证券研究报告 公用环保 印尼开标，中企垃圾焚烧发电出海提速 垃圾焚烧发电出海系列报告（二） 华泰研究 2026 年 3 月 05 日│中国内地 动态点评 印尼、中亚多点开花，中国垃圾焚烧发电企业出海加速启航 工业化和城市化发展往往伴随着环境问题，我们认为东南亚（不含新加坡， 全文同，后文不再单独说明）和中亚地区垃圾焚烧产业有望迎来高速发展， 中国企业有望充分受益于海外市场大发展，我们测算 2030 年东南亚和中亚 垃圾焚烧投资/运营空间 1829/257 亿元 vs 中国 2025 年 196/714 亿元，出 海带来的增量空间广阔。4Q25 以来，中国企业在印尼、中亚两大区域的垃 圾焚烧发电出海项目迎来密集落地与中标，行业兑现度明显提升。我们测算 印尼/中亚垃圾焚烧发电项目全投资 IRR 达 9.5/7.4%，较中国典型项目增厚 3.7/1.6pct，看好中国垃圾焚烧发电企业通过出海助力盈利能力提升。 印尼：新政落地商业模式进一步完善，首批项目伟明、旺能先下两城 2018 年以来印尼出台多项政策推动垃圾焚烧发电项目落地，但施行效果不 佳。我们认为 2025 年出台的第 109 号总统令从顶层设计上规范了项目 ...

证券研究报告·公司点评报告·环境治理 伟明环保（603568） 中标印尼巴厘岛 1500 吨/日垃圾焚烧项目， 固废出海启航 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） | 6,025 | 7,171 | 9,765 | 13,482 | 17,292 | | 同比（%） | 34.66 | 19.03 | 36.17 | 38.07 | 28.26 | | 归母净利润（百万元） | 2,048 | 2,704 | 3,003 | 3,574 | 4,029 | | 同比（%） | 23.09 | 31.99 | 11.06 | 19.02 | 12.73 | | EPS-最新摊薄（元/股） | 1.20 | 1.58 | 1.76 | 2.09 | 2.36 | | P/E（现价&最新摊薄） | 23.05 | 17.46 | 15.72 | 13.21 | 11.72 | [Table_Tag] [投资要点 ...

证券研究报告·公司点评报告·环境治理 伟明环保（603568） [Table_Tag] [投资要点 Table_Summary] ◼ 事件：2026 年 3 月 2 日，公司公告收到印度尼西亚主权投资基金发来 的中标通知书，确认公司作为牵头人组成的联合体中标巴厘岛项目。 中标印尼巴厘岛 1500 吨/日垃圾焚烧项目， 固废出海启航 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） | 6,025 | 7,171 | 9,765 | 13,482 | 17,292 | | 同比（%） | 34.66 | 19.03 | 36.17 | 38.07 | 28.26 | | 归母净利润（百万元） | 2,048 | 2,704 | 3,003 | 3,574 | 4,029 | | 同比（%） | 23.09 | 31.99 | 11.06 | 19.02 | 12.73 | | EPS-最新摊薄（元/股） | 1.20 | ...

各有关单位： 当前，中国垃圾焚烧发电行业已实现从增量扩张到存量运营的转型。截至 2024年10 月，全国已投运焚 烧炉 2172台，涉及企业 1010 家。其中，东部地区率先达成原生垃圾"零填埋"目标，新增项目逐渐向西 部地区及县域下沉，单体项目规模趋于缩小;同时，排放标准日益严格，运营成本持续攀升。叠加"国补 退坡、垃圾量不足"双重压力，企业竞争模式已从"跑马圈地"转变为"精耕细作"，通过并购整合、技术 升级、静脉产业园协同和海外布局等策略，打造高效、低碳、可持续的城市固废综合服务体系。 为促进中国垃圾焚烧发电行业健康发展，北极星搭建行业沟通交流平台，将于2026 年4 月15 日-16日举 办"第七届全国垃圾焚烧发电项目运营管理与创新应用研讨会暨 2025'北极星杯'垃圾焚烧发电行业评选 颁奖典礼"，拟邀政府部门、业内权威专家、垃圾焚烧龙头企业、环保污染治理企业等，破困境之局， 共谋未来发展方向! 现将会议事宜通知如下： 一、会议时间、地点、形式 主题：创新提质·降碳增效 时间：2026 年 4 月 15 日-16 日 地点：江苏 3.垃圾焚烧发电厂运营管理高级研修班(第五期) 四、议程范围 PART1： ...

