Core Viewpoint - The European Commission has passed a key legislative proposal aimed at simplifying and digitizing waste transport procedures within the EU [1] Group 1 - The new legislation is expected to streamline the waste transport process, making it more efficient and less bureaucratic [1] - The initiative is part of the EU's broader strategy to enhance environmental sustainability and improve waste management practices [1] - Digitalization of waste transport procedures will facilitate better tracking and reporting, contributing to improved compliance and transparency [1]

Financial Data and Key Metrics Changes - The first quarter revenue was $2.228 billion, exceeding the high end of the outlook and up $155 million or 7.5% year-over-year [21] - Adjusted EBITDA for Q1 was $712.2 million, up 9.5% year-over-year, with an adjusted EBITDA margin of 32%, above the outlook and up 60 basis points year-over-year [28][29] - Adjusted free cash flow for Q1 was $332.1 million, in line with expectations [31] Business Line Data and Key Metrics Changes - Core solid waste pricing increased by 6.9%, with total pricing at 6.7%, reflecting a reduction in fuel and material surcharges [22] - Solid waste volumes decreased by 2.8%, with 50 basis points attributable to weather impacts [23][24] - Special waste activity increased by 6%, while construction and demolition (C&D) tons decreased by 6% [25][26] Market Data and Key Metrics Changes - The company reported that cardboard and renewable energy credits values were down about 20% year-over-year, with prices for OCC averaging $105 per ton and RINs averaging $2.45 [27] - The company has seen no significant impacts from tariffs or geopolitical concerns on solid waste organic growth [12] Company Strategy and Development Direction - The company is focused on price-led organic growth and acquisition activity, with a strong emphasis on employee retention and safety performance [4][10] - The company is on pace for a busy year in M&A, with annualized revenues from closed acquisitions already over $125 million [17][18] - The company aims to maintain a leverage ratio of 2.3 times debt to EBITDA, positioning itself well for continued acquisition activity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties, reiterating the full-year 2025 outlook for revenue, adjusted EBITDA, and adjusted free cash flow [36] - The company has not seen significant changes in trends that would alter the outlook for 2025, despite broader economic uncertainties [36] Other Important Information - The company received a rating upgrade from Moody's to A3, reflecting its strong track record [19] - Employee retention improved for the tenth consecutive quarter, with voluntary turnover down to below 12% [13] Q&A Session Summary Question: Impact of HSR changes on M&A - Management noted that the HSR filing process has become more lengthy and expensive, but 99% of their deals do not require HSR filings, so they do not expect delays in M&A [44][45] Question: Volume decline and weather impact - Management confirmed that the 2.8% volume decline included a 50 basis point impact from weather and that normalized volumes showed sequential improvement [48][50] Question: Landfill tons in April - Management reported that the last four-week average total tons were up 4.5%, with year-to-date tons up exactly 3% [52] Question: Driving factors behind safety improvements - Management attributed record low safety incident rates to cultural changes and improved coaching effectiveness, with technology playing a supportive role [55][56] Question: Changes in RNG landscape - Management indicated no meaningful changes in the RNG landscape, with existing facilities showing stable RIN prices [65][66] Question: Core pricing and retention trends - Management confirmed that core pricing guidance remains unchanged, with better price retention observed year-to-date compared to the previous year [70][72] Question: Q2 margin guidance - Management explained that Q2 margins are expected to face greater headwinds from commodities compared to Q1, leading to a slight decrease in year-over-year margin expansion [85][86] Question: Special waste and C&D volume trends - Management noted that special waste and C&D volumes are cyclical and can be influenced by economic activity, with current trends showing some delays in job starts due to uncertainty [120][121]

Core Viewpoint - Dadi Ocean Environmental Protection Co., Ltd. reported a revenue of 947 million yuan for 2024, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 85.97 million yuan, a significant increase of 54.99% [2] Group 1: Business Performance - The hazardous waste segment generated revenue of 236 million yuan, up 2.33% year-on-year, supported by a self-built professional hazardous waste collection and transportation team [2] - The electronic waste segment achieved revenue of 694 million yuan, a slight increase of 0.24% year-on-year, with a focus on enhancing disassembly capabilities and resource recovery efficiency [3] Group 2: Technological Advancements - The company developed the "Xiao Mago" digital management platform, integrating internet and IoT technologies for comprehensive tracking and data aggregation throughout the hazardous waste lifecycle [2] - The platform serves as a digital middle platform for hazardous waste resource management, improving internal operational efficiency and providing real-time data support for government regulation [3] Group 3: Market Position and Future Prospects - Dadi Ocean is one of the five companies in Zhejiang Province included in the national dismantling fund subsidy list, indicating a strong competitive advantage [4] - The company is encouraged to deepen collaborations with upstream recycling enterprises and innovate in technology and processes to enhance resource recovery rates and environmental standards [4][5]

