canada to support overseas operations [1] - The company is optimizing its team and enhancing automation in its subsidiaries, with a steady development of its business in Taizhou and a need for time to accumulate project experience in its Suzhou subsidiary [1] Group 2 - The overseas development strategy of Yiqiao Shenzhou emphasizes product complementarity and localized production, particularly in Japan, South Korea, and Europe and the US [1] - The company plans to continue investments and acquisitions in areas such as reagents, consumables, automation equipment, and synthetic biology, focusing on complementary product technology capabilities [1] - The CRO business will prioritize quality improvement, efficiency enhancement, and technological upgrades to ensure reasonable profits [1] Group 3 - Phan Hou Wei Ran (Shanghai) Asset Management Co., Ltd. was established in 2014 and is focused on domestic and foreign stock trading strategies and fund management [2] - The company aims to provide long-term stable value-added wealth management services to high-net-worth clients and institutions [2] - As of July 2020, the company had issued 48 private equity funds, with 18 currently in operation and an asset management scale of approximately 800 million RMB [2]

Core Viewpoint - The Agricultural Development Bank of China (ADBC) in Wangkui County, Heilongjiang, has successfully provided a 10 million yuan (approximately 1.4 million USD) working capital loan to a local heating company, alleviating the company's financial pressure and supporting winter heating for residents and businesses [1] Group 1: Loan Impact - The loan will be used specifically for purchasing environmentally friendly coal, upgrading smart heating systems, and paying labor costs, ensuring a reserve of 20,000 tons of coal [1] - The heating company is responsible for winter heating for 110,000 residents and various enterprises in the county, facing cash flow shortages due to fluctuating coal prices and increased maintenance costs [1] Group 2: Bank's Role and Strategy - ADBC's Wangkui branch has disbursed a total of 123 million yuan (approximately 17.3 million USD) in agricultural loans this year, demonstrating its commitment to supporting small and micro enterprises [1] - The bank has implemented a tailored financing plan and expedited approval processes, completing the loan disbursement in just 10 working days to ensure timely funding for the heating season [1] Group 3: Broader Economic Impact - The loan aligns with national policies aimed at enhancing financial services for small and micro enterprises, creating a multiplier effect by supporting not only the heating company but also related industries such as equipment maintenance [1] - The bank plans to continue innovating financial products and services to stimulate local economic vitality, focusing on rural revitalization and green low-carbon initiatives [1]

Core Viewpoint - China Nuclear Power (601985), one of the largest nuclear power operators in China, has reported a decline in net profit despite a slight increase in revenue for 2024, indicating a significant divergence between revenue growth and profit performance [1][2]. Financial Performance - In 2024, China Nuclear Power's operating revenue increased by 3.09% year-on-year, while the net profit attributable to shareholders decreased by 17.38%, highlighting a concerning trend of revenue growth not translating into profit [2]. - The company's net cash flow from operating activities also fell by 5.58% year-on-year, marking a second consecutive year of decline in cash flow [2]. - The gross profit margin for 2024 dropped to 3.97%, the lowest level in the past decade, with the first quarter of 2024 showing a mere 1.22% gross margin [2]. Cost and Efficiency Issues - Rising electricity costs have been identified as a key factor contributing to the decline in net profit and gross margin [4]. ESG Performance - The carbon emission density increased to 0.016 tons of CO2 equivalent per ten thousand yuan of industrial output in 2024, the highest level in three years [5][6]. - The proportion of R&D personnel decreased to 20.87%, the lowest in four years, indicating potential challenges in innovation and talent retention [5]. - Employee turnover rate remained above 1% from 2022 to 2024, with 2024's rate at 1.07%, which is higher compared to peers like Yangtze Power (0.3%) and China General Nuclear Power (1.01%) [5]. Shareholder Returns and Dividends - The company has not implemented any share buybacks since 2020, despite the launch of initiatives aimed at enhancing shareholder returns [7]. - The dividend payout ratio for 2024 was 41.80%, with a cash dividend total of 36.69 billion yuan, but the dividend yield has declined for two consecutive years, reaching a low of 1.73% in 2024 [8][9]. - Cumulatively, the company has raised over 426 billion yuan since its IPO, significantly exceeding its total dividend payouts of 242.81 billion yuan, indicating a weaker commitment to shareholder returns [8].

