Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has slightly declined, but collaboration with IDC is expected to lead to a revaluation of its value [5] - The company reported a revenue of 905 million yuan in Q1 2025, a year-on-year decrease of 2.52%, and a net profit attributable to shareholders of 197 million yuan, down 3.4% year-on-year [7] - The decline in performance is attributed to increased maintenance time, which affected waste processing volume and increased maintenance costs [7] - The company is expected to benefit from the ongoing excavation of aged waste, which could bring significant profit increments [7] - The collaboration between waste incineration and IDC is anticipated to become an industry trend, with the company positioned to benefit from this shift [7] Financial Summary - Revenue projections for the company are as follows: 3,536 million yuan in 2023, 3,765 million yuan in 2024, 4,126 million yuan in 2025, 4,378 million yuan in 2026, and 4,540 million yuan in 2027, with growth rates of 7.38%, 6.45%, 9.58%, 6.12%, and 3.70% respectively [6] - Net profit attributable to shareholders is projected to be 735 million yuan in 2023, 821 million yuan in 2024, 917 million yuan in 2025, 1,022 million yuan in 2026, and 1,130 million yuan in 2027, with growth rates of 2.71%, 11.67%, 11.74%, 11.43%, and 10.64% respectively [6] - The company is expected to achieve a free cash flow of 740 million yuan in 2024, with a dividend payout ratio of 65.8%, leading to projected dividend yields of 4.2%, 4.7%, and 5.2% for 2025-2027 [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company is expected to achieve a net profit attributable to shareholders of 181 million yuan in 2024, representing a year-on-year growth of 100% [2] - The non-recurring net profit for 2024 is projected to be 116 million yuan, with a year-on-year increase of 54.7% [2] - For Q1 2025, the non-recurring net profit is anticipated to be 17 million yuan, reflecting a year-on-year growth of 10.1% [2] - The company's business structure has significantly improved, with an increase in the proportion of operational revenue, enhancing its sustainable operating capacity [2] - The ramp-up of production capacity at Longli Chemical and the ammonium rhenate project are expected to contribute to revenue growth [2] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 927 million yuan, a year-on-year increase of 14.69% [6] - The net profit attributable to shareholders reached 181 million yuan, a year-on-year growth of 100.11% [6] - The non-recurring net profit for 2024 was 116 million yuan, up 54.68% year-on-year [6] - For Q1 2025, the company reported revenue of 17 million yuan, a significant year-on-year increase of 63.46% [6] Business Structure and Revenue Breakdown - The operational service revenue increased by 66.1% to 321 million yuan in 2024, with a stable gross margin [12] - The revenue from product sales rose by 96.0% to 269 million yuan, primarily due to the integration of Longli Chemical [12] - The revenue from comprehensive solutions for heavy metal pollution decreased by 34.2% to 303 million yuan, attributed to reduced downstream copper smelting projects [12] Future Outlook - The company plans to invest 5.2 million yuan in collaboration with Jilin Zijin Copper Industry to build a production line for ammonium rhenate, which is expected to generate approximately 19 million yuan in annual revenue once fully operational [12] - The production capacity utilization rate for Longli Chemical is projected to reach 79.6% in 2024, indicating potential for profit growth as capacity increases [12] - The forecasted net profit attributable to shareholders for 2025-2027 is expected to be 157 million, 195 million, and 235 million yuan respectively, with corresponding PE ratios of 21x, 17x, and 14x [12]

