挖垃圾祖坟 封场20年的祖传垃圾山，最近要被彻底"挖祖坟"了。 位于深圳罗湖的"玉龙填埋场"，是深圳最早的简易生活垃圾填埋场，建于1983年，1997年停用，2005年底实施封场，总堆填垃圾约250万立方米，足以填 满1000个国际标准泳池。 这封场20年可不是装了20年，而是距离"装满"都过了如此之久。 450万吨垃圾 如今玉龙填埋场不仅位于城市核心地带，其潜在的臭气、渗滤液、地下水污染以及地质灾害风险等问题也很突出。 为了环保处理这座巨型垃圾山，整体清运过程像是在"剥洋葱"： 渣土经检测合格后外运；建筑垃圾综合利用；生活垃圾经筛分后，轻质物进入龙岗能源生态园进行焚烧发电，腐殖土进入下坪环境园填埋，无 机骨料综合利用，库底污染土进入稳定化处理车间，经检测合格后外运。 01 其中一大原因——焚烧技术太先进了。 欧美垃圾分类做得早，垃圾种类也比较"干"，它们的炉子习惯了吃精粮，而中国垃圾含有大量厨余"湿垃圾"，水分大、热值波动大，含水率经常超过 55%。 由于厨余垃圾混杂，热值极低，强行燃烧不仅火苗暗淡，还更容易产生比砒霜毒数倍的二噁英。 作为目前全国体量最大、全量开挖的垃圾搬迁治理工程，现场每天将筛分6000 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company's solid waste operations are stable, and its equipment EPC (Engineering, Procurement, and Construction) business is continuously advancing overseas [7] - The company achieved a revenue of 2.847 billion yuan in the first half of 2025, a year-on-year decrease of 9.11%, while the net profit attributable to the parent company was 678 million yuan, an increase of 1.76% [2] - The report maintains profit forecasts for 2025-2027, expecting net profits of 1.264 billion yuan, 1.350 billion yuan, and 1.423 billion yuan respectively, corresponding to P/E ratios of 11, 11, and 10 times [7] Financial Performance Summary - For the first half of 2025, the company reported a revenue of 2.014 billion yuan from solid waste operations, a growth of 2.19%, with a gross margin of 44.86% [7] - The engineering construction segment generated revenue of 784 million yuan, a decrease of 25.41%, but with a gross margin increase to 25.66% [7] - The company maintained a positive free cash flow of 563 million yuan in the first half of 2025, despite a decline in operating cash flow [7] Operational Highlights - The company has a total waste incineration capacity of 61,500 tons per day, with 59,600 tons already in operation [7] - The report notes that the company is actively pursuing a dual-driven strategy of domestic and international expansion, with several new contracts signed for waste incineration and sewage treatment equipment projects [7] - The report emphasizes the operational efficiency of the company's waste incineration technology, which positions it favorably within the industry [7]