除此之外，独石化以"经营精打细算、生产深耕细作、管理精雕细刻、技术精益求精"的"四精"理念为引 领，深化"六优化一控制"生产经营策略，在保持装置稳产高产的同时，动态调整产品结构，紧密衔接产 销链条，系统推进生产优化与降本控费。通过RTO(实时在线优化系统)信息化手段精准调控裂解深度、 强化原料优化控制，为乙烯、丙烯等关键产品增产提供坚实保障，两套乙烯装置日产量连续6个月保持 4000吨以上，创历史新高。独石化创新构建了生产异常标准管控体系，形成"监测—预警—处置"的闭环 管理机制，生产波动频次同比下降33.3%。聚丙烯、丁苯橡胶、全密度聚乙烯等关键装置的单耗达近三 年同期最优。该公司还投用污水回用率智能监控，减少污水产生量、回用量，优化氮气系统运行方式， 降低氮气系统动力消耗，优化减压深拔力度，降低石油焦收率，一季度蒸汽、新水单耗降幅超10%。 在"向管理要效益"的同时，独石化坚持创新驱动，把科技创新作为效益增长的重要引擎。2024年，在国 内首次用气相法工艺生产出聚烯烃弹性体(POE)，并实现量产。今年以来，独山子石化紧抓市场契机， 优化产品结构，强化产品推介服务，增产增销POE、锂电池隔膜料、电容膜料、溶 ...

【重申固废idc】IDC等提质增效对标海外市场化估值roe双双翻倍以上空间，板块资本开支下降，分红大幅提升验 证【东吴环保公用】 25年2月以来垃圾焚烧&IDC系列发声——提质增效：以IDC为代表的B端拓展持续推进。 本质上，价格改革（国办政策）推进，市场化趋势中固废处理具备提质增效roe提升的能力！参考海外龙头 WM，roe30%+，估值pe33倍，pb11倍 #垃圾焚烧+IDC=超低PUE零碳项目、优势在于： 【清洁高效】【稳定性】【经济性】【分布近城市中心】 纯供能模式/供能+机柜租赁/供能+算力租赁模式下，2000吨/日匹配20MW数据中心，盈利增量弹性为 26%/66%/817%，综合ROE由12%提至16%/15%/18% 满足区位（京津冀、长三角、粤港澳、长沙）和规模（1000吨/日及以上）要求占总运营规模的比例：永兴97%、 军信85%、绿动48%、旺能45%、伟明45%、瀚蓝45%（并购粤丰后） 垃圾焚烧IDC深度1：【东吴双碳环保公用】垃圾焚烧助力超低PUE零碳项目，关注IDC合作机会 垃圾焚烧IDC深度2：【东吴双碳环保公用】垃圾焚烧IDC系列深度2：三种模式盈利弹性测算&合作潜力分析 ...

Core Viewpoint - The ongoing cleanup of non-compliant microloan companies in China is intensifying, with multiple regions reporting the withdrawal and cancellation of over a hundred such institutions since the beginning of the year [1][2]. Group 1: Regulatory Actions - Various local financial management bureaus have announced the exit of microloan companies, including specific announcements from Hubei, Sichuan, Inner Mongolia, Yunnan, Jiangxi, and Dalian, indicating a systematic approach to eliminate non-compliant entities [2]. - The Beijing Local Financial Supervision Administration has published a list of eight microloan companies classified as "missing" or "shell" companies, mandating them to apply for cancellation during the public notice period from April 23 to May 22, 2025 [1]. Group 2: Industry Trends - The regulatory framework for microloan companies has been strengthened since the release of the "Interim Measures for the Supervision and Administration of Microloan Companies" in early 2025, promoting healthier and more standardized industry practices [3]. - The trend of "reducing quantity and improving quality" is becoming a significant characteristic of the industry, allowing compliant microloan companies to gain more market space and better serve the real economy [3]. Group 3: Future Development Strategies - To achieve compliant operational development, microloan companies should focus on two main areas: reinforcing compliance foundations and deepening specialization in targeted sectors [4]. - Companies are encouraged to strictly limit their business scope, adhere to regulatory requirements, and enhance consumer rights protection while developing localized and specialized financial products to improve business flexibility and accessibility [4].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 （1）2024年，山西潞城喷吹煤全年均价1099元/吨，同比-20.1%，2025Q1该价格进一步降至921元/吨（同 比-16.4%、环比-13.6%）；（2）2025Q1，公司商品煤综合售价为543元/吨，同比-21.3%；（3） 2025Q1，公司商品煤单位销售成本340元/吨，同比-10.0%；（4）在煤价下行的背景下，公司2024年、 2025Q1单季度营业收入、归母净利润、扣非净利润都出现了一定幅度的下滑。 25Q1煤炭产量同比增长，产能释放可期 （1）2024年，公司原煤产量5728万吨，同比-5.2%，商品煤销量5216万吨，同比-5.2%；（2）2025Q1， 公司原煤产量1357万吨，同比+2.5%，商品煤销量118 ...