会议助理: 大家好，欢迎大家参加赛恩斯 2025 年三季报业绩解读的线上会议。下面有请主讲老师开 始发言，谢谢。 分析师 1: 各位投资者大家上午好。今天我们非常有幸的邀请到了三安斯的公司领导来为我们讲解这 个上半三季，前三季度。公司的一个经营情况，并且对未来公司的这个发展做出一些这个 展望。那三恩斯的话也是国内非常优秀的，专注于这个有色冶炼环节的这个重金属、污酸 废水的这样的一个处理的环保公司。同时的话也是这个，背靠这个紫金矿业等多家这个有 色的客户，在新业务上持续去拓展，比如说像来，包括铜萃取剂、浮选药剂等有色领域相 关的这个金属的这个资源化。 包括像这个有色领域的这个金属，有色有色金属相关的一些耗材的这个生意。并且最近这 个股价的表现，包括这个新业务的这个业绩的这个拓展性也是非常的高的。那么我们首先 请公司的领导来为我们讲解一下。前三季度公司整体的一个经营情况。有请公司领导。 公司领导邱霞总: 好的，非常感谢咱们华泰证券杨老师，然后以及其他老师的支持。然后也非常感谢咱们各 位投资人老师对我们公司的支持。然后下面，我就对我们公司的三季报的一个基本情况进 行一个简单的介绍。然后我们三季报，在营收方面是有一定 ...

摘要 高能环境业务结构显著优化，运营类和 To B 端市场化业务占比提升， 工程类业务占比下降，增强了盈利能力和估值水平，但市场估值尚未充 分反映。 公司预计 2025 年盈利增长超 40%，得益于微废资源化业务发展和技术 升级，单项目盈利能力稳定，资产质量夯实，减值影响大幅下降。 高能环境在金属资源化方面优势显著，铋产量全国最大，铜产量 4-5 万 吨，金产量年化 2-3 吨。金属价格上涨将显著释放业绩弹性，如铜价每 吨上涨 1 万元，金价每克上涨 100 元，分别可增厚利润约 3 亿元和 2-3 亿元。 预计黄金牛市将持续至 2026 年，受益于美国经济数据转变、联储态度 及美元主权信用挑战。铜价受益于利率下行和供给端矿端事故频发，预 计未来一年内多种工业金属价格将继续上涨，对高能环境业绩产生积极 影响。 预测高能环境 2025 年利润约 7 亿元，2026 年达 10 亿元，基于微废资 源化业务、技术升级和运营类业务占比提升。小金属如铋及铂族金属的 贡献将在未来几年明显增加。 Q&A 高能环境的核心竞争力和业务发展战略有哪些变化？ 高能环境的核心竞争力主要体现在其管理层的积极进取和有效激励制度上。公 司 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The hazardous waste disposal and utilization industry is experiencing structural overcapacity, with average load rates below 40% across various provinces, and some categories even below 15% [27][29] - In 2023, the total industrial hazardous waste generated in China reached 105.465 million tons, with a disposal utilization volume of 105.029 million tons, indicating a significant production and disposal gap [6][17] - The government is actively guiding the industry by categorizing projects into encouraged, cautious, and discouraged investment types, focusing on addressing overcapacity and promoting technological upgrades [8][35] Summary by Sections Hazardous Waste Supply and Demand - In 2023, the top five provinces for hazardous waste generation were Shandong, Jiangsu, Inner Mongolia, Hebei, and Guangdong, accounting for 37% of the national total [6][17] - As of May 2023, the total issued hazardous waste qualifications reached 200 million tons/year, with a year-on-year growth of 9.5% [6][17] - The resource utilization capacity is 131 million tons/year, making up 65.2% of the total qualifications [6][17] Structural Overcapacity in Hazardous Waste Disposal - The average load rate for hazardous waste disposal facilities is generally below 40%, with some provinces like Jiangxi showing a load rate of only 31% [27][29] - Shandong, the largest hazardous waste-producing province, has a utilization load rate of 22.3% [27][29] - The low load rates are attributed to rapid qualification expansion, mismatched types and regions of qualifications, and the mixing of non-hazardous waste in processing [28][29] Policy Guidance - The government encourages investment in areas with capacity gaps, such as the disposal of medical waste and certain hazardous materials, while being cautious about overcapacity in incineration and landfill projects [8][35] - Specific projects are categorized for investment encouragement, caution, or discouragement based on their potential for overcapacity and technological innovation [35][36] Investment Recommendations - Focus on leading companies in metal resource recovery, as they possess strong business development capabilities and are strategically located near raw material sources [9][38] - Companies like Zhejiang Fu Holdings and High Energy Environment are highlighted for their potential growth in the hazardous waste resource recovery sector [9][38]