4月16日钱江水利发布2024年度分配预案，拟10派2.5元（含税），预计派现金额合计为1.40亿元。派现 额占净利润比例为65.14%，以该股2024年度成交均价计算，股息率为2.31%。这是公司上市以来，累计 第19次派现。 资金面上看，该股今日主力资金净流出203.53万元，近5日主力资金净流入935.67万元。 按申万行业统计，钱江水利所属的环保行业共有28家公司公布了2024年度分配方案，派现金额最多的是 首创环保，派现金额为12.48亿元，其次是瀚蓝环境、重庆水务，派现金额分别为6.52亿元、6.29亿元。 （数据宝） 公司上市以来历次分配方案一览 | 603588 | 高能环 | 0.00 | 0.7 | 10662.64 | 22.13 | 1.25 | | --- | --- | --- | --- | --- | --- | --- | | | 境 | | | | | | | 300388 | 节能国 祯 | 0.00 | 1.3 | 8853.55 | 24.15 | 1.85 | | 301127 | 天源环 保 | 0.00 | 0.999985 | 6470.47 | 19.42 ...

4月16日，飞马国际今日收盘2.52元，上涨2.02%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到179.33倍，总市值67.06亿元。 从行业市盈率排名来看，公司所处的环保行业行业市盈率平均58.43倍，行业中值24.73倍，飞马国际排 名第111位。 截至2024年三季报，共有7家机构持仓飞马国际，其中基金7家，合计持股数568.49万股，持股市值0.15 亿元。 深圳市飞马国际供应链股份有限公司主营业务为供应链管理服务和环保新能源。公司的主要产品是综合 物流服务、贸易执行服务、环保新能源行业、PPP项目建造服务。公司从事的主要业务为供应链管理服 务和环保新能源业务，经过多年的不断探索和积累，公司在业务平台与运营,企业资质,经营团队以及经 营品牌等方面建立了较强的竞争优势，在相关行业内具有一定的影响力。 最新一期业绩显示，2024年三季报，公司实现营业收入2.16亿元，同比-24.08%；净利润3356.45万元， 同比167.35%，销售毛利率24.17%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)111飞马国际179.33409.2821.2067.06亿行业平均 58 ...

Key Insights - The report highlights the strong growth in social financing and credit in March 2025, with new social financing reaching 5.89 trillion yuan, a year-on-year increase of 1.05 trillion yuan, indicating a positive trend in financial activity [2][3] - The government bonds continue to play a crucial role in supporting social financing growth, with new government bonds issued amounting to 1.48 trillion yuan, a year-on-year increase of 1.02 trillion yuan [3][6] - The banking sector is expected to benefit from a favorable environment with continued monetary policy easing and increased capital injections from major banks, maintaining a positive outlook for bank stocks [6] - The trust industry is undergoing significant regulatory changes aimed at refocusing on core responsibilities and enhancing risk management, which is expected to drive high-quality development in the sector [8][11] - The data center industry is projected to experience robust growth, with electricity consumption expected to grow at a CAGR of 16.1% from 2024 to 2030, driven by increasing demand for low-carbon electricity [14][15] - The report emphasizes the importance of integrating data centers with low-carbon power sources, particularly waste incineration and renewable energy, to meet the growing energy demands sustainably [16][17] - Hebei Steel Group is recognized for its leading profitability in the steel industry, maintaining positive net profits for nearly 20 years, with a sales gross margin of 8.53% in the first three quarters of 2024 [20][21] - Shennong Development has shown consistent growth, with a 14.72% increase in chicken sales in 2024, and is expected to continue its upward trajectory due to its integrated business model and product innovation [24][25]

联合资信评级报告认为，中国光大环境(集团)有限公司(以下简称"公司")为中国光大集团股份公司(以下 简称"光大集团")下属从事环保业务的重要实业投资主体，在业务规模、行业地位以及外部支持等方面 具备明显竞争优势。作为香港联合交易所有限公司主板上市企业，公司法人治理结构及内控制度完善， 管理规范。2021-2023年，公司已投运项目运行情况良好，运营业务规模保持增长，但新建项目大幅减 少，导致公司整体收益同比有所下降；同时，受益于盈利率相对较高的运营服务收益占比上升，公司整 体盈利率有所提升。公司资产构成符合行业特征，但应收账款及合约资产规模较大，对资金形成占用； 公司债务规模和债务负担小幅下降，债务结构与资产结构匹配。公司偿债能力指标表现一般，但考虑到 其融资能力强，业务符合现有政策导向，公司有望通过持续经营提升其偿债保障。本期债项的发行对公 司债务结构影响小，公司EBITDA对发行后长期债务的保障能力较强。 本期债项发行金额上限为人民币15亿元，期限为3+N(3)年。本次募集资金拟全部用于赎回公司永续中期 票据。本期债项附设递延支付利息选择权、赎回选择权和利率跃升机制等特殊条款，在破产清算时的清 偿顺序劣后 ...

