证券代码：300187 证券简称：永清环保 永清环保股份有限公司投资者关系活动记录表 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | 参与单位名称 | 汇安基金：吴尚伟 | | 及人员姓名 | 银河金汇：董小懿 | | | 北京人寿：黄博文 | | 时间 | 年 月 日 2025 11 21 | | 地点 | 公司会议室 | | 上市公司接待 | 董事会秘书：蒲臻女士 | | 人员姓名 | AI+新能源板块负责人 | | | 本次业绩说明会主要交流内容如下： | | | 公司 年前三季度扣非净利润增速远超净利润增速，主 1、 2025 | | | 要原因是什么？ | | | 答：公司垃圾发电等核心运营业务保持高稳定性，为公司提 | | | 供了持续稳定的现金流与利润基础；另外危废处理业务已从亏损 | | | 转为盈利并持续释放收益，成为传统业务的重要增长点；其次是 | | 投资者关系活动 | 公司通过精细化管理与费用管控，在降低 ...

公司拟发行股份回A上市 光大环境于11月14日发布公告称，拟发行人民币股份不超过8亿股，即不超过发行后股本的11.52%，并 于深交所上市。本次募集资金拟用于发展主营业务及补充一般营运资金，在当前国内垃圾焚烧市场进入 存量竞争阶段的背景下，公司或将通过拓展海外市场带来业务新增量。 现金流自2024年起转正，补贴回收加速 智通财经APP获悉，招商证券发布研报称，光大环境(00257)计划回A股上市以拓展业务并优化资本结 构。公司现金流自2024年起显著改善并转正，受益于补贴回收加速及降本增效措施，各板块盈利稳健增 长。维持公司2025-2027年归母净利润预期33.37、35.64、38.31亿港元，同比增长-1%、7%、7%;当前股 价对应PE分别为9.1x、8.5x、7.9x，维持"增持"评级。 盈利预测与估值 招商证券主要观点如下： 2024年，公司实现自由现金流约40亿元，自2003年以来首次实现现金流转正。2025年上半年，公司运营 及财务收入占主营收入比重提升至87%，同比+10pct。随着公司资本开支持续降低，以及收入结构不断 优化，预计公司现金流将不断改善。同时，公司下属的光大绿色环保于2025 ...

摘要 光大环境 20251117 垃圾发电板块提质增效显著，突击端收入占比下降，补贴外电费和供热 收入增加，长期来看经营性现金流有上修空间，预计 2025 年三季度起 国补快速改善将进一步提升经营性现金流。 维护性资本开支占总资产比例极小（约 1-2%），不影响分红能力，板 块潜在分红能力可达 120%以上，而目前行业平均分红率约为 40%，表 明光大环境等公司分红提升空间巨大。 2024 年全板块经营性现金流接近 160 亿元，预计在无量增情况下，通 过国补改善和提质增效，经营性现金流可提升 20%以上至 200 亿元左 右，自由现金流保障性强。 光大环境港股估值为 0.6 倍市净率，静态股息率约 5%，随着国补改善、 提质增效和经营性现金流水平提高，估值具备上升条件，且分红能力在 当前水平上不会下降。 公司计划发行不超过 8 亿股人民币股份，占扩大后总股本的 11.52%， 用于主业发展和补充营运资金，不会对公司现金流价值造成影响，反而 为长期发展提供支撑。 Q&A 光大环境 A 股发行反映了垃圾发电行业哪些新的变化和趋势？ 光大环境 A 股发行反映了垃圾发电行业几个重要的新变化和趋势。首先，垃圾 发电行 ...

