（文章来源：证券日报） 证券日报网讯 1月6日，节能环境在互动平台回答投资者提问时表示，公司电工装备板块处于业务链的 上游环节，主要客户是变压器制造企业，关于客户是否参与西电东送项目公司并未掌握具体信息。关于 电工装备业务的其他情况请参阅公司披露的定期报告和临时公告。 ...

重大资产重组并入垃圾焚烧业务，实现以运营为核心的格局。公司为中国环保旗下专业从事固废治理、 环境保护的子公司，2023 年通过资产重组注入了中国环境旗下垃圾焚烧发电资产，将环境科技57个生 活垃圾焚烧发电项目纳入体内。我们认为，公司实现以垃圾焚烧运营为核心，装备制造为辅的格局。 本报告导读： 重大资产重组并入垃圾焚烧业务，实现以运营为核心的格局，公司盈利能力改善显著，降本增效效果显 现。 投资要点： 给与"增持" 评级。我们预计公司 2025-2027 年归母净利润分别为9.35/10.24/11.15 亿元，对应EPS 为 0.30/0.33/0.36 元。基于可比公司PE 均值，并考虑到公司背靠央企有望注入新活力，给予公司2025年25 倍PE，公司目标价为7.50 元。 环保装备加快推进"水固一体化"，电工装备市占率行业领先。1）环保装备业务板块，子公司兆盛环保 在污水处理设备领域行业领先，同时积极极探索县域垃圾焚烧发电装备，2025H1 公司储备的县域小型 化生活垃圾焚烧设备项目和水处理设备总包项目总量明显增长。 2）电工装备领域，子公司启源装备先后为行业近500 家企业提供装备超过2600 台/（套 ...

Core Viewpoint - The Hunan provincial government and TBEA Co., Ltd. are collaborating to enhance energy security and upgrade industrial clusters, aiming to establish a leading position in the ultra-high voltage equipment industry globally [1] Group 1: Collaboration and Strategic Goals - The meeting emphasized the strong partnership between Hunan and TBEA in high-quality development, focusing on energy security, industrial transformation, and talent cultivation [1] - TBEA is encouraged to increase investment and industrial layout in Hunan during the 14th Five-Year Plan period, participating in major energy projects [1] Group 2: Technological and Educational Initiatives - The collaboration aims to tackle key core technologies and promote integration of industry and education to nurture talent [1] - The joint efforts are expected to enhance the electric equipment industry cluster, contributing significantly to the construction of a strong energy nation [1]

Core Viewpoint - The company emphasizes high-quality development in financial services, aligning with national economic goals and focusing on risk prevention, structural adjustment, and governance improvement [1][2]. Group 1: Business Performance - The company achieved over 80% growth in total revenue and a more than 70-fold increase in net profit compared to the three-year average before restructuring [2]. - The asset management scale of the company surpassed 1 trillion yuan, maintaining the highest A-level rating in the trust industry [2]. - The company has expanded its service offerings in carbon asset management, establishing a comprehensive ecosystem for carbon asset services [2]. Group 2: Risk Management and Compliance - The company has implemented a comprehensive risk management system, focusing on preemptive, ongoing, and post-event risk control [3]. - There is an ongoing optimization of risk governance mechanisms, including risk preference management tools and risk responsibility lists [3]. - The company has enhanced its compliance management capabilities, aligning with regulatory requirements and improving compliance risk control [4]. Group 3: Internal Management - The company has established a modern corporate governance structure, enhancing decision-making and risk management processes [5]. - The governance structure has been improved with strict oversight of board decisions and the establishment of independent director work systems [5]. - The company has developed an ESG governance framework to promote sustainable development and integrate ESG performance into assessments [5]. Group 4: Information Disclosure - The company has improved the readability and transparency of its reports, achieving "zero errors" in disclosures [6]. - There is a dynamic tracking system for related transactions and significant contracts to ensure timely and accurate disclosures [6]. Group 5: External Governance and Market Recognition - The company has received multiple honors from authoritative institutions, enhancing its reputation in the capital market [7]. - The company has actively participated in industry forums and exhibitions, showcasing its achievements in energy efficiency and green innovation [7]. - The company's credit rating has improved from AA+ to AAA, reflecting its strong market position and brand value [7]. Group 6: Investor Relations - The company has enhanced its investor relations management, focusing on investor needs and maintaining high-quality communication [8][9]. - The company has established a market value management system, ensuring a cash dividend ratio of over 30% since restructuring [9]. - The company's stock performance has consistently ranked among the top in its sector, with positive ratings from brokerage firms [9].

