2025年4月22日，广西博世科环保科技股份有限公司(以下简称 "博世科")发布 2024年度报告，尽管面临 行业周期调整与市场竞争加剧的挑战，但公司全年仍实现营业收入 15.92亿元，其中工业环保设备板块 逆势增长49.11%，占主营业务收入62.38%，展现出强劲的抗风险能力与转型成效。结合近期在海外市 场的重大突破，博世科正以技术创新为引擎，加速从传统环保工程向高端装备制造与全球化服务的战略 升级，持续巩固"中国工业环保解决方案领军者"地位。 运营服务板块稳健增长，全年收入5.77亿元，南宁市城市内河黑臭水体治理PPP项目、贺州市环卫一体 化项目等持续贡献稳定现金流。值得一提的是，公司智慧环卫业务加速智能化转型，自主研发的新能源 环卫车辆线控底盘技术入选安徽省科技创新攻坚计划，推动环卫装备向无人化、电动化升级，未来在城 乡环境综合治理市场的渗透潜力巨大。 "一带一路" 结硕果，全球化布局加速 2024年，博世科依托"技术+装备+服务"组合优势，在海外市场斩获颇丰，海外业务收入6.09亿元，同比 增长395.95%，占总收入38.3%，成为业绩增长的重要极。在东南亚，公司深耕印尼、马来西亚市场， 签订印尼 ...

Group 1 - The core viewpoint of the article highlights Yongqing Environmental's significant growth in both revenue and net profit for the year 2024, indicating a strong financial performance and operational efficiency [1] - In 2024, Yongqing Environmental achieved an operating income of 760 million yuan, representing a year-on-year increase of 17.71%, while the net profit attributable to shareholders grew by 23.10% [1] - The company reported a remarkable turnaround in net profit after excluding non-recurring gains and losses, with a year-on-year growth of 112.66%, showcasing enhanced profitability [1] Group 2 - The first quarter of 2025 also showed positive results, with Yongqing Environmental generating an operating income of 173 million yuan, a year-on-year increase of 60.72%, and a net profit growth of 145.44% after excluding non-recurring items [1] - The company's robust performance is attributed to effective business strategies, particularly in solid waste and hazardous waste disposal, as well as renewable energy sectors [1] - Yongqing Environmental has established long-term stable partnerships with major clients, which has laid a solid foundation for ongoing business expansion [2] Group 3 - The company has successfully set up seven regional offices in areas such as Zhejiang, Shenzhen, and Hunan, and is actively planning to expand into the national market, providing a broad space for future development [2] - Strategic cooperation agreements have been signed with regions like Hangzhou Fuyang and Shenzhen Yantian, focusing on projects like "green intelligent microgrid," which are expected to enhance market share and overall competitiveness [2]

前十大流通股东累计持有： 8459.63万股，累计占流通股比： 21.95%，较上期变化： -3367.05万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 周口中控投资有限公司 | 3459.84 | 8.98 | 不变 | | 邢台辉昇智锋企业管理咨询有限责任公司 | 1628.58 | 4.23 | 新进 | | 上海中创凌兴能源科技集团有限公司 | 1225.00 | 3.18 | -1628.58 | | 厦门坤拿商贸有限公司 | 466.29 | 1.21 | 不变 | | 厦门上越投资咨询有限公司 | 449.82 | 1.17 | 不变 | | 深圳市恒泽私募证券基金管理有限公司-恒泽研选私募 证券投资基金 | 298.00 | 0.77 | 新进 | | 金新丰 | 243.60 | 0.63 | 新进 | | 林焱 | 234.62 | 0.61 | 新进 | | 叶挺挺 | 229.02 | 0.59 | 新进 | | 江学新 | 224.86 | 0.58 | 新进 ...

