丨证券研究报告丨 公司研究丨点评报告丨浙富控股（002266.SZ） [Table_Title] 浙富控股 2025H1 点评：危废资源化业务稳健， 清洁能源设备表现亮眼 报告要点 [Table_Summary] 2025H1 公司实现营收 106.42 亿元，同比增长 3.22%；归母净利润 5.66 亿元，同比增长 16.8%； 扣非归母净利润 4.25 亿元，同比增长 6.77%。危废资源化业务稳健，清洁能源设备表现亮眼， 此外期间费用率下降、资产减值损失减少等因素增厚利润。看好公司清洁能源装备领域订单释 放带来的业绩增量。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 浙富控股（002266.SZ） cjzqdt11111 公司基础数据 [Ta ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 4.50 [5][4]. Core Insights - The company achieved a revenue of RMB 106.42 billion in H1 2025, representing a year-over-year increase of 3.22%, and a net profit of RMB 5.66 billion, up 16.80% year-over-year, driven primarily by strong performance in the clean energy equipment segment [1][4]. - The clean energy equipment business saw a revenue increase of 37.11% year-over-year in H1 2025, contributing significantly to the overall profitability of the company [2]. - The hazardous waste treatment and resource recovery segment remains a leader in the industry, although it experienced a slight decline in gross margin due to industry pressures [3]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of RMB 57.05 billion, a decrease of 2.59% year-over-year but an increase of 15.55% quarter-over-quarter, with a net profit of RMB 2.95 billion, reflecting a year-over-year increase of 69.87% [1]. - The clean energy equipment segment's revenue for H1 2025 was RMB 6.15 billion, accounting for 6% of total revenue, with a gross margin of 44.67%, up 7.31 percentage points year-over-year [2]. Business Segments - The hazardous waste treatment and resource recovery business generated RMB 99.99 billion in revenue in H1 2025, making up 94% of total revenue, but faced a slight gross margin decline to 9.54% [3]. - The company has maintained effective cost control, with R&D and financial expenses decreasing by 3.48% and 37.40% year-over-year, respectively [3]. Profit Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted to RMB 11.48 billion, RMB 11.82 billion, and RMB 12.65 billion, respectively, with corresponding EPS estimates of RMB 0.22, RMB 0.23, and RMB 0.24 [4]. - The report suggests a target price based on a 20.5x PE ratio for 2025, reflecting confidence in the clean energy equipment segment's future profitability [4].

Core Insights - The company reported a revenue of 10.642 billion yuan for the first half of 2025, representing a year-on-year growth of 3.22%, and a net profit attributable to shareholders of 566 million yuan, with a year-on-year increase of 16.80, indicating steady improvement in profitability [1] Group 1: Business Performance - Both main business segments, clean energy equipment and hazardous waste resource utilization, demonstrated strong resilience during the reporting period [2] - The clean energy equipment segment achieved a revenue of 615 million yuan, a significant increase of 37.11% year-on-year, with a gross margin improvement of 7.31 percentage points, reaching 44.67%, well above the industry average [2] - The nuclear power equipment segment, particularly through its subsidiary Sichuan Huadu Nuclear Equipment Manufacturing Co., contributed a net profit of 120 million yuan, supporting overall profitability [3] Group 2: Hazardous Waste Resource Utilization - The hazardous waste resource utilization business maintained steady growth, supported by national policies promoting a "waste-free city" and circular economy [4] - The company established a full industry chain model for hazardous waste management, enhancing the recovery rates and purity of recycled metals, and achieving an annual processing capacity of 40,000 tons for used power batteries [4] Group 3: Technological Innovation - The company holds 378 valid patents, including 83 invention patents, which bolster its competitive edge in key areas such as pumped storage units and nuclear power equipment [5] - The company invested 450 million yuan in R&D during the reporting period, maintaining a high level within the industry, which supports technological advancements and new field explorations [5] Group 4: Shareholder Returns and Future Strategy - The company distributed cash dividends totaling 258 million yuan, accounting for 26.58% of the net profit attributable to shareholders, and has repurchased shares worth 173 million yuan to support employee stock ownership plans [6] - For the second half of 2025, the company plans to focus on enhancing its clean energy and environmental protection strategies, optimizing production capacity, and exploring new fields such as nuclear fusion equipment [6]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [9]. Core Insights - The company is one of China's three major hydropower equipment manufacturers and the largest private clean energy equipment manufacturer, as well as the largest publicly listed hazardous waste treatment company in China [4][20]. - The company is expected to benefit from the increasing demand in the pumped storage and nuclear power sectors, with a projected revenue growth driven by the government's three-year action plan against illegal waste disposal [4][6]. - The company has shown a significant increase in R&D investment, with a forecasted R&D expenditure of 940 million yuan in 2024, up from 50 million yuan in 2019, supporting its equipment manufacturing capabilities [4][47]. Summary by Sections Company Overview - The company has evolved from a small hydropower equipment manufacturer to a comprehensive group involved in large hydropower, nuclear power equipment, and hazardous waste disposal [20]. - It has successfully delivered contracts for control rod drive mechanisms for 17 "Hualong One" nuclear reactors domestically and internationally [4][21]. Industry Outlook - The pumped storage and nuclear power industries are experiencing a sustained increase in demand, with the approval of 48 new pumped storage power stations in 2022, totaling 68.9 million kilowatts [4][5]. - The global nuclear power sector is recovering, with investments projected to reach 150 billion USD, indicating a strong future for nuclear energy as a clean baseload power source [4]. Financial Projections - Revenue forecasts for 2025-2027 are 21.61 billion, 22.37 billion, and 23.20 billion yuan, respectively, with net profits expected to grow at a CAGR of 25.7% over the same period [7][9]. - The company's earnings per share (EPS) are projected to be 0.24, 0.30, and 0.38 yuan for 2025, 2026, and 2027, respectively [7]. Business Segments - The hazardous waste treatment and resource recovery business is the main revenue driver, accounting for 94.6% of total revenue in 2024 [35]. - The gross profit margins for hazardous waste treatment and clean energy equipment are expected to be 10.4% and 40.1%, respectively, in 2024 [37]. R&D and Technological Advancements - The company has been increasing its R&D capabilities, with a focus on enhancing the technology of pumped storage and nuclear power equipment [48]. - Continuous upgrades in technology have led to a growing order book, with significant contracts awarded in the pumped storage sector from 2022 to 2024 [52].