机构：华泰证券 研究员：王玮嘉/黄波/李雅琳/胡知 光大环境发布中期业绩，2025 年H1 实现营业收入143.04 亿港元，同比-8.4%；归母净利润22.07 亿港 元，同比-10.1%。归母净利润略低于我们预期（预期22.58 亿港元），主要原因包括：1）人民币升值致 人民币负债产生汇兑损失4.28 亿港元（1H24 汇兑收益2.31 亿港元）；2）若干危废及固废项目停运，确 认物业、厂房及设备耗损1.13 亿港元。公司派发中期股息9.21 亿港元，对应DPS 15 港仙（1H24 14 港 仙），分红比例41.8%（1H2435.0%）。我们认为，公司运营收入持续增长，自由现金流具备提升空 间，中期股息同比提升1 港仙释放积极信号，有望迎来价值重估。维持买入评级。 1H25 发电量/供热量同比增长9/32%，精细管理有效降本1H25 公司垃圾处理量近2900 万吨 维持盈利预测，目标价5.34 港元 根据在建工程情况，下调建造服务收入预测，预计2025-2027 年归母净利润为33.92、35.39、36.87 亿港 元，下调幅度3%、4%、2%，对应EPS 为0.55、0.58、0.60 港元。可比 ...

资料显示，深圳市飞马国际供应链股份有限公司的主营业务是供应链管理服务和环保新能源业务。公司 的主要产品是垃圾发电。大同富乔，成功在固废领域特别是我国北方固废处置行业中，树立了较高的知 名度和影响力，先后荣获了住建部颁发的"中国人居环境范例奖"、教育部和环保部认定的"首批全国中 小学生环境教育实践基地""山西省优秀民营企业""山西省碧水蓝天先进企业"以及"国家资源循环利用基 地单位"等30余项荣誉称号，充分展现了公司在环保方面的积极贡献。公司董事长为赵力宾，总经理为 黄筱赟。 从股票走势来看，飞马国际近一年上涨 114.89%。 金融界消息，根据中登公司数据显示，截至上周最后一个交易日（8月22日），飞马国际股东质押比例 占总股本27.27%，位居两市第151位。 数据显示，飞马国际股东共质押7.26亿股，分为2笔，其中无限售股7.26亿股，质押总市值21.99亿元。 来源：金融界 ...

证券研究报告 光大环境 (257 HK) 港股通 H1 发电量同比增长 9%，中期股息提 升 1 港仙 | 华泰研究 | | --- | 2025 年 8 月 24 日│中国香港 废物管理 李雅琳 研究员 生汇兑损失 4.28 亿港元（1H24 汇兑收益 2.31 亿港元）；2）若干危废及固 废项目停运，确认物业、厂房及设备耗损 1.13 亿港元。公司派发中期股息 9.21 亿港元，对应 DPS 15 港仙（1H24 14 港仙），分红比例 41.8%（1H24 35.0%）。我们认为，公司运营收入持续增长，自由现金流具备提升空间， 1H25 发电量/供热量同比增长 9/32%，精细管理有效降本 1H25 公司垃圾处理量近 2900 万吨（yoy+2%），发电量 148 亿度（yoy+9%）， 供热量 380 万吨（yoy+32%）。分板块看，1）环保能源：垃圾发电入炉吨 发 460 度（yoy+3%），垃圾发电项目综合厂用电率约 14.7%，同比下降 0.3 个百分点，2 个垃圾发电项目获批调增处理费。2）绿色环保：供热量、发 电量均有提升，生物质燃料收购单价同比下降 8%，绿证交易量较 2024 年 全年 ...