2024年，中环环保的营业总收入达到9.57亿元，同比增长17.60%，显示出公司在业务拓展和市场占有率 上的稳步提升。然而，归属净利润却同比下降45.10%，扣非净利润也下滑了38.82%。这一反差表明， 公司在扩大业务规模的同时，盈利能力受到了严重挑战。 利润下滑的主要原因包括市场竞争加剧、环保管控趋严导致的成本上升，以及应收账款回款速度不及预 期。报告期内，公司计提了6138.49万元的信用减值损失，进一步压缩了利润空间。此外，财务费用达 到1.54亿元，同比增长18.36%，也对净利润产生了负面影响。 尽管公司在现金流管理上表现较好，经营活动产生的现金流量净额为1.8亿元，同比增长121.62%，但这 并未能完全抵消利润下滑的影响。未来，公司需要在成本控制和应收账款管理上采取更加有效的措施， 以提升盈利能力。 4月22日，中环环保（300692）发布了2024年年报。报告显示，公司实现营业总收入9.57亿元，同比增 长17.60%；归属净利润为5926.69万元，同比下降45.10%；扣非净利润为5529.26万元，同比下降 38.82%。尽管公司在营业收入上保持了增长，但净利润的大幅下滑暴露了其在成 ...

Core Viewpoint - The number of companies facing delisting due to stock prices falling below par value has significantly increased in the A-share market, with *ST Jiyao being a notable example [1][5]. Group 1: Company Specifics - *ST Jiyao (300108.SZ) has seen its stock price drop to 0.30 yuan, marking the 18th consecutive trading day below 1 yuan, which may lead to early delisting [2][4]. - The company is primarily engaged in the pharmaceutical industry, including production, wholesale, retail, and healthcare services [4]. - Financially, *ST Jiyao has reported continuous losses, projecting a net loss of 500 million to 850 million yuan for 2024, with an expected negative net asset value of -1.18 billion to -830 million yuan [4]. Group 2: Market Trends - Recent statistics indicate a rise in A-share companies that have received notices for potential delisting due to stock prices consistently falling below 1 yuan, including *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun [5]. - *ST Dongfang received a notice on April 14, 2025, regarding the termination of its stock listing after 20 consecutive trading days below 1 yuan [5]. - *ST Furun has faced both par value and market value delisting risks, having received a notice on April 10, 2025, for similar reasons [5]. Group 3: Operational Challenges - Companies like *ST Jiayu are under significant operational pressure, with a reported 59.94% decline in sales revenue to 482 million yuan, and a net loss of 356 million yuan for 2024 [6]. - The focus for many of these companies is on risk management and debt resolution, with efforts to stabilize operations amid financial difficulties [6].

证券研究报告 | 行业周报 gszqdatemark 2025 04 20 年 月 日 | 重点标的 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股票 | 股票 | 投资 | | | EPS（元） | | | | PE | | | 代码 | 名称 | 评级 | 2024A | 2025E | 2026E | 2027E | 2024A | 2025E | 2026E | 2027E | | 300779.SZ | 惠城环保 | 买入 | 0.22 | 1.26 | 2.56 | 3.60 | 658.60 | 110.31 | 54.28 | 38.65 | | 603588.SH | 高能环境 | 买入 | 0.32 | 0.45 | 0.53 | 0.62 | 20.00 | 11.66 | 9.80 | 8.44 | | 600461.SH | 洪城环境 | 买入 | 0.93 | 1.00 | 1.06 | 1.12 | 10.60 | 10.01 | 9.41 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0400 | -0.0400 | 200 | -0.6100 | | 每股净资产（元） | 1.91 | 1.88 | 1.6 | 1.95 | | 每股公积金(元) | 3.53 | 3.53 | 0 | 3.53 | | 每股未分配利润(元) | -2.72 | -2.75 | 1.09 | -2.72 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.46 | 2.02 | 21.78 | 2.45 | | 净利润(亿元) | 0.11 | -0.11 | 200 | -1.85 | | 净资产收益率(%) | 1.93 | -1.89 | 202.12 | -27.19 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 14319.37万股，累计占流通股比： 47.41%，较上期 ...

