丨证券研究报告丨 联合研究丨公司点评丨伟明环保（603568.SH） [Table_Title] 伟明环保 2025H1 业绩点评：环保业务稳健增 长，新能源材料嘉曼项目已投入试生产 报告要点 [Table_Summary] 2025 上半年实现营业收入 39.04 亿元，同比下滑 5.1%，归母净利润 14.25 亿元，同比增长 0.13%，Q2 单季度实现营业收入 18.94 亿元，同比下滑 10.04%，归母净利润 7.09 亿元，同比 下滑 0.24%。环保业务持续增长，设备及 EPC 受确认节奏影响有所下滑。费用率基本稳定， 现金流持续改善，新能源材料嘉曼项目已投入试生产，未来随着资本开支逐渐稳定，分红比例 仍存在提升空间。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490518070001 SAC：S0490519080004 SAC：S0490522080001 SFC：BUV415 SFC：BUZ393 SFC：BWM115 徐科 任楠 王筱茜 肖百桓 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.co ...

最新公告显示，公司控股股东德润环境已累计增持1787.55万股，占总股本1.07%，增持金额达1.51亿 元。此次增持计划始于今年5月，计划总金额在1.5亿至3亿元之间。 风险提示：投资有风险，入市需谨慎。 三峰环境最新股价报8.56元，较前一交易日上涨0.35%。盘中最高触及8.58元，最低下探8.47元，成交金 额达0.53亿元。 该公司主营业务涵盖垃圾焚烧发电、环保装备制造等环保领域。作为国内垃圾焚烧发电行业的重要企 业，三峰环境在重庆等地区运营多个环保项目。 ...

日常生活中产生的垃圾可以通过高温燃烧并回收热能用于发电及供热，这是生活垃圾无害化处理的最主要方式，这样 既环保，还能赚钱。 目前，垃圾发电领域已跑出不少上市公司，而军信股份（301109.SZ）在A股上市三年多后，又冲击港股IPO。 公司执行董事、董事会秘书兼副总经理覃事顺今年39岁，他分别于2007年及2010年获得湘潭大学公共管理学士学位及 行政管理硕士学位，曾在军信集团担任主要行政及项目协调职务。 格隆汇获悉，近日，湖南军信环保股份有限公司（简称"军信股份"）向港交所递交招股书，拟在香港主板上市，中金 公司、中信证券为联席保荐人。 军信股份来自湖南长沙，主营业务包括垃圾焚烧发电、污泥处置、污水处理、垃圾填埋和灰渣处理处置等，2022年在 深交所上市。截至8月18日收盘，公司总市值为113亿元。 如今垃圾发电生意好做吗？不妨通过军信股份来一探究竟。 01 湖南长沙冲出一家垃圾焚烧发电IPO，三年累计派息超12亿 军信股份总部位于湖南省长沙市望城区，其前身湖南军信污泥处置有限公司成立于2011年，并在2017年改制为股份有 限公司。截至今年3月底，军信股份共有1610名员工。 招股书显示，军信股份曾在202 ...

"企业通过超前引进垃圾焚烧技术并率先实现国产化，持续推动垃圾减量化、资源化、无害化处理，推动一揽子垃圾焚烧工艺及设备从重庆走 向全国、全球。"三峰环境集团党委副书记卢钟妮介绍，近年企业围绕"降碳、减污、扩绿、增长"这4个关键词，在绿色发展方面实现"大踏 步"前进。 降碳方面，企业通过攻关小型垃圾焚烧装备技术、飞灰资源化与减量化技术研究与应用等课题，在行业内率先研究开发垃圾焚烧发电运营仿真 系统，参与编制国家及行业标准21项。 三峰环境 集团垃圾焚烧炉设备生产线。（记者周奇摄） 从1998年创立以来，截至去年底，通过垃圾焚烧发电累计处理垃圾超1.24亿吨，相当于减少二氧化碳排放约4336万吨、新栽树木14.8亿棵，并 累计提供 绿色电力 445亿度。这是位于大渡口区的 重庆水务 环境集团所属三峰环境集团（下称"三峰环境集团"）实施绿色化发展取得的亮 眼"成绩单"。 8月12日，"活力中国调研行?重庆"采访团走进三峰环境集团，"零距离"触碰这家致力于垃圾焚烧发电项目投资、设备制造和运营管理全产业链 服务环保企业的高质量发展"脉搏"。 减污方面，企业采用先进的污染防治技术和严格的污染防治标准，跻身为全球领先的垃圾焚 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

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].

Investment Rating - The report maintains a "Positive" investment rating for the municipal environmental protection sector [4]. Core Viewpoints - The industry is entering a period of stock operation with significant capital expenditure reduction, leading to positive free cash flow for companies. By the end of 2023, the national urban domestic waste harmless treatment rate reached 99.98%, and the water supply coverage rates for cities, counties, and rural areas were 99.4%, 98.3%, and 87.5% respectively, indicating a balanced urban water supply capacity [5][4]. - The decline in Hong Kong interest rates is expected to lead to a revaluation of dividend assets, particularly in public utilities such as electricity and municipal environmental protection [5][4]. - The report suggests focusing on public utility assets based on cash flow improvement expectations, dividend performance, and dividend yield as screening criteria, recommending companies such as China Everbright International, Tianjin Chuangye Environmental Protection, and others [5][4]. Summary by Sections Industry Performance - The report highlights the stable profitability of waste incineration power generation and water companies, which follow a permitted return model. The average reasonable profit level for water supply companies has been set at a net asset return rate of 8-10% since 1998 [5][4]. Cash Flow and Dividend Insights - Companies in the waste incineration and water sectors are expected to see improved cash flow as they transition to positive free cash flow. The report notes that historical issues with high accounts receivable are being addressed, with local government debt resolution expected to accelerate accounts receivable collection in 2024 [5][4]. Recommendations - The report recommends several companies based on their dividend rates and expected yields for 2025, including: - China Everbright International: projected dividend yield of 5.9% - Green Power Environmental: projected H-share dividend yield of 8.4% - Beikong Water Group: projected dividend yield of 6.8% - Guangdong Investment: projected dividend yield of 6.4% - Tianjin Chuangye Environmental Protection: projected H-share dividend yield of 5.6% [5][4].

