证券研究报告 福龙马 (603686 CH) 有望受益于环卫电动化和智能化 基本数据 目标价(人民币): 22.46 王玮嘉 研究员 SAC No. S0570517050002 SFC No. BEB090 黄波 研究员 SAC No. S0570519090003 huangbo@htsc.com +(86) 755 8249 3570 李雅琳 研究员 SAC No. S0570523050003 SFC No. BTC420 胡知* 研究员 SAC No. S0570523120002 huzhi019072@htsc.com 康琪* 联系人 SAC No. S0570124070105 kangqi@htsc.com +(86) 10 6321 1166 | 目标价 (人民币) | 22.46 | | --- | --- | | 收盘价 (人民币 截至 8 月 22 日) | 19.26 | | 市值 (人民币百万) | 8,001 | | 6 个月平均日成交额 (人民币百万) | 701.89 | | 52 周价格范围 (人民币) | 7.22-19.71 | | BVPS (人民币) | 8.12 ...

证券研究报告 盈峰环境 (000967 CH) 服务和装备齐增，海外与高机亮眼 王玮嘉 研究员 SAC No. S0570517050002 SFC No. BEB090 黄波 研究员 SAC No. S0570519090003 huangbo@htsc.com +(86) 755 8249 3570 李雅琳 研究员 SAC No. S0570523050003 SFC No. BTC420 胡知* 研究员 SAC No. S0570523120002 huzhi019072@htsc.com 康琪* 联系人 SAC No. S0570124070105 kangqi@htsc.com +(86) 10 6321 1166 基本数据 | 目标价 (人民币) | 9.18 | | --- | --- | | 收盘价 (人民币 截至 8 月 22 日) | 7.52 | | 市值 (人民币百万) | 23,815 | | 6 个月平均日成交额 (人民币百万) | 420.99 | | 52 周价格范围 (人民币) | 3.76-7.66 | | BVPS (人民币) | 5.46 | 股价走势图 (9) 15 ...

证券研究报告 光大环境 (257 HK) 港股通 H1 发电量同比增长 9%，中期股息提 升 1 港仙 | 华泰研究 | | --- | 2025 年 8 月 24 日│中国香港 废物管理 李雅琳 研究员 生汇兑损失 4.28 亿港元（1H24 汇兑收益 2.31 亿港元）；2）若干危废及固 废项目停运，确认物业、厂房及设备耗损 1.13 亿港元。公司派发中期股息 9.21 亿港元，对应 DPS 15 港仙（1H24 14 港仙），分红比例 41.8%（1H24 35.0%）。我们认为，公司运营收入持续增长，自由现金流具备提升空间， 1H25 发电量/供热量同比增长 9/32%，精细管理有效降本 1H25 公司垃圾处理量近 2900 万吨（yoy+2%），发电量 148 亿度（yoy+9%）， 供热量 380 万吨（yoy+32%）。分板块看，1）环保能源：垃圾发电入炉吨 发 460 度（yoy+3%），垃圾发电项目综合厂用电率约 14.7%，同比下降 0.3 个百分点，2 个垃圾发电项目获批调增处理费。2）绿色环保：供热量、发 电量均有提升，生物质燃料收购单价同比下降 8%，绿证交易量较 2024 年 全年 ...

