证券研究报告·公司点评报告·环境治理 高能环境（603588） 战略进军矿业，协同资源化打开第二成长曲 线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,580 | 14,500 | 15,061 | 16,244 | 17,552 | | 同比（%） | 20.58 | 37.04 | 3.87 | 7.85 | 8.05 | | 归母净利润（百万元） | 504.64 | 481.82 | 803.26 | 909.25 | 1,051.34 | | 同比（%） | (27.13) | (4.52) | 66.72 | 13.19 | 15.63 | | EPS-最新摊薄（元/股） | 0.33 | 0.32 | 0.53 | 0.60 | 0.69 | | P/E（现价&最新摊薄） | 20.53 | 21.50 | 12.89 | 11.39 | 9.85 | [Table_Tag] [Table ...

Core Insights - The company aims to revolutionize the traditional water treatment industry with its modernized water treatment plant, which operates autonomously using AI technology [2][5][6] - The "New Water Island" project represents a shift from traditional engineering projects to industrial products, significantly reducing initial investment costs and construction time [4][7] Group 1: Project Overview - The New Water Island project features a modern water treatment plant capable of processing 5,000 tons of water daily, operating without personnel due to the integration of the "Water Radish AI" system [2][5] - The New Water Island 1.0 was launched in 2023, with the 2.0 version expected in 2024, introducing modular design for efficient production and installation [3][4] Group 2: Technological Innovations - The AI-driven "Water Radish AI" system allows for autonomous operation, reducing the need for human oversight by 90% and lowering operational costs by 35% [5][6] - The system incorporates advanced AI models for process optimization and real-time monitoring, enhancing the efficiency and reliability of water treatment operations [5][6] Group 3: Market Potential - The demand for recycled water is expected to grow, with industrial water consumption projected to reach 97.1 billion cubic meters in 2024, highlighting the cost advantages of recycled water [7][8] - The company's strategic focus on resource recycling, AI integration, and productization positions it well to capitalize on emerging market opportunities in various industries [7][8]

Core Points - The project in Donghai County, led by Wandes Environmental Technology Co., Ltd., has successfully entered the trial operation phase after the first garbage collection vehicle unloaded kitchen waste [1] - The project aims to enhance kitchen waste management in Donghai County, with a total investment of 87.5 million yuan, designed to process 100 tons of kitchen waste and 10 tons of grease daily [1] - The project employs advanced technology including "pre-treatment + mesophilic anaerobic digestion + biogas purification and utilization + wastewater pre-treatment + deodorization" to convert kitchen waste into biodiesel and clean energy, achieving the goals of harmlessness, reduction, and resource utilization [1] Investment and Operational Details - The project is a collaborative effort involving multiple local government departments, including the Urban Management Bureau, the local government, and various planning and environmental agencies [1] - The service coverage includes all catering enterprises, institutional canteens, and households in the county, effectively collecting various types of kitchen waste [1] - The project addresses environmental governance shortcomings in the region, contributing to improved waste management practices [1]

Core Viewpoint - The waste electrical and electronic products (WEEE) processing industry in China is undergoing significant adjustments with the introduction of new pollution control technology standards aimed at enhancing environmental management and promoting sustainable practices [1][5][7]. Group 1: New Standards and Principles - The newly proposed standards emphasize the principles of "reduction, resource utilization, and harmlessness," encouraging the adoption of automated sorting and intelligent disassembly technologies to reduce pollution and carbon emissions [1][7]. - The draft standard, titled "Pollution Control Technology Specification for Waste Electrical and Electronic Products Processing," is designed for enterprises engaged in waste electrical equipment processing, covering pollution control requirements throughout the entire lifecycle from storage to disposal [1][5]. Group 2: Industry Trends and Challenges - The volume of waste electrical products is expected to rise significantly, with an estimated 94 million units (sets) of "four machines and one brain" (TVs, refrigerators, washing machines, air conditioners, and computers) to be dismantled in 2024, resulting in approximately 2.65 million tons of waste [1][3]. - The current industry primarily relies on manual disassembly, while developed countries favor automated processes due to high labor costs, highlighting the need for efficiency improvements in China's processing methods [2]. Group 3: Pollution Control Measures - The new standards introduce specific pollution control measures for different types of waste electrical products, focusing on critical pollution-generating stages and the types of pollutants involved, such as lead glass in CRT displays and refrigerants in refrigerators and air conditioners [3][5]. - The standards also mandate enhanced storage requirements, including separate storage areas for hazardous materials and clear labeling to prevent contamination and ensure safety [7][8]. Group 4: Regulatory Oversight and Compliance - The draft emphasizes the need for increased regulatory oversight of waste electrical equipment processing enterprises, including regular inspections and compliance checks against the new standards [8][9]. - The standards will be periodically evaluated and revised to incorporate new processing technologies and pollution control requirements, ensuring that the industry adapts to evolving environmental challenges [9].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][11]. Core Insights - The company has a strong foundation in environmental protection and is transitioning into the biogas sector, leveraging its existing capabilities to tap into the growing demand for renewable energy [2][5]. - The biogas market is expected to experience rapid growth, driven by policy support and the need for low-carbon energy solutions, with the company's production capacity projected to reach 1 million cubic meters per day by 2027 [2][6]. - The company is well-positioned to benefit from the increasing green premium associated with biogas, which enhances its cost competitiveness against traditional energy sources [7][8]. Summary by Sections Company Overview - The company has a long history in environmental services, focusing on waste treatment and expanding into biogas production as part of its growth strategy [19][21]. - It has established itself as a leader in the domestic leachate treatment market and is diversifying into various segments of municipal and industrial environmental protection [5][19]. Biogas Market Potential - Biogas, derived from organic waste, presents a dual value proposition of environmental protection and energy generation, making it a key area for development under carbon neutrality goals [6][46]. - The global biogas production is projected to grow significantly, with an expected compound annual growth rate of 14% from 2024 to 2040, highlighting the market's potential [6][53]. Financial Performance and Projections - The company faced challenges in its traditional business segments, leading to a decline in revenue; however, operational cash flow is expected to improve in 2024 [26][36]. - Earnings per share (EPS) projections for 2025, 2026, and 2027 are estimated at 0.05, 0.50, and 0.86 yuan, respectively, indicating a recovery trajectory [9][11]. Strategic Initiatives - The company is focusing on resource acquisition and technological innovation to drive its biogas projects, with plans to enhance its operational capabilities through partnerships and research collaborations [8][42]. - The integration of traditional waste management with biogas production creates a synergistic ecosystem that enhances both environmental and economic outcomes [42][43].

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]