证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 上实优质资产低估，高能 H 股上市推进，龙 净受益 26 年环保专项资金预算提前下达 增持（维持） 2025 年 12 月 08 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 行业走势 -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 环保 沪深300 《钢铁水泥电解铝配额方案落地，高 能布局金矿强化资源化协同，龙净国 资增持价值》 2025-11-24 东吴证券研究所 1/26 相关研究 《企业碳配额与产出挂钩不设总量上 限，紫金赋能龙净逻辑不变且持续深 化》 2025-12-01 [投资要点 Table_Summary] ◼ 重点推荐：瀚蓝环境，高能环境，绿色动力环保，绿色动力，海螺创业，永兴股份，光 大环境，军信股份，粤海投资，美埃科技，九丰能源，宇通重工，景津装 ...

Core Viewpoint - 瑞晨环保 has demonstrated significant revenue growth in its Q3 2025 report, indicating successful business expansion and a strong momentum in its main operations [1] Financial Performance - The company achieved a quarterly revenue of 97.43 million yuan, representing a substantial year-on-year increase of 132.71% [1] - Cumulative revenue from the beginning of the year to the report date reached 207 million yuan, reflecting a year-on-year growth of 40.42% [1] Business Expansion - There are clear signs of business scale expansion, with inventory balance increasing by 61.84% compared to the beginning of the period, attributed to a rise in orders and increased raw material purchases [1] - Prepayments grew by 102.69%, indicating proactive inventory preparation to meet business demands [1] - The balance of contract liabilities remains high, showcasing ongoing progress in order execution [1] Strategic Investments and Support - The company is actively seizing market opportunities through external investments, marking a breakthrough in long-term equity investments from previously non-existent levels [1] - Government subsidies and VAT deductions have increased, leading to a 92.36% year-on-year growth in other income, providing strong support for operational development [1] Future Outlook - Despite being in an investment phase, 瑞晨环保 is rapidly expanding its revenue scale through enhanced market development and internal management, laying a solid foundation for future performance improvement [1] - With the ongoing increase in national support for the environmental protection industry, the company is expected to leverage its technological advantages and project experience to gain greater market share [1]

Core Insights - Green Power (601330.SH) reported a total operating revenue of 2.582 billion yuan for Q3 2025, ranking 16th among disclosed peers, with a year-on-year increase of 37.86 million yuan, representing a 1.49% growth compared to the same period last year [1] - The company's net profit attributable to shareholders reached 626 million yuan, ranking 10th among peers, with an increase of 123 million yuan year-on-year, reflecting a 24.39% growth [1] - Operating cash flow net inflow was 1.323 billion yuan, ranking 7th among peers, with a year-on-year increase of 268 million yuan, achieving five consecutive years of growth, up 25.46% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 59.83%, a decrease of 0.99 percentage points from the previous quarter and a decrease of 1.73 percentage points from the same period last year [3] - The latest gross profit margin is 48.63%, ranking 4th among peers, with an increase of 3.19 percentage points year-on-year, marking three consecutive years of growth [3] - The latest return on equity (ROE) is 7.45%, ranking 11th among peers, with an increase of 1.24 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.45 yuan, ranking 16th among peers, with an increase of 0.09 yuan year-on-year, reflecting a 25.00% growth [3] - The latest total asset turnover ratio is 0.12 times, unchanged from the same period last year, with a year-on-year increase of 3.62% [3] - The latest inventory turnover ratio is 26.27 times, ranking 11th among peers, with an increase of 0.90 times year-on-year, representing a 3.54% growth [3] Shareholder Structure - The number of shareholders is 35,100, with the top ten shareholders holding 1.126 billion shares, accounting for 80.77% of the total share capital [3] - The largest shareholder is Beijing State-owned Assets Management Co., Ltd., holding 32.63% [3] - Other significant shareholders include HKSCC Nominees Limited (27.23%) and Beijing Industrial Development Investment Management Co., Ltd. (10.00%) [3]

Core Insights - Zhongke Environmental reported a revenue of 1.272 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.06% [1] - The company achieved a net profit attributable to shareholders of 298 million yuan, up 13.21% year-on-year, and a net profit excluding non-recurring items of 295 million yuan, reflecting a growth of 13.91% [1] Group 1: Mergers and Acquisitions Strategy - Zhongke Environmental successfully acquired 100% equity of the Guigang and Pingnan projects through public bidding, with the equity transfer agreement signed in August [2] - Following the consolidation of the Guigang and Pingnan projects, the company's total processing capacity is expected to exceed 20,000 tons per day [2] - The company hosted an institutional research event in Shijiazhuang, showcasing its experience in quickly realizing economic benefits from acquisition projects, which garnered positive feedback from analysts and institutional investors [2] Group 2: Mid-term Profit Distribution - As a state-owned enterprise, Zhongke Environmental plans to conduct its first mid-term dividend distribution post-listing, responding to the policy call for increased dividend frequency [3] - The board approved a mid-term profit distribution plan on September 29, proposing a cash dividend of 0.60 yuan (tax included) per 10 shares, which is expected to account for approximately 45% of the net profit attributable to shareholders for the first half of 2025 [3] - Market analysts view the company's growth strategy as clear and robust, with the mid-term dividend reflecting confidence in future development and a strong commitment to shareholder returns [3]

