近日，有多位投资者在互动平台向惠城环保（300779.SZ）问及公司位于广东揭阳的20万吨/年混合废塑 料资源化综合利用示范项目技改进展。12月29日，惠城环保明确表示，该项目的装置经72小时运行数据 标定，顺利通过由中国石油和化学工业联合会组织的现场性能考核。 全球首创"一步法"工艺，释放低值废塑料高值化利用潜能 值得关注的是近日，国务院召开常务会议，对开展固体废物综合治理行动作出部署。固废治理上升到国 家行动层面。会议特别强调要"构建源头减量、过程管控、末端利用和全链条无害化管理的固体废物综 合治理体系，优先对与群众生活、安全生产密切相关的固废进行治理。" 鉴于各地加快构建绿色低碳循环发展规划，多地政府正与公司洽谈当地区域废塑料资源循环利用项目建 设计划，同时国外企业也有合作意愿，公司将积极拓展国内外业务，积极探索全球发展机遇，稳步推进 国内外业务布局。 公司官微显示，12月15日，惠城环保与岳阳市人民政府正式签署战略合作协议，此次签约启动覆盖低值 废塑料资源化回收、分拣清洗中心、废塑料化学循环全链条的一体化废塑料再生利用项目体系。项目规 划落地岳阳后，每年可减少二氧化碳排放约900万吨，替代原油消耗36 ...

Core Viewpoint - Huicheng Environmental Protection's stock price has experienced a significant increase despite a drastic decline in its financial performance, leading to an extraordinarily high price-to-earnings ratio exceeding 2500 times [1][8]. Financial Performance - In the first half of 2024, Huicheng Environmental Protection reported a revenue of 564 million yuan, a year-on-year decrease of 5.09%, and a net profit of 5.02 million yuan, down 85.63% [2]. - The company's non-recurring net profit was only 762,000 yuan, a staggering decline of 97.53% year-on-year, marking the second-lowest point since its listing [2][4]. - The main business segments include resource utilization products and waste disposal services, with the resource utilization segment experiencing a revenue drop of 25.21% to 170 million yuan [2]. Business Segments - The hazardous waste disposal service revenue increased by 5.81% to 354 million yuan, primarily driven by services provided to Guangdong Petrochemical [2][3]. - The high-sulfur petroleum coke resource utilization project, which began operations in December 2022, generated 374 million yuan in revenue in the first half of 2024, with net profits of 51.28 million yuan [3]. Cost Structure - Despite a slight decline in revenue, the company's net profit saw a dramatic drop due to significantly increased expenses, including sales, management, and financial costs, which rose by 11.12%, 27.73%, and 17.94% respectively [4][5]. - The increase in costs is attributed to the establishment of multiple subsidiaries and the expansion of business operations across the country [5]. Market Performance - Since its listing, Huicheng Environmental Protection's stock has shown extreme volatility, with a peak increase of nearly 24 times since late 2022, despite inconsistent profit levels [6][7]. - The stock's performance has been driven by its small market capitalization, allowing for significant price movements with relatively small capital inflows [7]. Analyst Ratings - Despite the high valuation and declining performance, Guosheng Securities has maintained a "buy" rating on the stock, projecting revenues of 4.2 billion yuan by 2027, which would represent a 3.65-fold increase from 2024 [1][8]. - The company is currently investing in several projects, including waste plastic resource utilization, which are still under development and may impact future performance [8][9].

Project Progress - The company's 200,000 tons/year mixed waste plastic resource utilization project successfully commenced trial production on July 11, 2025, with a product yield of over 92% [2][3] - The project is expected to undergo a month-long inspection and rectification process, aiming to resume production in the third quarter of 2025 [2][3] Product Output and Sales - The main products from the project include plastic cracking gas, liquefied plastic cracking gas, and light oil, with liquefied plastic cracking gas being the highest in proportion [2][3] - The first batch of products has been sold to downstream customers, with pricing determined based on product quality and market conditions [3] Raw Material Sources - The project utilizes a mix of waste plastics from household garbage and industrial paper mills, maintaining a product yield of over 92% [4] - The company anticipates that increasing the diversity of waste plastic sources will not negatively impact yield or operations, provided the materials meet project specifications [4] Future Projects and Capacity - The company is involved in a government-led 3 million tons project, with a framework agreement signed for a two-phase construction plan (120,000 tons/year and 180,000 tons/year) [5] - The 120,000 tons project requires an estimated investment of 8 billion RMB, with funding sourced through equity financing and bank loans [10] Tax Incentives - The company benefits from tax incentives, including a 70% VAT refund policy and a "three exemptions and three reductions" policy for corporate income tax [9] Technical Aspects - The catalyst used in the trial production has shown satisfactory activity and stability, meeting expected performance standards [11] - The company has developed a proprietary mixed waste plastic deep catalytic cracking (CPDCC) technology, which has been validated over eight years and is considered to have a high technical barrier [14][15]