报告期内，公司在智慧电厂多场景应用、SNCR液态高分子脱硝工艺、新一代移动储能供热设备等技术 的研发及实践上持续投入，取得多项技术和应用成果，结合公司精细化管理实施，有效提升了公司核心 业务的运行效率。 此外，上半年公司完成了2024年度利润分配，派发现金红利5.4亿元，每10股获派现金红利6.0元(税 前)，分红比例为65.81%，持续兑现分红承诺，向投资者提供合理回报。 在复杂的市场环境下，永兴股份展现出强大的业务韧性，公司核心业务为长期稳定健康发展提供稳定支 撑，为投资者带来可预期的稳健收益。 报告期内，公司加大存量垃圾的协同处置力度，累计掺烧存量垃圾超80万吨，垃圾焚烧发电项目的产能 利用率显著提升。公司主要生产指标也同步向好，垃圾焚烧发电项目垃圾进厂总量为535.83万吨，垃圾 焚烧发电量25.76亿度，上网电量22.05亿度。推动公司业绩提升。 公司为周边工业企业提供蒸汽合计8.83万吨，供热业务规模保持增长。同时，公司推动供热管网向周边 工业片区延伸覆盖，移动储能供热项目在多个项目投入运营，未来供热业务增长可期。公司下属循环经 济产业园具备绿色电能综合应用的载体优势，有着与新产业（300832） ...

旺能环境：厚植固废处理行业，出海&数据中心协同带 来新生机 —旺能环境（002034.SZ）公司首次覆盖报告 2025 年 8 月 25 日 证券研究报告 公司研究 [公司首次覆盖报告 Table_ReportType] [Table_StockAndRank] 旺能环境(002034) 投资评级 买入 [Table_Chart] -20% 0% 20% 40% 60% 24/08 24/12 25/04 旺能环境 沪深300 资料来源：聚源，信达证券研发中心 邮 箱：wuboying@cindasc.com [Table_BaseData ] 公司主要数据 收盘价（元） 18.19 52 周内股价波动区间 (元) 20.44-13.15 最近一月涨跌幅(％) 4.72 总股本(亿股) 4.34 流通 A 股比例(％) 78.94 总市值(亿元) 45.26 资料来源：聚源，信达证券研发中心 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 [旺能环境：厚植固废处理行业，出海 Table_Title] &数据中心协同带 ...

2019年9月投产的龙岗能源生态园。受访单位供图 我国第一家垃圾发电厂、首个国产化设备示范项目、全国首个生活垃圾全量焚烧处理的特大型城市…… 中国垃圾焚烧发电行业的很多个"第一"诞生在深圳。 刘森君 秉承"敢闯敢试"的特区基因，经过40年的摸索和实践，深圳在垃圾处理理念上率先实现了"两个转变"： 一是垃圾处理从填埋转变为全量焚烧；二是垃圾焚烧电厂从传统固废处理邻避设施向睦邻友好的邻利型 市政基础设施转变。 这背后，深圳能源集团功不可没。截至2024年底，深圳能源在全国21省(区、市)，建成、在建、筹建垃 圾焚烧发电项目54个，日处理能力共计7.9万吨，实现固废清洁高效处理及资源化利用，同步建设"四位 一体"能源生态园，变邻避为邻利，以先行示范标准打造行业标杆。 2006年，宝安垃圾发电厂投产。受访单位供图 做足功课，走适合国情的路子 一座特大城市一天能产生多少垃圾？深圳生活着约2000多万人，若每人产生1公斤垃圾，一天的生活垃 圾将超2万吨；只需3个月，在一个标准足球场大小的面积内，生活垃圾可以堆积得与深圳最高楼宇平安 大厦等高。 土地资源紧张，人口密集，垃圾填埋处置不可持续……早在40年前，深圳就开始探寻生 ...