Core Viewpoint - Shengyuan Environmental (300867) reported stable operations in its main business areas of waste incineration power generation and urban sewage treatment, with continuous optimization in operational quality and profitability, indicating a solid and improving fundamental outlook [1] Group 1: Business Operations - The company’s main business segments, waste incineration power generation and urban sewage treatment, are performing steadily [1] - Operational quality and profitability are continuously improving, reflecting a strong fundamental performance [1] Group 2: New Business Initiatives - The company is actively expanding into the health industry, focusing on taurine raw materials and their derivatives [1] - The taurine raw material project is set to commence production soon, which is expected to cultivate new growth drivers and long-term development momentum for the company [1] - Stakeholders are encouraged to pay attention to the relevant sections in the company's 2025 annual report for further insights [1]

Group 1: Air Quality Control Measures - Chongqing has implemented a comprehensive plan for air quality control ahead of the Spring Festival, focusing on six major strategies to maintain "Chongqing Blue" [1] - The city aims to reduce the amount of fireworks by 30% compared to last year, while also cracking down on illegal fireworks [2] - Industrial pollution is a key focus, with 24 cement companies required to complete ultra-low emission upgrades by the end of March, along with deep treatment for four waste incineration plants [3] Group 2: Pollution Sources and Management - Vehicle emissions are targeted through regular inspections by environmental, public security, and transportation departments, particularly focusing on diesel vehicles with excessive emissions [4] - Dust pollution from construction sites will be strictly controlled, with measures in place to halt operations during heavy pollution days and the installation of dust monitoring systems on new sites [5] - The plan also addresses pollution from food preparation, with regulations for environmentally friendly smoking of meats and the management of agricultural waste to prevent open burning [8] Group 3: Response to Severe Pollution Events - In the event of heavy pollution, Chongqing will enhance inter-departmental collaboration for accurate pollution forecasting and strict implementation of emission reduction measures [9] - The city will work with Sichuan province to strengthen joint prevention and control of air pollution [9]

Core Insights - The article highlights the significant advancements in China's green development and technological innovation, showcasing how these practices can serve as a model for sustainable development in Africa and other developing regions [5][7][10]. Group 1: Green Development Practices - China's green development is exemplified by the transformation of arid land into fertile agricultural areas through innovative practices like precision irrigation, which has led to the production of high-quality apples for both domestic and international markets [5][6]. - The integration of technology in urban transportation, such as the use of autonomous electric buses, reflects China's commitment to reducing carbon emissions and optimizing traffic systems [6][9]. - The country's renewable energy capacity has reached a global leading position, with ongoing strategies aimed at achieving comprehensive green transformation in economic and social development [6][10]. Group 2: Technological Innovation - The emphasis on technological innovation in China has resulted in advancements across various sectors, including industrial production, transportation, and healthcare, enhancing overall societal welfare [8][9]. - The establishment of smart factories and the use of automation in production processes demonstrate China's focus on integrating technology into economic growth [8][10]. - China's approach to solid waste management, including modern waste-to-energy facilities, illustrates a systematic achievement in environmental governance, showcasing the potential for sustainable practices in waste management [10][11]. Group 3: International Cooperation and Learning - African nations, such as Guinea-Bissau, are encouraged to collaborate with China in areas like clean energy and smart agriculture, leveraging China's experiences to develop tailored solutions for their own contexts [7][9]. - The article emphasizes the importance of learning from China's development model, which combines ecological considerations with economic growth, providing a hopeful reference for other developing countries [7][11]. - The potential for deeper cooperation between Tunisia and China in energy transition and environmental governance is highlighted, suggesting that China's practices can help address common challenges faced by developing nations [10][11].

