重大资产重组并入垃圾焚烧业务，实现以运营为核心的格局。公司为中国环保旗下专业从事固废治理、 环境保护的子公司，2023 年通过资产重组注入了中国环境旗下垃圾焚烧发电资产，将环境科技57个生 活垃圾焚烧发电项目纳入体内。我们认为，公司实现以垃圾焚烧运营为核心，装备制造为辅的格局。 本报告导读： 重大资产重组并入垃圾焚烧业务，实现以运营为核心的格局，公司盈利能力改善显著，降本增效效果显 现。 投资要点： 给与"增持" 评级。我们预计公司 2025-2027 年归母净利润分别为9.35/10.24/11.15 亿元，对应EPS 为 0.30/0.33/0.36 元。基于可比公司PE 均值，并考虑到公司背靠央企有望注入新活力，给予公司2025年25 倍PE，公司目标价为7.50 元。 环保装备加快推进"水固一体化"，电工装备市占率行业领先。1）环保装备业务板块，子公司兆盛环保 在污水处理设备领域行业领先，同时积极极探索县域垃圾焚烧发电装备，2025H1 公司储备的县域小型 化生活垃圾焚烧设备项目和水处理设备总包项目总量明显增长。 2）电工装备领域，子公司启源装备先后为行业近500 家企业提供装备超过2600 台/（套 ...

Core Viewpoint - The company reported steady revenue growth driven by cost reduction and efficiency improvements, achieving a revenue of 4.42 billion yuan and a net profit of 883 million yuan in the first three quarters of 2025, representing year-on-year increases of 2.38% and 32.97% respectively [2][3] Financial Performance - In Q3 alone, the company generated a revenue of 1.46 billion yuan, up 5.20% year-on-year, with a net profit of 338 million yuan, reflecting a significant increase of 49.11% [2] - The net cash flow from operating activities reached 1.74 billion yuan, marking an 11.26% increase year-on-year, indicating a healthy financial status [2] Cost Management and Profitability - The company effectively reduced financial expenses to 261 million yuan from 329 million yuan in the same period last year, primarily due to lower interest expenses [3] - The company’s focus on quality improvement and efficiency has led to a decrease in total operating costs, enhancing profitability [3] Business Development - The company’s waste incineration projects have a daily processing capacity of over 50,000 tons, handling more than 20 million tons of solid waste annually, accounting for approximately 7%-8% of the national waste incineration volume [3] - The external supply of steam reached 914,500 tons in the first half of 2025, a year-on-year increase of 38.11%, while the external heat supply increased by 14.30% [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 6.09 billion, 6.63 billion, and 7.22 billion yuan, with corresponding net profits of 798 million, 937 million, and 1.08 billion yuan, reflecting growth rates of 31.75%, 17.42%, and 14.97% respectively [4] - The company is expected to maintain a price-to-earnings ratio (PE) of 24.20, 20.61, and 17.93 for the years 2025, 2026, and 2027 [4]

Group 1 - The company reported a revenue of 2.956 billion yuan for the first half of 2025, representing a year-on-year increase of 1.03% [1] - The net profit attributable to shareholders was 545 million yuan, showing a year-on-year growth of 24.61% [1] - The company processed 9.4249 million tons of municipal solid waste, remaining stable compared to the previous year [1] Group 2 - The company has established 47 project companies engaged in waste-to-energy operations, covering 16 provinces in China [2] - The company has made significant progress in environmental protection equipment and electrical equipment sectors, with a focus on "water-solid integration" strategy [2] - The company has strengthened its R&D management, adding 75 new patents during the reporting period, including 15 invention patents [2] Group 3 - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares, totaling approximately 186 million yuan to shareholders [2]