证券研究报告·公司点评报告·环境治理 伟明环保（603568） 2025 年中报点评：环保运营稳健增长，设备 订单高增，新材料业务陆续投产 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,025 | 7,171 | 9,765 | 13,482 | 17,292 | | 同比（%） | 34.66 | 19.03 | 36.17 | 38.07 | 28.26 | | 归母净利润（百万元） | 2,048 | 2,704 | 3,003 | 3,574 | 4,029 | | 同比（%） | 23.09 | 31.99 | 11.06 | 19.02 | 12.73 | | EPS-最新摊薄（元/股） | 1.20 | 1.59 | 1.76 | 2.10 | 2.36 | | P/E（现价&最新摊薄） | 16.16 | 12.24 | 11.02 | 9.26 | 8.22 | [Table_Tag] [ ...

Core Insights - The Chongqing Sanfeng Yulin Environmental Power Plant has transformed the perception of waste incineration facilities, showcasing a clean and intelligent approach to waste management [1][2] - The plant has achieved a 100% harmless disposal rate for municipal waste in Chongqing's central urban area since its commercial operation began in 2021 [1] - The facility processes waste through a highly automated system, minimizing human intervention and ensuring compliance with stringent environmental standards [1] Summary by Sections Facility Overview - The plant is responsible for waste disposal in Yubei, Jiangbei, and Liangjiang New Area, with operations starting from 2018 and commercial use from 2021 [1] - It features a cloud café at 79 meters high, providing a stark contrast to traditional perceptions of waste treatment facilities [1] Waste Processing Technology - Waste is transported in sealed trucks, weighed, unloaded, and processed through fermentation before being incinerated in a controlled manner [1] - The incineration process generates steam to drive turbines for electricity generation, with the plant capable of supplying 1.7 million kilowatt-hours of electricity daily, enough for 150,000 households [1] Environmental Impact - The facility employs advanced technology to control combustion temperatures and gas retention times, significantly reducing dioxin emissions [1] - Emissions from the plant are treated through multiple purification steps, ensuring they are well below EU standards [1][2]

Core Viewpoint - Zhongke Environmental Technology Co., Ltd. reported a steady growth in revenue and profit for the first half of 2025, indicating strong operational performance and effective management strategies [1][2]. Financial Performance - In the first half of 2025, Zhongke Environmental achieved an operating revenue of 848 million yuan, a year-on-year increase of 4.48% - The net profit attributable to shareholders was 196 million yuan, reflecting a year-on-year growth of 19.83% - The company's asset-liability ratio stood at 50.68%, maintaining a stable financial structure [1]. Operational Expansion - The company has successfully launched the Yuxi project in May 2025, which became profitable in its first month of operation - Ongoing projects include the comprehensive construction of the Hengyang project and accelerated preparations for the Shijiazhuang and Tengxian projects - In the first half of 2025, Zhongke Environmental completed the acquisition of the Jinzhou project and successfully acquired 100% equity in the Guigang and Pingnan projects, with plans to expedite the delivery of the Zaoyang project - Once all projects are consolidated, the total capacity will reach 20,900 tons per day, with 14,400 tons per day already operational [2]. R&D and Innovation - Zhongke Environmental focuses on addressing industry challenges through continuous technological innovation and the commercialization of research outcomes - The company has developed a "Research and Development Results Industrialization Implementation Plan (2025-2027)" covering 14 categories and 90 industrialization projects - In the first half of 2025, 14 new patents were granted, including 7 invention patents and 7 utility model patents - The waste incineration flue gas purification system's residual heat utilization technology has been successfully implemented in the Jincheng project, with plans for broader application in other projects [3]. Commitment to Investor Returns - In the first half of 2025, Zhongke Environmental launched the "Quality Return Dual Improvement" action plan, focusing on innovation and governance to enhance value return - The controlling shareholder, Zhongke Group, voluntarily extended the lock-up period for pre-IPO restricted shares by 12 months to support the company's long-term development - Analysts expect steady growth in operating performance and an increase in dividend payouts, ensuring stable returns for investors [4].