Core Viewpoint - The company reported a strong performance in its mid-2025 report, with significant growth in revenue and net profit, particularly in its environmental protection business, indicating a robust operational capacity and strategic expansion in various sectors [1][2][3]. Group 1: Financial Performance - The company's main business revenue reached 3.22 billion yuan, a year-on-year increase of 11.25% [1] - Environmental protection business revenue was 2.454 billion yuan, up 14.58% year-on-year, accounting for 76.31% of total revenue [1] - Net profit attributable to shareholders was 589 million yuan, reflecting a 20.15% increase year-on-year [1] - Net cash flow from operating activities was 977 million yuan, a significant rise of 53.91% [1] Group 2: Operational Highlights - The amount of waste received for incineration was 6.0557 million tons, a 5.63% increase year-on-year, with a capacity utilization rate of 113.91% [1] - Power generation reached 178.798 million kWh, marking a 7.7% increase year-on-year [1] - The company has accelerated its heating market development, completing renovations on four projects and achieving a heating volume of 718,500 tons [1] Group 3: Strategic Developments - The company has successfully integrated new business models in environmental sanitation, winning five new projects and expanding its contract value through acquisitions [2] - The deployment of unmanned sanitation equipment has increased in key areas, improving vehicle utilization rates by nearly 30% [2] - The establishment of a recycling system has progressed, with 64 stores set up across 22 counties, and the operation of sorting centers [2] Group 4: Future Outlook - The company manages a total of 255.36 kilometers of highways, providing stable cash flow despite a 4.7% decrease in daily traffic volume [3] - Profit forecasts for 2025-2027 indicate a steady growth in net profit, with expected figures of 1.46 billion yuan, 1.63 billion yuan, and 1.82 billion yuan respectively [3] - The company maintains a "buy" rating based on the stability of its waste incineration business and the solid performance of its highway operations [3]

Investment Rating - The report maintains a "Buy" rating for the company [7][5] Core Views - The company reported a revenue of 3.216 billion RMB for H1 2025, representing a year-over-year increase of 11.25%, and a net profit attributable to shareholders of 589 million RMB, up 20.15% year-over-year [2] - The company is actively optimizing its business structure through acquisitions and divestitures, which is expected to enhance operational efficiency and cash flow [4][3] - The report anticipates continued growth in revenue and profit, with a target price set at 19.46 RMB, reflecting a potential upside from the current market price [5] Revenue and Profit Growth - For H1 2025, the company achieved a revenue of 3.216 billion RMB, with a net profit of 589 million RMB, indicating strong growth in both revenue and profit [2] - The solid waste management segment generated 1.869 billion RMB in revenue, a year-over-year increase of 16.13% [3] - Operating cash flow for H1 2025 was 977 million RMB, up 53.91% year-over-year, indicating improved cash generation capabilities [3] Business Segmentation - The solid waste management business is the largest contributor, followed by highway operations and integrated environmental solutions [3] - The company has seen a 9% increase in electricity generated from waste and an 8% increase in heating supply, reflecting operational improvements [4] - Recent acquisitions include 100% of Dunhua Zhongneng and 85% of Aolande, aimed at enhancing the company's waste-to-energy capabilities [4] Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be 1.214 billion RMB, 1.289 billion RMB, and 1.346 billion RMB respectively, with corresponding EPS of 1.89 RMB, 2.01 RMB, and 2.10 RMB [5][11] - The target price of 19.46 RMB is based on a PE ratio of 9.2 for 2025, reflecting the company's growth potential in the environmental and highway sectors [5][11]

Core Viewpoint - The article highlights the significant share pledge by shareholders of Feima International, indicating potential liquidity concerns while also showcasing the company's strong performance in the waste management sector and its recognition in environmental contributions [1][2]. Group 1: Shareholder Pledge - As of the last trading day on August 8, the pledge ratio of Feima International's shareholders stands at 29.9% of the total share capital, ranking 119th in the market [1]. - Shareholders have pledged a total of 796 million shares, with a total market value of 2.562 billion yuan [1]. Group 2: Company Overview - Feima International Supply Chain Co., Ltd. specializes in supply chain management services and environmental new energy, with its main product being waste-to-energy [1]. - The company has established a strong reputation in the solid waste disposal industry, particularly in northern China, and has received over 30 awards for its contributions to environmental protection [1]. Group 3: Stock Performance - Over the past year, Feima International's stock has increased by 110.46% [2].

