144名骨干获1086万股激励 武汉天源原名天源环保，创立于2009年，于2021年12月上市，公司于2025年正式更名。武汉天源起初从 事垃圾填埋场渗滤液治理业务，陆续拓展水务、固废业务，近年来陆续向绿色能源、高端装备制造、第 三方服务等领域拓展。 武汉天源认为，该储能项目与公司已有的10余个垃圾焚烧绿电项目形成协同，将进一步夯实公司"水务 治理+固废处置+绿色能源+高端装备制造"的业务布局，将绿色能源业务从"战略攻坚方向"升级为核心 增长极。储能项目使武汉天源从单一的发电运营，向绿电"生产—存储—消纳"全链条延伸，提升能源业 务的附加值和抗风险能力。而且，该储能项目所需的储能装备可与公司高端环保装备制造业务形成协 同，推动装备制造业务向新能源领域拓展。 公告还显示，该储能项目运营后，武汉天源可通过多种盈利模式实现稳定营收与利润增长，如峰谷套 利，电网调频、调峰、备用等辅助服务市场，以及容量补偿与租赁等。储能项目运营周期长，项目稳定 运营后，每年可产生持续的现金流入，有助于改善公司的现金流状况，为后续业务扩张提供资金支持。 值得注意的是，这是武汉天源一个月内第二笔投向储能领域的投资。2025年12月上旬，武 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned for multi-faceted growth through environmental protection, energy, digital technology, and equipment manufacturing, with a strong focus on expanding its business model since its establishment in 2009 [8][13]. - The company has experienced rapid revenue and profit growth, with total revenue projected to reach 2,766 million yuan in 2025, reflecting a year-on-year increase of 39.34% [1][19]. - The company is actively expanding its project operations, with a significant increase in both engineering and franchise orders, indicating a robust pipeline for future revenue [8][42]. Summary by Sections 1. Environmental Protection as a Source of Growth - The company has evolved from a core business in landfill leachate treatment to a diversified model encompassing energy, digital technology, and equipment manufacturing [8][13]. - Revenue has grown from 550 million yuan in 2020 to an expected 2,766 million yuan in 2025, with a compound annual growth rate (CAGR) of 53.05% from 2023 to 2024 [1][19]. 2. Abundant Environmental Orders and Accelerated Project Operations - The company has a strong order backlog, with engineering orders increasing from 322 million yuan in 2021 to 460 million yuan in 2024, while franchise orders surged from 806 million yuan to 3,672 million yuan in the same period [42][46]. - The company is shifting its focus from water treatment to solid waste management, particularly in the garbage incineration sector, which is becoming a new growth driver [48][53]. 3. New Growth Curves in Energy, Digital, and Equipment - The company is strategically investing in high-quality renewable energy projects, including a 2GW photovoltaic project, with 1GW already under construction [8][49]. - The company is also responding to the national "East Data West Computing" strategy by optimizing its computing power resource layout across various regions [8][39]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 500 million yuan, 608.81 million yuan, and 749.05 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 50%, 21.71%, and 23.04% [1][8].