三峰环境 20250827 摘要 Q&A 2025 年上半年三峰环境的经营情况如何？ 2025 年上半年，三峰环境的整体生产经营情况稳定良好。公司实现营业收入 28.46 亿元，归母净利润约 6.78 亿元。如果剔除对外转让沉浮公司的影响， 营业收入同比下降 5.6%，归母净利润同口径增长 2.48%。公司控股项目共计 44 个，总产能规模 4.25 万吨，上半年垃圾处理量 773 万吨，同比增长 2.6%。蒸汽销售量同比增长 11.84%，餐厨垃圾处理量增长 16%，污泥处理 量增长近 100%。市场拓展方面，公司中标重庆酉阳县域小型垃圾焚烧供热项 目，并新取得 8 个境外垃圾焚烧及污水处理项目，总处理量 3,000 吨/日。此 外，公司签订了两个蒸汽销售合同，预计新增 4 万吨/年的蒸汽销售量。在建和 筹建项目共计三个，总规模 1,900 吨。在科研创新方面，公司推进 AI 智慧焚 烧技术覆盖，截至半年度末已有 7 个项目实现人工智能辅助自动运行和管控， 下半年预计新增 6 个 AI 辅助焚烧项目。公司在飞灰处置技术方面也取得重要进 公司海外市场重点布局东南亚，包括越南、泰国、马来西亚和印尼，这 些国家将 ...

Summary of Zhongke Environmental Conference Call Company Overview - Zhongke Environmental reported total assets of 7.991 billion yuan and net assets of 3.594 billion yuan for the first half of 2025, with earnings per share of 0.13 yuan, reflecting a year-on-year growth of 20.14% [2][3] Key Financial Highlights - Total revenue for the first half of 2025 reached 848 million yuan, a year-on-year increase of 4.48% - Net profit attributable to shareholders was 196 million yuan, up 19.83% - Return on equity was 5.37%, an increase of 0.64 percentage points year-on-year - Total assets grew by 6.69% compared to the beginning of the year, while net assets increased by 0.35% [3] Capacity Expansion and Projects - The company has rapidly expanded its capacity, with the Yuxi project now operational and the Jinzhou project completed. After the completion of the Guigang and Pingnan projects, total capacity will reach 20,900 tons/day, with operational capacity at 14,400 tons/day [2][3] - Zhongke Environmental is actively expanding into the waste incineration heating market, establishing four major green energy centers [2][3] Research and Development - Increased investment in R&D, with a flue gas waste heat utilization system now operational in Jincheng, expected to generate an additional 100 million kWh of electricity annually [2][5] - Development of flue gas multi-effect purification technology is underway, with plans for industrial demonstration applications [2][5] Mergers and Acquisitions Strategy - Mergers and acquisitions are a key strategy for growth, with plans to acquire one to three projects annually in the coming years, focusing on large asset packages [2][6] - The company aims to double its current scale through acquisitions, although the timeline remains uncertain [6][22] Financing and Dividend Policy - Zhongke Environmental primarily finances through bank loans, with an average financing cost of approximately 2.5%-2.6% [7] - The company has committed to a dividend payout ratio of no less than 60% of net profit attributable to shareholders over the next five years [7] Capital Expenditure Plans - Capital expenditures are closely tied to project construction progress, with an estimated 1-1.3 billion yuan planned for 2025, maintaining similar levels through 2026-2027 [8] - Post-2027, capital expenditures are expected to decrease, focusing on technological upgrades and R&D [8] Waste Incineration Heating Business - The waste incineration heating business is a key feature, with heating volume close to 900,000 tons in the first half of 2025, and a target of over 2 million tons for the full year [4][10] - Pricing is based on market demand and government guidelines, with adjustments made regularly to adapt to market changes [9][11] Regional Heating Projects - Significant heating projects are underway in various regions, with expected annual heating volumes of approximately 1.3 million tons from key projects [10] - The company is expanding its heating capacity in Hebei and Sichuan, with ongoing projects expected to add 400,000 to 500,000 tons of heating volume in the coming years [10] International Expansion - Zhongke Environmental is exploring international opportunities, including projects in Uzbekistan and Southeast Asia, although progress has been slow [13][20] Risk Management - The company has a structured approach to managing accounts receivable, with no significant impairment risks currently identified [16] Conclusion - Zhongke Environmental is positioned for growth through strategic capacity expansion, R&D investments, and a focused M&A strategy, while maintaining a commitment to shareholder returns and prudent financial management [2][6][7]

