积极全球布局，配合锂电出海拓宽下游 美埃科技(688376) 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 杨寅琛(分析师) | 021-23188562 | yangyinchen@gtht.com | S0880525070008 | 本报告导读： 公司经营稳健，业绩稳步增长，积极响应中国新能源企业出海，全球加速布局拓宽 公司下游市场。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,505 | 1,723 | 2,413 | 3,091 | 3,563 | | (+/-)% | 22.7% | 14.5% | 40.0% | 28.1% | 15.3% | | 净利润(归 ...

本报告导读： 股 票 研 财务费用大幅节省，业绩超预期 粤海投资(0270) 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 邵潇(分析师) | 0755-23976520 | shaoxiao@gtht.com | S0880517070004 | | 52 周内股价区间(港元) | 4.06-7.22 | | --- | --- | | 当前股本(百万股) | 6,538 | | 当前市值(百万港元) | 47,203 | 2025H1 公司归母净利润 26.82 亿港元，同比增长 11%。利润增加主要由于财务费用 减少，以及持续经营业务投资物业公允值调整产生的净亏损减少所贡献。 投资要点： 风险提示：分红低于预期、东江水项目续约低于预期等。 | 财务摘要(百万港元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

Investment Rating - The report maintains a rating of "Buy" for the company [6]. Core Views - The company has shown a steady increase in dividends, signaling optimism despite a significant decline in construction revenue. Operational business remains robust with a rapid increase in heating supply [2][10]. - The company reported a decrease in total revenue by 8% year-on-year for H1 2025, with a net profit decline of 10%. The drop in construction revenue and foreign exchange losses contributed to this decline [10]. - The operational service revenue increased by 5% to 99.43 billion HKD, with specific segments like environmental energy and water services showing growth [10]. - The overall gross profit margin improved by 5.53 percentage points to 44.26%, and the net profit margin improved by 0.84 percentage points to 19.44% [10]. - The company’s dividend per share (DPS) increased by 7% to 0.15 HKD in H1 2025, compared to 0.14 HKD in the same period of 2024 [10]. Financial Summary - Total revenue is projected to decline from 30,258 million HKD in 2024 to 29,272 million HKD in 2025, with a further decrease to 28,972 million HKD by 2027 [4]. - Net profit is expected to recover from 3,377 million HKD in 2024 to 4,048 million HKD in 2025, reaching 4,288 million HKD by 2027 [4]. - The company’s price-to-earnings (PE) ratio is projected to improve from 7.0 in 2024 to 6.5 in 2025, indicating a potential increase in valuation [4]. Operational Insights - The company’s waste disposal volume increased by 2% to 28.57 million tons, and the supply of steam for heating grew by 39% [10]. - The capital expenditure has been reduced, leading to a positive trend in free cash flow, with only 3,000 tons of new waste projects added in H1 2025 [10].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The report maintains a target price of 31.95 CNY, with the current price at 26.86 CNY, indicating a potential upside [5] - The company has signed strategic cooperation agreements with Guangdong Unicom and Shenzhen Urban Transport to explore green intelligent computing center-related businesses [2][11] - The report emphasizes the rapid advancement of AIDC collaborative business, showcasing the company's strong execution capabilities [11] Financial Summary - Revenue projections for the company are as follows: - 2023A: 12,541 million CNY - 2024A: 11,886 million CNY - 2025E: 12,040 million CNY - 2026E: 12,057 million CNY - 2027E: 12,448 million CNY - The revenue shows a decline of 2.6% in 2023 and 5.2% in 2024, followed by a slight recovery in subsequent years [4][12] - Net profit (attributable to the parent company) is projected as follows: - 2023A: 1,430 million CNY - 2024A: 1,664 million CNY - 2025E: 1,735 million CNY - 2026E: 1,806 million CNY - 2027E: 1,882 million CNY - This indicates a growth of 25.2% in 2023 and 16.4% in 2024 [4][12] - Earnings per share (EPS) estimates are: - 2023A: 1.75 CNY - 2024A: 2.04 CNY - 2025E: 2.13 CNY - 2026E: 2.21 CNY - 2027E: 2.31 CNY [4][12] Market Data - The company has a total market capitalization of 21,900 million CNY and a total share capital of 815 million shares [6] - The stock has traded within a 52-week price range of 18.75 CNY to 27.87 CNY [6] - The current price-to-earnings (P/E) ratio is 15.32, projected to decrease to 11.63 by 2027 [4][12] Strategic Partnerships - The collaboration with Guangdong Unicom and Shenzhen Urban Transport aims to leverage the company's green energy advantages to provide competitive green electricity and waste heat steam, reducing energy costs for computing centers [11] - The partnership is expected to enhance the profitability of the company's waste incineration projects and improve cash flow [11]

股 票 研 究 股票研究 /[Table_Date] 2025.08.13 供热业务快速增长，单季利润创新高 中科环保(301175) 2025 年中报点评 [Table_Market] 交易数据 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | 6921245 | | --- | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | | 邵潇(分析师) | 0755-23976520 | shaoxiao@gtht.com | S0880517070004 | | 本报告导读： 供热业务快速增长，并购积极推进，单季利润创新高。 投资要点： 风险提示：项目进度或业务拓展低于预期、回款低于预期等。 | B 5 | | | --- | --- | | | 科环 | | | 保(301175) | 其他公用事业 [Table_Industry] /公用事业 | 6921245 [Table_Invest] 评级： | 增持 | | --- | --- | | [Ta ...