Group 1 - The company announced on November 12 that its electrical equipment segment primarily serves transformer manufacturing enterprises [1]

Group 1: Business Overview - The company primarily focuses on waste-to-energy projects, with solid waste comprehensive disposal, environmental equipment, and electrical equipment as core business areas. The waste-to-energy segment accounts for over 85% of total revenue in 2024 [1] - The company operates under BOO and BOT models, with typical project operation periods ranging from 25 to 30 years, generating waste disposal fees and electricity revenue [1] Group 2: Financial Performance - Net profit has shown significant growth in the first three quarters of the year due to enhanced operational efficiency, reduced costs, and increased other income [1] - The company has implemented detailed management practices across all business lines to improve value creation capabilities [1] Group 3: Future Growth and M&A Plans - Future growth is expected from three main areas: improving existing projects, acquiring or developing external projects (including overseas), and expanding into other solid waste business sectors [2] - The company is preparing for the injection of waste-to-energy projects to resolve industry competition issues, with commitments from related parties to address these within five years post-major asset restructuring [2]

Core Viewpoint - The company reported that its electrical equipment business generated a revenue of 239,954,503.13 yuan, accounting for 8.12% of the total revenue in the 2025 semi-annual report [1] Group 1: Business Performance - The electrical equipment business primarily includes products such as transformer core cutting equipment, transformer coil winding equipment, tooling equipment, and chip radiators [1] - The company has provided over 2,600 sets of equipment to nearly 500 enterprises in the industry [1] - The market share of the company's main products is leading within the industry [1]

Group 1: Business Overview - The company primarily focuses on waste-to-energy projects, with a daily processing capacity of over 50,000 tons and an annual waste treatment exceeding 20 million tons, accounting for approximately 7%-8% of the national waste incineration volume [1] - The company aims to enhance its market development, pursue mergers and acquisitions, and optimize management to diversify revenue sources while improving profitability in its core waste incineration business [1] Group 2: Financial Performance - The company has experienced significant profit growth in the first half of the year due to enhanced operational efficiency, stable revenue, optimized costs, and reduced expenses [1] - The company is actively working on collecting accounts receivable, focusing on major debt recovery risks and utilizing information technology for better management [2] Group 3: Revenue Growth - The company supplied 914,500 tons of steam, marking a year-on-year increase of 38.11%, and provided 227,300 gigajoules of heat, which is a 14.30% increase compared to the previous year [2] Group 4: International Expansion - The overseas business for electrical equipment has seen rapid growth, and the company plans to cautiously expand its waste-to-energy operations in international markets, particularly in countries aligned with the Belt and Road Initiative [2]

Group 1 - The company reported a revenue of 2.956 billion yuan for the first half of 2025, representing a year-on-year increase of 1.03% [1] - The net profit attributable to shareholders was 545 million yuan, showing a year-on-year growth of 24.61% [1] - The company processed 9.4249 million tons of municipal solid waste, remaining stable compared to the previous year [1] Group 2 - The company has established 47 project companies engaged in waste-to-energy operations, covering 16 provinces in China [2] - The company has made significant progress in environmental protection equipment and electrical equipment sectors, with a focus on "water-solid integration" strategy [2] - The company has strengthened its R&D management, adding 75 new patents during the reporting period, including 15 invention patents [2] Group 3 - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares, totaling approximately 186 million yuan to shareholders [2]

Core Viewpoint - The interview with the Secretary of the Board of Directors of China Energy Conservation and Environmental Protection Co., Ltd. highlights the company's strategic initiatives, operational performance, and commitment to environmental, social, and governance (ESG) principles, emphasizing its role in sustainable development and ecological protection [3][5][15] Company Overview - China Energy Conservation and Environmental Protection Co., Ltd. is a subsidiary of China Energy Conservation and Environmental Protection Group, focusing on solid waste management and environmental protection, with operations in over 30 provinces and 50 countries [3][4] - The company underwent a significant asset restructuring worth over 10 billion, enhancing its capabilities in the waste-to-energy sector [3][4] Operational Performance - In 2024, the company processed 20.16 million tons of solid waste, generated 5.365 billion kWh of electricity, and achieved a revenue of 5.919 billion with a net profit of 605 million [4][5] - The company maintains a leading position in the waste-to-energy sector through technological innovation and operational optimization [4] ESG Commitment - The company emphasizes three core dimensions in its ESG framework: environmental, social, and governance, aligning with its core values of loyalty, pragmatism, innovation, excellence, and rigor [7][8] - In 2024, the company achieved a solid waste treatment total of 20.16 million tons, generating green electricity equivalent to a reduction of over 3 million tons of CO2 emissions [7][8] Environmental Initiatives - The company employs advanced purification technologies in its waste-to-energy projects, achieving a dust removal efficiency of 99.8% and a dioxin removal efficiency of 97.5% [9][10] - Water resource management improvements led to a 98.43% reuse rate of water, while energy management initiatives reduced auxiliary fuel consumption by 10% [9][10] Social Responsibility - The company has established a comprehensive employee rights protection system, achieving 100% coverage of social insurance and conducting extensive training programs [13][14] - Community contributions include support for rural development projects and various public welfare activities, enhancing local livelihoods and promoting environmental awareness [14][15] Future Outlook - The company plans to leverage national ecological civilization strategies, increase investment in technological innovation, and enhance operational management to strengthen its core competitiveness [5][15]