Core Viewpoint - Shengyuan Environmental Protection (300867) is strategically transforming into the health industry, focusing on taurine and its derivatives, which are expected to drive significant revenue growth for the company [1][2]. Group 1: Company Strategy and Developments - Shengyuan Environmental Protection held its 2024 annual shareholder meeting on May 9, approving 11 resolutions, including the 2024 Board of Directors' work report [1]. - The company has established a dual business model by expanding into the taurine market while consolidating its core waste management operations [1]. - The company is investing in a 40,000-ton annual production line for taurine in the Quangang Petrochemical Park, which is expected to commence production by the end of 2024 [2]. Group 2: Market Potential and Demand - The global taurine market is primarily dominated by China, which accounts for nearly 90% of the production capacity, while the U.S. relies heavily on imports due to a lack of domestic production [1][2]. - The demand for taurine is increasing in functional food and beverage sectors, particularly in energy drinks, as well as in pet food and feed additives [2]. - The aging population and rising chronic disease rates are further driving the demand for taurine in the pharmaceutical sector [2]. Group 3: Research and Policy Support - Recent scientific breakthroughs in taurine applications, including anti-aging and anti-cancer effects, have been reported in top-tier journals, indicating its growing market potential [1]. - The Chinese government has been increasingly supportive of the taurine industry, implementing policies to encourage the development of natural food additives and nutritional fortifiers [3]. - Shengyuan Environmental Protection is developing a comprehensive product matrix centered around taurine, including functional foods and health products, supported by a dedicated research institute [3].

Core Viewpoint - Company is focusing on integrating its three main business segments: environmental water services, solid waste treatment, and renewable energy, to create a synergistic ecosystem that enhances operational efficiency and competitive advantage [2][3]. Business Layout and Synergy - The company has developed a comprehensive service system through deep integration of its three main sectors, achieving a unified management process from planning to operation in the water services segment, and creating a resource recycling loop in the solid waste segment [2]. - The renewable energy segment is leveraging distributed photovoltaic systems and capital operations to support technology transformation and project implementation [2]. Business Growth and Market Expansion - The company reported revenue growth across all three main segments: water services increased by 7.43%, solid waste treatment by 32.00%, and renewable energy by 77.13% year-on-year [3]. - Future plans include enhancing the water supply safety system, upgrading supply networks, and expanding industrial wastewater treatment projects to solidify local market dominance [3]. - The solid waste segment aims to deepen industry integration and expand into emerging industrial waste services [3]. - The renewable energy segment will focus on integrated energy solutions and the development of zero-carbon industrial parks [3]. Profit Growth Drivers - Future profit growth is expected from improved operational efficiency in the water services segment, expansion into industrial wastewater treatment, and enhanced competitiveness in urban environmental services [5]. - The solid waste segment will focus on strengthening business collaboration and expanding into new service areas [5]. - The renewable energy segment aims to establish a comprehensive energy service industry that includes power trading and carbon trading [5]. Value Management and Shareholder Returns - The company emphasizes value management and shareholder returns by enhancing operational quality and implementing a special dividend plan, distributing cash dividends of 514 million yuan [6]. - Governance improvements and investor relations management are also prioritized to enhance decision-making and market value recognition [6]. ESG Initiatives - The company has actively engaged in ESG initiatives, focusing on environmental responsibility and sustainable practices across its business segments, earning recognition in various ESG rankings [8]. Financial Performance - In Q1 2025, the company reported a main revenue of 977 million yuan, a year-on-year increase of 8.25%, and a net profit of 305 million yuan, up 62.19% [8]. - The company’s debt ratio stands at 49.3%, with investment income of 283 million yuan and a gross margin of 20.89% [8].

