垃圾焚烧发电企业：盈利大幅增长，现金流进一步改善 华源证券主要观点如下： 从公司Q3 盈利表现来看，除城发环境归母净利润有所下滑外，其他主要垃圾焚烧发电企业Q3 归母净利 润均有显著增长，其中军信股份(+47.6%)，瀚蓝环境(+28.1%)、永兴股份(+25.6%)、绿色动力 (+24.2%)、三峰环境(+23.9%)、旺能环境(+13.4%)。 智通财经APP获悉，华源证券发布研报称，环保行业公司整体业绩表现强劲：垃圾焚烧企业通过产能扩 张、效率提升及拓展供热实现盈利高增长与现金流改善;生物燃料企业受益于出口价格上升及销量增 长，盈利大幅提升或扭亏为盈。建议关注高股息与成长性兼具的垃圾焚烧企业、受益海外政策的生物燃 料企业和水务板块高股息资产。 投资分析意见 从三季度业绩来看，以垃圾焚烧发电为代表的市政环保类企业和生物燃料类企业盈利均大幅增长，前者 主因产能拓展、产能利用率提升和拓展供热，后者主因产业端量价齐升。展望Q4，我们认为该产业趋 势和盈利扩张或将持续，推荐方向：1)兼具高股息和业绩成长性的垃圾焚烧发电企业，推荐光大环境、 生物燃料：企业量价齐升Q3 盈利大幅增长 2025 年Q3 生物燃料主要公 ...

水务公司Q3盈利有所分化，其中创业环保和首创环保Q3归母净利润分别下滑10.4%和78.4%，其余公司 归母净利润均有所增长，洪城环境（+2.1%）、重庆水务（+2.7%）、兴蓉环境（+13.1%）。其中首创 环保Q3归母净利润大幅下滑主因去年同期转让新加坡ECO公司获得投资收益17.9亿元。兴蓉环境得益于 新项目投产、污水处理费提升等综合原因，Q3归母净利润同比增长13%。 生物燃料：企业量价齐升Q3盈利大幅增长 从公司Q3盈利表现来看，除城发环境归母净利润有所下滑外，其他主要垃圾焚烧发电企业Q3归母净利 润均有显著增长，其中军信股份（+47.6%），瀚蓝环境（+28.1%）、永兴股份（+25.6%）、绿色动力 （+24.2%）、三峰环境（+23.9%）、旺能环境（+13.4%）。 其主要原因包括：1）近两年企业在建项目陆续投产、积极向外收购资产提升资产规模，产能扩张带来 利润增长；2）垃圾焚烧企业或通过掺烧陈腐垃圾、提质增效提高项目产能利用率；3）企业积极拓展供 热，提高项目盈利水平，单吨垃圾供热带来的利润增量约80元。 除此之外，2025年前三季度垃圾焚烧发电企业经营活动现金流量净额均有所增长，我们预计 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The report highlights significant profit growth in waste incineration power generation companies, with cash flow further improving. Major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) reported substantial increases in net profit for Q3 2025 [5][10] - The report indicates that the profitability of water companies shows significant differentiation, with some companies like Chuangye Environmental and Shouchuang Environmental experiencing declines in net profit, while others like Hongcheng Environment and Chongqing Water reported growth [7][24] - In the biofuel sector, companies experienced substantial profit growth due to rising prices and increased sales volumes, particularly in UCO and SAF [28][39] Summary by Sections 1. Municipal Environmental Protection - Waste incineration power generation companies saw significant profit increases, with cash flow improving. Key reasons include project expansions, increased waste processing volumes, and enhanced project profitability through heat supply [5][10][12] - Water companies displayed profit differentiation, with notable declines in net profit for Chuangye Environmental and Shouchuang Environmental, while others like Hongcheng Environment and Chongqing Water showed growth [7][24] 2. Biofuels - Major biofuel companies reported significant profit growth in Q3 2025, driven by rising UCO and SAF prices. UCO export prices increased by 16.7%-22.2%, while SAF prices surged by 42.16% [28][39] - Companies like Shanhai Environmental and Langkun Technology turned losses into profits, with Shanhai achieving a net profit of 0.1 billion yuan in Q3 2025, compared to a loss of 0.2 billion yuan in the same period last year [35][39]