Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 6.7 billion yuan in the first half of 2025, a year-on-year decrease of 11.2%, while the net profit attributable to shareholders was 502 million yuan, an increase of 20.85% year-on-year [2][6] - The decline in revenue is primarily attributed to technical upgrades in hazardous waste resource utilization projects and challenges in the environmental engineering business [12] - The company expects to see improved profitability and cash flow in the second half of 2025, with potential resource utilization flexibility being released [6] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 6.7 billion yuan, down 11.2% year-on-year; net profit attributable to shareholders was 502 million yuan, up 20.85% year-on-year; and non-recurring net profit was 454 million yuan, up 10.24% year-on-year [2][6] - Q2 2025 saw revenue of 3.39 billion yuan, a decrease of 23.3% year-on-year, while net profit attributable to shareholders was 278 million yuan, an increase of 25.3% year-on-year [2][6] Business Segments - Revenue from hazardous waste resource utilization was 5.205 billion yuan, down 8.3% year-on-year, due to temporary production halts for technical upgrades [12] - Environmental operation revenue was 904 million yuan, up 2.3% year-on-year, while environmental engineering revenue was 592 million yuan, down 40.04% year-on-year due to selective order acceptance [12] Profitability and Cash Flow - The overall gross margin improved to 18.2%, up 3.93 percentage points year-on-year, with significant contributions from higher-margin projects [12] - Operating cash flow net amount improved significantly, reaching 347 million yuan in H1 2025, an increase of approximately 240 million yuan year-on-year [12] Future Outlook - The company anticipates that the profitability of resource utilization projects will improve, with a focus on the performance of metal prices such as bismuth, antimony, and tin [12] - Forecasted net profits for 2025-2027 are 791 million yuan, 911 million yuan, and 1.029 billion yuan, respectively, with corresponding PE ratios of 12.6x, 10.9x, and 9.7x [12]

浙富控股 20250722 浙富控股前身为成立于 1970 年代的富春江水工机械厂，拥有超过 50 年的水 轮发电机组设计制造经验。公司于 2004 年完成国企改制，成为私人企业，并 在 2008 年 8 月 6 日于深交所上市。上市后，公司经历了全球金融危机及制造 业下滑周期，但通过转型进入核电板块，并购四川华都核电设备 67%的股权， 成为唯一一家拥有核电三本证的民企。2020 年，公司进行重大资产重组，将 环保资产纳入上市公司，从原来的 50 亿规模扩展至 200 多亿的大型清洁能源 和环保公司。 核电业务的发展情况如何？ 摘要 浙富控股通过并购进入核电领域，成为国内唯一拥有核电三本证的民企， 受益于核电项目审批恢复，核电业务营收达 3 亿元，利润 1.2 亿元，预 计 2025 年保持较高增速。 公司业务包括危废资源化和清洁能源装备制造（水电、核电）。水电设 备市场份额占 20%，墨脱水电站项目水轮机组设备订单保守估计超 1,000 亿，毛利率 37%，净利率 15%，每年有望贡献收入 20 亿，净利 润 3 亿。 危废资源化业务通过提取废料中的金属出售，但受上游开工率和金属价 格波动影响，竞争激烈， ...

证券代码：688353 证券简称：华盛锂电 公告编号：2025-034 江苏华盛锂电材料股份有限公司 关于拟对外投资暨开展新业务的公告 部门登记为准）注册资本为人民币 10,000 万元。公司拟以现金出资人民币 7,000 万元，占注册资本的 70%；宜兴福鼎以现金出资人民币 2,000 万元，占注册资本 的 20%；梦泽国投以现金出资人民币 1,000 万元，占注册资本的 10%。 ? 投资金额：华烽绿能拟定于湖北省孝感市云梦县盐化工循环经济产业园 新增土地 120 亩投资 36,000 万元（最终投资总额以实际投资为准）建设"年处理 "危废处置项目"），项目分三期建设。 ? 公司于 2025 年 6 月 13 日召开第二届董事会第二十二次会议、第二届监 事会第十八次会议，审议通过了《关于公司拟对外投资暨开展新业务的议案》。 本次对外投资无需提交股东大会审议。 ? 本次投资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 ? 相关风险提示： 新公司尚未设立，相关业务尚未开展。在未来实际经营中，可能面临经济环 境、行业政策、市场需求变化、行业竞争加剧、经营管理、技术研发等方面不确 ...

公司营收实现增长，核心业务运营稳健，经营性现金流大幅改善。2024年，公司实现营业收入209.12 亿 元，同比正增长，归母净利润9.71 亿元，扣非后归母净利润7.51 亿元，均同比下降。分业务来看，清洁 能源设备实现营业收入10.55 亿元，同比增长20%，毛利率同比提升0.39 个百分点至40.12%；危险废物 处置及资源化产品实现营业收入197.88 亿元，同比增长10%，毛利率同比下降1.13 个百分点至10.37%。 经营性现金流15.40 亿元，同比增长20%，现金流改善。2025 年一季度，公司实现营业收入49.37 亿 元，同比正增长，归母净利润2.71 亿元，扣非后归母净利润1.16 亿元，同比有所下滑。 危废资源化业务持续发展，可回收金属资源广泛。公司通过全资子公司申联环保集团从事危险废物无害 化处理及再生资源回收利用，相较于常规的填埋、焚烧、水泥窑协同等第二代无害化处置技术，公司产 业链前端使用的高温熔融无害化处置技术属于目前市面上最新的第三代无害化处置技术，处置物料范围 广，在处理过程中，富集和回收铜、金、银、钯、锡、镍、铅、锌、锑等各类金属资源。报告期内，申 联环保集团实现营业收入 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a revenue of 14.5 billion yuan in 2024, representing a year-on-year growth of 37.0%, primarily driven by the gradual release of capacity in the metal resource recycling segment [1][2]. - The net profit attributable to the parent company slightly decreased to 480 million yuan, down 4.5% year-on-year, mainly due to significant profit declines in the environmental engineering segment and goodwill impairment related to acquisitions [1][5]. - The solid waste and hazardous waste recycling segment saw a substantial revenue increase of 72.2% year-on-year, totaling 11.14 billion yuan, with a gross margin of 9.1% [2]. - The environmental operation service segment's revenue grew by 6.3% year-on-year to 1.73 billion yuan, with a gross margin of 49.9% [2]. - The environmental engineering segment's revenue fell by 34.3% year-on-year to 1.63 billion yuan, with a gross margin of 12.9% [2]. Summary by Sections Financial Performance - The company's overall gross margin decreased to 14.4%, down 3.8 percentage points year-on-year, primarily due to a significant drop in the gross margin of the environmental engineering segment [3]. - The company improved its expense control, with a total expense ratio of 7.3%, down 2.9 percentage points year-on-year [3]. - Operating cash flow significantly improved to 760 million yuan, a 17.1 billion yuan increase compared to the previous year [3]. Business Segments - The company has established a comprehensive industrial chain for multi-metal extraction, enhancing profitability through integrated operations in copper, lead, and nickel recycling [4]. - The copper recycling segment has seen operational improvements and successful project launches, contributing to a closed-loop industrial chain for resource recovery [4]. - The lead recycling segment has optimized its product structure and expanded raw material types, achieving a comprehensive recovery chain [4]. - The nickel recycling segment's new project has significantly enhanced the ability to separate and purify precious metals, improving competitive strength [4]. Profit Forecast - The company is expected to achieve net profits of 680 million yuan, 810 million yuan, and 940 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14.1, 11.9, and 10.2 [5][6].