东吴证券近日发布环保行业跟踪周报：环卫装备：2025M1-10环卫新能源销量同增61.32%，渗透率同比 提升6.33pct至18.02%。25M1-10环卫车销量60675辆（同比+4.61%），其中新能源10931辆（同比 +63.32%））。锂电回收：碳酸锂价格上涨，盈利能力改善。截至2025/11/21，三元电池粉锂系数周环 比上涨，锂/钴/镍系数分别为73.8%/76.0%/76.0%。截至2025/11/21，碳酸锂9.24万（周环比+8.4%），金 属钴40.50万（周环比+2.0%），金属镍11.67万（周环比-2.7%）。 以下为研究报告摘要： 投资要点 个股跟踪：1）高能环境：战略布局金矿，资源化协同打开第二成长曲线。自有资金收购控股3家矿业公 司。拟收购三家公司估值1.4亿元（净资产1.54亿元），公司自有资金出资0.63亿元实现控股，探矿权延 续材料办理中，预计不低于现有条件或保留矿业权。金矿资源优质主要处于详查与普查阶段储量有望增 加。战略进军矿业资源化协同打开第二成长曲线。公司筹划发行H股股票，金矿推进，海外+资源拓展 值得持续期待；资源化技改：运营能力恢复；库存金铜涨价：弹性加速 ...

Core Viewpoint - The company's profitability has significantly improved, with a notable optimization in business structure, leading to a substantial increase in net profit compared to revenue growth [2][3] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 888 million yuan, a year-on-year increase of 6.34% - The net profit attributable to shareholders reached 115 million yuan, reflecting a year-on-year growth of 52.10% - The net profit growth rate (52.10%) far exceeded the revenue growth rate (6.34%), with a non-recurring net profit growth of 61.81% [1][2] Quarterly Highlights - In the third quarter, the company recorded operating revenue of 292 million yuan, a year-on-year increase of 12.15% - The net profit for the third quarter was 53 million yuan, showing a remarkable year-on-year growth of 101.69% [2] Business Strategy - The improvement in profitability is attributed to enhanced receivables management and a reduction in bad debt provisions compared to the previous year - The company has strategically shifted focus from government (To G) business to enterprise (To B) markets, improving project quality and payment conditions - A decrease in sales expenses also indicates effective cost control [2][3] Market Position and Innovations - The company is making significant strides in the domestic substitution logic, particularly in high-end instruments for environmental and industrial process analysis - Key breakthroughs include the promotion of domestic alternatives for explosion-proof laser analyzers and chromatographs in industries like petrochemicals and cement [2][3] Emerging Fields - The company has established a technological lead in the nuclear power sector by providing gas analysis systems for the world's first commercial fourth-generation nuclear power project - In the semiconductor industry, its products are utilized for gas purity detection in lithography machines, serving top global manufacturers - The company is also expanding into cutting-edge applications such as aircraft engine exhaust analysis [3] Carbon Monitoring Business - The company positions its carbon monitoring business as a core growth point, having made proactive investments in online measurement systems and carbon accounting software - A joint venture with the China Metrology Institute aims to participate in the national dual carbon standard system construction - With the expansion of the national carbon market, the company is expected to benefit significantly from the anticipated demand for carbon monitoring equipment [3] Profit Forecast - The company is projected to achieve operating revenues of 1.501 billion, 1.652 billion, and 1.837 billion yuan for 2025-2027, with year-on-year growth rates of 5.67%, 10.11%, and 11.17% respectively - The net profits attributable to shareholders are expected to be 208 million, 222 million, and 245 million yuan, with growth rates of 23.50%, 6.77%, and 10.25% respectively - Based on the closing price on October 27, 2025, the corresponding P/E ratios are projected to be 26.33, 24.66, and 22.37, with EPS of 0.33, 0.35, and 0.39 yuan [4]