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - Yongxing Co., Ltd. is the sole investment and operation entity for waste incineration power generation projects in Guangzhou, with a total operational capacity of 32,090 tons/day as of the end of 2024. The company has no ongoing construction projects, and its revenue from construction has significantly declined to 0.15 million in 2023, with no contributions expected in 2024. The quality of revenue and profit is high [3][7][25]. - The company benefits from a favorable project location, low national subsidy ratio, high calorific value, and large individual project sizes, leading to excellent cash flow performance. The cash collection ratio for 2024 is 100%, and the net cash ratio is 232% [8][13][70]. - The company operates under a government procurement service model, which is akin to perpetual operation, providing a stable revenue stream. The majority of its projects are located in Guangzhou, ensuring a steady supply of waste [13][60]. Summary by Sections Company Overview - Yongxing Co., Ltd. was established in 2009 and is controlled by the Guangzhou Environmental Investment Group. It focuses on waste incineration power generation and has expanded into biomass processing since 2021. The company operates 14 waste incineration projects and 4 biomass processing projects, with a total operational capacity of 32,090 tons/day for incineration and 2,590 tons/day for biomass [7][18][25]. Financial Performance - The company achieved a revenue of 35.36 billion in 2023, a year-on-year increase of 7.4%, and a net profit attributable to shareholders of 7.35 billion, up 2.7%. For 2024, the projected revenue is 37.65 billion, with a growth of 6.4%, and a net profit of 8.21 billion, reflecting an 11.7% increase [25][26]. Competitive Advantages - The company has several competitive advantages over its peers, including: - High-quality project locations with low national subsidy ratios and high calorific values, leading to superior cash flow performance [8][60]. - A government procurement service model that ensures stable operations and revenue [13][60]. - Strong support from its major shareholder, which guarantees sufficient waste collection and enhances operational efficiency [13][60]. - Opportunities for growth in waste processing volume due to population inflow and expansion of waste sources [13][60]. Profitability Forecast and Valuation - The company is expected to see a steady increase in net profit from 9.0 billion in 2025 to 11.0 billion in 2027, with corresponding price-to-earnings ratios of 16.0x, 14.1x, and 13.2x. The "Buy" rating reflects the company's perpetual operation characteristics and location advantages that support earnings per share growth [9][10].

Group 1: Water Supply and Wastewater Projects - The company is currently constructing several water supply and wastewater projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day), Xiwayan Reclaimed Water Plant, and the second phase of Chengdu's Fifth and Sixth Reclaimed Water Plants, which are in debugging or trial operation stages [2][3]. Group 2: Waste Incineration Power Generation Projects - The Chengdu Wanxing Environmental Power Plant Phase III is under construction, with a household waste processing capacity of 800 tons/day, sludge co-processing capacity of 5,100 tons/day, and kitchen waste processing capacity of 800 tons/day, expected to be operational by 2026 [3]. Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion yuan, reflecting an increase due to market expansion. The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3]. Group 4: Market Expansion Strategy - The company aims to be a national water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while actively exploring resource integration and niche markets nationwide [3]. Group 5: Capital Expenditure and Dividend Policy - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to be operational within 1-2 years, leading to a gradual decrease in capital spending. The company is committed to increasing cash dividend ratios as major projects come online and generate capacity [3].

Core Viewpoint - The report outlines the independent financial advisory role of CITIC Securities in the acquisition of assets by China Energy Conservation and Environmental Protection Group Co., Ltd. through a combination of share issuance and cash payment, along with the associated fundraising and related party transactions [1][2]. Group 1: Transaction Overview - The company plans to acquire 100% equity of Environmental Technology from China Environmental Protection and minority stakes in several subsidiaries from Hebei Construction Investment through share issuance and cash payment [2][3]. - The total assessed value of the acquired assets is approximately 1,075.57 million yuan for Environmental Technology and 40.84 million yuan for the minority stakes [3][4]. Group 2: Payment Structure - The payment for the transaction will be a combination of share issuance and cash, with specific amounts allocated to each party involved [4]. - The company intends to raise up to 300 million yuan through the issuance of shares to no more than 35 specific investors, with the issuance price set at no less than 80% of the average trading price over the previous 20 trading days [4][5]. Group 3: Implementation Status - As of June 2023, the transfer of ownership for the acquired assets has been completed, with Environmental Technology and other subsidiaries officially becoming wholly-owned or majority-owned subsidiaries of the company [6][8]. - The issuance of new shares has been completed, with a total of approximately 2.18 billion shares issued, increasing the total share count to approximately 2.61 billion [9][11]. Group 4: Fundraising and Financial Details - The total amount raised from the share issuance was approximately 2.99 billion yuan, with net proceeds after expenses amounting to about 2.97 billion yuan [11][14]. - The shares issued are subject to a six-month lock-up period, during which they cannot be transferred [13][29]. Group 5: Compliance and Commitments - The independent financial advisor confirms that all necessary approvals and disclosures have been completed in accordance with relevant laws and regulations [15]. - The company and its related parties have made commitments to ensure compliance with regulations and to avoid conflicts of interest in future transactions [26][36].