Core Viewpoint - The company Feima International is facing significant financial challenges, with a high PE ratio compared to industry averages, indicating potential overvaluation in the context of declining revenues and profits [1][2]. Company Overview - Feima International's main business focuses on supply chain management services and environmental new energy, particularly in waste-to-energy projects [1]. - The company has established a strong reputation in the solid waste disposal sector, especially in northern China, receiving over 30 awards for its contributions to environmental protection [1]. Financial Performance - As of the first quarter of 2025, Feima International reported a revenue of 54.66 million yuan, a year-on-year decrease of 12.13% [1]. - The net profit for the same period was a loss of approximately 768,248 yuan, reflecting a significant decline of 112.24% year-on-year [1]. - The company's gross profit margin stood at 29.66% [1]. Market Position - The current PE ratio for Feima International is 368.26, which is substantially higher than the industry average of 56.27 and the median of 33.84 [2]. - The total market capitalization of Feima International is approximately 7.904 billion yuan [1][2]. - As of the latest report, three institutions hold shares in Feima International, with a total of 3.5706 million shares valued at 1 million yuan [1].

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Feima International, which is currently facing a significant decline in stock price and profitability [1][2] - As of July 16, Feima International's stock closed at 2.88 yuan, down 4.32%, with a rolling PE ratio of 357.11 times, significantly higher than the industry average of 53.49 times [1][2] - The company's total market capitalization is 7.664 billion yuan, ranking it 115th in the environmental protection industry based on PE ratio [1][2] Group 2 - Feima International's main business includes supply chain management services and environmental new energy, with a focus on waste-to-energy projects [1] - The latest quarterly report for Q1 2025 shows a revenue of 54.664 million yuan, a year-on-year decrease of 12.13%, and a net loss of approximately 768,248 yuan, reflecting a year-on-year decline of 112.24% [1] - The company's gross profit margin stands at 29.66%, indicating challenges in maintaining profitability amidst declining revenues [1]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The report emphasizes the improvement in cash flow and dividend potential due to reduced capital expenditures in the waste management sector, alongside enhanced return on equity (ROE) through quality improvements in heating and IDC collaborations [1][11][15]. Summary by Sections Industry Trends - The environmental protection sector is experiencing a significant shift with a 9% increase in the sector's performance compared to the Shanghai and Shenzhen 300 indices [3]. - The report highlights a 73% increase in sales of new energy sanitation vehicles, with a penetration rate rising to 14.95% [25]. Key Recommendations - The report recommends several companies for investment, including Huaneng Environment, Green Power, and Yongxing Co., among others, due to their strong dividend potential and operational efficiency [5][11]. - It suggests focusing on companies like Yuehai Investment and Xingrong Environment for their robust cash flow and high dividend yields [17]. Policy Tracking - The Ministry of Ecology and Environment has issued a notice to enhance the quality of law enforcement, which is expected to improve operational efficiency and compliance in the industry [9][10]. - The report notes that the government is concentrating on environmental governance funding for 2025, which may positively impact the sector [7]. Financial Performance - The waste management sector is projected to see a significant increase in free cash flow, with dividends expected to rise as capital expenditures decrease [11][12]. - Specific companies are highlighted for their dividend growth, such as Junxin Co. with a 37% increase in cash dividends and Green Power with a 100% increase [12][13]. Market Dynamics - The report discusses the trend of garbage incineration and IDC collaborations as a new growth avenue, emphasizing the advantages of clean and efficient energy generation [14]. - The water utility sector is also highlighted for its stable growth and high dividends, with ongoing water price reforms expected to enhance profitability [15][17]. Sector Performance - The environmental protection and public utilities index rose by 2.69% during the week of July 7-11, 2025, outperforming the broader market indices [45].

Core Viewpoint - The company, Feima International, is facing significant financial challenges, with a high PE ratio compared to industry averages, indicating potential overvaluation in the context of declining revenues and increasing losses [1][2]. Company Summary - Feima International's stock closed at 2.91 yuan, down 3.32%, with a rolling PE ratio of 360.83 times and a total market capitalization of 7.744 billion yuan [1]. - The company operates in the supply chain management and environmental new energy sectors, primarily focusing on waste-to-energy projects [1]. - As of March 31, 2025, the number of shareholders decreased to 65,433, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1]. - The latest financial report for Q1 2025 shows a revenue of 54.664 million yuan, a year-on-year decrease of 12.13%, and a net loss of approximately 768,248 yuan, representing a year-on-year decline of 112.24% [1]. Industry Summary - The average PE ratio for the environmental industry is 53.23 times, with a median of 31.20 times, positioning Feima International at the 115th rank within the sector [1][2]. - The company has received over 30 awards for its contributions to environmental protection, including recognition from the Ministry of Housing and Urban-Rural Development and the Ministry of Education [1].