—高能环境(603588)公司深度报告 进军矿业开采&赴港上市，资源化龙头扬帆起航 证券研究报告 公司研究 2026 年 2 月 4 日 [Table_CoverAuthor] 郭雪 环保公用联席首席分析师 吴柏莹 环保行业分析师 执业编号：S1500525030002 执业编号：S1500524100001 邮箱：guoxue@cindasc.com 邮箱：wuboying@cindasc.com [公司深度报告 Table_ReportType] [Table_StockAndRank] 高能环境(603588) 投资评级 买入 上次评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [高能Table_T 环境：itle]进军矿业开采&赴港上市，资源化龙头扬帆起 航 [Table_ReportDate] 2026 年 2 月 4 日 本期内容提要: [Table_S [Table_Summary ummary] ] ➢ 行情回顾：截至 5月 9日收盘，水治理板块上涨 3.75%，水务板块上 涨 1.79%；大气 ...

Group 1 - The company plans to invest up to 1.2 billion yuan in a waste-to-energy plant in Bukhara, Uzbekistan, with a daily processing capacity of 1,500 tons and a designed capacity of 50 MW [1] - The investment represents 8.29% of the company's latest audited total assets of 14.48 billion yuan and 17.96% of its latest audited net assets of 6.682 billion yuan [1] - The project will operate under a Build-Operate-Transfer (BOT) model, with a waste treatment fee of $5 per ton during the construction phase and $10 per ton during the operational phase [1] Group 2 - The project is seen as a strategic benchmark for the company's overseas expansion, contributing stable revenue and enhancing international brand influence [2] - There is potential for further expansion in waste management sectors such as kitchen waste and sludge treatment in Uzbekistan, driven by increasing urbanization and waste generation [2] - The investment aligns with the company's strategy to implement the Belt and Road Initiative and find new growth opportunities in saturated domestic markets [3] Group 3 - The company aims to enhance its competitiveness and profitability through this overseas project, which is crucial for expanding its international business footprint [3] - Key considerations for successful international expansion include selecting locations with strong policy support and significant waste management needs, adopting suitable cooperation models, and implementing risk mitigation strategies [3]

Core Viewpoint - The company plans to invest up to 1.2 billion RMB in a waste-to-energy project in Uzbekistan, aligning with the Belt and Road Initiative and aiming to expand its overseas market presence [1][2]. Investment Details - The project will process 1,500 tons of waste daily and has a capacity of 50 megawatts, with a construction period of 2 years and an operational period of 30 years [1]. - Funding will be sourced from 30% self-owned funds and 70% through equity or debt financing [1]. Market Context - Uzbekistan is a key node in the Belt and Road Initiative, with a rapidly growing economy projected to reach 1.47 billion USD in GDP by 2025, growing at 7.7% [1]. - The increasing demand for electricity and waste generation in Uzbekistan provides a significant market opportunity for environmental energy projects [1]. Strategic Importance - The investment is part of the company's strategy to explore new growth areas amid a saturated domestic market, enhancing profitability and core competitiveness [1][2]. - The local government supports the project through legislation, tax incentives, and foreign investment encouragement, ensuring a strong partnership [2]. Company Expertise - The company has extensive experience in the waste-to-energy sector, particularly in Belt and Road regions, and has previously signed contracts for similar projects in Vietnam [2]. - The company has been recognized as one of the top ten influential enterprises in the solid waste industry in China, establishing a strong market reputation [3]. Operational Excellence - The company has achieved the highest level of operational certification for waste incineration plants, indicating superior performance in environmental compliance and energy efficiency [3]. - The company holds comprehensive certifications covering the entire waste treatment process, reinforcing trust with local governments [4]. Future Outlook - The company aims to transition from a project builder to a standard setter in the industry, potentially increasing value and profit margins as it expands internationally [4].