本报记者 刘钊 业绩快报显示，2025年，该公司实现营业总收入20.42亿元，同比大幅增长55.42%；归属于上市公司股东的净利润为1.81亿 元，同比激增94.62%，接近翻倍；基本每股收益1.47元，同比增长93.42%，盈利能力迈上新台阶。扣除非经常性损益后的归母 净利润达1.75亿元，同比增幅高达115.78%，凸显公司主营业务的强劲盈利韧性。 2月25日晚间，青岛达能环保设备股份有限公司（以下简称"青达环保"）发布2025年度业绩快报。该公司去年全年经营业 绩实现跨越式增长，核心财务指标均亮眼。在传统节能环保主业稳健增长的同时，新能源业务成为重要增长极，多元化发展战 略成效显著。 财务状况方面，该公司整体基本面持续优化，股东权益实现稳步增长。截至2025年年末，公司归属于上市公司股东的所有 者权益达11.27亿元，较去年年初增长17.71%；归属于上市公司股东的每股净资产为9.08元，同比增长16.71%，股东价值得到有 效提升。尽管公司总资产较期初略有下降，但权益端的增长反映出公司资产结构更趋合理，经营发展的质量和稳定性持续增 强，加权平均净资产收益率提升至17.36%，较2024年同期增加7.2 ...

Core Viewpoint - The company, Qingda Environmental Protection, is actively aligning its core business operations with carbon emission control and energy transition policies, focusing on opportunities in green energy and low-carbon development [1] Group 1: Business Operations - The company’s full-load denitrification system, flue gas energy-saving and environmental treatment system, and clean energy consumption system are closely related to carbon emission dual control and energy green transition policies [1] - The company is also investing in the research and manufacturing of hydrogen energy equipment, which aligns with policy directions [1] Group 2: Market Opportunities - The company is strategically positioned to seize market opportunities in green electricity applications and low-carbon development [1]

Group 1 - The core viewpoint of the article highlights that Qingda Environmental Protection's full-load denitrification system is suitable for flexible transformation applications in thermal power plants, utilizing dynamic adjustment technology to meet operational requirements during low-load and peak-shaving scenarios [1] - The company is expected to benefit significantly from ongoing national policy incentives, the necessity for retrofitting existing units, and the clear flexibility and environmental standards required for new units, indicating strong growth potential in the industry [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing significant revenue growth driven by its main business in environmental protection, with a strong outlook for overseas expansion [1][3] - The traditional business of slag treatment and low-temperature economizers is benefiting from the new wave of coal power construction and equipment upgrades [2] - The company is actively expanding into international markets and diversifying its product offerings, which are expected to become new growth engines [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.47 billion yuan, a year-on-year increase of 91.1%, and a net profit attributable to shareholders of 124 million yuan, up 267.1% [1] - In Q3 alone, revenue was 284 million yuan, reflecting an 11.2% year-on-year growth, with net profit increasing by 60.7% [1] Market Potential - The traditional business has a potential market space estimated to be between 700 million to 2.9 billion yuan annually over the next three years [2] - The flexibility transformation segment is expected to see a sustained demand, with a projected annual market space of 700 million to 1.7 billion yuan [2] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 1.99 billion, 2.38 billion, and 2.79 billion yuan, respectively, with year-on-year growth rates of 51.2%, 20.0%, and 16.8% [4] - Net profit projections for the same years are 212 million, 259 million, and 310 million yuan [4] Strategic Initiatives - The company has established a subsidiary in Indonesia and signed a contract worth approximately 25.48 million USD (about 181 million yuan) for a project in Vietnam [3] - New business areas such as desulfurization wastewater and steel slag treatment are anticipated to contribute to future revenue growth [3]