Financial Data and Key Metrics Changes - The company reported a 19% growth in operating EBITDA for Q2 2025, driven primarily by the collection and disposal business [9][10] - Operating EBITDA margin for the total company approached 30%, with the legacy business achieving a margin of 31.3% [22][24] - Operating cash flow increased by 9% year-over-year to $2.75 billion, reflecting strong earnings growth [24] Business Line Data and Key Metrics Changes - Collection and disposal operating EBITDA improved by 60 basis points to 37.9%, supported by strong landfill volumes and customer lifetime value initiatives [17][22] - The recycling segment saw a 17% increase in operating EBITDA despite a nearly 15% decline in recycled commodity prices [12][22] - The healthcare solutions segment improved operating EBITDA margins by 190 basis points since acquisition, indicating effective integration and cost optimization [23] Market Data and Key Metrics Changes - Landfill volumes were particularly strong, benefiting from wildfire cleanup efforts in California, contributing to solid waste volume growth [10][12] - The company expects full-year volume growth to remain between 0.25% and 0.75% despite some challenges from contract losses [18][34] - Core price remained healthy at 6.4%, with collection and disposal yield improving sequentially to 4.1% [17][22] Company Strategy and Development Direction - The company is focused on leveraging technology to optimize cost structures and enhance customer lifetime value, positioning itself as a leader in the waste management industry [9][10] - WM is actively pursuing acquisitions to scale its core business, with an expected acquisition spending of over $500 million for the year [11] - The sustainability platform continues to differentiate WM in the industry, with ongoing investments in recycling and renewable energy [12][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong results despite external challenges, emphasizing a disciplined strategy aligned with secular trends [9][10] - The company anticipates less pressure from the healthcare solutions business in the second half of the year, with expected margin improvements [32] - Management remains optimistic about achieving the upper end of synergy targets from the healthcare solutions acquisition, projecting $80 million to $100 million in synergies for 2025 [23][64] Other Important Information - The company confirmed and updated its 2025 guidance, affirming the midpoint of operating EBITDA guidance at $7.55 billion and increasing free cash flow expectations to between $2.8 billion and $2.9 billion [26][25] - The leverage ratio at the end of the quarter was 3.5 times, with a focus on returning to targeted leverage levels through earnings growth and debt reduction [25] Q&A Session Summary Question: Is a 31% peak margin in Q3 back on the table? - Management indicated that margin expansion exceeded expectations in the first half, projecting about 110 basis points for the full year, with less pressure from the healthcare solutions business in the second half [31][32] Question: What are the updated volume expectations for the year? - Management confirmed expectations for volume growth to remain between 0.25% and 0.75%, with the impact of wildfire cleanup and contract losses factored in [34][41] Question: Can you provide more color on the strength in volume? - Management noted that June was the strongest month of the quarter, with solid performance in MSW and C&D waste streams, despite some challenges in the commercial sector [37][38] Question: What is the status of the residential business optimization? - Management reported that about 70% of the residential business is now performing at acceptable margins, with expectations for continued improvement [49][50] Question: What are the long-term growth expectations for WM Healthcare? - Management anticipates long-term top-line growth of 5% to 6%, focusing on optimizing customer relationships and improving revenue quality [70][72]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 8.35 [1][3]. Core Insights - The company reported a revenue of RMB 6.7 billion for 1H25, a year-over-year decrease of 11.20%, while the net profit attributable to shareholders was RMB 502 million, reflecting a year-over-year increase of 20.85% [1]. - The second quarter revenue was RMB 3.39 billion, down 23.27% year-over-year but up 2.53% quarter-over-quarter, with net profit reaching RMB 278 million, a year-over-year increase of 25.30% and a quarter-over-quarter increase of 23.73% [1]. - The increase in profitability is attributed to rising metal prices and improved capacity utilization in the resource recycling segment [1]. - The company plans to repurchase shares worth RMB 100-150 million, indicating confidence in future business growth and intrinsic value [2]. Summary by Sections Financial Performance - In 1H25, the resource recycling segment's revenue decreased by 8.3% to RMB 5.205 billion, while the gross margin improved by 5 percentage points to 13.41% [1]. - The engineering segment's revenue fell by 40.04% to RMB 592 million, with a gross margin decrease of 4.26 percentage points to 12.35% [1]. Cash Flow and Share Buyback - The operating cash flow increased by 214% year-over-year to RMB 347 million, primarily due to improved operational performance and credit policy optimization [2]. - The company reported a net inflow of RMB 133 million from investment activities, contrasting with a net outflow of RMB 634 million in 1H24 [2]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025 is adjusted to RMB 712.62 million, with EPS estimates of RMB 0.47 [3]. - The company is expected to achieve a PE ratio of 17.8x for 2025, leading to a target price of RMB 8.35, up from the previous estimate of RMB 7.60 [3].

Core Viewpoint - Wall Street analysts anticipate Waste Management (WM) to report quarterly earnings of $1.89 per share, reflecting a year-over-year increase of 3.9%, with revenues expected to reach $6.34 billion, up 17.4% from the previous year [1] Earnings Estimates - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [2] - The consensus EPS estimate for the quarter has been revised downward by 0.8% over the past 30 days, indicating a collective reassessment by analysts [1] Key Metrics Projections - Analysts project 'Operating revenues- WM Renewable Energy' at $99.63 million, a 44.4% increase from the year-ago quarter [4] - 'Operating revenues- Recycling' is expected to reach $439.11 million, indicating an 8.4% increase from the prior-year quarter [4] - The estimate for 'Operating revenues- Corporate and Other' is $5.69 million, reflecting a decrease of 5.3% from the year-ago quarter [4] Internal Revenue Growth - The average prediction for 'Internal Revenue Growth - Total - As a % of Total Company' is 18.0%, compared to 5.5% reported in the same quarter last year [5] - 'Internal Revenue Growth - Internal revenue growth - As a % of Total Company' is estimated at 6.1%, up from 5.3% in the previous year [5] Stock Performance - Waste Management shares have decreased by 3% over the past month, contrasting with a 5.9% increase in the Zacks S&P 500 composite [6] - WM holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [6]

