证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 瀚蓝环境(600323.SH) 投资评级 买入 上次评级 买入 [Table_A [Table_Author] 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 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 [Table_Title] 存量业务提质增效，粤丰有望 25 年上半年实 现并表 [Table_ReportDate] 2025 年 4 月 13 日 [Tab ...

Group 1: Pharmaceutical Industry - The tariff environment has limited short-term disruptions to the pharmaceutical industry, with a focus on the global competitiveness of domestic innovative drugs [2][17][19] - Domestic innovative drug companies have captured significant market shares, such as BTK inhibitors holding 75% and PD-1/PD-L1 monoclonal antibodies over 70% in the domestic market [2][17] - Several Chinese innovative drugs are entering a harvest phase, with Zebutine expected to achieve sales of $2.6 billion in 2024, reflecting a year-on-year growth of 105% [2][17] - A recommended list of leading biotech and pharmaceutical companies includes BeiGene, Innovent Biologics, and Hengrui Medicine among others [2][17] Group 2: Chemical Industry - Juhua Co., Ltd. - Juhua Co., Ltd. is expected to see significant growth in Q1 2025, with projected net profit ranging from 760 to 840 million yuan, representing a year-on-year increase of 145% to 171% [5][6][36] - The company benefits from a strong position in the refrigerant market, with a production quota of 34% for third-generation refrigerants [6][36] - The refrigerant segment has shown a substantial increase in both volume and price, with revenues reaching 2.618 billion yuan, up 64.63% year-on-year [6][36] Group 3: Aluminum Industry - China Aluminum Corporation - China Aluminum Corporation is projected to achieve a net profit of 3.4 to 3.6 billion yuan in Q1 2025, reflecting a year-on-year increase of 53% to 63% [8][10] - The company is enhancing its resource strategy and has a significant aluminum ore reserve of approximately 2.7 billion tons [8][10] - Expansion projects are underway, with a new 500,000-ton electrolytic aluminum capacity expected to come online in December 2024 [10]

4月10日瀚蓝环境（600323）发布2024年度分配预案，拟10派8元(含税)，预计派现金额合计为6.52亿 元。派现额占净利润比例为39.20%，以该股2024年度成交均价计算，股息率为4.01%。这是公司上市以 来，累计第25次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计(亿元) | 股息率(%) | | --- | --- | --- | --- | | 2024.12.31 | 10派8元(含税) | 6.52 | 4.01 | | 2023.12.31 | 10派4.8元(含税) | 3.91 | 2.62 | | 2022.12.31 | 10派2.2元(含税) | 1.79 | 1.11 | | 2021.12.31 | 10派2.2元(含税) | 1.79 | 0.93 | | 2020.12.31 | 10派2.2元(含税) | 1.79 | 0.95 | | 2019.12.31 | 10派2.2元(含税) | 1.69 | 1.31 | | 2018.12.31 | 10派2元(含税) | 1.53 | 1.37 | | 2017.12.31 | 10 ...

资金流向方面，融资余额环比增幅居前个股中，4月8日主力资金净流入的有7只，净流入资金居前的有 神农种业、聚光科技、华融化学等，净流入资金分别为8762.10万元、4207.43万元、1799.72万元，主力 资金净流出的有4只，净流出资金较多的有四方精创、益客食品、长华化学等，净流出资金分别为 1254.62万元、935.04万元、161.12万元。 创业板股最新融资余额为3351.81亿元，环比减少106.13亿元，11只股融资余额环比增长超10%，融资余 额环比降幅超10%的有56只。 融资余额降幅居前个股 证券时报·数据宝统计显示，4月8日创业板指上涨1.83%，创业板股两融余额合计3360.23亿元，较上一 交易日减少106.01亿元，已连续3个交易日减少。其中，融资余额合计3351.81亿元，环比上一日减少 106.13亿元；为连续3个交易日减少。融券余额8.41亿元，环比增加1254.72万元。 具体来看，融资余额增长的创业板股有130只，其中，11股融资余额增幅超过10%。增幅最大的是神农 种业，该股最新融资余额1.71亿元，环比上一交易日增幅为31.51%；股价表现上，该股当日上涨 19.95 ...

Group 1 - The company plans to issue green asset-backed notes (ABN) with a maximum amount of 750 million RMB to broaden financing channels and optimize its debt structure [1][2][3] - The issuance will be conducted by Tianjin TEDA Environmental Protection Co., Ltd., a subsidiary of the company, using future electricity fee receivables as the underlying asset [1][2] - The expected issuance period is up to 5 years, with proceeds intended for liquidity support and debt repayment [2][3] Group 2 - The ABN will be structured into senior and subordinated tranches, with the total scale not exceeding 750 million RMB [2] - The interest rate for the issuance will be determined based on market conditions [2] - The proposal requires approval from the shareholders' meeting and registration or review by the China Interbank Market Dealers Association before implementation [1][3]

Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]

