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 ...

Group 1 - The company Langfang Development (SH 600149) held its 22nd meeting of the 10th board of directors on August 8, 2025, using a combination of in-person and remote voting methods [2] - The meeting reviewed the proposal regarding the election of the board of directors [2] - For the fiscal year 2024, the company's revenue composition is as follows: heating business accounts for 51.75%, other businesses for 47.18%, rental income for 0.62%, and mobile phone sales for 0.46% [2]

Core Viewpoint - The company, Hanlan Environment, is focusing on high-quality development and enhancing shareholder returns through strategic acquisitions and operational improvements in the waste management sector [5][12]. Group 1: Company Overview - Hanlan Environment is a state-owned listed company specializing in environmental services, with over 50% of its revenue coming from waste treatment [1]. - The company reported a revenue of 11.886 billion yuan in 2024, a decrease of 5.22% year-on-year, while net profit attributable to shareholders increased by 16.39% to 1.664 billion yuan [3]. Group 2: Industry Trends - The waste incineration industry in China is entering a consolidation phase, with a slowdown in overall growth but improvements in profitability and cash flow [2]. - Engineering revenue has significantly declined due to fewer ongoing projects, impacting overall revenue growth [2]. Group 3: Financial Performance - Hanlan Environment's capital expenditure decreased by approximately 5.9 billion yuan to 1.708 billion yuan, while free cash flow surged by 723.81% to 1.358 billion yuan [3]. - The company declared a dividend of 652 million yuan for 2024, a 68% increase year-on-year, achieving a historical high dividend yield of 4.01% [3]. Group 4: Strategic Acquisitions - The company completed a significant asset restructuring by privatizing Yuefeng Environmental, acquiring 92.78% of its shares, which will enhance its market influence and operational scale [5][6]. - Post-acquisition, Hanlan Environment's waste processing capacity will reach 97,590 tons per day, positioning it among the top three in the industry [6]. Group 5: Operational Efficiency - The acquisition of Yuefeng Environmental is expected to enhance operational efficiency, with a capacity utilization rate of 107.7% reported for 2024 [6]. - The company aims to leverage synergies from the acquisition to improve cash flow and operational effectiveness [8][9]. Group 6: Technological Innovation - Hanlan Environment is focusing on technological innovation, particularly in AI, to enhance operational efficiency and reduce costs [10]. - The company has implemented a data-driven approach to improve waste incineration efficiency, achieving dual benefits of pollution reduction and cost savings [10]. Group 7: Financial Management - The company is optimizing financing costs, with the actual financing rate for Yuefeng Environmental ranging from 2.60% to 7.95% [11]. - Hanlan Environment plans to recover over 2 billion yuan in accounts receivable in 2025, improving cash flow management [11]. Group 8: Future Outlook - With the completion of the restructuring, Hanlan Environment's core competitive strength is expected to significantly enhance, setting a new benchmark for operational efficiency and green development in the industry [12].

Core Viewpoint - The article discusses the significant merger and acquisition activity in the waste-to-energy sector, particularly focusing on the privatization of Yuefeng Environmental by Hanlan Environment, which is expected to enhance operational efficiency and market positioning in a competitive landscape [1][2][3]. Group 1: Industry Overview - The waste incineration power generation industry is transitioning from expansion to efficiency, with leading companies focusing on operational quality and resource optimization [3][6]. - Yuefeng Environmental operates 35 waste incineration projects with a daily processing capacity of 52,540 tons, primarily in Guangdong province, indicating a strong regional presence [2][6]. - The industry is experiencing a consolidation phase, with major players like Hanlan Environment pursuing acquisitions to enhance their competitive edge and operational scale [3][4]. Group 2: Merger and Acquisition Details - Hanlan Environment announced a plan to privatize Yuefeng Environmental, with shareholder and court approvals obtained, and the delisting from the Hong Kong Stock Exchange expected on June 2 [1][2]. - The acquisition is seen as a strategic move to capitalize on market opportunities and improve operational efficiency amid a shrinking growth space in the industry [3][4]. - The merger is projected to position Hanlan Environment among the top three in the waste treatment sector in terms of scale, enhancing its market leadership [3][6]. Group 3: Operational Synergies and Innovations - The merger is anticipated to foster collaborative innovation and resource optimization, creating a more competitive environmental service model [6][7]. - Both companies have demonstrated strong performance in green certificate issuance, with Hanlan Environment holding over 11 million green certificates and Yuefeng Environmental approximately 7.89 million [7]. - The integration of advanced technologies and management practices is expected to enhance operational efficiency and profitability in the waste management sector [6][10]. Group 4: Market Expansion and Future Strategies - The industry is exploring new markets, particularly in Southeast Asia, where waste management practices are evolving, and opportunities for waste-to-energy projects are increasing [8][9]. - Companies are diversifying their operations beyond traditional waste incineration to include collaborative treatment of various waste types, enhancing their service offerings [9][10]. - The shift towards becoming "urban green energy hubs" is evident, with companies aiming to maximize energy production from waste while meeting increasing environmental standards [10].

自上市以来，瀚蓝环境年年分红，分红稳定性较好，分红总额从2000年的5212.85万元增长到2024年的 6.52亿元。 根据规划，2024年-2026年，每股派发的现金股利，较上一年度同比增长不低于10%。若未来三年公司 总股本增加，公司也将维持上述每股派发现金股利规划不变，以4月11日（即2024年年报披露日）收盘 价计算，未来两年股息率最低将达到3.77%和4.15%，有望不断为股东创造长期价值。 随着2024年业绩报告的发布，这家环保龙头在行业竞争压力增大等外部环境下，通过并购整合、精益化 运营、资源化升级与绿色能源化布局，构建起穿越周期的护城河。 核心业务保持稳健增长 垃圾焚烧发电行业在历经跑马圈地、抢装潮等时期后，已经进入冷静发展期。行业内由于运营效率与风 控能力不同，综合去年业绩来看，行业已经开始有所分化，部分龙头盈利能力下滑。 2024年度报告显示，瀚蓝环境全年实现营业收入118.86亿元，营收规模较去年基本持平，归母净利润 16.64亿元，同比增加16.39%。 展望未来，随着粤丰环保并表，公司2025年营收目标将有望达到131亿元，总资产规模突破640亿元。公 司垃圾处理运营规模将成为国内 ...