4月18日，旺能环境（002034.SZ）发布公司2024年年报显示，截至2024年12月31日，公司总资产为 144.80亿元，归属于上市公司股东的所有者权益66.82亿元，加权平均净资产收益率为8.47%，基本每股 收益为1.31元。 旺能环境是专注城市固废综合治理的环保企业，总部位于浙江湖州，下设子公司98家，含5家海外子公 司，分布于泰国、柬埔寨和新加坡。 固废主业稳健发展，新兴业务拓展第二增长曲 作为全国固废行业十大影响力企业及中国环境企业营收50强，公司以技术为核、创新为翼，致力探索绿 色、循环、科技发展之路。聚焦"城市固废综合解决方案服务商"定位，公司构建全产业链生态闭环：前 端布局智慧收运系统，中端打造生活垃圾焚烧发电、餐厨垃圾资源化、污水处理、污泥处理、橡胶再生 等多元业务矩阵，末端深化炉渣飞灰再生材料开发。 从收入结构变化分析来看，公司营收下滑主要系BOT项目建造收入减少2.3亿元，但运营端生活垃圾处 理营收22.96亿元，同比增长3.50%，餐厨垃圾处理营收4.62亿元，同比增长27.29%，业务整体保持增 长。利润下滑主因包括：垃圾处理费账龄延长导致坏账减值增加1,298万元；南太湖项 ...

路演现场，公司方在回复投资者提问时表示，生活垃圾处理业务板块，从增量市场来看，根据国家十四 五规划数据，截至2023年底行业日处理产能已达86万吨，新建项目主要集中在吨发投资较高、边际效益 相对有限的中西部地区，因此公司主动规避了这类项目的市场竞标。在并购市场方面，公司秉持审慎务 实的发展策略，建立了严格的项目评估体系，坚持价值投资理念，不盲目追求规模扩张。公司当前战略 重心聚焦四大价值增长点：第一，资源化利用升级：炉渣资源化项目已实现净利润，2024年将新增6个 资源化项目，预计带来更大的增量利润；第二，蒸汽供热优化：通过150-200元/吨的蒸汽供热业务，有 效提升能源利用效率，该业务收益率显著高于传统发电；第三，存量资产盘活：积极响应"双碳"战略， 参与绿证交易和VCS减排项目开发，推进SBTi科学碳目标和碳足迹认证，不断提升企业绿色低碳价值 和形象，降低环境成本并提高市场竞争力。针对国补退坡，创新绿电应用场景，建立"绿电+高附加值 产业"的商业模式，实现能源价值最大化，巩固行业领先地位。第四，海外市场拓展：已在泰国和越南 市场建立桥头堡，后续将沿"一带一路"深化布局，往东南亚国家或地区开拓增量市场。公 ...

Group 1: Business Performance and Market Conditions - In 2024, the chemical new materials business faced significant losses due to a slowdown in ethylene demand and high production costs, particularly from the naphtha cracking route [3] - The industrial water treatment business is projected to grow by 53.16% in 2024, driven by the advancement of the Qinghai salt lake resource project and other ongoing projects [5] - The company aims to improve profit margins in the chemical new materials sector by focusing on cost reduction and enhancing product quality [3] Group 2: Strategic Initiatives and Innovations - The company is accelerating investment and renovation projects, with the first phase of the Jieyang C4 and C5 project nearing completion, transitioning to production preparation [3] - The hazardous waste treatment business is developing advanced technologies for high-concentration organic wastewater, achieving high removal rates for pollutants [6] - The company is optimizing its carbon five hydrogenation and separation processes to enhance product yield and quality [6] Group 3: Future Development and Market Trends - The company plans to leverage its dual focus on chemical new materials and environmental protection to create synergies and reduce operational risks [5] - The industrial water treatment sector will benefit from stricter environmental regulations and increased government support for ecological initiatives [5] - The renewable energy business is exploring new applications for lithium resource extraction technologies, aiming for high-quality development [7]

2024 年业绩承压，整体盈利能力下滑。根据国盛环保 97 家环保公司组 合，环保行业 2024 年整体营业收入 3489.6 亿元，同比增速为-3.3%。归 母净利润 138.0 亿元，同比增速为-37.7%，或与应收账款回款困难、减值 损失计提增长有关。2025Q1 环保行业营业收入 788.3 亿元，同比下降 1.8%。归母净利润 72.5 亿元，同比增长 4.1%，主要系生产成本降低、投 资收益增长所致。 行业净利率下滑，费用率有所提升。2024 年环保板块整体毛利率 24.0%， 较去年同期增长 0.3pct；整体净利率为 4.6%，较去年同期下降 2.1pct。 或与资产减值损失（yoy+0.41pct）、期间费用率上升（yoy+0.39pct）、 营业外支出占比上升（yoy+0.32ct）有关。2024 年环保行业整体期间费率 为 15.0%，同比增长 0.4pct，费用率有所提升。 行业经营现金流净额增长明显，投资现金流支出增加。2024年环保行业经 营性现金流净额为483.0亿元（yoy+10.9%），主要系采购减少及回款增 加所致。其中，固废治理板块229.8亿元（yoy+26.9%）、水 ...