Shareholding Reduction Announcements - MEI TUNG (CHINA) LIMITED plans to reduce its shareholding in Helen Zhe by up to 22.09 million shares, representing 2.12% of the total share capital after excluding repurchased shares [1] - Shandong Railway Development Fund plans to reduce its shareholding in Century Rui Er by up to 17.55 million shares, representing 3% of the total share capital [1] - Wu Baigeng plans to reduce his shareholding in Pinwo Food by up to 2.97 million shares, representing 3% of the total share capital [1] - Huayuan International Land Port Group plans to reduce its shareholding in Phoenix Shipping by up to 30.36 million shares, representing 3% of the total share capital [3] Financial Performance Reports - United Chemical reported a revenue of 535 million yuan for 2024, a year-on-year increase of 24.80%, and a net profit of 56.43 million yuan, up 66.81% [5] - Huitong Technology achieved a revenue of 662 million yuan, a year-on-year increase of 11.84%, and a net profit of 108 million yuan, up 9.30% [7] - Guangji Pharmaceutical reported a revenue of 639 million yuan, a year-on-year decrease of 13.42%, and a net loss of 295 million yuan [8] - Anshuo Information achieved a revenue of 990 million yuan, a year-on-year increase of 11.53%, and a net profit of 15.09 million yuan, up 132.78% [9] - Yifan Pharmaceutical reported a revenue of 5.16 billion yuan, a year-on-year increase of 26.84%, and a net profit of 386 million yuan, up 170.04% [10] - Hongri Pharmaceutical reported a revenue of 5.78 billion yuan, a year-on-year decrease of 5.34%, and a net profit of 21.47 million yuan, down 95.76% [11] - Zhonglan Environmental reported a revenue of 646 million yuan, a year-on-year decrease of 22.75%, and a net profit of 13.10 million yuan, down 36.12% [13] - Feilu Co. reported a revenue of 518 million yuan, a year-on-year decrease of 37.16%, and a net loss of 140 million yuan [14] - China Great Wall reported a revenue of 14.20 billion yuan, a year-on-year increase of 5.83%, and a net loss of 1.48 billion yuan [15] - Nanshan A reported a revenue of 15.45 billion yuan, a year-on-year decrease of 15.06%, and a net profit of 267 million yuan, down 83.89% [16] - Yawen Co. reported a revenue of 2.06 billion yuan, a year-on-year increase of 6.70%, and a net profit of 75 million yuan, down 24.13% [17] - Jinlong Co. reported a revenue of 663 million yuan, a year-on-year increase of 245.16%, and a net loss of 89.23 million yuan [18] - Nanshan Holdings reported a revenue of 8.40 billion yuan, a year-on-year decrease of 30.35%, and a net loss of 1.77 billion yuan [20] - Hengfeng Information reported a revenue of 227 million yuan, a year-on-year decrease of 53.07%, and a net loss of 86.80 million yuan [21] - Wantong Technology reported a revenue of 1.21 billion yuan, a year-on-year increase of 19.58%, and a net profit of 36.92 million yuan, up 147.08% [22] - Kehua Bio reported a revenue of 1.76 billion yuan, a year-on-year decrease of 27.55%, and a net loss of 641 million yuan [23] - Dongfang Tower reported a revenue of 4.20 billion yuan, a year-on-year increase of 4.79%, and a net profit of 564 million yuan, down 10.97% [24] - Yanpai Co. reported a revenue of 785 million yuan, a year-on-year increase of 8.75%, and a net profit of 42.18 million yuan, down 35.72% [25] - Yongli Co. reported a revenue of 2.24 billion yuan, a year-on-year increase of 10.69%, and a net profit of 22.30 million yuan, down 40.73% [26]