截至4月11日，市场最新融资余额为17982.81亿元，较上个交易日环比减少40.31亿元，分行业统计，申 万所属一级行业有10个行业融资余额增加，农林牧渔行业融资余额增加最多，较上一日增加3.94亿元； 融资余额增加居前的行业还有电子、公用事业、交通运输等，融资余额分别增加3.21亿元、1.41亿元、 7847.83万元；融资余额减少的行业有21个，电力设备、汽车、计算机等行业融资余额减少较多，分别 减少7.96亿元、6.54亿元、5.36亿元。 以幅度进行统计，农林牧渔行业融资余额增幅最高，最新融资余额为261.15亿元，环比增长1.53%，其 次是钢铁、公用事业、环保行业，环比增幅分别为0.44%、0.33%、0.31%；融资余额环比降幅居前的行 业有商贸零售、汽车、综合等，最新融资余额分别有219.48亿元、830.48亿元、29.48亿元，分别下降 0.80%、0.78%、0.73%。（数据宝） | 有色金属 | 775.23 | -2.17 | -0.28 | | --- | --- | --- | --- | | 医药生物 | 1211.29 | -3.95 | -0.33 | | 通信 | 6 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 11.886 billion yuan in 2024, a decrease of 5.22% year-on-year, while the net profit attributable to shareholders increased by 16.39% to 1.664 billion yuan [1] - The company is expected to complete the acquisition of Guangdong Feng Environmental Protection in the first half of 2025, which will significantly increase its operational capacity [7] - The company aims to achieve a target of 2 billion yuan in receivables collection by 2025, with a strong focus on improving cash flow [4][7] Financial Performance Summary - In 2024, the company achieved a net profit of 1.664 billion yuan, a year-on-year increase of 16.39%, with a basic earnings per share of 2.04 yuan, up 16.57% [1] - The company’s operating cash flow for 2024 was 3.273 billion yuan, an increase of 31.85% year-on-year [1] - The proposed dividend for 2024 is 0.8 yuan per share, reflecting a 66.7% increase year-on-year, with a payout ratio of 39.2% [5] Business Segment Analysis - The solid waste treatment segment generated revenue of 6.008 billion yuan, down 6.61% year-on-year, while net profit increased by 3.8% to 1.025 billion yuan [4] - The energy segment reported revenue of 3.758 billion yuan, a decrease of 7.48% year-on-year, with a natural gas sales volume of 98,300 tons [4] - The water supply business maintained stable operations with a revenue of 972 million yuan, a year-on-year increase of 1% [4] Future Projections - Revenue projections for 2025-2027 are 11.782 billion yuan, 11.818 billion yuan, and 11.981 billion yuan respectively, with net profits expected to be 1.752 billion yuan, 1.787 billion yuan, and 1.845 billion yuan [7] - The company’s PE ratios for 2025-2027 are projected to be 10.85x, 10.64x, and 10.31x respectively, indicating a favorable valuation [7]

每经记者 刘志远 每经编辑 杨夏 | | 有色金属 | 内蒙古自治区 | | --- | --- | --- | | | 石油石化 | 北京市 | | 环境违法违规 | 医药生物 | 江苏省 | | | 电子 | 福建省 | | | 环保 | 江西省 | | | 食品饮料 | 浙江省 | | | 煤炭 | 陕西省 | 一周绿鉴：北方稀土控股公司超标排放大气污染物被罚 在企业管理能力、财务状况、行业竞争等因素之外，环境风险日渐成为上市公司重要的经营风险之一。环境风险关乎企业发展，也关乎企业形象。 环境风险榜涉及上市公司分布情况（4月第2周） | | 有色金属 | 内蒙古自治区 | | --- | --- | --- | | | 石油石化 | 北京市 | | 环境违法违规 | 医药生物 | 江苏省 | | | 电子 | 福建省 | | | 环保 | 江西省 | | | 食品饮料 | 浙江省 | | | 煤炭 | 陕西省 | 本期数据显示，生态环境领域违法违规等风险信息共关联到9家上市公司。其中，4家属于国资控制的企业。 《每日经济新闻》记者梳理发现，9家上市公司背后有125.48万户的股东，投资标的登上环境风险榜 ...

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]

Core Viewpoint - Hanlan Environment (600323) announced a 2024 dividend distribution plan, proposing a cash dividend of 8 yuan per 10 shares (including tax), totaling 652 million yuan, which represents 39.20% of the net profit and a dividend yield of 4.01% based on the average trading price for the year [1][2]. Financial Performance - The company reported a revenue of 11.886 billion yuan for the year, a decrease of 5.22% year-on-year, while net profit reached 1.664 billion yuan, an increase of 16.39% year-on-year. The basic earnings per share were 2.04 yuan, and the weighted average return on equity was 13.05% [2]. Dividend History - The company has a history of dividend distributions since its listing, with the latest being the 25th distribution. The previous year's distribution was 4.8 yuan per 10 shares, totaling 391 million yuan, with a dividend yield of 2.62% [1][2]. Market Activity - The stock experienced a net inflow of 7.63 million yuan in main funds today, but over the past five days, there was a net outflow of 82.87 million yuan [3]. - The latest margin financing balance for the stock is 259 million yuan, with a decrease of 8.89 million yuan over the past five days, representing a decline of 3.32% [4]. Industry Comparison - In the environmental protection industry, Hanlan Environment leads in dividend distribution for 2024, with a total cash distribution of 652 million yuan, followed by Chongqing Water (601158) and Yongxing Co. (601033) with distributions of 629 million yuan and 540 million yuan, respectively [4][5].