Core Viewpoint - Chuaneng Power's stock price has shown a significant increase this year, with a 19.70% rise, reflecting positive market sentiment towards the company's operations in renewable energy and environmental services [1][2]. Financial Performance - For the period from January to September 2025, Chuaneng Power reported a revenue of 2.095 billion yuan, a year-on-year decrease of 7.98%, and a net profit attributable to shareholders of 347 million yuan, down 44.83% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.153 billion yuan, with 609 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Chuaneng Power was 111,500, a decrease of 6.34% from the previous period, while the average circulating shares per person increased by 6.77% to 16,554 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the ninth largest shareholder with 18.6421 million shares, marking a new entry, and Southern CSI 500 ETF as the tenth largest with 16.0806 million shares, which saw a reduction of 356,300 shares from the previous period [3]. Market Activity - On November 7, Chuaneng Power's stock rose by 2.03%, reaching 12.58 yuan per share, with a trading volume of 256 million yuan and a turnover rate of 1.12%, resulting in a total market capitalization of 23.225 billion yuan [1]. - The stock has experienced a 2.36% increase over the last five trading days, a 19.35% increase over the last 20 days, and a 26.94% increase over the last 60 days [1]. Business Overview - Chuaneng Power, established on October 20, 1997, and listed on September 26, 2000, operates primarily in renewable energy generation, including wind, solar, and waste-to-energy, as well as lithium mining and processing for energy storage [1]. - The company's main revenue sources are wind power (50.70%), environmental services (34.63%), and lithium battery-related businesses (14.67%) [1].

Summary of Junxin Co., Ltd. Conference Call Company Overview - **Company**: Junxin Co., Ltd. - **Industry**: Waste management and energy generation Key Points Business Expansion and Projects - Junxin Co., Ltd. is making progress in expanding its overseas market, with a garbage treatment project in Bishkek, Kyrgyzstan, expected to commence operations by the end of the year, processing 1,000 tons of waste daily [2][3] - The company has also secured reserve projects in Almaty, Kazakhstan, and other locations in Kyrgyzstan, laying a foundation for future growth [2][3] Financial Performance - The company reported a nearly 50% increase in net profit for the third quarter, primarily due to the consolidation of Renhe Environment, contributing a net profit of 178 million RMB [2][5] - The rise in industrial mixed oil prices, currently around 7,100-7,200 RMB per ton, accounts for approximately 20%-25% of total revenue [2][5] Operational Efficiency - Junxin Co., Ltd. is enhancing its power generation efficiency by upgrading technology, increasing the capacity of its generator units from 25 MW to 33 MW [2][7] - The company aims to optimize integrated technology in new projects to further improve power generation efficiency [2][7] Cash Flow and Receivables - The company demonstrated strong cash flow performance, accelerating national subsidy collections to 81.5 million RMB in the third quarter [2][8] - However, there has been an increase in credit impairment losses due to receivables from budget-exceeding portions, with remaining national subsidy receivables around 110 million RMB [2][8] Government Subsidies and Financial Strategy - Junxin Co., Ltd. plans to apply for additional electricity subsidies from the government by the end of the year to compensate for the cancellation of national subsidies and delays in provincial subsidies [2][9] - The company aims to maintain a dividend payout ratio of no less than 50% while supporting overseas expansion and high dividend yield strategies through a planned Hong Kong listing [3][16] Future Growth Drivers - Key growth drivers include the gradual release of reserve projects, internal efficiency improvements, new business trials, and potential revenue from data centers and new heating projects [18] - The company is focusing on heavy asset expansion in Central Asia, Southeast Asia, and the Americas, while exploring light asset and technology output opportunities [17] International Projects and Investment Criteria - Junxin Co., Ltd. has signed an investment agreement in Kazakhstan and is negotiating operational agreements and pricing details [11] - The company prioritizes projects in politically stable regions with good relations with China and considers local economic conditions and competition levels when selecting overseas projects [23] Technology and Market Position - The company holds a competitive edge in operational efficiency, including increased power generation and environmental management, compared to overseas firms [24] - Junxin Co., Ltd. is also exploring the potential for co-burning industrial waste in overseas markets, where regulations are less stringent [15] Dividend Policy - The company plans to maintain its dividend payout at an average level consistent with previous years, with adjustments based on annual cash flow and capital expenditure [24] This summary encapsulates the key insights from the conference call, highlighting Junxin Co., Ltd.'s strategic initiatives, financial performance, and future growth prospects in the waste management and energy generation industry.