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including 贝壳-W, 华润置地, 江苏金租, 杭州银行, 宁德时代, 奥普特, 菲利华, 思摩尔国际, 瀚蓝环境, and 广电计量 [47][50]. Core Insights - The macroeconomic environment shows a rebound in manufacturing PMI, indicating improved supply and demand, but price pressures continue to affect profitability [12][13]. - In the real estate sector, there is a focus on stable cash flow and high dividend yields amidst ongoing policy adjustments [14]. - Non-bank financial institutions are expected to benefit from policy optimizations that may lower funding costs [22]. - The banking sector is recommended for active public fund allocation, particularly favoring quality city commercial banks [24]. - The electric new energy sector is witnessing a bottoming out, with attention on new technological developments [28]. - The machinery sector is poised to benefit from AI applications, particularly in industrial inspection [30]. - The military industry is expected to see growth driven by the "14th Five-Year Plan" and changes in military trade dynamics [34]. - The light industry is focusing on new consumer trends and low valuation recovery [36]. - Environmental protection sectors are highlighted for investment opportunities in waste management and sanitation [41][43]. Summary by Sections Macro Analysis - Manufacturing PMI rose by 0.5 percentage points to 49.5%, driven by improved supply and demand dynamics [12]. - New export orders increased by 2.8 percentage points to 47.5%, indicating stronger export demand [12]. - Price indices for raw materials and factory outputs continue to decline, suggesting ongoing deflationary pressures [13]. Real Estate - The report emphasizes the need for stable cash flow and high dividend yields in real estate investments, particularly in low-valuation state-owned enterprises and quality property firms [14][15][20]. Non-Bank Financials - The report notes a targeted reserve requirement reduction for financial leasing companies, which is expected to lower funding costs and enhance liquidity [22][23]. Banking - City commercial banks are highlighted as key beneficiaries of institutional fund allocations, with expectations of market share gains [24][25][27]. Electric New Energy - The report identifies a bottoming out in the electric new energy sector, with a focus on solar, storage, and wind energy technologies [28][29]. Machinery - AI applications are expected to enhance industrial inspection processes, particularly in the 3C sector [30][32]. Military - The military sector is projected to grow due to the ongoing development of new equipment and military trade opportunities [34][35]. Light Industry - New consumer trends in light industry, particularly in tobacco and IP derivatives, are expected to drive growth [36][37][40]. Environmental Protection - Investment opportunities in waste management and sanitation are highlighted, with a focus on electric and intelligent equipment [41][43][45].

Group 1: Company Performance - The company achieved a total revenue of 41,190.76 million yuan in Q1 2025, representing a year-on-year growth of 14.08% [2] - The net profit attributable to shareholders was 7,767.43 million yuan, with a year-on-year increase of 7.11% [3] Group 2: Heat Supply Pricing and Market Position - Heat supply pricing is determined based on local market guidance and user demand, with costs significantly lower than coal and gas heating [4] - The company emphasizes the green attributes of waste incineration heating, which aids in carbon footprint management and energy savings [4] Group 3: Competitive Advantages - The company has a clear project location advantage, focusing on industrial parks since 2010, leading to sustained heat demand [6] - It possesses rich experience in green energy transformation and project operation, with a heat utilization efficiency of 60% in the Cixi project [6] Group 4: Future Growth Potential - The company expects a heat supply of 175.45 million tons in 2024, a year-on-year increase of 57.31%, primarily from the Shijiazhuang, Cixi, and Ningbo projects [8] - The company’s heat supply capacity exceeds current demand, indicating significant growth potential in green energy supply [9] Group 5: Strategic Focus - The company will implement a core strategy of optimizing green energy in the short term and aims for large-scale development of heat supply business [7] - Future projects will enhance collaboration with large chemical enterprises to expand heat supply in key regions [9]