Core Insights - The 2025 Zero Carbon Academic Seminar and the Third Humboldt Zero Carbon Forum highlighted the importance of zero carbon park construction, marking 2025 as a pivotal year for this initiative [1][2] - The Chinese government has progressed through three stages in zero carbon park development: early exploration, nurturing development, and key promotion, with various pilot projects launched [1] - Approximately 80,000 industrial parks exist in China, contributing 30% of the national GDP and 31% of industrial carbon emissions, necessitating a focus on energy saving, emission reduction, and pollution control [1] Group 1 - The construction of low-carbon and zero-carbon parks requires comprehensive carbon monitoring to establish a clear understanding of emissions, including direct, indirect, and associated emissions [2] - The electricity sector is leading the way in carbon market participation, with other industries such as steel, non-ferrous metals, building materials, petrochemicals, and chemicals expected to follow suit [2] - A multi-stakeholder approach is essential for zero carbon park development, involving government, management committees, enterprises, and service providers to create a collaborative governance model [2] Group 2 - The proposed four-step approach for advancing zero carbon park construction includes establishing a carbon ledger, transforming energy sources to green electricity, optimizing resource allocation through industrial structure adjustments, and planning for economic and ecological benefits throughout the lifecycle [3] - The zero carbon vision should be transformed into collaborative practices through a closed-loop mechanism that integrates concept-driven resource integration and feedback optimization [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [4]. Core Insights - The environmental monitoring industry is experiencing stricter entry standards, which is expected to benefit leading companies and improve service pricing, promoting a shift towards high-quality development [1][18]. - The establishment of the Sci-Tech Innovation Board's growth layer is designed to support unprofitable but technologically innovative companies, addressing financing challenges in sectors like membrane materials and carbon capture [1][19][28]. - The current macroeconomic environment features historically low interest rates, making high-dividend and growth-oriented assets attractive [2][30]. Summary by Sections Investment Views - New regulations for ecological environment monitoring institutions are being introduced to enhance market entry standards, focusing on technical capabilities and data integrity [10][18]. - The establishment of the Sci-Tech Innovation Board's growth layer aims to support technology-driven companies that are currently unprofitable but have significant potential [19][28]. - The environmental sector is positioned for a rebound as institutional holdings and valuations are at historical lows, suggesting a favorable investment environment [30]. Market Performance - The environmental sector underperformed the broader market, with a weekly decline of 1.11%, while the Shanghai Composite Index fell by 0.51% [3][34]. - Key sub-sectors showed varied performance, with monitoring and waste management sectors experiencing declines [3][34]. Industry News - Recent developments include the release of service pricing for ecological monitoring in Shanghai and investment guidance for hazardous waste disposal facilities in Zhejiang [46]. - New regulations on waste classification management are set to take effect in Shaanxi Province, promoting sustainable waste management practices [46]. Key Companies - Huicheng Environmental is focusing on hazardous waste projects and has made significant technological advancements, with expectations for revenue growth from new projects [32][33]. - Gaoneng Environment aims to become a leading environmental system service provider, benefiting from increased project orders due to regulatory changes [32]. - Hongcheng Environment is recognized for its stable growth and high dividend yield, with a strong focus on expanding its water treatment and waste management services [31][33].

Core Viewpoint - The environmental monitoring market is expanding continuously, driven by policy support, technological advancements, and increased environmental awareness, leading to intensified competition and accelerated domestic substitution in the industry [2][3]. Market Overview - The environmental monitoring market is experiencing steady growth, with significant developments in sub-sectors such as carbon monitoring, water ecological monitoring, and pollution source monitoring, attracting numerous companies to compete [3]. - The competitive landscape is characterized by a diversification of players, with large enterprises dominating the high-end market through advanced technology and service innovation, while small and medium-sized enterprises compete in the mid-to-low-end market by enhancing cost performance and after-sales service [3][8]. Financial Performance of Listed Companies - A review of eight representative listed companies in the environmental monitoring sector reveals a clear polarization in financial performance, with some companies like 聚光科技 achieving significant revenue and profit growth, while others like 先河环保 and 蓝盾光电 face substantial losses [8][10]. - 聚光科技 reported a revenue of 36.14 billion and a net profit of 2.07 billion, with a net profit growth of 164.11% [6]. - In contrast, 先河环保 reported a net loss of 1.52 billion, reflecting a decline of over 200% [8]. Business Composition and Margins - Most companies exhibit high gross margins, with 聚光科技's instrument and related software business achieving a gross margin of 48.50% [9]. - 四方光电's gas sensor business accounts for 75.83% of its revenue, with a gross margin of 41.13%, indicating strong product competitiveness in its niche [9]. Industry Trends and Opportunities - The ecological environment monitoring industry is set to benefit from the modernization of monitoring systems, the integration of digital technologies, and the increasing demand for carbon monitoring services due to climate change initiatives [15][17]. - The trend of domestic substitution is accelerating, with local companies overcoming key technological barriers and gaining recognition in government procurement and monitoring sectors [17].

Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Views - The solid waste treatment sector shows a clear trend in dividends, with improving cash flow and profitability. The combination of "incineration + IDC" is expected to open a second growth curve. Water and wastewater treatment are seeing initial cost reduction and efficiency improvements, with attention on water price increases across various regions. The environmental equipment sector is showing signs of recovery in Q1 2025 [1][4][6] Summary by Sections Environmental Equipment - In Q1 2025, among 28 companies in the environmental equipment sector, 10 achieved year-on-year growth in net profit attributable to shareholders, while 3 turned losses into profits. In 2024, 8 companies saw a year-on-year increase in net profit, with 1 company turning profitable. The sales of sanitation vehicles reached 15,483 units, marking a 3.5% year-on-year increase, indicating a recovery trend [3][6] Solid Waste Treatment - The solid waste treatment sector reported a revenue of 1,493.72 billion yuan in 2024, a year-on-year increase of 36.09%. The net profit attributable to shareholders was 131.08 billion yuan, up 31.73%. In Q1 2025, the sector achieved a revenue of 353.81 billion yuan, a 30.99% year-on-year increase, with a net profit of 39.41 billion yuan, reflecting a 19.41% year-on-year growth [32][39][41] Water and Wastewater Treatment - In 2024, among 52 companies in the water and wastewater treatment sector, 17 achieved year-on-year growth in net profit, while 2 turned losses into profits. In Q1 2025, 23 companies reported year-on-year growth in net profit, with 4 turning profitable. The sector is experiencing initial improvements in cost reduction and efficiency [4][63]

Core Insights - The national carbon market in China is a government-led trading system aimed at reducing carbon emissions, officially launched on July 16, 2021, covering 2,225 enterprises in the power sector with an annual emission coverage of approximately 4.5 billion tons, making it the largest carbon trading market globally [1][2] Group 1: Key Terminology - Carbon Emission Allowance (CEA) allows companies to emit a specific amount of CO₂, where 1 allowance equals 1 ton of CO₂ equivalent (tCO₂e). Companies must hold enough allowances to cover their emissions by the end of the compliance period to avoid penalties [3][4] - Carbon Allowance refers to the emissions permits allocated to companies by the government, with a future trend of decreasing free allowances and increasing paid allowances to incentivize emission reductions [5] - Carbon Trading involves the buying and selling of carbon allowances or reduction credits, primarily through agreements, with potential future inclusion of financial instruments like futures and options [6] Group 2: Market Mechanisms - CCER (China Certified Emission Reduction) represents carbon credits generated from projects like renewable energy and forestry, which can offset up to 5% of a company's emissions [7] - The MRV (Monitoring, Reporting, Verification) system ensures the accuracy of carbon emission data, serving as the foundation for fair market operations [8] - Carbon Price is the market price for carbon allowances, currently ranging from 50 to 80 RMB per ton, significantly lower than the EU price of approximately 80 Euros per ton, with expectations of gradual increases as policies tighten [9][10] Group 3: Goals and Strategies - Peak Carbon refers to the point at which CO₂ emissions reach their highest level before beginning to decline, with China committing to achieve this by 2030 [11][12] - Carbon Neutrality aims for net-zero emissions by 2060 through emission reductions, carbon sinks, and technological innovations [15] - Carbon Sink involves natural processes, such as forests absorbing CO₂, which can be developed into carbon credit projects [16] Group 4: Financial and Regulatory Aspects - Carbon Finance encompasses financial innovations related to the carbon market, enhancing market liquidity and reducing compliance costs for companies [17] - Carbon Footprint measures the total carbon emissions produced directly or indirectly by individuals, companies, or products throughout their lifecycle [18] - Carbon Border Tax is a proposed tariff on high-carbon imports to balance domestic and international carbon costs, with potential implications for high-carbon exporting companies [19] Group 5: Monitoring and Verification - Carbon Monitoring utilizes technologies like sensors and satellites to track carbon emissions and greenhouse gas concentrations, with pilot projects already underway in 16 cities [20][21] - Carbon Accounting systematically quantifies carbon emissions for companies or products over a specific period, adhering to international standards [22] - Carbon Verification involves third-party audits of carbon emission reports to ensure data accuracy, a requirement for major emitters in the national carbon market [27]