Core Insights - The company reported a total revenue of 291 million yuan for 2024, marking a year-on-year increase of 10.24%, but still recorded a net loss of 69.34 million yuan, although this represented a 42.13% reduction in losses compared to the previous year [1] Group 1: Hazardous Waste Disposal Business - The hazardous waste disposal segment was a highlight, achieving revenue of 175 million yuan, a year-on-year increase of 51.58%, with gross profit reaching 36.23 million yuan, up 1501.02% [4] - The incineration disposal volume increased to 37,000 tons, a growth of 68.18%, while landfill disposal volume surged to 55,000 tons, up 259.48% [4] - Despite the growth in volume, the average disposal prices for hazardous waste have been declining, with incineration prices dropping nearly 22% and average disposal unit prices decreasing by about 24% [4] Group 2: Electronic Waste Disposal Business - The electronic waste disposal business saw a significant decline, with revenue falling to 68.93 million yuan, a decrease of 32.80%, and a gross profit of -8.38 million yuan, although this was a 43.45% improvement in loss [5] - The dismantling volume decreased to 515,300 units, down 28.68% year-on-year, primarily due to changes in subsidy policies and insufficient capacity utilization [5] Group 3: Scrap Automobile and Lithium Battery Business - The scrap automobile dismantling business generated revenue of 38.02 million yuan, a decline of 15.64%, with a net loss of 24.10 million yuan, showing a slight improvement in losses [6] - The dismantling volume for scrap automobiles fell to 6,667 units, down 14% year-on-year, influenced by increased market competition and fluctuating steel prices [6] - The lithium battery recycling business, operated by a subsidiary, generated revenue of 7.18 million yuan but incurred a net loss of 7.52 million yuan, indicating high costs during the trial operation phase [6] - Overall, while the hazardous waste disposal business contributed positively to revenue, the underperformance in electronic waste, scrap automobile dismantling, and lithium battery sectors left the company in a loss-making position [6]

4月18日，超越科技今日收盘20.15元，下跌1.71%，最新市净率2.65，总市值18.99亿元。 资金流向方面，4月18日，超越科技主力资金净流入70.41万元，近5日总体呈流出状态，5日共流出 305.97万元。 安徽超越环保科技股份有限公司的主营业务为工业危险废物和医疗废物处置服务以及废弃电器电子产品 拆解服务。公司主要生产的产品为部分工业危险废物资源化利用产品和废弃电器电子产品拆解产物。在 工业危险废物处置方面，公司的处理能力和经营范围较安徽省内其他同行业公司具有一定优势，处置能 力排名省内前列，属于区域龙头之一。在医疗废物处置方面，公司是滁州市唯一的医疗废物集中处置机 构。在废弃电器电子产品拆解方面，公司是安徽省仅有的6家纳入国家废弃电器电子产品处理基金补贴 名单的企业之一，是滁州市唯一一家纳入该名单的企业。 最新一期业绩显示，2024年三季报，公司实现营业收入2.27亿元，同比21.94%；净利润-35262377.28 元，同比38.85%，销售毛利率10.04%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)25超越科技-19.50-15.852.6518.99亿行业平均 58.3 ...

