公司研究丨深度报告丨维尔利（300190.SZ） [Table_Title] 引领生物天然气，赋能绿色未来 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司历史深耕环保业务，十四五来伴随环保行业面临存量整合，公司基于存量环保业务延链， 切入生物能源赛道。在全球"碳中和"进程加速及我国"碳达峰"节点将近，生物天然气凭借 其较传统能源的低碳属性，及废弃物资源化下的减碳属性，可观的绿色溢价将重塑成本竞争力， 十五五来预计将迎来产业化发展新阶段。我国沼气资源丰富，发展生物天然气具备先天优势， 而公司掌握丰富资源，加上技术和运营双轮驱动助力项目快速复制落地，预计公司产能在 2027 年将达到 100 万方/日，标杆项目引领行业发展。 分析师及联系人 [Table_Author] 魏凯 王岭峰 SAC：S0490520080009 SAC：S0490521080001 SFC：BUT964 SFC：BWF918 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 维尔利（300190 ...

Core Viewpoint - The Chinese government is intensifying efforts to combat illegal dumping and treatment of solid waste, focusing on specific categories of waste, while highlighting significant achievements in solid waste management during the "14th Five-Year Plan" period [1][2]. Group 1: Solid Waste Management Achievements - China generates over 110 billion tons of various solid waste annually, including industrial, construction, household, agricultural, and hazardous waste [1]. - Since the beginning of the "14th Five-Year Plan," the country has made notable progress in solid waste pollution prevention, including a historic ban on foreign waste imports [1]. - The capacity for hazardous waste utilization and disposal has reached 223 million tons per year, while the capacity for household waste incineration has increased to 11.41 million tons per day, representing growth of 58.8% and 72.4% respectively compared to the end of the "13th Five-Year Plan" [1]. Group 2: Ongoing Challenges and Future Plans - Despite improvements, the overall level of solid waste resource utilization remains insufficient, with over 33 billion tons of industrial solid waste accumulated, occupying more than 3,500 square kilometers [2]. - The government plans to complete pollution risk assessments for phosphogypsum storage and landfills by 2027, and for heavy metals by 2030, while implementing measures to prevent new pollution risks [2]. - The focus will be on combating illegal dumping of solid waste and dismantling of specific waste types, with an emphasis on community involvement to create a strong social deterrent [2].

Group 1 - The core viewpoint emphasizes the importance of implementing Xi Jinping's important speech at the Central Urban Work Conference as a key task for urban construction and modernization [1][2] - The city aims to integrate urban renewal with industrial development while preserving cultural heritage and improving quality [1] - The annual capacity of the Rain Flower Recycled Construction Waste Resource Disposal Facility is 400,000 tons, highlighting the focus on comprehensive waste management and resource utilization [1] Group 2 - The city construction system has achieved significant results in recent years, with a focus on high-quality urban development as guided by Xi Jinping's speech [2] - Key construction projects will address pressing issues raised by the public, aiming to improve living environments through the development of quality housing and communities [2] - The city aims to enhance urban aesthetics by protecting cultural heritage and strengthening cultural soft power, creating a unique urban charm [2]

Group 1 - The core viewpoint of the news is that Yuanlesheng Asset Management has conducted research on a listed company, Jinko Environment, focusing on its strategic initiatives and financial performance [1] - Jinko Environment introduced its "three transformations" strategy, which includes resource utilization, digital intelligence, and productization, aimed at advancing the paradigm shift in the water treatment industry [1] - The company has developed an AI system called "Water Radish" that enables unattended operation of water plants, featuring functions such as operational management, online inspection, and intelligent work order systems [1] Group 2 - As of the end of 2024, Jinko Environment has an order backlog of 670.73 million yuan, representing a year-on-year decrease of 8.84% [1] - For the reporting period, the company's gross profit was 223.23 million yuan, showing a slight year-on-year increase of 0.12%, with a comprehensive gross margin of 36.17% [1] - The company has established channel partnerships with water service groups to enhance the sales efficiency of standardized equipment products [1] Group 3 - Jinko Environment has set a shareholder return plan for 2023-2025 and has already implemented profit distribution plans for 2023 and the first three quarters of 2024 [1]