Group 1 - The stock price of Junxin Co., Ltd. reached 14.29 yuan as of August 13, 2025, with an increase of 0.70% from the previous trading day [1] - The opening price on the same day was 14.20 yuan, with a highest point of 14.33 yuan and a lowest point of 14.14 yuan, resulting in a trading volume of 0.97 billion yuan and a turnover rate of 3.34% [1] - Junxin Co., Ltd. operates in the environmental protection sector, focusing on solid waste treatment and waste-to-energy projects, and is a significant player in China's environmental industry [1] Group 2 - On August 13, Junxin Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation and CITIC Securities as joint sponsors, indicating a move to expand financing channels and promote business development [1] - On the same day, the net outflow of main funds for Junxin Co., Ltd. was 1.8361 million yuan, with a cumulative net outflow of 11.6602 million yuan over the past five days [1]

Summary of the Conference Call for Guangda Environment Industry Overview - Guangda Environment operates in the waste incineration power generation sector, with a daily operational capacity of nearly 140,000 tons, leading the industry in scale [2][3] - The waste incineration power generation industry expanded rapidly from 2015 to 2020, reaching a national daily capacity of 1.1 million tons with a utilization rate of approximately 70% [2][6] Key Points and Arguments - **Financial Performance**: Guangda Environment is expected to achieve its first positive free cash flow since its listing in 2024, which may lead to an increase in dividend payout ratio [2][4] - **Capital Expenditure**: The company's capital expenditure has decreased from a peak of 20 billion to 5 billion in 2024, with further reductions anticipated, contributing to financial stability [2][6] - **Water Treatment Segment**: Guangda Water has a sewage treatment capacity exceeding 6 million tons per day, with treatment prices rising from 1.22 RMB to 1.70 RMB from 2017 to 2022. However, the collection rate has declined due to local government financial issues [2][7] - **Biomass Power Generation**: The biomass power generation projects benefit from national subsidies, with Guangdong province having allocated part of its owed funds, improving profitability [2][8] - **Accounts Receivable**: The company has high accounts receivable, primarily due to the high costs associated with biomass power generation, which relies on national subsidies. Slow reimbursement of these subsidies is a reason for the company's low valuation [2][10][11] Risks and Future Outlook - **Earnings Forecast**: The company anticipates a slight decline in mid-2025 earnings due to reduced construction revenue, impairment operations, and foreign exchange losses. However, cash flow is expected to improve [2][12] - **Asset Quality**: The company has over 10 billion in accounts receivable, with total liabilities nearing 100 billion, indicating pressure on absolute value metrics [2][10] - **Regional Distribution**: Guangda Environment's projects are concentrated in economically developed regions, with a capacity utilization rate exceeding 90%, close to 100% [2][14] Additional Insights - **International Expansion**: The company is actively expanding into overseas markets, securing two waste incineration projects in Vietnam and Uzbekistan, each with an investment of approximately 1 billion RMB [2][5] - **Government Support**: The central government has budgeted approximately 120 billion RMB for renewable energy subsidies, indicating ongoing support for the sector, although it may not fully meet all funding needs [2][20] - **Collaboration with Local Governments**: Guangda Environment is working with local governments in cities like Tianjin, Hangzhou, and Suzhou to promote collaborative projects between IDC and waste incineration, although progress may be slow [2][21]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment opportunities [7]. Core Views - The company is positioned as a public utility platform under the Zhongshan State-owned Assets Supervision and Administration Commission, focusing on water, solid waste, and new energy sectors, with water services providing stable revenue [6][13]. - The company is expected to enter a growth phase, driven by strategic expansions in its core businesses, particularly in water supply and solid waste management, alongside new energy initiatives [6][36]. - The company holds a 10.55% stake in GF Securities, which is a significant asset contributing to its profits, and the valuation of this stake is anticipated to increase [6][16]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 5,678 million yuan, with a year-on-year growth rate of 9.2% [2]. - The net profit attributable to shareholders is expected to reach 1,199 million yuan in 2024, reflecting a 24% increase compared to the previous year [2]. - Earnings per share (EPS) is forecasted to be 0.82 yuan for 2024, with a projected increase to 1.40 yuan by 2027 [2]. Business Segments Water Services - The company has a water supply capacity of 265,000 tons per day, capturing 94% of the market share in Zhongshan, with potential price adjustments expected to increase net profits by 120 to 180 million yuan [6][42]. - The wastewater treatment capacity is currently 126,000 tons per day, with ongoing projects aimed at enhancing infrastructure and service quality [6][43]. Solid Waste Management - The company is actively pursuing acquisitions in the solid waste sector, with a projected capacity of 6,120 tons per day by 2025 following recent acquisitions [6][43]. New Energy - The company is establishing joint ventures and funds to develop distributed photovoltaic and energy storage projects, with approximately 500 MWp currently under construction or connected to the grid [6][43]. Shareholder Returns - The company has announced a special dividend of 5.14 billion yuan for 2024, resulting in a dividend payout ratio of 53% [32]. - A three-year shareholder return plan is expected to be implemented, focusing on enhancing shareholder value through dividends and potential stock incentives [34].