Group 1: Financial Performance and Management - The company reported an asset impairment provision of 120 million yuan, which cannot be reversed in future periods according to accounting standards [2] - The board will consider increasing the dividend rate as part of the shareholder return plan [3] - The company emphasizes high-quality development and investor return, actively managing its market value [3] Group 2: Market Strategy and Competition - The company leverages its parent company, China Energy Conservation, to enhance market share in the water environment sector [3] - It aims to expand its national footprint while focusing on major regional development strategies [4] - The company is actively pursuing overseas business opportunities [4] Group 3: Technological Advancements - Ongoing research includes integrated watershed management and low-carbon upgrades for industrial parks, with some technologies entering the application phase [4] - The company has implemented AI control systems in its facilities, significantly improving operational efficiency and water quality management [4] Group 4: Cost Management and Efficiency - The company is implementing various technologies to reduce energy consumption and operational costs, thereby supporting sustainable revenue growth [5] - Measures include optimizing project design processes and promoting solar energy applications to lower expenses [5] Group 5: Corporate Governance - The company is in the process of facilitating board elections, pending nominations from major shareholders [4] - The company has a clear strategy for addressing internal competition among its water assets [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 14.5 billion yuan in 2024, representing a year-on-year increase of 37.04%. However, the net profit attributable to shareholders decreased by 4.52% to 481.82 million yuan [7][8] - The growth in revenue is primarily driven by the resource utilization segment, which saw a significant increase in revenue from hazardous waste recycling [7] - The company is focusing on strategic adjustments in its environmental engineering business, shifting its client base from government to large enterprises and expanding its service model [7] Financial Performance Summary - Total revenue for 2024 is projected at 145 billion yuan, with a year-on-year growth of 37.04% [7] - Gross profit for 2024 is expected to be 2.092 billion yuan, reflecting an 8.5% increase year-on-year, with a gross margin of 14.4%, down 3.8 percentage points [7] - The resource utilization segment generated 11.137 billion yuan in revenue, a 72.2% increase year-on-year, with a gross profit of 1.018 billion yuan, up 89.8% [7] - The environmental operation services segment reported revenue of 1.729 billion yuan, a 6.3% increase, with a gross margin of 49.9% [7] - The environmental engineering segment experienced a decline in revenue to 1.633 billion yuan, down 34.3%, with a significant drop in gross profit [7] Cash Flow and Valuation - The company reported a net cash flow from operating activities of 760 million yuan in 2024, a significant improvement from -950 million yuan in the previous year [7] - The report projects a decrease in net profit forecasts for 2025 and 2026, adjusting from 930 million yuan and 1.1 billion yuan to 630 million yuan and 750 million yuan respectively [7] - The projected P/E ratios for 2025 to 2027 are 15, 13, and 11 times respectively [7]

ERN DE STER 行业日报 | 北交所 市场震荡调整,深海科技亮相政府工作报告 证券研究报告 2025年03月14日 北交所市场点评 -- -20250313 ● 核心结论 行情回顾:1)指数层面:3月13日北证50 收跌-3.1%,成交额达419.7 亿 元,较昨日下跌 0.6 亿元。2)个股层面:当日北交所264家公司中 112家 上涨,152 家下跌,4 家涨停。其中涨幅前五的个股分别为:凯腾精工 (+30.0%)、克莱特(+30.0%)、美心翼申(+30.0%)、坤博精工(+30.0%)、 安徽风凰(+22.6%),跌幅前五的个股分别为:天铭科技(-12.5%)、华 原股份(-11.1%)、中泰航达(-9.7%)、浩森科技(-8.7%)、威博液压(-8.5%)。 新闻汇总:1)央行:根据国内外经济金融形势和金融市场运行情况,择机 | 分析师 | | --- | | 曹森元 S0800524100001 | | 19821289688 | | caosenyuan@research.xbmail.com.cn | | 相关研究 | | 北交所:定向可转债审批加速,助力北交所再 | | -20250 ...

Investment Rating - The report assigns an "Overweight" rating for the environmental sector, consistent with the previous rating [1]. Core Insights - The national carbon market is accelerating its development with the first batch of CCER (Certified Emission Reduction) registrations initiated, indicating a growing demand for carbon credits [8][11]. - The report highlights a significant drop in weekly trading volumes for carbon emissions allowances, with CEA (Carbon Emission Allowance) transactions at 210,300 tons, down 66% from the previous week, and an average price of 87.66 yuan/ton, a decrease of 1% [6][17]. - The CCER methodology has expanded its coverage, with new methodologies introduced for coal mine low-concentration gas utilization and energy-saving in highway tunnel lighting systems [10][11]. Summary by Sections Weekly Investment Perspective - The existing CCER has expired, and the methodology has broadened, with the first batch of methodologies now open for CCER registration. Investment opportunities are recommended in the recycling resources and carbon monitoring sectors [8][9]. - CCER can be used to offset carbon emission allowances in the national carbon market, with a cap of 5% on offsets [9][10]. Environmental Sector Performance - The environmental sector saw a weekly increase of 2.29%, while other sectors like gas and water utilities experienced slight declines [14]. - Top-performing stocks included SanDe Technology (+36.67%) and NingShui Group (+31.87%), while the worst performers were WeiPaiGe (-14.56%) and AnChe Detection (-6.04%) [6][17]. Carbon Neutrality Tracking - The report notes that by 2027, a voluntary disclosure policy for corporate greenhouse gas emissions will be established, with a complete framework expected by 2030 [21]. - The national carbon market is set to expand beyond the power sector to include industries such as cement and steel, with a projected increase in annual greenhouse gas emissions coverage from 4.5 billion tons to 7.5 billion tons [9][10]. Recommendations - The report recommends several companies based on their potential benefits from the evolving carbon market, including: - Snowy Dragon for online monitoring of pollution sources - SanFeng Environment and HanLan Environment for waste incineration - High Energy Environment for recycled metals [12][13].