Core Insights - The company reported a revenue of 1.272 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.06% [1] - The net profit attributable to shareholders reached 298 million yuan, with a year-on-year increase of 13.21% [1] - The company is actively pursuing a merger and acquisition strategy, having successfully acquired 100% equity of the Guigang and Pingnan projects [2] Group 1: Financial Performance - The company achieved a net profit of 298 million yuan for the first three quarters, reflecting a 13.21% increase year-on-year [1] - The non-recurring net profit attributable to shareholders was 295 million yuan, marking a year-on-year growth of 13.91% [1] Group 2: Mergers and Acquisitions - The company successfully completed the acquisition of Guigang and Pingnan projects, which will increase its total processing capacity to over 20,000 tons per day [2] - A recent institutional research event highlighted the company's ability to quickly realize economic benefits from its acquisition projects, gaining recognition from numerous domestic analysts and institutional investors [2] Group 3: Dividend Distribution - The company plans to conduct its first interim dividend distribution post-listing, proposing a cash dividend of 0.60 yuan per 10 shares, which is expected to account for approximately 45% of the net profit attributable to shareholders for the first half of 2025 [3] - The decision to increase dividend frequency aligns with the company's commitment to enhancing shareholder returns and reflects confidence in future growth [3]

Core Viewpoint - Hengyu Environmental Protection announced a significant increase in revenue and a turnaround in net profit for the first half of 2025, indicating strong business performance and growth potential [1] Financial Performance - The company reported an operating income of 125 million yuan for the first half of 2025, representing a year-on-year growth of 268.05% [1] - Net profit reached 8.3966 million yuan, a substantial improvement compared to a net loss of 804,700 yuan in the same period last year [1]

Summary of the Conference Call for Guangda Environment Industry Overview - Guangda Environment operates in the waste incineration power generation sector, with a daily operational capacity of nearly 140,000 tons, leading the industry in scale [2][3] - The waste incineration power generation industry expanded rapidly from 2015 to 2020, reaching a national daily capacity of 1.1 million tons with a utilization rate of approximately 70% [2][6] Key Points and Arguments - **Financial Performance**: Guangda Environment is expected to achieve its first positive free cash flow since its listing in 2024, which may lead to an increase in dividend payout ratio [2][4] - **Capital Expenditure**: The company's capital expenditure has decreased from a peak of 20 billion to 5 billion in 2024, with further reductions anticipated, contributing to financial stability [2][6] - **Water Treatment Segment**: Guangda Water has a sewage treatment capacity exceeding 6 million tons per day, with treatment prices rising from 1.22 RMB to 1.70 RMB from 2017 to 2022. However, the collection rate has declined due to local government financial issues [2][7] - **Biomass Power Generation**: The biomass power generation projects benefit from national subsidies, with Guangdong province having allocated part of its owed funds, improving profitability [2][8] - **Accounts Receivable**: The company has high accounts receivable, primarily due to the high costs associated with biomass power generation, which relies on national subsidies. Slow reimbursement of these subsidies is a reason for the company's low valuation [2][10][11] Risks and Future Outlook - **Earnings Forecast**: The company anticipates a slight decline in mid-2025 earnings due to reduced construction revenue, impairment operations, and foreign exchange losses. However, cash flow is expected to improve [2][12] - **Asset Quality**: The company has over 10 billion in accounts receivable, with total liabilities nearing 100 billion, indicating pressure on absolute value metrics [2][10] - **Regional Distribution**: Guangda Environment's projects are concentrated in economically developed regions, with a capacity utilization rate exceeding 90%, close to 100% [2][14] Additional Insights - **International Expansion**: The company is actively expanding into overseas markets, securing two waste incineration projects in Vietnam and Uzbekistan, each with an investment of approximately 1 billion RMB [2][5] - **Government Support**: The central government has budgeted approximately 120 billion RMB for renewable energy subsidies, indicating ongoing support for the sector, although it may not fully meet all funding needs [2][20] - **Collaboration with Local Governments**: Guangda Environment is working with local governments in cities like Tianjin, Hangzhou, and Suzhou to promote collaborative projects between IDC and waste incineration, although progress may be slow [2][21]

Core Viewpoint - Zhongke Environmental Protection (301175) reported a revenue of 848 million yuan for the first half of the year, representing a year-on-year growth of 4.48%, and a net profit of 196 million yuan, with a year-on-year increase of 19.83% [1] Group 1: Financial Performance - The company's revenue for the first half of the year reached 848 million yuan, marking a 4.48% increase compared to the same period last year [1] - The net profit for the first half of the year was 196 million yuan, reflecting a year-on-year growth of 19.83% [1] Group 2: Market Expansion - The company is actively expanding its garbage volume and heating market, leading to an increase in solid waste processing and heating volume compared to the previous year [1] - The production launch of the Yuxi project and the inclusion of newly acquired projects, Jinzhou Zhongke and Haicheng project, into the national subsidy list contributed to the increase in revenue [1]