Core Insights - Qingda Environmental Protection (688501.SH) reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.186 billion yuan, a year-on-year growth of 130.76% [1] - The net profit attributable to shareholders was 108 million yuan, reflecting a substantial year-on-year increase of 351.78% [1] Revenue Growth - The primary driver for the revenue growth was the substantial increase in the slag energy-saving environmental treatment system and the full-load denitrification system [1] - Additionally, new revenue from photovoltaic projects contributed to the overall revenue increase [1] Profitability - The remarkable growth in net profit was directly linked to the surge in operating revenue, indicating improved operational efficiency and profitability for the company [1]

Core Viewpoint - The company focuses on energy-saving and environmental protection equipment, contributing to sustainable development and carbon neutrality goals through innovative solutions in various industries [5][39]. Company Overview - The company is dedicated to the research, design, manufacturing, sales, and operation of energy-saving and environmental protection equipment, targeting sectors such as power, heat, chemicals, metallurgy, waste treatment, and new energy [5][28]. - The main products include slag energy-saving treatment systems, flue gas energy-saving treatment systems, full-load denitrification systems, clean energy consumption systems, desulfurization wastewater treatment systems, and steel slag energy-saving treatment systems [5][20]. Business Model - The company operates under two main business models: Engineering Procurement (EP) and Engineering Procurement Construction (EPC), focusing on customized solutions based on client specifications [29][33]. - The procurement strategy emphasizes building a resilient supply chain, utilizing demand-driven procurement and dynamic inventory management to optimize costs and efficiency [30][31]. Industry Situation - The energy-saving and environmental protection industry is a strategic emerging industry, driven by policies and capital to address energy transition and climate change challenges [39][40]. - The industry is experiencing a shift towards cleaner energy systems, with coal power transitioning from a base-load to a flexible power source, supporting renewable energy integration [40][41]. Technological Advancements - The company has developed innovative technologies such as air concentration evaporation technology and smoke-water dual-isolation phase change smoke deep cooling technology, enhancing system stability and efficiency [44][45]. - The integration of digital technologies, including big data and artificial intelligence, is being pursued to optimize energy management and equipment operation in coal-fired power plants [46].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is positioned as a leader in the thermal power environmental protection equipment sector, with a focus on expanding product categories and international markets, indicating strong growth potential [1][3]. - The company has demonstrated significant revenue growth, with a 45.81% year-on-year increase in revenue for the first half of 2024, and an 86.04% increase in net profit attributable to shareholders [1][23]. - The company has a solid technical foundation with 40 core technologies and a comprehensive range of energy-saving and environmental protection solutions [1][22]. Summary by Sections 1. Company Overview - Founded in 2006, the company has developed a complete energy-saving and environmental protection industry layout, listing on the Sci-Tech Innovation Board in 2021 [1]. - The actual controller holds 30.11% of the shares, indicating a stable and concentrated ownership structure [1][19]. 2. Market Demand and Growth - The company’s business is closely tied to the power industry, which accounts for nearly 80% of its revenue, benefiting from the ongoing upgrades and renovations in coal power plants [2]. - The potential annual market size for the company's traditional business segment is estimated to reach between 700 million to 2.9 billion yuan from 2025 to 2027 [2]. 3. International Expansion and New Projects - The company is actively expanding into international markets, establishing a subsidiary in 2024 and forming strategic partnerships, including a significant contract with a South Korean company worth approximately 15.89 million USD [3][4]. - The company is also investing in innovative projects such as a 90 MW fish-solar complementary project in collaboration with Singapore Energy Group, with a total investment of 549 million yuan [3]. 4. Financial Performance and Forecast - The company’s revenue is projected to grow from 1.314 billion yuan in 2024 to 2.375 billion yuan in 2026, with corresponding net profits expected to rise significantly [4][5]. - The earnings per share (EPS) are forecasted to increase from 0.76 yuan in 2024 to 2.18 yuan in 2026, reflecting strong growth potential [4][5]. 5. Shareholder Returns and Incentives - The company has committed to a dividend policy ensuring that at least 30% of net profits will be distributed to shareholders from 2024 to 2026 [37]. - A stock incentive plan for 2024-2025 aims to align the interests of the management team with those of the shareholders, enhancing company vitality [37].