Core Viewpoint - The company, Jinko Environment (688466), is focusing on a three-pronged strategy of resource optimization, digitalization, and productization to transform the water treatment industry towards industrialized production and intelligent operations, ultimately aiming for universal water accessibility. Group 1: Strategic Framework - The company's "resource optimization, digitalization, and productization" strategy forms an organic and interdependent system [2] - The "resource optimization strategy" aims to build a water recycling ecosystem, reducing reliance on conventional water sources and providing core application scenarios for digitalization and productization [2] - The "digitalization strategy" leverages data to reconstruct water treatment paradigms, converting manual experiences into algorithmic models, which serve as a technical foundation for enhancing resource efficiency and productization [2] - The "productization strategy" integrates the results of the first two strategies through modular design, transforming traditional water treatment projects into mass-producible intelligent equipment, creating a positive cycle of process optimization, digital empowerment, and product iteration [2] Group 2: Technological Innovations - The "Water Radish" AI system is a self-developed smart water plant management platform that enables unattended operations through AI technology [3] - The AI system includes features such as operational condition management, which monitors and optimizes process data in real-time, generating autonomous optimization tasks [4] - It also provides smart online inspections, generating comprehensive monitoring reports covering various operational aspects, allowing users to analyze data further [4] - The intelligent work order system autonomously dispatches tasks when anomalies are detected, ensuring a fully digital assessment and recording of task handling quality [5] Group 3: Financial Performance - As of December 31, 2024, the company had total orders amounting to 670.73 million yuan, a year-on-year decrease of 8.84% [6] - The breakdown of orders shows a decline in water treatment technology solutions by 15.67% and a slight decrease in wastewater resource products by 3.81% [6][7] - The gross profit for the year-to-date period was 223.23 million yuan, a slight increase of 0.12%, with a gross margin of 36.17% [8] - The company reported a main revenue of 129 million yuan for Q1 2025, a year-on-year increase of 17.17%, and a net profit of 11.56 million yuan, up 33.14% [10] Group 4: Future Outlook and Shareholder Returns - The company has established a three-year shareholder return plan for 2023-2025, with cash dividends of 4.10 yuan per 10 shares distributed to shareholders [10] - The total dividend amount over two years is projected to be approximately 100.17 million yuan [10] - The company aims to balance short-term shareholder returns with long-term development needs, reflecting a commitment to investor-centric growth [10]

Core Viewpoint - Jinko Environment Co., Ltd. has received "buy" ratings from Dongwu Securities and Huatai Securities, with Founder Securities initiating coverage with a "recommended" rating following the release of its 2024 annual report and 2025 Q1 report [2] Financial Performance - In 2024, Jinko Environment achieved operating revenue of 617 million yuan, an increase of 7.74% year-on-year [2] - In Q1 2025, the company's revenue grew by 17% year-on-year to 129 million yuan, with net profit attributable to shareholders increasing by 33% [2] - As of the end of March 2025, Jinko Environment had an order backlog of 709 million yuan, indicating steady growth in B-end orders [2] Strategic Initiatives - The company is deepening its strategy of "resource utilization, AI intelligence, and productization," with the New Water Island® project accelerating implementation and expanding applications in industrial scenarios [2][3] - The New Water Island® 2.0 product has secured multiple orders, including projects in Wuxi, Zhoushan, Kaifeng, and Taiyuan, each with significant capacities [3] - The Water Radish® AI intelligent system features a multi-model integrated architecture, enhancing operational efficiency and safety in the New Water Island® product's unmanned operations [3] Market Outlook - Institutions believe that Jinko Environment's growth prospects are promising due to policy support, product upgrades, and expanded sales channels, which are expected to accelerate order replication [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 617 million RMB in 2024, representing a year-over-year increase of 7.74%, while the net profit attributable to the parent company was 66.79 million RMB, down 5.62% year-over-year, primarily due to a decline in revenue and gross margin from water treatment technology solutions [1][2] - The company is actively implementing its strategy of "resource utilization, AI digitization, and productization," which is expected to significantly reduce the comprehensive water production costs for water-using enterprises, indicating a positive outlook for its performance growth [1][2] Revenue Breakdown - In 2024, the revenue from water treatment technology solutions, wastewater resource utilization, and operation and maintenance technical services was 337 million RMB, 107 million RMB, and 172 million RMB, respectively, with year-over-year changes of -10.94%, -0.17%, and +98.74% [2] - The gross margins for these segments were 32.28%, 30.61%, and 46.88%, reflecting year-over-year changes of -8.64, -2.90, and +10.36 percentage points [2] New Product Development - The company has successfully secured orders for its New Water Island 2.0 product, with projects in Wuxi, Zhoushan, Kaifeng, and Taiyuan, each with a capacity of 5,000 m³/day, aimed at various industrial applications [3] - The company is building a sales network for the New Water Island product, establishing cooperation intentions with multiple domestic and international clients [3] Financial Projections - The report projects the company's earnings per share (EPS) for 2025, 2026, and 2027 to be 0.92 RMB, 1.14 RMB, and 1.33 RMB, respectively, with a downward adjustment of 24% for 2025 and 2026 [4] - The target price for the company is set at 21.90 RMB, based on a price-to-earnings (PE) ratio of 23.8 for 2025 [4][7] Market Position - The company's market capitalization is approximately 1.928 billion RMB, with a closing price of 15.66 RMB as of April 30 [7] - The report indicates a significant growth potential for the company, driven by the increasing demand for high-quality recycled water and the expansion of its industrial market applications [2][3]