Core Insights - The company reported a decline in revenue for the first three quarters of 2025, with total revenue of 4.155 billion yuan, down 8.03% year-on-year, while net profit attributable to shareholders increased by 9.31% to 1.104 billion yuan [2][3] - The decline in revenue was primarily due to the transfer of the subsidiary Sanfeng Chengfu's controlling stake, which is no longer consolidated in the financial statements; excluding this impact, the core business remains stable [2][3] - The company's net profit showed significant acceleration in Q3, reaching 426 million yuan, a year-on-year increase of 23.94%, driven by improved operational efficiency in waste-to-energy operations and rapid growth in heating services [2][3] Business Performance - The waste-to-energy segment demonstrated solid performance, processing 11.7669 million tons of waste, a 3.68% increase year-on-year, and generating a total electricity output of 4.641 billion kWh, up 3.10% [2] - The heating business saw substantial growth, with steam sales reaching 805,400 tons, a 15.49% increase year-on-year, becoming a significant profit growth point for the company [2] - The company is leveraging technological innovations to reduce costs and enhance efficiency, implementing AI smart incineration control in projects [2] International Expansion - The company's "going global" strategy is yielding results, transitioning from equipment and EPC exports to a full industry chain model of "investment + operation," which is expected to be a core growth engine [3] - The profitability of overseas projects is higher, contributing to an increase in the gross margin of the engineering construction business to 25.66% in the first half of 2025 [3] - The company successfully won the operation project for a waste-to-energy plant in Macau, with a contract value of approximately 2.6 billion Macanese patacas, laying a solid foundation for expanding into international markets [3] - A strategic cooperation framework agreement was signed with Suez Group, enhancing the company's ability to secure quality projects globally [3] Profit Forecast - The company is projected to achieve revenues of 5.929 billion yuan, 6.214 billion yuan, and 6.536 billion yuan for 2025-2027, with year-on-year growth rates of -1.03%, 4.81%, and 5.17% respectively [3] - Net profit attributable to shareholders is expected to be 1.383 billion yuan, 1.482 billion yuan, and 1.591 billion yuan for the same period, with growth rates of 18.42%, 7.16%, and 7.33% respectively [3] - Based on the closing price on October 30, 2025, the corresponding PE ratios are projected to be 10.44, 9.74, and 9.08, with EPS of 0.83 yuan, 0.89 yuan, and 0.95 yuan [3]

Core Viewpoint - Chuaneng Power, a significant player in the renewable energy sector in Sichuan, has shown mixed performance in terms of revenue and profitability compared to its peers in the industry [2][3]. Group 1: Company Overview - Chuaneng Power was established on October 20, 1997, and listed on the Shenzhen Stock Exchange on September 26, 2000, with its registered and office address in Chengdu, Sichuan [1]. - The company operates in the renewable energy sector, focusing on wind power, solar power, waste-to-energy, lithium mining, lithium salt processing, and environmental protection equipment sales [1]. Group 2: Financial Performance - For Q3 2025, Chuaneng Power reported revenue of 2.095 billion, ranking 8th among 14 companies in the industry, significantly lower than the top performer, Huadian New Energy, at 29.479 billion, and the second, Longyuan Power, at 22.221 billion [2]. - The net profit for the same period was 439 million, placing it 9th in the industry, with the leading company, Huadian New Energy, achieving 8.37 billion, and Longyuan Power at 5.179 billion [2]. Group 3: Financial Ratios - As of Q3 2025, Chuaneng Power's debt-to-asset ratio was 55.09%, lower than the industry average of 60.48%, although it increased from 50.23% in the same period last year [3]. - The gross profit margin for Q3 2025 was 43.72%, above the industry average of 42.94%, but down from 53.94% year-on-year [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.34% to 111,500, while the average number of circulating A-shares held per shareholder increased by 6.77% to 16,600 [5]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited entered as a new shareholder, holding 18.6421 million shares, while the Southern CSI 500 ETF held 16.0806 million shares, a decrease of 356,300 shares from the previous period [5]. Group 5: Management Compensation - The total compensation for General Manager Wan Peng was 659,100, reflecting an increase of 8,700 from the previous year [4].