Group 1 - The company plans to acquire 100% equity of Zhejiang Huge Waste Management Co., Ltd. for 135 million yuan using its own or raised funds [1] - After the transaction, Huge will become a wholly-owned subsidiary of the company [1] - Huge is projected to generate an operating revenue of 466 million yuan and a net profit of 54.31 million yuan in 2024 [1] Group 2 - The transaction is classified as a related party transaction but does not constitute a major asset restructuring [1]

Group 1 - CNBC has added a resilient automotive parts company to its "all-weather stock list," which aims to identify stocks that perform well in any market condition [1] - The stock market has rebounded after April's turmoil, with the S&P 500 nearly flat for the year, but this has negatively impacted the overall performance of the "all-weather" list [1] - Notable winners on the list include Netflix, recognized for its value as an entertainment option, and Waste Management, which has shown robust revenue performance [1] Group 2 - Dividend-focused ETFs have underperformed slightly, attributed to rising U.S. Treasury yields, which diminish the appeal of dividend stocks [2] - AutoZone has been upgraded from "hold" to "buy" by Bank of America, with a target price increase from $3,900 to $4,800, indicating a potential 25% upside [3] - Bank of America believes that rising tariffs may benefit the automotive aftermarket, as consumers may prefer repairing old cars rather than purchasing new ones due to increased costs [3][4] Group 3 - The trend of rising unemployment and declining new car sales may lead consumers to adopt DIY car repairs, saving on labor costs [4] - AutoZone currently holds 23 buy ratings with no sell ratings, indicating strong positive sentiment from Wall Street analysts [4]

Investment Rating - The report maintains an "Outperform" rating for Nanfang Zhongjin Environment (NZE) [2] Core Views - NZE's 2024 revenue and attributable net profit are projected to be RMB 5.054 billion and RMB 218.25 million, respectively, reflecting a year-on-year decline of 6.98% and an increase of 8.81% [2][6] - The manufacturing sector is under pressure, but overseas revenue has shown growth, reaching RMB 869 million, a year-on-year increase of 14.83% [3] - The environmental management segment has improved, with significant revenue growth in various sub-segments, leading to a notable reduction in overall losses [4] - The company is focusing on enhancing its core manufacturing business while expanding into new applications such as renewable energy and data centers [2][4] Financial Summary - For 2024, NZE's manufacturing segment is expected to generate revenue and attributable net profit of approximately RMB 4.416 billion and RMB 432 million, respectively, representing declines of 7.9% and 19.6% year-on-year [3] - The environmental operations and consulting segments are projected to achieve revenues of RMB 6.1 billion and RMB 16.9 billion, respectively, with year-on-year growth rates of 13.83% and 56.01% [4] - The company’s operating cash flow for 2024 is expected to be RMB 714 million, with a capital expenditure of RMB 325 million, indicating a stable cash flow situation [5] - The target price for NZE is set at RMB 3.81, down from a previous estimate of RMB 4.46, based on a revised earnings forecast [6]

Investment Rating - The report maintains a "Buy" rating for Infore Enviro with a target price of RMB 6.74 [7][5]. Core Insights - Infore Enviro reported a revenue of RMB 13.118 billion for 2024, a year-on-year increase of 3.85%, and a net profit of RMB 514 million, up 3.04% year-on-year, although below expectations due to credit impairment losses [1][5]. - The company has developed a "full range of smart equipment + full scene smart city services" model, with a significant increase in sales of new energy (NE) equipment, which grew by 177% year-on-year in Q1 2025 [1][2]. - The city services revenue increased by 14.41% to RMB 6.441 billion in 2024, with a gross profit margin improvement of 1.3 percentage points to 18.0% [3]. - Free cash flow grew by 34% year-on-year to RMB 3.56 billion, and the company announced a dividend of RMB 0.19 per share, a 46% increase year-on-year, resulting in a dividend yield of 3.80% [4]. Revenue and Profitability - The revenue from sanitation equipment increased by 2.0% to RMB 5.187 billion in 2024, marking the first increase since 2021, with NE equipment accounting for 22% of total sales [2]. - The company sold 2,691 pure electric sanitation vehicles in 2024, achieving a market share of 30.5%, and this increased to 35% in Q1 2025 with a 117% year-on-year sales growth [2]. Financial Projections - The report projects earnings per share (EPS) of RMB 0.21, RMB 0.27, and RMB 0.33 for 2025, 2026, and 2027 respectively, with a downward adjustment of 19% and 13% for 2025 and 2026 [5][12]. - The expected revenue for 2025 is RMB 14.214 billion, reflecting an 8.35% increase, with net profit projected at RMB 671.15 million, a 30.70% increase [12].