Group 1 - Jinchengxin signed a mining production contract with Western Mining for approximately 377 million yuan [1] - Weishinkang's subsidiary received a drug registration certificate for compound amino acid injection (18AA-Ⅸ) [1] - Kangyuan Pharmaceutical obtained a drug registration certificate for Yunu Jian granules [2] Group 2 - Zongheng Communication reported a net profit of 3.42 million yuan in Q1 2025, turning from loss to profit [3] - Phoenix Holdings achieved a net profit of 1.39 million yuan in Q1 2025, also turning from loss to profit [3] - Dayuan Pump Industry reported a net profit of 39.21 million yuan in Q1 2025, a decrease of 3.95% year-on-year [5] Group 3 - Shuo Beid reported a net profit of 14.53 million yuan in Q1 2025, an increase of 276.05% year-on-year [7] - Tongde Chemical reported a net profit of 10.31 million yuan in Q1 2025, a decrease of 51.51% year-on-year [8] - Vanadium Titanium Co. reported a net loss of 98 million yuan in Q1 2025, a decline of 40.84% in revenue [9] Group 4 - Xineng Taishan reported a net profit of 16.23 million yuan in Q1 2025, turning from loss to profit [10] - Andavil reported a net profit of 13.83 million yuan in 2024, a decrease of 87.82% year-on-year [12] - Xingyuan Environment reported a net loss of 302 million yuan in 2024, a reduction in loss by 69.46% [14] Group 5 - China Rare Earth reported a net loss of 287 million yuan in 2024, turning from profit to loss [15] - Zhejiang Huaye reported a net profit of 92.94 million yuan in 2024, an increase of 32.21% year-on-year [16] - Mengjie Co. reported a net profit of 24.88 million yuan in 2024, an increase of 10.99% year-on-year [18] Group 6 - Tongde Chemical reported a net loss of 71.99 million yuan in 2024, turning from profit to loss [19] - Rongsheng Development reported a net loss of 8.44 billion yuan in 2024, turning from profit to loss [21] - Sanwei Communication reported a net loss of 27.1 million yuan in 2024, turning from profit to loss [22] Group 7 - Wankang Technology reported a net loss of 16.3 million yuan in 2024, turning from profit to loss [24] - Huitian New Materials reported a net profit of 1.02 billion yuan in 2024, a decrease of 65.91% year-on-year [25] - Luzhou Laojiao reported a net profit of 13.47 billion yuan in 2024, an increase of 1.71% year-on-year [27] Group 8 - Haiyuan Composite reported a net loss of 16 million yuan in 2024 [29] - Hongchuan Wisdom reported a net profit of 15.8 million yuan in 2024, a decrease of 46.57% year-on-year [30] - Gree Electric reported a net profit of 32.18 billion yuan in 2024, an increase of 10.91% year-on-year [30]

Core Viewpoint - The company achieved significant revenue growth in 2024, but reported a net loss primarily due to litigation provisions, while operational cash flow improved substantially [2][3] Financial Performance - In 2024, the company reported revenue of 448 million yuan, a year-on-year increase of 45% [1] - The net profit attributable to shareholders was a loss of 86 million yuan, with a non-recurring net profit loss of 99 million yuan, mainly due to provisions related to the Xingyun Lake project litigation [2] - For Q1 2025, the company achieved revenue of 46 million yuan, a year-on-year growth of 21%, with a net profit loss of 5 million yuan [1][2] Business Segments - The technical equipment integration business saw revenue of 281 million yuan, a 93% increase year-on-year, with a gross margin improvement of 0.97 percentage points to 33.55% [3] - The blue algae governance operation and maintenance business generated revenue of 190 million yuan, a 17% increase year-on-year, with a gross margin increase of 8.45 percentage points to 49.67% [3] - The company successfully commercialized a new sediment dredging technology, securing contracts worth approximately 29.37 million yuan during the reporting period [3] Order Growth and Future Prospects - The company continued to secure new orders, including a 3.5 million yuan contract for the Xingyun Lake pollution sediment removal pilot project and an estimated 87.85 million yuan for the Xingyun Lake water quality improvement project [4] - Revenue projections for 2025-2027 are estimated at 514 million yuan, 589 million yuan, and 675 million yuan, with year-on-year growth rates of 14.71%, 14.62%, and 14.54% respectively [4] - Expected net profits for the same period are projected at 10 million yuan, 24 million yuan, and 44 million yuan, with significant growth rates of 112.00%, 131.90%, and 82.84% respectively [4]

Core Insights - Delinhe and H2O Innovation signed a Memorandum of Understanding (MoU) on April 24, 2025, to collaborate on optimizing blue algae treatment technology in Wuxi, Jiangsu [1] - The project will be supported by the South Korean Ministry of SMEs and Startups and K-WATER, focusing on technology validation through demonstration trials [1] Group 1 - H2O's Chairman Park Jongjeong praised Delinhe's technical capabilities and expressed the intention to localize and promote the pressure-controlled algae technology in South Korea [3] - The collaboration aims to address the recent water quality issues in South Korea, where prolonged heatwaves have led to algae blooms and foul-smelling tap water [3] - Delinhe's Chairman Hu Mingming emphasized that this partnership represents a significant exchange of environmental technology and a commitment to ecological governance [5] Group 2 - The MoU highlights Delinhe's position as a leading enterprise in blue algae management and its role in international environmental governance [5] - The collaboration will utilize core technologies such as pressure-controlled algae management, digital twin diagnostic systems, and precise dredging techniques to enhance lake health [5]