Group 1: Project Operations and Cost - Approximately 50% of the company's projects currently have heating and steam supply services [1] - The cost of heating and steam supply modifications is relatively low and depends on the actual project conditions and demand [1] Group 2: Asset Injection and Competition - The company plans to resolve industry competition issues within five years following the completion of the major asset restructuring in 2023 [1] - Ongoing communication and management preparations are in place for the injection of waste incineration power projects related to industry competition [1] Group 3: Future Growth Points - Future growth in the waste incineration power business is expected to come from three main areas: 1. Improving efficiency of existing projects 2. Mergers and acquisitions of external and overseas projects 3. Expansion into other solid waste business sectors [2]

Core Insights - The company significantly improved its profitability in the first three quarters of 2025, achieving revenue of 1.15 billion yuan (down 0.67% year-on-year) and a net profit attributable to shareholders of 211 million yuan (up 43.22% year-on-year) [1] - The garbage power generation segment demonstrated strong operational resilience and profitability enhancement, with a total waste incineration volume of 4.391 million tons (down 2.26% year-on-year) [2] - The company is accelerating its layout in the health industry centered around taurine, with upstream raw material projects progressing smoothly and downstream terminal products being promoted in the market [3] Financial Performance - In Q3 2025, the company achieved revenue of 405 million yuan (up 9.89% year-on-year) and a net profit of 97 million yuan (up 113.85% year-on-year) [1] - Operating cash flow net amount reached 531 million yuan (up 75.02% year-on-year) [1] - The company’s cost control measures led to a 3.5% decrease in operating costs to 645 million yuan and a 15.4% decrease in financial expenses to 120 million yuan [1] Garbage Power Generation Segment - The company’s garbage incineration power plants received a total waste volume of 4.391 million tons and generated 1.488 billion kWh of electricity [2] - The company is focusing on refined management of existing power plants and expanding steam supply business, achieving external steam supply of 83,600 tons and heat supply of 50.86 million GJ [2] - The company plans to sell its water service assets for 382 million yuan to focus on its core garbage power generation business [2] Health Industry Development - The company is constructing a taurine raw material project with an annual capacity of 40,000 tons, expected to start production in June 2024 [3] - Several "taurine+" products have been developed and are being marketed, with sales expenses increasing to 8.12 million yuan as the company invests in brand and channel development [3] - The taurine business is seen as a second growth curve for the company, expected to contribute to revenue growth as production capacity comes online [3] Investment Outlook - The company’s garbage power generation segment is expected to see significant profitability improvements due to various factors, including project upgrades and better receivables recovery [4] - Revenue projections for 2025-2027 are 1.617 billion yuan, 1.939 billion yuan, and 2.229 billion yuan, with net profits of 289 million yuan, 352 million yuan, and 428 million yuan respectively [4] - The company maintains an "overweight" rating with a projected PE ratio for 2025 of 19.15 times [4]

Core Viewpoint - Chuaneng Power (SZ 000155) announced its board meeting held on October 24, 2025, to review the proposal for amending the "Board Meeting Rules" [1] Financial Performance - For the first half of 2025, Chuaneng Power's revenue composition was as follows: wind and solar power generation accounted for 50.68%, waste power generation 23.48%, lithium battery business 14.56%, sanitation and cleaning services 9.64%, and others 1.65% [1] Market Position - As of the report, Chuaneng Power's market capitalization stood at 20.4 billion yuan [1]