Core Viewpoint - Waste Connections (WCN) is expected to report quarterly earnings of $1.07 per share, reflecting a 2.9% increase year-over-year, with revenues projected at $2.22 billion, indicating a 7.1% year-over-year growth [1]. Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 0.4%, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate trends and short-term stock performance [3]. Revenue Projections - Analysts project 'Revenue Breakdown- E&P Waste Treatment, Recovery and Disposal' at $119.94 million, a significant increase of 131.7% year-over-year [5]. - The estimated 'Revenue Breakdown- Intermodal and Other' is $54.46 million, reflecting a 42.5% year-over-year increase [5]. - 'Revenues- E&P' are expected to reach $116.93 million, marking a 20% increase from the previous year [5]. - The consensus for 'Revenues- Intermodal and Other' stands at $55.14 million, indicating an 11.3% year-over-year change [6]. - 'Revenues- Total collection' is projected at $1.60 billion, showing a 5.8% increase from the prior year [6]. - 'Revenues- Recycling' is expected to decline to $46.25 million, reflecting a year-over-year decrease of 5.7% [6]. Geographic Revenue Insights - 'Geographic Revenues- Canada' are projected to reach $330.45 million, indicating a 17.9% year-over-year increase [7]. - 'Geographic Revenues- Southern' are expected at $457.70 million, reflecting a 9.3% increase [7]. - 'Geographic Revenues- Central' is forecasted to be $395.83 million, marking a 9.7% year-over-year change [7]. - 'Geographic Revenues- Eastern' are projected at $405.97 million, indicating a 12.8% increase [8]. - 'Geographic Revenues- Western' are expected to reach $454.36 million, reflecting a 7.6% increase [8]. Segment Performance - Analysts estimate 'Segment EBITDA- Western' to reach $126.49 million, compared to $113.05 million reported in the same quarter last year [8]. Stock Performance - Shares of Waste Connections have shown a return of 3.1% over the past month, contrasting with the Zacks S&P 500 composite's decline of 6.3% [9].

4月8日，超越科技今日收盘18.84元，上涨3.23%，最新市净率2.47，总市值17.76亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)24超越科技-18.23-14.822.4717.76亿行业平均 42.4546.922.9948.10亿行业中值23.6323.791.4330.87亿1华宏科技-1691.95-30.651.3648.67亿2聚光科 技-292.12-26.052.7884.05亿3深水海纳-246.87-76.802.6726.82亿4清研环境-242.4755.281.4311.59亿5津膜 科技-195.38-149.572.9416.31亿6神雾节能-133.51-81.5920.4013.90亿7京源环保-101.99-101.993.1823.89亿8 艾布鲁-83.96-177.225.8748.83亿9冠中生态-80.6834.091.3911.65亿10森远股份-80.67-80.679.9640.24亿11 清新环境-65.8839.030.7949.71亿 来源：金融界 资金流向方面，4月8日，超越科技主力资金净流出51.59万元，近5日总体呈流出 ...

Financial Data and Key Metrics Changes - The company generated revenue of $445,000 for the fiscal year ended December 31, 2024, compared to $743,000 in the prior year, indicating a decline in revenue [52] - Total operating expenses increased by 59% to $11.9 million for the year ended December 31, 2024, compared to $7.5 million for the year ended December 31, 2023 [55] - Net loss for the year was $12.4 million, compared to $8.1 million in the prior year [57] Business Line Data and Key Metrics Changes - Revenue generated in 2024 was primarily from manufacturing assembly services and treatability study services, with fewer milestones reached leading to reduced revenue recognition [52][53] - The company is in active late-stage negotiations for AS6 and AS30 capital sales and is launching its waste destruction services business [54] Market Data and Key Metrics Changes - The global waste treatment addressable market opportunity is approximately $450 billion, with the municipal water and wastewater treatment market estimated at over $347 billion annually, growing at about 7.5% [38] - The U.S. federal waste management market is estimated at approximately $15 billion, while the industrial waste management market is estimated at $128 billion [40][42] Company Strategy and Development Direction - The company aims to establish multiple regional waste destruction facilities in partnership with treatment, storage, and disposal facilities (TSDF) across the U.S. [36] - The growth strategy includes capital sales, leases, and waste destruction services, with a focus on expanding manufacturing capabilities for AS1, AS6, and AS30 units [37][44] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in 2025 being the best year for revenue, with a projected path to $250 million to $500 million in revenue over the next five years [54][49] - The regulatory environment is seen as supportive of demand for innovative waste management solutions, particularly for PFAS destruction [58][59] Other Important Information - The company completed a registered direct offering in November 2024, resulting in gross proceeds of $12.2 million, which is being utilized to improve technology and expand operations [50] - The company has expanded its intellectual property portfolio with multiple patent applications filed throughout the year [17] Q&A Session Summary Question: Can you expand on the North Carolina opportunity and its timeline? - Management indicated that the first 1,000 gallons of waste destruction must be completed within six months, with a focus on complete elimination of AFFF [66][67] Question: What is the current manufacturing capacity and its impact on growth? - Current manufacturing capacity allows for the production of two to four systems at a time, with plans for future expansion as demand increases [68][69]