证券代码:300692 证券简称:中环环保 债券代码:123146 债券简称:中环转 2 安徽中环环保科技股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 线上参与中环环保 年年度网上业绩说明会的投资者 2024 | | 人员姓名 | | | 时间 | 年 月 日（星期二）下午 2025 05 06 15:00-16:30 | | 地点 | "中环环保投资者关系"微信小程序 | | 上市公司接待人 | 总经理：宋永莲女士 | | 员姓名 | 董事会秘书：江琼女士 | | | 财务总监：王炜先生 | | | 独立董事：姚云霞女士 | | | 保荐机构代表：卢婷婷女士 | | | 投资者提问及回复如下： 1、在水环境治理领域，面对日益严格的环保标准和复杂的水 | | | 质问题，请问公司未来在技术研发、项目运营管理等方面有哪些 | | 投资者关系 ...

【重申固废idc】IDC等提质增效对标海外市场化估值roe双双翻倍以上空间，板块资本开支下降，分红大幅提升验 证【东吴环保公用】 25年2月以来垃圾焚烧&IDC系列发声——提质增效：以IDC为代表的B端拓展持续推进。 本质上，价格改革（国办政策）推进，市场化趋势中固废处理具备提质增效roe提升的能力！参考海外龙头 WM，roe30%+，估值pe33倍，pb11倍 #垃圾焚烧+IDC=超低PUE零碳项目、优势在于： 【清洁高效】【稳定性】【经济性】【分布近城市中心】 纯供能模式/供能+机柜租赁/供能+算力租赁模式下，2000吨/日匹配20MW数据中心，盈利增量弹性为 26%/66%/817%，综合ROE由12%提至16%/15%/18% 满足区位（京津冀、长三角、粤港澳、长沙）和规模（1000吨/日及以上）要求占总运营规模的比例：永兴97%、 军信85%、绿动48%、旺能45%、伟明45%、瀚蓝45%（并购粤丰后） 垃圾焚烧IDC深度1：【东吴双碳环保公用】垃圾焚烧助力超低PUE零碳项目，关注IDC合作机会 垃圾焚烧IDC深度2：【东吴双碳环保公用】垃圾焚烧IDC系列深度2：三种模式盈利弹性测算&合作潜力分析 ...

证券代码：002034 证券简称：旺能环境 旺能环境股份有限公司投资者关系活动记录表 编号：2025-01 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他 （电话会议） 参与单位名称 广发环保、兴证全球基金、富安达基金、长江环保、东吴环保、 立本私募基金、华泰资管、久盈资管、华泰环保、合道资管、 前海百创资管、睿远基金、国泰君安、睿郡资管、中银基金、 杭银理财、路博迈基金、广发基金、太平基金、光大保德信、 元葵资管、上海南土资管、光大理财、博时基金、渤海人寿、 天风证券、华泰证券、宁波三登资管、北京安途资管、上海度 势投资 时间 2025 年 4 月 30 日 地点 线上电话会议 上市公司接待人 员姓名 董事会秘书：林春娜 投资者关系活动 主要内容介绍 2025年4月30日电话会议纪要： 一、公司董事会秘书林春娜女士介绍公司发展历史、公司业 务基本情况，并对《2024年年度报告》及《2025年第一季度报告》 进行解读。 二、问答环节 出席活动的投资者就其关注的公司经营情况、公司治理以及 持续发展等问题与公司董事会秘书进 ...

证券研究报告·公司点评报告·环保 绿色动力（601330） 2025 一季报点评：归母同增 33%超预期，提 质增效成果显著 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） | 3,956 | 3,399 | 3,593 | 3,765 | 3,910 | | 同比（%） | (13.39) | (14.08) | 5.71 | 4.79 | 3.85 | | 归母净利润（百万元） | 629.28 | 585.08 | 649.61 | 717.62 | 760.30 | | 同比（%） | (15.51) | (7.02) | 11.03 | 10.47 | 5.95 | | EPS-最新摊薄（元/股） | 0.45 | 0.42 | 0.47 | 0.51 | 0.55 | | P/E（现价&最新摊薄） | 16.65 | 17.91 | 16.13 | 14.60 | 13.78 | [Table_Tag] ...