Summary of Weiming Environmental Conference Call Company and Industry Overview - **Company**: Weiming Environmental - **Industry**: Nickel production and waste incineration power generation Key Points and Arguments Nickel Production - Weiming Environmental's first high ice nickel production line is expected to be operational by the end of the year, with a 70% stake in the project, projected to contribute approximately 400 million RMB in net profit attributable to the parent company, significantly enhancing 2026 performance [2][3] - Current high ice nickel prices are around $13,000 per ton, with estimated production costs controlled between $11,000 and $12,000 per ton [2][3] - The company has laid out plans for three nickel smelting projects, with the first project expected to reach full production by 2025, contributing to a total capacity of 40,000 tons [3] - The company also holds a 20% stake in a 20,000-ton wet nickel smelting project [3] Waste Incineration Power Generation - Total waste incineration power generation capacity has reached approximately 40,000 tons, ranking within the top ten in the industry, generating annual operational revenue of 1.7 to 2 billion RMB and over 3 billion RMB in cash flow [2][6] - The business model relies on waste treatment fees (30%) and electricity sales (70%) [6] - The industry has entered a stable operational phase, with capacity exceeding the 14th Five-Year Plan target, and new capacity additions are not expected to increase further [10] Financial Performance and Projections - The company's net cash ratio typically hovers around 1.3 times, indicating strong operational cash flow relative to net profit [8] - A significant national subsidy payment is expected to return in June to July 2025, indicating an acceleration in subsidy disbursement [9] - For 2025, the environmental business is projected to grow by about 10%, with total profits expected to reach around 3 billion RMB, corresponding to a market capitalization of over 30 billion RMB, resulting in a PE ratio of less than 11 [25] Future Growth and Expansion - Future growth points include the high ice nickel smelting industry and overseas expansion, particularly in Southeast Asia, where modern waste incineration facilities are lacking [17][18] - The company is exploring partnerships to apply waste incineration power generation to high-energy-consuming enterprises, enhancing revenue through green electricity supply policies [20] - The Shanghai Lingyun Volunteer Center project is expected to influence the industry towards a rental model for computing power [21] Challenges and Opportunities - The nickel industry is expected to see upward price trends due to low-cost production, rapid downstream demand growth, and concentrated supply dynamics [7] - The company faces challenges in overseas expansion, including higher investment costs (20%-30% more than domestic) but has opportunities for higher revenue in markets like Indonesia [19] Key Milestones - Key milestones include the operational launch of the new high ice nickel production line by the end of the year and decisions based on nickel cost data expected in the third or fourth quarter [27] Additional Important Information - The company has a full industrial chain equipment manufacturing capability, which reduces capital expenditure and enhances competitiveness [4][16] - The waste incineration power generation business is expected to maintain a dividend payout ratio of around 30%, keeping the dividend yield at approximately 3% [27]