文/梧桐晓编 信永中和及2名签字会计师在执业过程中未予以充分关注，相关核查工作不到位，发表的核查意见不准确。深交所上市审核中心决定对信永中和、廖继平、夏翠琼 采取约见谈话的自律监管措施。深交所上市审核中心要求信永中和及2名签字会计师应当引以为戒，严格遵守法律法规、行业执业规范及本所业务规则的规定，诚 实守信、勤勉尽责，切实提高执业质量，审慎发表核查意见，保证招股说明书中与自身专业职责有关的内容和出具文件的真实、准确、完整。 深圳证券交易所文件 审核中心监管函〔2025〕8号 关于对海诺尔环保产业股份有限公司、 骆毅力、牟雪飞采取约见谈话 自律监管措施的决定 海 诺 尔 环 保 产 业 股 份 有 限 公 司 、 骆 毅 力 、 牟 雪 飞 : 4月18日晚上，深交所公布对海诺尔环保产业股份有限公司及骆毅力、牟雪飞，对申万宏源证券承销保荐有限责任公司、秦明正、王鹏，对信永中和会计师事务 所、廖继平、夏翠琼采取约见谈话自律监管措施的决定。2020 年 12 月 17 日，深交所受理了海诺尔创业板IPO的申请。申万宏源为海诺尔项目保荐机构，秦明正、 王鹏为保代；信永中和为海诺尔项目申报会计师，廖继平、夏翠琼为项目签 ...

Core Insights - The company expects a 16% year-on-year increase in net profit for 2024, with over 2.4 billion in receivables collected, leading to a 32% increase in net cash flow from operating activities [1] Financial Performance - The company maintains an "overweight" rating, slightly adjusting net profit forecasts for 2025-2026 to 1.735 billion (previously 1.795 billion) and 1.806 billion (previously 1.920 billion), while introducing a forecast of 1.882 billion for 2027, corresponding to EPS of 2.13, 2.21, and 2.31 respectively [2] - In 2024, the company achieved operating revenue of 11.886 billion, a decrease of 5% year-on-year, while net profit attributable to shareholders was 1.664 billion, an increase of 16% year-on-year [2] - The net cash flow from operating activities reached 3.273 billion, a 32% increase year-on-year, with the company actively collecting receivables [3] Business Segments - The solid waste management business generated revenue of 6.008 billion, a 7% decrease year-on-year, but net profit increased by 4% to 1.025 billion, with an operating net profit of 1.004 billion, up 10% [3] - The gas business revenue decreased by 7% to 3.758 billion, influenced by a decline in sales price and slight decrease in sales volume, although the gross margin improved [3] - The company is actively expanding its heating business, with a 34% year-on-year increase in heating volume to 1.48 million tons, having signed 17 external heating agreements [3] Strategic Initiatives - The acquisition of Yuefeng Environmental is progressing, with expectations to complete the acquisition by mid-2025 after meeting all preliminary conditions [4] - The acquisition is anticipated to lead to a significant increase in incineration capacity and gradual realization of synergies [4]

祸起收入确认分歧 根据昨日披露的业绩快报，上海凯鑫2024年实现营业收入8160.59万元，同比下滑34.52%；归母净利 润-164.62万元，同比减少110.56%；扣非净利润-1144.65万元，同比减少212.98%。 由于预计2024年归母净利润为负值，且扣除非经常性损益后的营收低于1亿元，上海凯鑫股票交易可能 在年报披露后被实施退市风险警示。 按照规定，上市公司需要在2025年1月底之前披露2024年业绩预告以及关于公司股票可能被实施退市风 险警示的提示性公告。但上海凯鑫并未及时披露相关风险，直到4月17日才予以公告。 就未及时披露相关风险的原因，上海凯鑫解释称，"系会计师对于上述业务合同的收入确认时点与公司 2025年1月判断存在偏差，截至目前公司与会计师就上述订单的收入确认事宜达成一致"。 这里的"上述订单"指的是上海凯鑫在2024年新签约的一系列订单，包括：2024年6月与A客户签订一套 设备，合同总额4,299万元；2024年9月与B客户签订水处理系统合同，合同金额379万美元（含备件）； 2024年3月与C客户签订水处理系统合同，金额4,830万元。 上海凯鑫认为，基于以上合同，2025 ...