Financial Performance - The company's basic earnings per share for Q1 2025 is 0.2900 yuan, a decrease of 12.12% compared to Q1 2024, which was 0.3300 yuan [1] - The net profit for Q1 2025 is 0.45 billion yuan, down 13.46% from 0.52 billion yuan in Q1 2024 [1] - The company's operating revenue for Q1 2025 is 1.99 billion yuan, reflecting a 7.57% increase from 1.85 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 is 3.35%, a decline of 19.47% from 4.16% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 11,950.8 million shares, accounting for 76.37% of the circulating shares, with a decrease of 838,300 shares compared to the previous period [2] - Nanjing University Capital Operation Co., Ltd. remains the largest shareholder with 4,651.20 million shares, representing 29.72% of the total share capital [2] - Nanjing Guohuan Investment Management Co., Ltd. is the second largest shareholder, holding 4,176.08 million shares, which is 26.69% of the total [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

尽管公司在污泥低碳干化焚烧领域取得了一定进展，实现业务收入1.41亿元，同比增长184%，但这一 业务的规模相对较小，难以弥补核心业务的下滑。此外，离心分离机械领域的表现也不尽如人意，下属 2025年4月23日，中建环能（300425）发布了2024年年报。报告显示，公司全年实现营业总收入15.37亿 元，同比下降8.06%；归属净利润为8820.16万元，同比大幅下降47.33%；扣非净利润更是暴跌67.52%， 仅为5008.74万元。这一业绩表现不仅远低于市场预期，也反映出公司在复杂市场环境下的经营困境。 营收与利润双降，经营压力凸显 2024年，中建环能的营业总收入为15.37亿元，同比下降8.06%。这一下滑趋势在过去的几年中逐渐显 现，尤其是在2023年，公司营收已出现2.80%的负增长。2024年的营收下滑进一步加剧，显示出公司在 市场竞争中的劣势。毛利润方面，2024年为4.68亿元，同比减少22.13%，毛利率的下降表明公司在成本 控制和产品定价上面临较大压力。 更为严峻的是，归属净利润和扣非净利润的暴跌。2024年，公司归属净利润为8820.16万元，同比下降 47.33%；扣非净利润仅为 ...

*ST交投（002200）公告，公司作为联合体牵头人，与中国电建（601669）集团中南勘测设计研究院有 限公司组成联合体，被确定为"富宁县格当村耕地周边历史遗留涉锑等重金属污染源治理项目(EPC)"的 第一中标候选人。近日公司收到该项目的《中标通知书》，公司参与的联合体被确定为该项目的中标 人。项目合同估算价为2800万元，计划工期为14个月，开工时间以监理工程师发出的开工令为准。项目 招标人是文山壮族苗族自治州生态环境局，招标代理机构是云南晟兴工程技术咨询有限公司。 ...

股票代码：002672 股票简称：东江环保 东江环保股份有限公司投资者关系活动记录表 | 整合上下游资源，形成集约化、规模化优势。完善"一站 | | --- | | 式"综合环境服务生态，以"环保慧诊"平台为入口，集 | | 成检测咨询、智慧化管理、工程运营等全链条能力，巩固 | | 市政环保业务基本盘，拓展矿山修复、海洋生态治理等 | | 增量市场，打造环境治理综合服务商标杆。此外，加大实 | | 施精益管理，完善成本管控体系，实现成本精细化管控。 | | 再者，围绕再生资源、环境服务等核心领域，联合头部机 | | 构挖掘优质并购标的。 | | 7.高管您好，请问贵公司未来盈利增长的主要驱动因 | | 素有哪些？谢谢。 | | 答:公司锚定"中国优秀的综合境服务商和中国资源 | | 循环产业领军企业"目标，聚焦城市化与工业化进程中 | | 的环保需求堵点痛点，推动业务向高端化、多品类延伸。 | | 8.今天召开业绩说明会，请领导给我们说明一下公司 | | 的发展及市场前景，好让我等投资者有信心投资贵公司。 | | 答:危废处置能力供过于求的情况在短时间内难以 | | 改善，在"无废湾区""无废城市""趋零填 ...