军信股份 20251216 摘要 城南环保 H 股上市计划发行规模约为 10 亿元，80%募集资金将用于阿 拉木图、伊塞克湖和 20 项目等海外项目拓展，建设周期基本在两年以 内，预计总资本性开支明年约为 1.5 亿美金，2027 年达到 2 亿美金。 公司在中亚地区具备先发优势，比西凯德垃圾处理项目即将投产，为政 府提供高信用、快建设、高质量的案例，有助于拓展中亚及一带一路市 场。政府关注合作方信用、建设速度及标准质量。 比克泰克项目计划 12 月 28 日并网发电，建设基本完成，总投资 9,500 万美元，预期内部收益率（IRR）为 8%。该项目投产将为公司带来可观 的收益。 公司计划拓展长沙周边株洲、湘潭等地的仓储和优购业务，目前仅处理 长沙市小型餐厨垃圾，年产约 3.1 万吨工业混合油，预计拓展至周边城 市后产量将增加 50%，显著提升利润。 2025 年前三季度，平江和浏阳项目产能利用率接近 85%，分别贡献了 几百万和约 1,000 万人民币的利润，合计带来显著利润贡献。未来将持 续关注产能利用率和利润增长。 Q&A 城南环保公司今年的业绩表现如何？未来的业绩预期是什么？ 今年前三季度，城南环保公 ...

Summary of Junxin Co., Ltd. Conference Call Company Overview - **Company**: Junxin Co., Ltd. - **Industry**: Waste management and energy generation Key Points Business Expansion and Projects - Junxin Co., Ltd. is making progress in expanding its overseas market, with a garbage treatment project in Bishkek, Kyrgyzstan, expected to commence operations by the end of the year, processing 1,000 tons of waste daily [2][3] - The company has also secured reserve projects in Almaty, Kazakhstan, and other locations in Kyrgyzstan, laying a foundation for future growth [2][3] Financial Performance - The company reported a nearly 50% increase in net profit for the third quarter, primarily due to the consolidation of Renhe Environment, contributing a net profit of 178 million RMB [2][5] - The rise in industrial mixed oil prices, currently around 7,100-7,200 RMB per ton, accounts for approximately 20%-25% of total revenue [2][5] Operational Efficiency - Junxin Co., Ltd. is enhancing its power generation efficiency by upgrading technology, increasing the capacity of its generator units from 25 MW to 33 MW [2][7] - The company aims to optimize integrated technology in new projects to further improve power generation efficiency [2][7] Cash Flow and Receivables - The company demonstrated strong cash flow performance, accelerating national subsidy collections to 81.5 million RMB in the third quarter [2][8] - However, there has been an increase in credit impairment losses due to receivables from budget-exceeding portions, with remaining national subsidy receivables around 110 million RMB [2][8] Government Subsidies and Financial Strategy - Junxin Co., Ltd. plans to apply for additional electricity subsidies from the government by the end of the year to compensate for the cancellation of national subsidies and delays in provincial subsidies [2][9] - The company aims to maintain a dividend payout ratio of no less than 50% while supporting overseas expansion and high dividend yield strategies through a planned Hong Kong listing [3][16] Future Growth Drivers - Key growth drivers include the gradual release of reserve projects, internal efficiency improvements, new business trials, and potential revenue from data centers and new heating projects [18] - The company is focusing on heavy asset expansion in Central Asia, Southeast Asia, and the Americas, while exploring light asset and technology output opportunities [17] International Projects and Investment Criteria - Junxin Co., Ltd. has signed an investment agreement in Kazakhstan and is negotiating operational agreements and pricing details [11] - The company prioritizes projects in politically stable regions with good relations with China and considers local economic conditions and competition levels when selecting overseas projects [23] Technology and Market Position - The company holds a competitive edge in operational efficiency, including increased power generation and environmental management, compared to overseas firms [24] - Junxin Co., Ltd. is also exploring the potential for co-burning industrial waste in overseas markets, where regulations are less stringent [15] Dividend Policy - The company plans to maintain its dividend payout at an average level consistent with previous years, with adjustments based on annual cash flow and capital expenditure [24] This summary encapsulates the key insights from the conference call, highlighting Junxin Co., Ltd.'s strategic initiatives, financial performance, and future growth prospects in the waste management and energy generation industry.

Group 1 - Investment Rating: The report assigns an AHP score of 2.61, placing the company in the 35.5% percentile of the non-Science and Technology Innovation Board AHP model [3][8][9] - Core Business: The company is a leading enterprise in the resource utilization of waste cooking oil, with a full industry chain layout from "waste cooking oil - biofuels - bio-based materials" [3][10] - Market Position: The company has a market share of approximately 6%-7% in the agricultural chemical sector, with bio-based materials accounting for 80% of its revenue [3][10] Group 2 - Industry Growth: The European Union is set to mandate large-scale blending of Sustainable Aviation Fuel (SAF) starting in 2025, creating significant market opportunities for the company [3][15] - Production Capacity: The company achieved a sales volume of 90,300 tons of industrial mixed oil in the first half of 2025, a year-on-year increase of 473.46% [3][18] - Financial Performance: The company reported a revenue of 1.478 billion yuan in the first half of 2025, a 50% increase year-on-year, with a projected revenue of 2.1 to 2.3 billion yuan for the first nine months of 2025 [20][21] Group 3 - Competitive Analysis: The average price-to-earnings ratio (TTM) for comparable companies is 31.09X, while the company's industry has a static P/E ratio of 64.44X [19] - Profitability Trends: The company's gross profit margin has declined from 13.55% in 2022 to 9.50% in the first half of 2025, primarily due to the lower value-added nature of industrial mixed oil products [24] - R&D Investment: The ratio of R&D expenditure to revenue has shown a downward trend, decreasing from 3.00% in 2022 to 2.33% in the first half of 2025 [30][33] Group 4 - Fundraising Plans: The company plans to raise 750 million yuan through the issuance of 35.9 million new shares, with funds allocated for expanding production capacity in various bio-based products [32][34] - Projected Returns: The internal rate of return for the new projects is estimated at 20.25%, with a payback period of approximately 6.83 years [35]